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Monday, October 27, 2008

A closer look at the Viera Short Sale and Distressed Property market

Over the past few days I have read about how the housing market (sales of existing homes) improved in September 2008. It even looks like the housing inventory report released today shows a slight decrease in existing inventory.

As of today there are 452 residential properties for sale in Viera, Florida. A couple of factors influence the local market (any market area) ...inventory and the number of properties that are considered "distressed" that are in the market.

Inventory is easy to understand. "Distressed" properties are considered foreclosed, bank owned, REO or short sale properties.

A quick search of the Brevard MLS for short sale/distressed property activity in the Viera area only after September 1, 2008 reveals....

  • There are currently 50 active short sale listings; 15 bank owned active listings.
  • There are 23 short sales pending or contingent (under contract) and 8 bank owned properties under contract.
  • Since September 1st, there have been 10 short sales that have closed and 9 bank owned properties that closed.

The good news for the Viera area is that almost as many distressed properties are under contract or have closed as there are active in Viera. When this (distressed) inventory clears, the market will stabilize!

This is not a microscopic analysis of the Viera short sale market. I will leave that to the bean counters and financial analysts. If you would like any information on listings in the Viera area, including short sales, foreclosures, 55+ communities such as Heritage Isle, or the surrounding communities of Rockledge and Suntree, please let me know.

I can be reached at agent@moving2brevard.com or by phone at 321-693-3850. Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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