Ocala Real Estate Talk

Posts Tagged ‘Ocala FL Foreclosures’

Silver Springs Shores is a huge community just east of Ocala. Silver Springs Shores isn’t really a town or sub division. It is technically called a census designated place. There are 3 areas of The Shores, Silver Springs Shores North, Silver Springs Shores South and Silver Springs Shores East. Additionally there are several sub divisions within The Shores. Lake Diamond is a gated golf course community that is not 55 plus.  Crystal Lakes which is a deed restricted community. There are also several condominium communities in The Shores.

Homes in Silver Springs Shores date back to the late 1960′s but most date from the 1970′s through the real estate boom of 2003-08. There are still an almost endless number of vacant lots in this area too.

During the real estate boom years of 2003-08 builders saw that there were a lot of cheap lots on paved roads in The Shores. During this time a huge number of new homes were built and sold to investors hoping to buy at pre construction prices and flip the homes on completion. Most were never sold and went into foreclosure. Silver Springs Shores has more foreclosures than any where in Marion County.

Silver Springs Shores foreclosures are one of the hottest parts of our real estate market. Newer homes built during the boom years are selling as foreclosures for under $100,000-. There are also a lot of short sales in The Shores. As a result of so many foreclosures and short sales traditional sellers have had to lower their prices in order to compete and these traditional sales can be in better condition and a good value.

If you are interested in a list of homes for sale in Silver Springs Shores either call me, email me or use my Ocala Dream Home Finder. Be specific as to the sq ft of living area, age and price range. There are 100′s of homes for sale in this area.

Foreclosures in the Ocala and Marion County Florida area are a major part of our market.  Foreclosures accounted for 38% of all residential sales in March 2010. That is actually down a little from the 46% in February. We are also seeing foreclosures in the farm and commercial industrial sectors.

Ocala Foreclosures Residential

Active 323

March sold 133

Ocala Short Sales Residential

Active 684

March sold 35

Ocala Farm Foreclosures

Active 12 from $162,900- to $2.25M

March sold 2

Ocala Farm Short Sales

Active 18

March sold 1

Ocala Commercial Foreclosures

Active 13

March sold 4

Ocala Commercial Short Sales

Active 26

March sold 1

Ocala 55+ Foreclosures

Active 19

March sold 3

Ocala 55+ Short Sales

Active 31

March sold 2

Foreclosures are still closing at a much higher rate than short sales. Just look at the ratio of closed short sales to active short sales and then compare that to foreclosures.

Foreclosures are every where in the Ocala area but some sub divisions have a large amount such as Silver Springs Shores while all the 55+ communities only accounted for 3 sales.

Don’t let anyone tell you foreclosures are in terrible condition. Some of course are but many if not most will easily pass a professional home inspection.

If you would like a list of Ocala area foreclosures call me, send me an email or use my Ocala Dream Home Finder. DO NOT ask to see all the Ocala foreclosures. I can’t send you 300 listings!! I need a price range, beds and baths, area of Marion County, lot size and anything that will narrow your search down.

You might also want to check out my Ocala Foreclosure Guide

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. All sales are for Marion County only and do not include FSBO or homes sold by builders not listed on the MLS.

A lot of people in the Ocala area owe more on their house than it’s worth. Some for one reason or another they just can’t their make the mortgage payments any more. Others question the idea of continuing paying a $300,000- mortgage on the house that isn’t worth $200,000-  any more.

There are financial repercussions when you stop paying your mortgage. Here is a great link to a recent article in the Orlando Sentinel that lays out a time line of exactly what happens when you stop masking your mortgage payments.

Your credit score will take a hit up to 200 points. Your credit card interest rates will go up. Insurance rates are tied to your credit score and they will be effected. Finally if you lose you house you will need to become a renter. Most landlords will want a good credit report before renting.

Too many people don’t know what to do if they can’t pay their mortgage. The worst thing you can do is nothing.  Call or email me and if I can’t help you I’ll refer you to someone who can help.

Ocala foreclosure home

Built 2007

1818 sq ft living area

3 /2 / 2

.24 acre lot

Marion Oaks

Sold Price $110,000.00

I represented the buyers in this purchase. This home was never lived in but had sat vacant for most of 2 years but easily passed a home inspection.

If you need more info on on Ocala Foreclosures I have everything you need on my free Ocala Foreclosure Guide.