Lake Hartwell Topics: no doubt about it, distressed sales

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	Name:	John C -
	Subject:	no doubt about it, distressed sales
	Date:	3/22/2010 2:32:45 PM

affected our market in 09 and continue to do so.

They added to the influx of supply and were a contributing factor in the decrease in prices.

But if you look at our market as a whole, right now (as far as I can tell) there are about 9 foreclosures on the market - aka having an "Active" status on the MLS - for sale right now. See my foreclosure list, linked below (read the article and send an email to that account and you will receive a reply email with the link to the list) shows that.

The total # of waterfront residences for sale right now is about 429. 9 / 429 = 2%.

Contrast this to the national average - according to the Wall St Journal about 25% of closings are distressed sales. I talked to a broker in Birmingham today who is with the largest company in the area and they counted 32% of their closings (I think he said in 2009) were "distressed."

This is why I say that while yes, distressed closings have certainly taken an effect at Lake Martin up to this point, that effect is considerably less, by orders of magnitude, than in other markets.

Could the lake # go up considerably in the future? Sure. It could. Or, it could not. It's hard to quantify that. Rather than pontificate in writing here or on my blog, I stick to the facts. The facts tell me that thus far, we have fared well and in 09 had a great year.

URL: Lake Martin Waterfront Foreclosure List