Foreclosure / Pre-foreclosure Activity
Still Strong in Wilton Manors
Foreclosures and pre-foreclosures are still impacting Wilton Manors Real Estate and our surrounds.
Foreclosures seem set to continue to impact MOST of our real estate market for at least the next 14-24 months.
Some sectors however seem set to remain relatively unaffected!
The red dots are foreclosures currently for sale – the blue represent properties in the foreclosure process.
Wilton Manors Real Estate
In the last 12 months we have had 1890 single family home foreclosure here in Fort Lauderdale with 8 of these being in Wilton Manors
The median market analysis report for foreclosure for single family homes in both Fort Lauderdale and Wilton Manors is presented below
We can see from this report that median price for a Wilton Manors single family home sold as a foreclosure at $262,300 was well above that for Fort Lauderdale at $155,000.
In the last 12 months we have had 2766 condo foreclosure here in Fort Lauderdale with 18 of these being in Wilton Manors
The median market analysis report for foreclosure for condos / town homes in both Fort Lauderdale and Wilton Manors is presented below
We can see from this report that median price for a Wilton Manors condo town home sold as a foreclosure at $109,500 was approx 30% above that for Fort Lauderdale condos / town home at $83,500.
Wilton Manors Real Estate
All Foreclosure Activity
If we look overall at Wilton Manors Real Estate we see that there have been a total of 157 single family homes sold as foreclosures as well as a total of 191 condos / town homes sold as foreclosures – based on data recorded on the MLS
The median market analysis report for foreclosures for single family homes and condos / town homes in Wilton Manors is presented below
We can see from this report that the median price for a home sold as a foreclosure here in Wilton Manors has been $180,000 and the median price for a condo has been $79,000.
Florida / Ft Lauderdale Foreclosure Activity
Foreclosure activity was down 27 percent from May 2013 in Broward County which also covers Wilton Manors Real Estate.
Despite this Florida still accounted for the eighth highest foreclosure rate amongst “large” metro areas here in the USA – with Fort Lauderdale amongst the top cities for Foreclosure activity.
In the last 12 months a total of 121,338 foreclosures were closed in Florida – which was more than twice as many as in any other state – these Florida foreclosures represented 20 percent of the U.S. total.
Florida also reported the nation’s No. 2 foreclosure inventory
CoreLogic a real estate tracking company forecasts that at the current pace of “completed foreclosures” and given the “current foreclosure inventory” that it will take at least 14 months to sell all of the foreclosed homes and condos .
However there are also many homes and condo that are owned by banks or facing foreclosure that are not yet on the market.
The inventory of “Shadow Inventory” or homes or condos that have not yet been released for sale totals over 2.2 million units nationwide, according to real estate data firm CoreLogic Inc.
Note: Shadow Inventory is also known as Pending Supply
This Shadow Inventory could add take an additional 10 months or more to clear – giving us a total projected period where Foreclosure will be affecting the Wilton Manors real estate market of approx 24 months.
There are 14 Foreclosures currently for sale at time of writing this post.
Important to note is the increase in pricing for these foreclosures – most of which are now priced at market prices.
We can see this reflected in the median pricing for these foreclosures for sale – as presented below.
This strategy of the banks to price foreclosures at market prices ro close to is dramatically slowing the DoM or Days on Market for foreclosures also – with this now often times being 60 – 90 days or more.
With an already “swollen” inventory of homes and condo for sale the addition of more “market priced” foreclosures over the next 1-2 years will work to suppress the real estate market across most of our neighborhoods.
New foreclosures entering the market I feel will have most impact on Real Estate Prices in the neighborhoods of Central and West Wilton Manors.
A good number of the Pre-foreclosures I have toured and seen are in need of work – many a lot of work. If these foreclosure enter that market at market prices they will sit, then slowly prices will drop untill a buyer is found – impacting pricing and comparatives for other homes / condos for sale in each neighborhood in the process.
The section of the market that will be least impacted is Waterfront Real Estate – as you can see from the map above there is only 1 waterfront foreclosure – a single family home in the Pre-foreclosure process.
Waterfront prices will no doubt be impacted by the effect on foreclosures on Wilton Manors Real Estate prices “overall” and across neighborhoods.
However I feel that with high demand for waterfront properties and low inventory levels – this section of the Wilton Manors Real Estate Market will continue to surge ahead.
I hope you enjoyed reading my post on Wilton Manors Real Estate foreclosure and pre-foreclosure activity – by Kevin Wirth Realtor