Wilton Manors Foreclosures April May 2016

Foreclosures still impacting Wilton Manors Real Estate

Wilton Manors Real Estate is still feeling the effects of the “Foreclosure Crisis” as both single family homes and condos in foreclosure continue to be offered up for sale.

Buyers are “snapping up” foreclosures and sales prices are reflecting the strong level of demand for both homes and condos …

  • Wilton Manors homes sold in foreclosure have been selling for slightly below list price with a median sales price of $296,625
  • Wilton Manors condos sold in foreclosure have been selling for above list price with a median sales price of $115,000.

Foreclosures in surrounding neighborhoods are also attracting buyers…

We are seeing a lot of foreclosure activity especially in neighborhoods next to Wilton Manors including: Lauderdale Lakes, South Middle River and Middle River Terrace.

And then to a lesser degree in Oakland Park.

Wilton Manors Real Estate
Foreclosure Activity

In the last 12 months there have been 15 x Wilton Manors homes sold that were foreclosures and 25 x Wilton Manors condos  / town homes that were sold as foreclosures.

Our market summary report for these foreclosure sales is presented below.

 Median Beds/Baths List Price Sale Price
Homes 3 / 2 $299,900 $296,625
Condos 2 / 2 $109,900 $115,000

 

We can see from this report that:

  • The median sales price for for Wilton Manors homes for sale that were in foreclosure has been $296,625 which is down a little from the list price of $299,900!
  • The median sales price for for Wilton Manors condos for sale that were in foreclosure has been $115,000which is over and above the list price of $109,900!

Median days on market is also a great indicator of demand with:

  • the median days on market for Wilton Manors homes for sale that are in foreclosure being just 29 days – less than 1 month
  • the median days on market for Wilton Manors condos for sale that are in foreclosure being being just 64 days – just over 2 months!
Foreclosures for sale and foreclosure activity in surrounding neighborhoods
Map of current Foreclosure activity in surrounding neighborhoods to Wilton Manors

Foreclosure Activity
in Surrounding Neighborhoods

There has been  / is still strong foreclosure activity in some of the surrounding neighborhoods of Wilton Manors.

This has been especially evident in neighborhoods including: Lauderdale Manors, South Middle River, Middle River Terrace, and then to a lessor degree in Oakland Park.

Lauderdale Manors, South Middle River
& Middle River Terrace

In the last 12 months there have been 73 x homes sold that were foreclosures and 31 x condos  / town homes that were sold as foreclosures here in Lauderdale Manors, South Middle River
& Middle River Terrace – right below us here in Wilton Manors.

Our market summary report for these foreclosure sales is presented below.

 Median Beds/Baths List Price Sale Price
Homes 3 / 2 $175,000 $177,000
Condos 2 / 1 $95,500 $91,250

 

We can see from this report that:

  • The median sales price for for homes for sale that were in foreclosure has been $177,000 – which is up a little from the list price of $175,000!
  • The median sales price for for condos for sale that were in foreclosure has been $91,250 – which is under the list price of $95,500!

Median days on market is also a great indicator of demand with:

  • the median days on market for homes for sale that are in foreclosure being just 56 days – less than 2 months
  • the median days on market for Wilton Manors condos for sale that are in foreclosure being being 71 days – just over 10 weeks!
Wilton Manors home next to Oakland Park - recently sold as a foreclosure!
Wilton Manors home next to Oakland Park – recently sold as a foreclosure!

Oakland Park

In the last 12 months there have been 64 x homes sold that were foreclosures and 116 x condos  / town homes that were sold as foreclosures here in Oakland Park – right next to Wilton Manors.

Our market summary report for these foreclosure sales is presented below.

Median  Beds/Baths List Price Sale Price
Homes 3 / 2 $155,000 $153,125
Condos 2 / 2 $75,700 $74,300

We can see from this report that:

  • The median sales price for for homes for sale that were in foreclosure has been $153,125 – which is down a little from the list price of $155,000!
  • The median sales price for for condos for sale that were in foreclosure has been $74,300 – which is also down a little from the list price of $75,700!

Median days on market is also a great indicator of demand with:

  • the median days on market for homes for sale that are in foreclosure being just 35 days – just over 1 month!
  • the median days on market for Wilton Manors condos for sale that are in foreclosure being being 49 days – just on 7 weeks!

Kevin Wirth realtor

My Thoughts

Foreclosure are still impacting our real estate market here in Wilton Manors and in neighborhoods close to and adjoining Wilton Manors.

In my mind, recent sales of properties as foreclosures – both homes and condos, and current pre-foreclosure activity (homes and condos yet to be listed for sale) are keeping prices for many properties here in Wilton Manors and surrounds quite a bit lower than they would “normally” be as buyer take advantage of these distressed sales.

Important to note however is that the supply of foreclosures and especially pre-foreclosures is dropping especially here in Wilton Manors – which will strengthen our home and condo prices.

I hope you enjoyed reading my post on Wilton Manors Real Estate foreclosure and pre-foreclosure activity – by Kevin Wirth Realtor