Short Sales & REO’s Update
We look forward to brighter economic times, but at least for the near future it looks like distressed properties will be on everyone’s radar screen. Ponte Vedra and The Beaches have not been spared the plight caused by the mortgage debacle and have seen greatly reduced prices seldom witnessed in this particular market. Ponte Vedra real estate has seemingly officially bottomed, and now we can begin the recovery phase. Along the way, we have to hope that unemployment eases, that interest rates remain historically low, and that the credit markets come to their senses and become more realistic in their lending practices. The other contributing factor that everyone wants to speculate about is the so-called “shadow inventory.” Who knows when it will happen, but at some future point, Ponte Vedra will begin to experience a loosening of the inventory of homes and condominiums that have been patiently waiting for values to recover. You shadow inventory homeowners might be wise to contact your favorite Realtor to update your market analysis.