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Friday, February 04, 2011

Brevard County, Florida Short Sales, Foreclosures and Other Distressed Sellers–Real Estate is local!

Real estate is local.  Very local.  Generalizations about short sales and foreclosures lead some buyers to get all excited about the opportunities only to realize it just isn't the case in all parts of Brevard County!

The below numbers were gathered from the Brevarcounty snapshotd MLS this afternoon and are not warranted, guaranteed, or been auditedBut they do illustrate the local nature of real estate in Brevard County.

Brevard County is roughly about 75 miles, north to south, a sliver along central Florida's Atlantic coast, with the Indian River Lagoon separating much of the mainland from Merritt Island as well as the beach side communities.

Folks interested in buying a foreclosure or short sale in Brevard County can increase their chance of success by knowing where the opportunities are concentrated. 

The chance of finding a short sale or foreclosure at a greatly discounted price is increased if one looks to the south Brevard County area in and around Palm Bay where there are about 878 active listings of which 379 are short sales and 182 are bank ownedIn other words - 65% of all residential listings are distressed properties!

Contrast the Palm Bay market with the central Brevard areas of Viera, Suntree and Rockledge where there are 542 active listings of which 122 are short sales and 38 are foreclosures.  (Less than 30% distressed properties.)

Or along the beach side communities from Cape Canaveral southward along the oceanfront (about 20%) while about 45%  in the Cocoa-Canaveral Groves-West Cocoa areas.

Or even among the older demographic - 55+ communities where of the 265 active listings, only about 8% are distressed properties!

So when you here that there are lots of foreclosures in any given locale, remember it is still local - even within the county! 


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