Hello Just Looking,

More often than not, the subdivision or developments with the most short sales were all built around the same time; that is 2004-2007. Because these were new sales that took place at the height of our crazy Jacksonville market, many homeowners have found themselves in trouble.

This is true in condo developments and housing develpments like Oakleaf Plantation & Bartram Springs. These newer subdivisions basically sold for TOP dollar at the height of the market, and the mortgage loans were approved with creative financing that has since been outlawed by the federal government. The combination of paying top dollar with shaky financing has shown to be an extremely bad one!

Also, record numbers of homebuyers purchased properties with 3/1 ARM loans, which sounded like great deals in 2005, but now their monthly mortgage payments have doubled! Imagine if you owed the bank $1,200/month in 2006, but owe them $2,400/month now in 2009 for the same property... Surely, your pay raised have not matched the difference.

Hope this helps,

Lynn Brier-De La Cruz, REALTOR
Vanguard Realty Inc
904-343-8586

Right now, there are 12 properties for sale in Biscayne Bay, all of them are short sales. Some are in better condition than others, some without appliances, etc. There is 1 rental that is listed for $1100 and is 1600sf with 3 bedrooms, and 2.5 baths. Nothing is on my radar as far as problems with the area or any pending lawsuits. If you would like more information or if you would like to see any of them, please feel free to give me a call or email me.

Thanks!
Mike King
Waston Realty Corp
12710 San Jose Blvd
Jacksonville, FL 32223
(904) 327-2765
mikeking@watsonrealtycorp.com