Short Sale Success - Main St, Abacoa

Condo unit 208 at 1155 Main St, Jupiter, FL in the Abacoa community successfully closed as a short sale. There were two loans on the property and the owners had divorced and moved out of town. The closing price was $99,900 for the 2 bed 2 bath 2nd floor condo overlooking the Scripps research facility. There are several active 2 bedroom condos priced under $100,000 in this development and anything under $100,000 is a great price for Abacoa. These units make great rentals.

1/4 mile to the beach. Beautiful townhome in fun community.

The price has dropped to $179,000 for this beautiful 2 bedroom 2 bath townhome in the guard gated community of Ocean Dunes.  Walk to the best beach in Jupiter! Publix and restaurants just around the corner.

This is a great price for this well located short sale unit in a fun community.

718 Ocean Dunes Circle, Jupiter, FL 33477

Walk to the beach/pool/store from this beautiful remodeled two level townhome. Tastefully decorated ‘Vineyard’ model with two large master suites, an eat in kitchen and a private tropical screened in patio. This short sale is a sweet deal at $189,900 and is located in the guard gated community of Ocean Dunes just 1/4 mile from the ocean.

This foreclosed townhome in Ocean Dunes recently dropped in price to $171,900.  The bank wants it gone and will finance for 3% down payment. Its a 2 bed 2 bath with 1254 sq ft, wood floors and a fireplace included.

608 Ocean Dunes Circle - Fireplace

This is the lowest price listing in Ocean Dunes and is below any recent sold comparables in the community. Great ocean access living, walkable to the beach, shopping, the grocery store and parks.

Listing courtesy of Coastal Properties

Kite Beach near Ocean Dunes

I used to live in the beautiful community of Ocean Dunes and walk/run the few hundred yards to the ocean 3-4 days per week.  Actually, I would walk to the guard gate at the front of the community and then begin my jog towards the beach where I would take a right to Juno pier or a left to Kite beach.  Living in a community that close to the ocean was a dream come true (I also like to surf occasionally - when I have the time).

While not exactly oceanfront, Ocean Dunes does have its own lake.

Ocean Dunes Lake at Sunset

Now, due to the real estate collapse in Florida, you can once again purchase ocean walkable real estate at really good prices in Ocean Dunes.  The community itself is guard gated for security and includes numerous amenities with the HOA such as a resort like pool, yard landscaping, multiple tennis and basketball courts, cable TV, and building insurance. Click here to see all available homes in the community- to see what I’m talking about.

Ocean Dunes Pool

If you are looking for affordable ocean access living then you need to look at the well located community of Ocean Dunes where you can walk to some of the best beaches in the state as well as well as grocery (Publix) and numerous parks next door.

Ocean Dunes Tennis Courts

Prices now start at $171,00 for 2 bedroom foreclosure units and $175,000 for short sales - see here

| 06 Jul 2010 | 02:58 PM ET

URL: http://www.cnbc.com/id/38110678/

© 2010 CNBC, Inc. All Rights Reserved

Just when you thought things might be turning around, the mortgage crisis takes yet another little dip to the downside.
Lender Processing Services just put out its May “Mortgage Monitor,” and some promising trends aren’t so promising anymore, specifically new delinquencies and cure rates.

While the total delinquency rate rose 2.3 percent, which is not surprising given how much is in the pipeline, the 30-day delinquent bucket jumped 10 percent. That is surprising because the that number had been coming down of late. The LPS data report says that’s because the “seasonal improvement period has expired,” but I’m not sure normal seasonal patterns really apply to this market anymore.

More likely is that home prices are not rebounding at the expected/hoped for pace, prompting more borrowers who are underwater on their loans to choose not to pay. And while the job market isn’t bleeding so much anymore, it’s not adding jobs back at the rate we need, nor is it re-instituting those full time jobs that were slashed to part-time, leaving many borrowers still “underemployed.” So the delinquency rate nationwide now stands at 9.2 percent from this particular data set, and with the rise in new delinquencies, it won’t be coming down any time soon.

 

How do I know this?

Because the report also finds that the “cure rate,” which is the rate at which bad loans actually get better, i.e. the borrowers start to pay again, is getting worse.

After a two-month decline, deterioration ratios increased, with 2.5 loans rolling to a “worse” status for every one that has improved. The number of delinquent loans that “cured” to a current status declined for every stage of delinquency, except in the “greater than six months delinquent” category. This improvement was likely the result of trial modifications made through the Home Affordable Modification Program (HAMP) that transitioned into permanent status.

Oh good, so the HAMP program is helping “cure” those 6 month+ delinquencies. No, they’re just delaying them yet again, since we know that the re-default rate on HAMP is only rising. Forget cure and think remission.

 

Well, the report shows that both delinquency and foreclosure rates have stabilized.

The trouble is that they’ve flat lined at “historically high levels.”

And what does that mean for the rest of the world? Continued pressure on home prices. Yes, we will see a bunch of new reports this month, looking backward two months, that show slight improvements in home prices thanks to the run-up to the end of the home buyer tax credit; that’s not reality, that’s subsidy.

CNBC Special Report - The Housing Fix

]]> http://palmbeachshortsales.com/2010/07/new-loan-delinquencies-on-the-rise-again-more-short-sales-and-foreclsoures/feed/ http://palmbeachshortsales.com/2010/06/short-sale-success-stories-egret-landing-1082-lakeshore-dr-jupiter-fl-33458/ http://palmbeachshortsales.com/2010/06/short-sale-success-stories-egret-landing-1082-lakeshore-dr-jupiter-fl-33458/#comments Sun, 27 Jun 2010 18:43:02 +0000 Chris Melson http://palmbeachshortsales.com/?p=671

1082 Lakeshore Dr, Egret Landing in Jupiter, FL Short Sale Success Stories

Just closed this short sale in the Egret Landing community, Jupiter, FL. The happy buyer picked up a great family home in one of Jupiter’s premiere family neighborhoods for the excellent price of $332,500. The seller was also extremely happy to sell the home since they were transferred for work back to California and could no longer maintain a home in Jupiter.  This transaction was truly a win-win-win for the seller, buyer, and bank.

Courtesy Tara Steele from AgentGenius:

After strong urging from the National Association of Realtors among other industry trade groups, the Senate approved the homebuyer tax credit extension today. Previously, homes contracted before April 30th (when the tax credit expired) were required to close before June 30th in order to qualify for the credit.

Given that the lending process under current conditions cause many loans to take longer than the allotted 60 days to close, the Senate approved a proposal to extend the closing date to September 30th by a vote of 60 to 37.

According to columnist Jay Heflin of TheHill.com, the cost for extending the closing date is $140 million in this approved proposal, authored by Senators Harry Reid, Chris Dodd and Johnny Isakson. Heflin indicates that this means that “the provision reduces the deficit by $175 million over 10 years.”

The importance of this measure

The measure to extend the closing date received mixed reviews from industry insiders ranging from support to condemnation of any government intervention, but the importance of this extension is that buyers that purchased under the premise of getting a tax credit will indeed receive their credit despite a slow moving financial industry.

CM Note: The extesnion still must be passed through reconciliation by the Senate and the House. It is not law yet. If it passes it gives many pending/contingent short sales a chance to close and still get the credit.