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Monday, November 07, 2011

Sonoma in Viera (Melbourne, Florida)–Is it still a distressed real estate market?

Back in 2010 I wrote….Sonoma in Viera Florida – Short Sales Dominate Market in Brevard County Florida.

As I have followed the gated Viera (west) Sonoma development over the past several years the trend has not changed much.   In September 2009 58% of all active listings in Sonoma were short sales.

On October 9, 2011 66% of active listings were distressed properties (six of nine).

Today, November 7, 2011, there are seven active listings in Sonoma at Viera.  Only one of these listings is a short sale – priced at $299,900.   All but one other listing is priced in the $300,000 – $479,900 range.   Wow! [That is a “really, that high???” Wow…]

There has only been one property sold in Sonoma at Viera since October 10, 2011.  It was a 3/2/2  with just over 2,000 sq.ft. under air selling for $183,000.

Currently nine of eleven homes under contract are distressed properties – eight short sales and one foreclosure.   Seven of the homes under contract are listed at $155,000 to $215,000.

That makes for quite a big difference between those selling and those for sale.

So, back to the question in the title, “Is it still a distressed real estate market?

Over the coming weeks we shall see although I believe there are newer homes for sale in Viera priced very competitively against many of these Sonoma homes for sale.

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