Smith Farm Foreclosures...more detail

As of April 1st, 2010 there were 94 Smith Farm homes in some stage of foreclosure. Here is a breakdown by street, alphabetically:

• Ambleside - 3
• Ashburn - 5
• Boxleaf - 1
• Branchwood - 9
• Columbia - 6
• Copperfield - 3
• Downwinds - 2
• Great Oak - 6
• Greenville - 6
• Kingsley - 7
• Marbletree - 4
• Oak Bluff - 3
• Oak Grove - 12
• Prestwick - 1
• Ridgefield - 3
• Rockport - 8
• Sally Lynn - 4
• Squirewood - 2
• Stonehurst - 3
• Waterdance - 3
• Waverly - 3

Now this does not mean that next week there will be 94 bank-owned homes on the market for sale...but it is a good indicator that there is still a lot of distressed inventory to come...which will serve to further soften up prices.

Foreclosures: Housing defaults soar in Palm Beach County

From January to February of 2010, foreclosures increased 63% in Palm Beach County, and year over year they were up 68%.

Click here to read the full story

Smith Farm market activity report

 There are 20 homes currently on the market in Smith Farm as of 3/6/10.

• They range in price from $197k to $499K.
• The asking prices per sq ft range from $80/sq ft to $171/sq ft.
• The # of days on the market range from 8 to over 600
• Out of the 20, 8 are marketed as Short Sales
• 1 is a bank owned home.

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There are currently 14 homes with a pending contract

• Asking prices of these under contract homes range from $169k to $399k
• Asking price per sq ft range from $89/sq ft to $123/sq ft
• The days on the market range from 6 (for the $89/sq ft home) to 628 (the $399k home)
• 8 of the 14 homes are Short Sales
• 4 of the 14 homes are Bank Owned

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There have been 12 reported sales in the previous 90 days

• The sold prices range from $190k to $345k
• The sold price per sq ft ranged from $85/sq ft to $122/sq ft
• The 'average' sold price per sq ft is $105/sq ft
• The market time ranged from 13 days (the $85/sq ft home) to 303 days (the $122/sq ft home) 
• 6 of the 12 sold were Short Sales
• 2 of the 12 sold were Bank Owned

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CNN Money reports 25% home price decline ahead for our area!!

Take a look at this eye-opening post on our Winston Trails blog...If you're a home owner, you NEED to read it.
 Just click right here

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Smith Farm homes currently under contract

There are currently 20 Smith Farm homes under contract...that's good news. Now for the bad news...

16 of the 20 homes currently under contract are either Bank-Owned homes or Short Sales. That leaves just 4 out of 20 as regular sales of all the Smith Farm homes currently under contract.

This does not bode well for property values going forward as short sales typically sell at a discount to non short sales. And with the ratio being 16 "under contract" homes being short sales or foreclosures and only 4 being non short sales, this could cause an appriasal problem with sales later this year...this is an excellent graphic backing up the advice that I have been giving to sellers/potential sellers in Smith Farm lately: the window of opportunity is small, try to get on the market, under contract, and sold in the next 3-5 months...BEFORE all of these distressed sales become your new comps!

Smith Farm Foreclosures...more detail

As of 1/15/10, there were 83 Smith Farm homes in some stage of the foreclosure process...below is a bit more of a breakdown by street:

• Oak Grove - 12
• Rockport - 9
• Columbia - 6
• Branchwood - 6
• Greenville - 6
• Marbletree - 5
• Ashburn - 5
• Sally Lyn - 4
• Great Oak - 4
• Kingsley - 4
• Ridgefield - 3
• Waterdance - 3
• Copperfield - 3
• Stonehurst - 3
• Squirewood - 2
• Oak Bluff - 2
• Waverly - 2
• Ambleside - 1
• Boxleaf - 1
• Prestwick - 1
• Downwinds - 1