June Foreclosure Sales in Flagler Co., FL
Only 13 of 52 properties scheduled to be sold, are homesteaded implying that most foreclosures are second homes or investment properties.
Palm Cost, FL – May 29, 2010 – Fifty-two Flagler County properties are scheduled to be sold at foreclosure sales in June. As in recent months, most properties are not homesteaded. More than half were purchased in either 2005 or 2006 at the height of the real estate bubble.
June Foreclosure Sales in Flagler County, FL
Key: Address or location – 2009 True (Market) Value from the Flagler County Property Appraiser – Most recent sale date and sale price if available – Code; H = homesteaded residence, N = non-homesteaded residence, V = vacant lot.
June 1, 2010
28 Zoeller Ct – $157,833 – 5/30/06 for $228,400 – N4 Rainstone Ln – $203,383 – H36 Beachway Dr – $83,677 – 7/15/05 for $159,900 – N10 Pier Ln – $127,906 – 3/2/07 for $250,000 – N14 Sea Green Path – $111,804 – 4/27/05 for $140,800 – N56 Pine Cedar Dr – $129,565 – 7/1/04 for $173,900 – NLot 1 Central Ave – $631,544 – 11/17/06 for $1,334,300 – V Commercial42 Gale Ln – $253,678 – 3/1/04 for $300,000 – H67 Bird of Paradise Dr – $163,179 – 11/28/05 for $224,900 – HVillas at Hammock Beach Unit 1334 – $312,400 – 8/30/05 for $585,500 – N40 Riddle Dr – $182,062 – 11/1/00 for $134,300 – H15 Rancher Pl – $175,790 – 9/7/06 for $250,000 – N17 Woodguild Pl – $178,828 – 6/16/06 for $304,800 – N2336 Avocado Blvd – $99,501 – H Mobile home
June 2, 2010
3 Sutton Ct – $175,089 – 4/1/05 for $255,000 – N12 Blue Heron Ln – $150,000 – 3/18/05 for $325,000 – V4 Pillory Ln – $145,162 – 10/21/05 for $219,400 – N72 Beaverdam Ln – $179,617 – 3/13/06 for $223,800 – N2 Raeland Ln – $118,815 – 11/28/07 for $135,800 – H10 Eagle Harbor Trl – $130,733 – N5 Edith Pope Dr – $162,527 – H1411 Lambert Ave – $466,512 – N78 London Dr – $253,301 – 1/27/06 for $392,200 – N18 Hammock Beach Pkwy – $702,841 – N
June 14, 2010
36 Bolling Ln – $180,805 – 1/27/06 for $276,900 – N170 Pine Grove Dr – $175,400 – 3/21/06 for $299,900 – N
June 15, 2010
80 Princess Ruth Ln – $116,421 – 9/20/05 for $204,900 – N11 Rollins Dr – $275,690 – N16 Red Top Ln – $125,505 – 4/29/05 for $198,000 – N17 Roxanne Ln – $153,093 – 6/11/07 for $305,000 – N56 Radcliffe Dr – $124,380 – 9/2/05 for $182,600 – N32 Webb Ln – $123,902 – 6/29/05 for $165,900 – N103 Laramie Dr – $151,689 – 2/11/05 for $160,000 – N24 Round Thorn Dr – $150,393 – 9/27/06 for $220,400 – N44 Botany Ln -$169,635 – 3/10/06 for $241,000 – N46 Post Tree Ln – $145,466 – 1/18/06 for $244,900 – N5 Sedgefield Paths – $194,737 – 4/5/06 for $283,900 – N4 Pinetree Dr – $190,275 – 10/7/05 for $330,000 – N54 Westridge Ln – $184,543 – 6/1/1998 for $185,000 – N40 Westminster Dr – $135,547 – H72 Rocking Horse Dr – $122,893 – 5/27/05 for $175,000 – H33 Kings Colony Ct – $87,084 – 1/12/07 for $143,200 – N21 Powder Hill Ln – $120,988 – 12/27/05 for $229,000 – H
June 16, 2010
11 Wainwood Pl – $227,527 – N50 Leanni Way – $153,501 – 11/4/05 for $230,000 – Commercial Condo
June 21, 2010
200 Riverfront Dr, Unit D303 – $202,800 – 2/21/06 for $486,100 – N44 Black Bear Ln – $121,093 – 6/1/03 for $129,900 – H
June 23, 2010
221 Boulder Rock Dr – $122,580 – 11/22/05 for $210,000 – H60 Surfview Dr Unit 701 – $384,300 – 4/27/05 for $660,900 – H101 Palm Harbor Pkwy Unit 126 – $100,501 – Commercial Condo101 Palm Harbor Pkwy Unit 127 – $151,876 – Commercial Condo101 Palm Harbor Pkwy Unit 128 – $168,751 – Commercial Condo
Toby
Toby,
This new installment piece that you do is fantastic, it is very interesting. I’m shocked that there aren’t more vacant lots on this list. I suppose they are coming at some point.
RE: Toby
I don’t disagree one bit with what you are saying. If I understand the way the foreclosure "sales" work then anything in the County that get foreclosed on go up for auction correct? My point was that due to the exact reasons you outlined I would think that people are handing lots back over to the banks left and right. If that is the case they should be at the foreclosure sale, correct?
Toby
It almost seems like loan-sharking considering the banks can just keep the loans out there charging huge interest rates and decide to call them due at their pleasure. It’s like having your life held hostage by the same group that made these crazy loans possible! There should be a statute of limitation on calling the loans "XX" days after default or they forfeit their rights to the collect anything.
Question?
When there is a date for the foreclosure ie: June 23rd – does that mean it will be auctioned off? And is so where?
Thanks
Reply to John
It probably has something to do with the current value of the asset. It the lot is worth only $10K, what will be left when the bank absorbs the foreclosure cost, pays the back taxes and the selling costs (commission, doc stamps, etc.)?
Reply to John
It’s a lot more complicated than most people think. First, a foreclosure filing does not always end in a foreclosure sale. The bank can simply file to protect their lien position without proceeding further in the process. There are properties in which lis pendens were filed two and three years ago and nothing has happened since.
A property owner cannot force the bank to take back the real estate. When you buy real estate using a mortgage for financing, you sign a NOTE – which is a promise to pay and a MORTGAGE – which pledges the real estate as collateral for the note. It’s up to the bank whether or not to force a foreclosure sale. In the meantime, the property could be sold on a short sale if the bank agrees. That’s really what’s happening to many of the local foreclosed properties.
Mortgage/notes typically have a default interest rate. Once the note is in default (usually 30 days late), the default interest rate kicks in. The default rate is much higher. It could be 18%. A lender holding a $50,000 mortgage on a lot worth one fifth of that amount is not too eager to force a foreclosure sale. They receive little of value. They have to pay back taxes, they assume the tax liability going forward, and they will have to pay selling costs. If they simply sit and wait, the amount owed by the property owner accumulates at the higher default rate.
Reply to Carolyn
The date given is the date of the auction. Auctions are held at the Flagler County Clerk’s office at 11:00 a.m. You can visit the clerk’s website (www.flaglerclerk.com) for more detailed information.