Naples foreclosures make up the majority of all sales in Naples and buyers are taking advantage of the opportunities presented to them by the banks. When a bank, mortgager, repossesses a property from a mortgagee, they need to quickly turn around and unload it. The bank solicits the service of a local real estate broker to list and sell the property – quickly. Since the bank wants to rid themselves of the bad asset they just inherited from a non-paying borrower, the local broker takes the BPO and often drops the price even more. This is why buyers are looking at REO bank owned Naples property first before looking at Naples real estate as a whole.
The true story of Naples bank owned residential sales is in the numbers:
| Start Period | End Period | |
| 1/1/2009 | 4/1/2010 | Last 18 Months |
| 2,351 | REO Bank Owned Foreclosures | |
| 1,176 | Short Sales | |
| 3,527 | Total Distressed Property Sales | |
| 4,566 | All Sales | |
| 77% | Percentage of Sales that were Distressed | |
| Start Period | End Period | |
| 1/1/2010 | 4/1/2010 | Last 3 Months |
| 422 | REO Bank Owned Foreclosures | |
| 325 | Short Sales | |
| 747 | Total Distressed Property Sales | |
| 1,309 | All Sales | |
| 57% | Percentage of Sales that were Distressed |
These Naples distressed property sales numbers are staggering. Over the last year and a quarter, most sales have been either a REO bank owned foreclosure or Naples short sales.
Last year, 2009, a large majority of sales were distressed property sales. This year, 2010, the numbers show more buyers are buying regular resales. This is only because the distressed inventory shrunk by more than half since this same time one year ago.
Tim Ryan, NaplesForeclosures.com
Amerivest Realty
0 comments:
Post a Comment