It's no secret that there are several potential short sale listings and bank foreclosures being offered in the Florida Keys real estate market. Different property categories show different percentages of distressed properties. For instance, of the 185 open water homes currently listed in the Upper Keys, just 9 of them are being marketed as potential short sales and none of them as being marketed as bank owned, giving distressed properties in that category just 5% of the overall market. Dry lot homes on the other hand show dramatically different numbers: of the 228 dry lot homes on the market, 56 of them are potential short sales and 7 of them are bank owned, giving distressed properties in that category 28% of the market.
It's important to note that not all properties being marketed as potential short sales actually are short sales. Sellers and their agents often choose to market them as short sales when in fact it is not known if the seller's lender would even approve the short sale process for the property. When considering purchasing a listing marketed as a short sale, it is important to determine if the current lender has approved the seller and the property for the short sale process. Be sure to ask the Realtor working with the seller if the hardship package has been submitted to his or her lender. If it has not been submitted and/or approved, the sale of that listing could be delayed several months, or even denied, costing a buyer time and added aggravation during the home buyer process.
Here is a look at the numbers for all segments of the market: (Click on the image to enlarge.)
These numbers are for properties located in the Upper Florida Keys, which includes the areas of Key Largo, Tavernier and Islamorada.