Orlando Short Sale Condo Values - Why are they going down?
When I sold this short sale condo, a 2 bedroom 2 bath, 975 SQF unit at
After all prices at the time were much higher and there were many short sales available, no bank owned properties. The average sold price for each condo at the Floriday Resort ended up at $236,000 for 2008. However, banks reacted so slow to these short sales and decided to take many of them into foreclosure. Instead of accepting a higher short sale offer, they preferred raking up thousand of additional expenses in legal fees and selling them as a bank owned asset at a much later date, and therefore, the average price of all sold condos in FLORIDAYS RESORT for 2009 ended up at $160,878. That is a 31% drop in value, I wonder how many short sale offers there were at a much higher price only to be denied, and were sold as bank owned assets at a much lower price. We are still facing the short sale dilemma today, waiting and delaying but hopefully somebody is waking up soon to stop this erosion on values. A bird in the hand is better than 2 in the bush, like they say.
Ready to short sell your personal home or an investment property or buy a short sale; please reach out to your partner in Gitta at www.greaterOrlandohomes.com
. We’re waiting right here in
