The Sarasota market is benefiting from very few bank-owned properties.
The unknown, however, are the possibility of foreclosures to come.
Realty Trac gives some helpful information in this regard.
Realty Trac reports defaults in Sarasota County total 2385 properties. These are properties that could be reinstated by the mortgagee, sold as a short sale, or eventually foreclosed.
Properties that have made it to auction and could become bank-owned total 639 properties.
Sarasota County properties owned by banks total 1293.
Currently, Sarasota County has 5094 active listings.
So it looks like the foreclosure activity will remain an overhang on Sarasota County property for sometime to come.
But the foreclosure activity varies significantly by location and price, so generalizations are not very helpful in predicting the impact on property values.
But what can be said is that Sarasota County will be dealing with defaults for some time to come.
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