In Miami-Dade County only 1 out of every 3 property sales is a non-distressed real estate transaction. 2/3 of all real estate transactions right now are short sales or foreclosures and 4/10 of all recent sales have been foreclosures.
But that is likely to change now. I’ll explain why:
What’s happening in the Foreclosure Market?
Foreclosures literally ground to a halt last month. Due in large part to documentation problems, there are now literally no new listingsof foreclosure properties despite the fact that 1/4 of all jumbo loans in Dade County are now in foreclosure. Buyers looking to buy foreclosure properties will likely be forced to turn to short sales or turn to the non-distressed pool of inventory.
What’s the forecast for Short Sales?
Short sales (which have been enormously frustrating up ’till now -with the endless hiccups, hurdles, delays … and high percentage of “deal-breaking glitches”) will likely become easier, moving forward. Right now, short sales account for 22% of our sales. The projection is that by this time next year (November 2011) the number of short sales will increase.
If you would like to stay current on the proposed changes that will undoubtedly faciliate purchasing a short sale, we invite you to subscribe to our blog below … or just check-in (whenever you wish) to MiamiRealEstateCafe.com.
Median Sales Prices in Miami for comparative purposes:
Short Sales: $100,000
Non-distressed Sales: $225,000
If you are in the market to buy, sell, build or lease property in Miami and are looking for a top agent to work with, Vicki and Alexandra will be more than happy to assist you with any of your real estate needs. You are welcome to contact the Restivo Team here or anytime on our cellulars (305) 793-1365 or (305) 632-0164.