Interesting stats coming in from Realtytrac and Tyler Durden at Zerohedge.  The articles are referencing the overwhelming number of purchases that are both ALL CASH and institutional investor purchases.

Institutional investors are those large investor conglomerates like Blackstone that are buying up every house in Jacksonville under $200,000.  No kidding.  About as fast as I can get homes on the market under $200k, that are newer homes, and in good condition, I get all cash - sight unseen offers from my friends at Blackstone.   Regardless if they are short sales or not, they want them.

Jacksonville is one of their target markets, and the report stated several interesting facts:

- institutional investors made up 23 percent of home purchases in…

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Waterfront home in Jacksonville are always in demand and now that the economic climate seems to be getting slightly more favorable, we are seeing even more sales at higher price points.

Some interesting Jacksonville waterfront home sales stats:

48:  The number of waterfront homes in Jacksonville sold in the last 90 days.

$3,500,0000:  The highest priced waterfront home that sold in the last 90 days.  (Picture of this Atlantic Beach beauty above).

9:  The number of waterfront homes sold above $1,000,000.

10:  The number of waterfront homes between $500k - $1mm.

$983:  The highest sold list price per square foot of these 48 waterfront homes.  (NOT the same house as pictured above).

$273:  Average price per square foot of all 19…

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Wells Fargo Short Sale Success!

All banks that have any mortgages in Florida have finally come around and realized this is 2013 and home prices haven't shot back up to 2006 levels.  (7 years ago!)  Wells Fargo included.  

This particular Wells Fargo short sale went pretty smoothly, as I'd expect with Wells Fargo now that they are more eager to work with Short Sales.  This home was in the World Golf Village area, and the amount owed was well over the current true market value.  

Unfortunately, this home was like so many homes in the newer home communities....well cared for, well outfitted with nice custom features, and absolute turn key ready for new owners.  The unfortunate part is the owners would typically get a higher price for their hard…

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Jacksonville, like most cities, is flooded with Real Estate companies and Real Estate agents.  It's hard to figure out who will provide the best results, but I believe a few core facts and philosophies make RE/MAX the logical choice.

RE/MAX Business Philosophy:  this is straight from the founder, Dave Liniger:

RE/MAX is a team rather than a family.  "There are other companies that look at their real estate network as a family," Liniger said. "In a family, everybody's accepted and loved, even if they don't do anything to support the family.  But a team is different; a team is out there to win. RE/MAX is a team ­– the best team that's ever been put together in the history of the real estate business."

I personally like this approach.  Too many…

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That's right!  In 365 days, aka 1 year after a Short Sale you will be eligible for an FHA loan in Jacksonville or Ponte Vedra Florida!

This is a recent underwriting change that affects people who have had a Foreclosure, Short Sale, or Bankruptcy.  Previously you had to wait 3 years after a Short Sale or Foreclosure and 2 years after a bankruptcy.  Seems that would have been in reverse, but at the time the federal government deemed short sellers to be a bigger threat to FHA than Bankruptcy.  I always thought this was odd .... but now it doesn't matter, both are just 1 year.  

Jacksonville FHA Limits = $387,500.  That's a lot of purchase power!

A few caveats:   FHA is allowing for the consideration of borrowers who experienced an "Economic Event"…

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Another Happy Home Seller - Hampton Park Jacksonville

Bank of America continues to be our largest supply of short sales.  I believe it is mostly due to their takeover of Countrywide back in the day, which gave them a less than favorable portfolio of loans that were defaulting about as fast as Countrywide was making new loans in 2005.  

Regardless, BOA and all their shell companies/affiliated servicing companies continue to work through the massive amount of home owners seeking short sale.  We've had great success with them as we've been able to set up processes to handle their ever changing process......and we've found the right inside people to go to with escalation request.  Having an inside person always helps!

One great thing about a Bank…

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WHOA we are in business!  The floodgates have re-opened and the buyers have finally gotten off the fence.  I'm sure the low interest rates combined with the fact that homes are priced lower than what they should be (cheaper to own than rent) has this market on fire.   The biggest problem right now is inventory.  Homes are still worth less than most people owe ..... about 40+% of Jacksonville home owners with mortgages are in this position, however there aren't enough homes on the market.  Buyers are in the market, but the homes are not.   WE NEED LISTINGS!!!

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853 Days average time for a Foreclosure in Florida!

That is correct, not a typo.  I've been using an old statistic from back in 2011 that had us above 600 days on average.  I now stand corrected.  

853 Days!!!

Interesting note:  That's average.  That means some are shorter and potentially much shorter and some are longer and much longer.  For the non-math incline, 853 = about 2 years and 4 months!

How fast can I buy a new house after a Foreclosure?

That is a hot topic right now.  The most lenient of opportunities currently resides with using an FHA loan.  They will allow a purchase 3 years from the anniversary date after a Short Sale or a Foreclosure.  Of course, that's takes into account that you have rebuilt your credit and have the…

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Interesting trends in Waterfront home sales in Jacksonville over the last few years.  At one point in the not so distant past, I thought I was out of the waterfront business for good.  Sales were beyond slow, a bazillion waterfront home owners were calling me to list and sell their homes at prices the market just wouldn't pay, and banks just wouldn't lend money unless luxury buyers had at least 30% to put down.  With that ongoing trend - I had to switch around my business to stay in business.  It worked and I stayed in business and still managed to stay a top producer and consistently grow my business year after year. 

Things have changed in the Jacksonville real estate market!  Waterfront is back in business in a big way, and it's a great time to…

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