Today, I have spent some time, trying to get my head around the current market in Poinciana Fl. I need to know how many properties in our MLS(Multiple Listing Service) are currently in foreclosure, bank owned or requiring a short sale. For the purpose of this post I will call these "default properties". I must say, this data is not easy to get.
The problem I'm having is a lot of the default properties are only mentioned in the comments section of the listing. If the REALTOR® hasn't clicked off the appropriate fields then the only way I can know if it is a default property is to read each listings remarks. Well, I can't do that. We have 1682 active listings and it would just take too long.
Anyway, here is my analysis based on what I could find.
| ACTIVE LISTINGS | DEFAULT PROPERTIES | PERCENTAGE OF ACTIVE | VACANT PROPERTIES | PERCENTAGE OF ACTIVE |
ZIP CODES 34758/34759 | 1682 | 277 | 16% | 745 | 44% |
POINCIANA SUBDIVISION | 1151 | 238 | 21% | 509 | 44% |
OK, it's my opinion, based on my research, that these default property percentages are off quite a bit. I believe they are off by as much as 5%. I'm basing that on the amount of listings where the appropriate fields were not checked. Here is a sampling of the comments from listings that did NOT show up in my search for default properties.
- Short Sale all offers subject to third party approval commissions subject to lender approval & to be split 50/50 with listing and selling agent
- Pre-Foreclosure - Short Sale contracts are subject to 3rd Party Approval - Chance to own this beautiful home at a super low price. Take advantage of the buyers market. BRING ALL OFFERS!
- It's a STEAL of a DEAL! Are you ready to move in? *Pre-Foreclosure* SHORT SALE-SUBJECT TO 3RD PARTY BANK APPROVAL! *Sold As Is*
- Home For Auction: Pre-approved buyers only. Limited Service Listing. To show call Rodney @ xxx-xxx-6300. Home to be sold to HIGHEST and BEST OFFER acceptable to seller. Fax offers to xxx-xxx-6487. Buyer to pay buyer's agent commissions
- SUBJECT TO SHORT SALE APPROVAL.NO QUALIFY RENT 2 OWN WITH 5% DOWN. NO QUALIFY OWNER FINANCING AVAILABLE WITH APPROPRIATE DOWN PAYMENT. BAD CREDIT, NO CREDIT NO PROBLEM!
There are many, many more of these but I just wanted to give you a sampling. Then we have the properties that are priced to sale but are NOT default properties. Check out these remarks.
- *THIS IS "NOT" A SHORT SALE- PRE-FORECLOSUE-BANK OWNED PROPERTY-FAST REPLY FROM SELLER-NOT WEEKS LIKE SHORT SALES-*EASY SHOWING-CALL L.A. GREG-xxx-xxx-9620--IF YOU GET MY VOICE MAIL I WILL CALL YOU RIGHT BACK WITH INSTRUCTIONS---
- BARGAIN PRICED FOR QUICK SALE TO SETTLE ESTATE! INVESTORS DREAM, (Only needs MINOR cosmetics, interior paint & new bedroom carpeting.) Home has good bones and sits on a quiet cul de sac. PRICED WAY BELOW MARKET VALUE for a Quick Sale! Home needs minor TLC, sold as is with right to inspect. Home Warranty. Seller is motivated and wants a fast sale to settle estate. **THIS IS NOT A SHORT SALE OR FORECLOSURE, SO IT CAN CLOSE IN 30 DAYS OR LESS!** A FABULOUS DEAL FOR YOUR BUYERS. WON'T LAST LONG! This is a must see home.
Isn't that interesting? The reason these REALTORS® want you to know it's NOT a default property is because default properties are getting very few if any showings in my area. There are too many low priced properties available where the buyer doesn't have to wait for 3rd party approval and their REALTOR® doesn't have to be concerned about their commission being sliced at the last minute.
So there you have it, a peek into my World, Poinciana Fl. I showed you mine...want to show me yours?
***The Real Estate Show is my listing. It is NOT a short sale!!!
Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Blog Boy...
C'mon...I say you read through all 1700 listings and give us just the facts Jack :)
TLW...ROAR!
Wow Bryant...you did some research there.
Up here the info is hard to get as well and it would require reading through all the listings...very time consuming.
Pretty staggerring numbers.
We do a few REO listings. Some of the REO lenders specifically request that we not disclose in the MLS that the property is bank-owned. The same thing goes for short sales. Some of the lenders tell us to remove any info about a short sale from the public remarks. The reasoning is that they don't want to give away the fact that it is a distressed sale. This might spook buyers and incite lowball offers. At least that is what they have told me.
Oh BTW, the Home for Auction listing is mine. He is very motivated.
