Find Foreclosure Homes in Manatee and Get Big Discounts

by Peter Vernon on Foreclosures

Prospective buyers can find foreclosure homes in Manatee County, Florida and get big discounts as defaults and foreclosures continue to surge in the county.

In January this year, foreclosure filings in Manatee shot up by an overwhelming 150 percent from filings in January 2009 to a rate of one housing unit out of every 149 units, much higher than the one-in-187 rate of Florida. A total of 1,144 households in Manatee were notified of delinquency or foreclosure last month.

The number of repossessed homes also rose to 196 units in January, a jump of 31 percent compared to January 2009, although it marked a drop of 5 percent from the previous month.

According to broker Michael Moulton, many homeowners were raised in the principle that one should do everything in order to avoid foreclosure in part because of the stigma attached to defaults and failure to pay debts, but when funds run out, there is no other choice but to let the property go into lists of short sales foreclosures.

Statewide, foreclosure activity in January this year also increased by 15 percent compared to January 2009, posting a total of 47,069 filings. The pace of foreclosure however slowed by 15 percent compared to the previous month.

Investors and owner occupant buyers can also find foreclosure homes in multifamily buildings such as foreclosed condo complexes in Manatee and buy them at substantial discounts.

More than 50 condo units at Bel Mare, which sits along the Manatee River, are among the units foreclosed by Huntington National Bank, the lender which provided $37.5 million in development loans to condo developer Corvus International.

Colorado firm Condo Capital Solutions has acquired the condo units and is now selling them at bargain prices. While the units were being sold during the housing boom at between $435,000 and $1.4 million, now the regular units are priced between $140,000 and $399,000 and the penthouse units are being sold at $600,000.

Based on Manatee County records, Condo Capital purchased the units in December last year for $6.4 million, which is equivalent to only around $120,000 per condo unit, after Corvus defaulted on its loans.

Investors can learn from Condo Capital which correctly anticipated the real estate crisis and cashed in before the downturn. It accumulated cash and then bought bargain-priced projects in Miami, Jacksonville and Manatee when the residential market collapsed.

Indeed, individual investors can find foreclosure homes and fixer uppers in Manatee and then profit from them when the housing market recovers.

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