Short Sales Closed vs. Regular Closings
Here’s a little bit of information to put the entire Bonita Springs real estate market into perspective and how short sales are being listed, written up under contract and closed sale. Short sales are a pain in the rump and only a slim margin of them actually close vs. the amount that are listed and written under contract to sell and close. The problem is the banks. The banks just aren’t getting the job done.
Read also: The Elephant in the Room
Short sales are NOT limited to Estero or Bonita Springs communities. You will find short sales in Naples, Fort Myers, Cape Coral, Miami, Atlanta, Las Vegas, you name it. If you have a problem reading about the Bonita Springs real estate market on this website, first take a good hard look at the URL and then if you still have issues I invite you to click the little red X in the top right corner. Sayonara.
First and foremost, in our market “Pending Sale” means under contract and “Active with Contingency” means under contract but there is a contingency that isn’t satisfied, financing, sale of other home, home inspection, etc.
As of today, August 30, 2008 per Sunshine MLS, in the Bonita Springs and Estero market area there are:
128 Pending Sales and 87 Active with contingency sales.
Of the pending sales and active with contingency sales above:
4 of the “pending sales” are short sales, 34 of the “active with contingency sales” are short sales.
This means that .03% of pending sales are short sales and 39% of active with contingency sales are short sales. This doesn’t mean any have closed sale, they’re still in limbo.
Out of curiosity I checked to see the closed sales for the month of August ‘08 to see what had closed short sale vs. typical closing. In the month of August only three (3) short sales in Bonita Springs and Estero were actually closed sales vs. twenty-two (22) properties closings that were not short sales.
Less than 14% of successful closings were short sales in August of ‘08.
For giggles I checked closings for the month of July ’08 also:
In the month of July only Five (5) short sales in Bonita Springs and Estero were actually closed sales vs. twenty (20) properties closings that were not short sales.
Only 25% of successful closings were short sales in July of ‘08.
Do with that information what you may. If you’re in the market to pick up a short sale or you’re under contract to buy a short sale, cross your fingers and do every voodoo dance and every lucky rabbit foot or lucky penny trick you know. The odds may not be in your favor that it will get closed.
I’d like to be able to accurately share the active listings and the ratio of regular vs. short sale listings but since the data gathering is somewhat new and some of the listings have been on the market for a long time, I’m sure the data is not accurate. The option of “short sale” just wasn’t available for some of the homes that were listed a while back. Here is the data, though it may not be thorough:
Active listings of all styles of property in Bonita Springs and Estero (Including Short & Foreclosure: 3,013
Active Short Sale Listings: 242
Active Foreclosure Listings: 16
There you have it. Don’t kill the messenger she has an old dog to take care of.