Clearwater Beach Current Market Conditions

Short Sales?

Perhaps, Not SO Short

Clearwater Beach Area Market
Update 05/26/2009

Short Sales anyone? The condo market continues to be flooded with them but what does it all mean? Short sales for those that don't know are properties being sold short equity meaning less than what is the current mortgage amount. Prices continue also to free fall however inventory numbers are shrinking...especially in the sub 200,000 market.

We have had LOTS of buyers calling and sending emails interested in close to the beach (10 min drive) condos that can be rented in a price range as little as possible, most requesting less than 150K. Those properties although once abundant are becoming scarce. The market reflects this trend with above average pending sales and inventory numbers that continue to drop. Perhaps a bottom has been reached?
Please take a look at some of the other posts I have with regard to the current
market reports. Currently the cheapest condo in the Clearwater Beach greater
area is at Dolphin Cove at $110K, Regatta Beach Club also has some for sale in
the low 130's. You can check currently listed condos in Clearwater Beach by
clicking here .

The process itself of a short sale from our experience is a challenge at the least. I know personally when I try to explain to a client what is going on, they look at me as though I am speaking another language. Really I guess that I am. We try to relate that this market is not like others and in fact not like one we have ever seen so new
approach needs to be applied.

On average, we have seen that if everyone and I mean everyone is on the same page it will take about 2 months to get an idea if whether or not your offer may be accepted and perhaps close. There are so many little details that the banks and title companies need to concern themselves with that it is easy to lost. Let's just hope that in the time you submit the offer and the BPO is done, that the mortgage hasn't been
sold to another company. Then the entire process starts over.

We've been submitting many offers per client with the standard short sale clause that allows them to retract an offer at any time prior to bank approval. It's kind of like casting a net and hoping something swims into it. But with most buyers here only spending a few days at most in town, we need not to put all of our eggs into one basket. We've also found that bank owned properties have been the fastest to get approval on.

The Numbers :

Area 476,477 and 478 which are
the MLS areas for Clearwater Beach

3759 Total
residential listings year to date...ONLY
636 CURRENTLY ACTIVE

141 Pending Sale Right NOW

Average List Price...$593,992

Average SOLD Price...$524,515

Last month...

SOLDS...24

39 Pending Sale

Average List Price...$570,813

Average SOLD Price...$509,346