Tuesday, March 02, 2010
The Rest of the Story - From Fair Market “Hope I get an Offer” Listing to "Short Sale" Listing to finally "Foreclosure Listing"
Real Estate prices in Brevard County took off in the early 2000s as if they were being launched from the Kennedy Space Center. Buyers were in bidding wars and sellers were just kicking back and counting their profits!
In the words of the classic song "Those were the days my friends I thought they would never end!"
A home in Rockledge was sold by the builder in 1991 for $135,500. It is being sold as a bank owned property today for $127,900 (Under contract but not closed yet).
Another house in the exclusive Heritage Isle 55+ gated community in Viera was sold by the builder in 2006 for $283,000. It sold last week for $189,900 as a bank owned foreclosure.
These properties both went from being listed as fair market “hope I get an offer” listings to "short sale" to finally "foreclosure listings" over a couple of years.
Pricing at the top of the market is rarely a good idea if one hopes to sell. But it was almost a mob mentality in the Brevard County Florida real estate market back then!
An aggressive list price in a declining market will most likely be sold more quickly as the competition lingers with the “my fingers are crossed” price!
The truth is in real estate you can go from making a little profit to foreclosure if you persist in pricing above the competition!
If you have questions about the Brevard County real estate market, let me know!
©Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge, Florida.