Naples Foreclosures Inventory

The flow of Naples foreclosures is unpredictable. Buyers are still looking at distressed properties first, and sometimes, they aren’t always available when they are expected. Buyers often scour the internet, read their Naples foreclosure list that was emailed to them, create a favorites list and fly down to Naples, often a little over-zealous, to look at their listings. Unfortunately, when they arrive, the distressed properties are already gone or already in a highest and best multi-offer bidding situation. Depending on what buyers are looking for, they may have nothing to look at in their price range and property type. Then, a week later, a bunch of terrific deals flood the market. This unpredictablility is not a problem for buyers, it just means that buyers need to exercise patience and due their part in monitoring the market. There is no doubt that the distressed properties are often the best option for buyers.

In the last 16 months, Naples foreclosures made up over three quarters of all sales. In the first quarter of 2010, they only represented half. This doesn’t mean distressed sales are increasing, certainly not in frequency, but the inventory of distressed properties is shrinking. To many, this means the beginning of the end of the down period. Many think that Naples real estate is making a big comeback and Naples foreclosures and Naples short sales are leading the way.

Eamon Murphy for Tim Ryan and the NaplesForeclosure.com Team

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Distressed Naples - The Majority of Sales

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.

Naples Foreclosure Resources

Naples Short Sale Resources

Naples Foreclosure List

Tim Ryan, NaplesForeclosures.com

Amerivest Realty

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