Bank Owned Waterfront Homes
Since the burst of the housing bubble, the nation as a whole has watched real estate values tumble back to the late 80's and early 90's.
Florida, a state heavily dependant on tourism, was one of the hardest hit during the recession.
As the tourism dollars dissipated, unemployment rates began to rise, builders stopped building, developers went bankrupt, and foreclosure filings were reaching the hundreds of thousands.
This sounds like it was Florida's demise, but I have to say that we are still alive and well. We have experienced increased sales volumes, lower inventories, and a stabilization of home values across the state. International buyers who have held out in recent years are once again acquiring properties and statistics now show that more people are moving into the state rather than moving out.
According to the US Census Department, Florida's average decennial population increase over the past 100 years is 39.2%. This means that Florida's 2010 population of 18,801,310 could potentially increase to 26,171,423 by 2020; which is only a little over 6 years away. Another note to consider is that Florida has historically dominated the population increase percentage in the Southeast during those past 100 years.
So what does it all mean?
Real estate, like the stock market, operates in a periodic cycle. We are once again at the beginning of a cycle. And the census data is correct, we may certainly see the housing demand increase. In summary, the prices of waterfront properties that you see today will most likely be gone tomorrow.
Are there some great deals out there?
Yes and no. Despite what you may have heard, banks are simply not selling properties for 50 cents on the dollar. In fact, many are holding off putting the foreclosed homes on the market (shadow inventory) in order to ride the current cycle upward. The homes priced more than 5% below market value typically need extensive cosmetic work or have other issues that need to be resolved.
Can you help me find a decent bank owned waterfront property?
Absolutely. If you are interested in acquiring a waterfront property at 5 to 10% below market value, we would suggest previewing the current inventory of Bank Owned Homes by clicking "Get the List" button below.