How many houses are in foreclosure or short sale in Port St. Lucie? I hear this question from almost every customer that I work with.
The short answer: it’s not as bad as the media makes it out to be.
The statistical answer: in 2010 we’re down 30% from 2009*
Remember that every market is different and when the media talks about US Foreclosures it’s talking about a national average. Port St. Lucie was one of the fastest growing cities during the real estate boom so it’s natural that it’s one of the hardest hit for foreclosures.
But the caveat about Port St. Lucie that makes it different than the rest of the country is that our prices are so low that we’re selling off a lot of the inventory at a pretty fast pace. The foreclosure lenders price their properties very competitively and the buyers flock to these listings because they know they will close fairly quickly and won’t have to haggle over the price (as compared to a short sale).
Above is a map view of foreclosure filings in Port St. Lucie from a news article by Business Insider. I’m a very visual person so this is helpful to see what the foreclosures look like on the map. Click here for a larger view.
So what does this mean to a buyer? Get in while you still can if you’re looking to buy a property in Port St. Lucie. I’ve personally seen prices increase a tad over the last year for properties in the $100,000 range.
Why are Port St. Lucie properties so desirable? For starters they are fairly new. A lot of homes were built during the real estate boom of 2003 – 2006. Port St. Lucie is close to the beach and we have a nice warm, sunny climate. Our market is also about half way between Orlando and West Palm Beach but we don’t have the crazy hustle-bustle of those big cities.
Do I think prices will continue to go up? Slowly. I think the best way to describe the Port St. Lucie market is that it’s starting to stabilize. Some areas are seeing fast sales and others not so much (such as condo communities with high condo association dues.)
*According to RealtyTrac’s 2010 report for Port St. Lucie.