Big Week in Foreclosures; Investor Demand in Florida has Never Been Stronger

Third Party Bidders Set Record Taking almost 24% of Foreclosed Properties

What a week it was in the world of foreclosures in Palm Beach County. One would think a shortened calendar with only 4 auction days the week before Christmas would be a yawner. But certainly not too many were sleeping as the level of foreclosures hit an 8 week high while third part bidder success was the second highest ever recorded.

As we wind down 2011 and look into the rear view mirror it has been a good year for the markets, in fact a very good year. At no time over the past 6 years have the signs been so bright and I am looking forward to bringing you our year end recap in a few weeks. With house prices lower than they have been since 2003, interest rates continuing to break records and an economy that seems to be improving 2012 should be a banner year. The amount of shadow inventory and a still dismal, but improving, jobs picture are the only two things still keeping a lid on prices.

The chart above shows the 6 month trend of foreclosures in Palm Beach County and as you see the numbers have been higher over the three months but the numbers continue to be all over the board. This week, the actual foreclosure auction numbers increased for the second week in a row this time by 50 units to 261 from 211 the previous week. With shortened holiday weeks and a general slowdown this time of year we expect more volatility and probably lower weekly numbers as we work our way into 2012. In fact three of the next four weeks will also bring shortened auction schedules so watch for the volatility to remain with us for a while.

The success rate of third party bidders continues to amaze and this week brings a record week where they won 23.75%% of all this weeks auctions. Almost 1 in 4 homes the bank let go; typically at numbers well below market value. This number has been eclipsed only one time and that was over a year ago. Watch these numbers as they are unprecedented and show that the appetite for real estate investors in Florida has never been stronger.

Here at “Results Driven Real Estate” we are passionate about the market and love assisting each one of our clients achieve their real estate goals. If we can ever be of help in any way with your needs throughout Palm Beach and Martin Counties please feel free to contact Tom at 561 308-0175 or via e-mail at tom@tompriester.com. It would be my sincere honor to work with you!

Happy Holidays,

Tom Priester e-PRO
“Results Driven Real Estate”

Keller Williams Realty
561 308-0175
tom@tompriester.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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