In this edition of an Islands View we are going to focus on short sales and foreclosures currently on the islands. In the past to see a foreclosure on Davis Islands was a rarity, however with the current housing slump continuing, albeit at a slower pace in the last few months, we are seeing more properties follow this path.
Whether it is a $115K condo listing or the $3Mplus mansion, the short sale or bank foreclosure knows now specific property size or price. Currently, now there are 10 properties in the various phases of the short sale or foreclosure process. The one good thing is that the prices for these properties are prime for the right buyer.
I do not believe we will see prices or buyer leverage this strong for decades to come.