In Search Of Distressed Properties In Florida

Every day The PURTEE Team talks to buyers looking for a real estate "deal" here along the coastline of Tampa Bay. There are still great values, but the climate is definitely changing... and we continue to get the word out to our clients.

In Pinellas County, as of November 7th, there are 8,253 properties listed for sale. Over 76% of those are non-distressed! By distressed, we are talking about a short sale or pre-foreclosure or bank-owned. This 8,253 listings number represents 33% less inventory from what was available at the end of October 2010.

For that reason, there is less for the buyer to choose from. Plus, out of the active listings, less than 20% are short sales and only 3.7% are bank owned! Although 1,400 new listings hit the market during October only 7% were bank owned and slightly less than 20% were short sales.

THE RESULT? When comparing sales from October 2011 to October 2010, non-distressed sales are UP 20%, short sales are up 57% and bank-owned sales DOWN by 12% (lack of inventory).

A prospective buyer came into an open house over the weekend to look at a property that has been aggressively priced and is currently one of the lowest per sq ft properties to have been sold in this particular community. He emphatically told me the prices were going to continue to come down and he would pick up one when a lower price came available. HOW DO YOU READ THESE STATISTICS?

Directly from our website, on our HOT DEALS page, you can search all local distressed properties. Our advice? DO NOT DELAY your purchase. As of the holidays we go into our busy season and many people from around the country and internationally are planning to make a purchase while they are here. We are here to help. Contact Us Today!

** Statistics provided by the Pinellas Realtor Organization