Distressed Property versus Distressed Prices

With a lot of talk going on concerning short sales and a lot more coming up in 2009, I have noticed that the majority of people think this happens in the low to middle income areas. We are seeing more upscale homes coming on the market and selling by foreclosure and short sales.

GOLF

One of my favorite courses in our area is “The Duran” in the Viera section. There are some very nice upscale homes on the course. These homes were custom built and range from 3000 to 7000 sq ft. Some of the builders include the Toll Brothers and designs include Christopher Burton and Arthur Rutenberg.

At the present time there are 6 active listings in this section. These homes are priced from $599,000 to $1,650,000 of these listings 3 are short sales.

There have been 3 closings in this section this year. 1st home was listed at $1,199,000 and sold for $915,000 short sale, 2nd home listed at $1,350,000 and sold for $1,150,000 again a short sale, finally a home listed for $1,299,000 and sold for $1,250,000.

Just food for thought, that the market has affected all buyers and sellers regardless of price range and the bargains are not always distressed properties only distressed prices.

Jim Bagwell