If you mentioned a short sale five years ago many people wouldn’t have known what you were talking about. Times sure have changed, and most people now realize that if you need to sell your home, and you owe more than it’s worth, you will in most cases want to consider selling your home as a short sale.
With so many people facing financial hardship, living in homes with negative equity, there is simply not many other option for some homeowners than to sell their home as a short sale. These short sales are understandable and allow the homeowners to get out of a very difficult situation and move on with their lives.
As the short sale trend continues to grow, more and more homeowners are being swept up in the wave. And short sales aren’t just for people on the lower end of the economic spectrum anymore. Even the luxury home market has not gone untouched. We are seeing more and more luxury homeowners sell their homes as short sales, and some are even walking away from their homes, leaving the banks to clean up the aftermath.
Not all short sales and foreclosures are necessary. With the growing acceptance of short sales and foreclosures, some homeowners are now looking to short sales and foreclosures as a way to rid themselves of the negative equity they have in their homes. Although we don’t agree with this maneuver, there is no doubt that this trend is gaining in popularity. As with many other trends, we even have a catch phrase for these unnecessary short sales and foreclosures, they are now being referred to as “strategic defaults.”
Currently in the Orlando MSA area we have 36 available homes listed as short sales that are priced at more than $1,000,000, 27 luxury homes are in a pending status (waiting on bank approval), with 3 successful closings taking place in January 2010. Some of the homes that are being sold as short sales today for just over $1,000,000, sold a few years ago for over $2,000,000. The luxury home market in Orlando will certainly provide some great buying opportunities for the luxury home buyers of today.
You must log in to post a comment.