BB, I am surprised that agents are marketing THIS IS NOT A SHORT SALE, etc... I have not seen that here, yet. But, I think that would be attractive for buyers needing to get in right away.
Are homes renting down there ? I am seeing tons of activity on my rentals where people couldn't sell. Maybe you should buy some of these and rent.
Dan, With as much inventory as we have on the market there really is no need for a buyer to wait for a short sale to go through. I had one on the market a few months ago and couldn't get any showings on it even though it was priced very very low. It ended up getting foreclosed on.
Missy, I actually have that in my listing that is in the RES up top. I have it priced so low I just wanted to make sure REALTORS(R) know we can close quickly. Seems to be working. I have had 10 showings in the first 10 days in the market.
George, Our MLS data is so important. It's a shame REALTORS(R) don't spend more time to make sure their entries are correct.
Rob, That's your listing? If I would have known that I would have put the address in here for you:) I can see why banks don't want the fact that it is bank owned in the listing. I'm not sure of that is a required disclosure or not. The fact that it's a short sale is. You must disclose that. Not only in the MLS but also on the property disclosure. It affects the value of the property.
Monika, I certainly thought it would be an easy stat to come up with but boy was I wrong!
Fran, It is gorgeous! And a steal at that price. My comps came in $225,000. Plus it's in excellent condition. Would you like to put it on your visa card?
Lisa, Please don't make me do it!!! I hate homework.
Hi Desiree, We had a great Thanksgiving.
Lisa, Luck is something I am certainly going to need. 2008 is going to be challenge to say the least.
Hey hun, You look lovely today:)
BB,
Thats a Nice home, but it seems to be alot of tire kickers, and others waiting for that great deal at just a little bit lower of a Price.
Good Luck to you, This will all change for the better.
We have a search selection "General Remarks" where we can search for things like: "bank owned" "short sale", "pre-foreclosure", etc. It surely helps finding the properties. We only want to sell bank owned properties.
I just searched ACTIVE listings in Loudoun County, Virginia and we have 3801 Active Listings; 247 identified in the General Remarks as "short sale", 4 as "pre-foreclosure" and 148 as "bank owned".
That's about 10%.
Time for another statistical post.
Bryant, I pulled these stats for Montgomery County, MD the other day and used "short sale" "bank owned" and "foreclosure" to search the remarks section (which is a newer feature for our MLS) What made this easy to then run numbers on is I exported the data into Excel, where I can see how many are showing up with those phrases. I further sorted down to neighborhoods to see where the most impact was.
I'm going to add "third party approval" when I pull these again next month. It added another couple hundred to my search.
All together in Montgomery County right now it's about 10% of the active listings. 5000 active and about 320 with phrases other than "third party approval". When I added "third party approval" it went up to 498.
I was surprised we had this many but not surprised at all by where they were clustered.
The seller has an auctioneer helping him. This particular one is just listed in the MLS by us. The seller is one of our regulars. I helped him set the starting price, but that is about it.
I know the MLS rules require a disclosure in the Realtor Remarks. The only objection I have had from banks is in the Public Remarks.
Bryant,
Those are some crazy numbers!
I can't even imagine having a market like that!
One more thing for me to be thankful for!
Take care,
Lucky :)
BB, How are your prices in comparison to 2002? Are they still higher?
Bill Roberts
Home has good bones
I saw that in our MLS for the first time today.
The same thing is happening here.
OK I finally made it back here. It's been a busy day.
So I guess having 25% of our active listings in Poinciana in a "default" position is not a good thing. No wonder I can't get anyting sold.
Anyone have any buyers looking for good affordable housing?
Thanks for stopping by!!!!
BB,
Congrats on reaching 300,000 points and unofficially to the Platinum Hall:)
Hey Bryant,
Don't you have time to read all the listings??? Want some help?? Well at least you don't have to worry about selliing mine!!!
Lots of love to you and the misses.........
Caligal and Mr Caligal
Caligal!!!!! How the heck are you guys? All I can say is we got you out in the nick of time!! Check out that house I have up there in the video show for $179,000. Over 2400 sq ft 4/3 built in 2003!!! And I can't get it sold. Have you guys got a spare room for me and TLW? We may need to skip town. :) Really good to hear from you and I hope all is well. Hey check out the picture at the bottom of my new website www.buypoinciana.com Hubby is famous now!!
Thanks WooHoo and Neal.
What a fabulous new website! Hubby will be happy to know that he is famous!!!!!!! He was so happy to finally put that sign out. We can't thank you enough for all you did to get our house sold. I heard the new owners love the house!
We will always make room for your and TLW...so just let us know when you want to come.