Short sales and foreclosures on Sanibel
By Jay Richter Broker John R. Wood Island Real Estate, inc
Short sales and foreclosures have been a big portion of sales in Florida and throughout the country. Customers asking about these types of properties on Sanibel find an answer to the contrary. Sanibel over the past year has recorded 140 sales and 10 have been short sales/foreclosures. That represents 7% of the total sales. Now let’s look at supply and see what the total number of listings are compared to short sale and foreclosure listings. Of the 234 residential properties for sale 13 are short sales/foreclosures which is 5% of the market. Sanibel purchasers have historically put more down when purchasing property and therefore did not take out as many risky mortgages. However it is still a buyer’s market and there are good buys available even though they may not have the short sale/foreclosure label.
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