Archives for September 2013

Foreclosure Zombies

Even as the housing market recovers and prices improve, a potential threat is appearing:  “zombies.”  Foreclosure zombies are created when a bank files for foreclosure on a property, but abandons the foreclosure process at some point which leaves the property in limbo – vacant but not for sale.

This comes at a time when many markets are dealing with inventory shortages and multiple offers.  Analysts expect the zombies to come onto the market, along with other currently delinquent properties, in the second half of 2014.

Florida has the highest number of unoccupied foreclosure zombies, 55,503 according to RealtyTrac.    There are approximately 167,000 zombies across the country.   And this does not include the hundreds of thousands of properties still going through lengthy judicial foreclosures or those REOs not yet listed for sale by banks.  RealtyTrac says the top three banks with foreclosure zombies are Bank of America, Wells Fargo and JP Morgan Chase.

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Franklin County’s Foreclosure Rate Lowest in Years

Franklin County’s foreclosure rate has dropped to 10%, while Florida’s overall rate is still high at 26%.  The national rate is now only 10%, too.

While the widespread housing market recovery continues, foreclosures have fallen to pre-housing bubble levels, according to RealtyTrac’s latest Housing Market Recovery Index released this week.   The foreclosure activity is 65% below its peak rate nationally.  But the recovery is happening at different speeds in various markets.

Southwest Florida is one area leading the recovery with rising prices fueled by cash purchases and investor buyers.  And Franklin County’s rate is comparable to the national average.  But other parts of Florida still have foreclosure activity much higher than the national rate.

Bayfront Home in Eastpoint

Enjoy fantastic views from this bayfront home on South Bayshore Drive in Eastpoint.  The home has over 3200 sq ft and the lot is about 1.5 acres with approximately 160 waterfront feet.  This spacious home has a huge patio deck overlooking Apalachicola Bay.  For Sale – $409,000.35 S Bayshore

Great Value! Pine Ave Beach Home-St. George Island

One of the best values on St. George Island is a 4 BR/3 BA beach home at 1116 West Pine Avenue listed for $289,000.  This older home has been very well-maintained.  Two living areas, 2 car garage.  The large decks and landscaped yard create wonderful outdoor entertaining spaces.  As a vacation rental, the home produced over $22,000 gross rental income in 2012.

1116 W Pine

Best Value in Apalachicola

Enjoy the historic charms of Apalachicola with the great home located at 184 Ave E on the corner of 15th Street.  Now listed for only $269,000.

For Sale - $269,000

For Sale – $269,000

Gulf View Home For Sale in St. George Plantation

An elegant home in St. George Plantation on St. George Island is now on the market for sale.  Located at 2052 Whelk Way, this Key West style home features lush landscaping and a fantastic pool & cabana area.  Five bedrooms, 4.5 baths, upscale finishes, over 2400 square feet.  List Price:  $569,000.

2052 Whelk Way - $569,000

2052 Whelk Way – $569,000

Closed! 1439 Dove Lane – Plantation Marshfront Lot

1439 Dove Lane, Lot 10 Bay Palm Village closed this week for $100,000.  This marshfront lot is one-acre and has terrific views.

Market Continues to Improve on St. George Island

The real estate market on St. George Island continues to improve based on the latest numbers through August 31 from the Multiple Listing Service of the Realtor Association of Franklin & Gulf Counties.  Residential sales activity (number of transaction closed)  increased 4% year to date over 2012.  Average sales prices increased 9% over 2012.  Days on Market (DOM) decreased 18%, and inventory decreased 9% over 2012.

Learn about the National Flood Insurance Program

Buyers on St. George Island always ask about flood insurance.  This is a complex issue that is accurately determined with a current elevation certificate for the home.  You should contact your insurance agent or company for the best information.  The National Flood Insurance Program is a part of FEMA. 

NFIP logo

Here is a link to a brochure that lists the Top Ten Facts for Consumers.

http://www.fema.gov/media-library/assets/documents/2826?id=1622#.Uh91nApNbIs.mailto

You can also go the NFIP’s website for more information www.floodsmart.gov.  This is the official site of the National Flood Insurance Program.

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