SARASOTA, FLORIDA, October 18th, 2016 – Here’s encouraging news for aspiring buyers of distressed Suncoast residential properties for rehabbing and keeping them for their own use. They now faceless competition from investors with an appetite for foreclosures and flipping their purchases for a profit.
Statistics that ATTOM Data Solutions culled for the 2016 second quarter show that flippers delving in Sarasota and Manatee homes for sale were on the retreat, accounting for 6.9 percent of home and condo sales during the three-month period. This share, totaling 426 flipped deals, was down by 13 percent from a year earlier and by 12 percent from the 2016 first quarter.
Substantial gains in prices of foreclosure listings amongst Suncoast homes for sale since the start of the year appear to be dampening investor activity in distressed properties in the region. In Sarasota, the percentage gains in the median price of foreclosures have been in double digits since the start of the year, highlighted by a 30.8 percent spike in April. In contrast, the percentage rise in median prices for traditional sales has been dominantly moderate and mostly just in single digits.
This price factor is obviously telling on the margins of flippers in the region. ATTOM figures show that investors in local foreclosures got a 48.2 percent average gross return on investment (excluding rehab and other expenses) for the second quarter, down from 49.3 percent from last year. Flipping here has likewise taken longer at 201 days, 13 days more than in 2015.
The consistent drop in distressed properties, resulting in a declining stock and rising prices of home choices for investors flipping Sarasota homes for sale, is likewise a bane for flippers in the local market. ATTOM reported that in August foreclosures in the two-county region totaled 300 cases in August, down 39 percent from last year.
Significantly too, zombie foreclosures, which are homes abandoned by owners but not seized by lenders, are on a downswing. During the 2016 second quarter ATTOM data showed that the region’s housing zombies dropped by 7 percent from a year earlier and accounted for 7.4 percent of all distressed properties in Manatee and Sarasota. The least these zombies are, the better it is for the market for they could potentially depress property values in their localities.
For savvy investors or foreclosure buyers eying Sarasota homes for sale to settle in, there’s a fresh listing at the Whitfield Acres. A Fannie Mae HomePath property, it is sales-listed with a tag price in the low $100s, featuring two bedrooms and two baths within a floor area of 1,454 square feet.
At the upper $100s price range, there’s also a newly listed short sales in the Woods of Whitfield neighborhood of this community. This one features a floor plan of nearly 1,600 square feet designed with three bedrooms and two baths.
Whitfield is a well-established development of single family homes in north Sarasota which was the county’s original golfing community. First developed during the 1920s, it lies along the fringes of the Sarabay Country Club. This community features Florida ranch-style homes and residences built in the Spanish-Mediterranean architectural designs. It is suited to growing families, young professionals, and active retirees now on an equal playing field with flippers keen on Sarasota homes for sale in the foreclosure list.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>