It took almost 6 years to the day but Central Florida's inventory of available homes for sale fell below 10,000 listings. This number reflects homes for sale located in Orange, Seminole, Osceola, and Lake counties.
October 2007 was an all time high of 26,330 properties listed. The real estate market is still about supply and demand, available homes for sale compared to ready willing and able buyers. Basic economics is gradual decrease in price until value returns and that's exactly what's been happening.
With less bank owned properties available, Dr Phillips real estate has a reported 5 single family homes and 33 short sales listings on the market and the fact banks are loosening their strings on lending, this great news going forward into the 2012 real estate market.
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Dr Phillips Real Estate Prime for Early Birds
When it comes to investments I typically go back to the Guru of investments Warren Buffet and his philosophy "Buy fear Sell greed&quo...
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
Thursday, October 13, 2011
Tuesday, August 16, 2011
3 Dr. Phillips Communities showing Value
Dr Phillips real estate has its share of sought after communities in Central Florida but you may be surprised which ones are giving buyers the biggest bang for their buck.
Number 3...
After four plus years of declining prices Bay Hill real estate has hit bottom and is showing real value.
Number 3...
Bay Hill
Known for having one of the most popular PGA golf course, there is something about Bay Hill that makes a golfer, or in today's real estate market buyer's, heart beat a little faster. The breath taking views of 270 acres of a meticulously manicured golf course along the Butler Chain of Lakes sure doesn't hurt but for buyers it's the great values that are slipping away and an urgency to get one of them.After four plus years of declining prices Bay Hill real estate has hit bottom and is showing real value.
Number 2...
Sand Lake Point and Sand Lake Cove
The Sand Lake communities off Apopka-Vineland and Darlene have that great location buyers are looking for. Dr Phillips' new park is within walking distance from a paved bike and jogging trail, the two established Sand Lake communities also have lake access to private Sand Lake. Most homes are attractively priced in the upper 200's but go quickly and into the 400k with many floor plans to choose from.
Number 1...
Phillips Landing
Gated Phillips Landing has always been tops on buyers wish lists and with 4 plus years of declining prices these homes are being picked up quickly when priced at today's values. The front communities of Phillips Landing, Bay Harbour and Heritage Bay feature winding tree covered roads, ponds and mature landscaping. Most homes offer 2600 to over 3000 square feet of living space, tile roofs and pools.
The Estates section of Phillips Landing is lakefront to Big Sand Lake and some of Central Florida's best custom builders.
Monday, July 25, 2011
Summer is heating up Winter Garden real estate
In 2007 Winter Garden had 447 single family homes that closed, compare this to 395 homes sold so far this year keeping in mind we have over 5 months remaining. Communities like Stoneybrook West used to have up to 90 active homes at one time for sale, today there are 19, six "short sales", 12 regular sellers and only one bank owned property. Stoneybrook West is not the only area seeing dramatic drops in available homes, communitiles like Black Lake Park and John's Landing are seeing the same kind of results.
Add the new construction in Winter Garden which until just recently was non exsistant and that alone should point to decline of available homes compared to buyers that want to purchase, believe me builders aren't building unless they know there buyers and money to be made.
Wednesday, March 23, 2011
4 Simple myths stopping you find a Bargin Dr Phillips Home
I was working with some buyers this past month looking to purchase a home in Dr Phillips, Florida. They were serious cash buyers making offers within the first couple of days but to their surprise we could not get any of the sellers to accept. They were starting to get frustrated so we sat down and talked about the real estate myths they had been declaring early and often the past month.
1. I have cash. Cash is great and makes any offer look attractive but what is the dollar value for a buyer paying cash? When sellers close they get cash, whether it's a buyer with financing or not. What a cash buyer is doing is waving a financing contingency, so what is the value? For a buyer making an offer on a home priced between $200,000 to $300,000 that buyer could expect to save any where from $3000 to $7000 on the home's purchase price, a home priced $400,000 to $600,000 any where from $7,000 to $15,000. Trying to get a seller to take a bigger hit for your cash offer they might as well go with a buyer financing or lower the list price to see what the market will bear.
2. Banks don't want own homes. Banks have a great strategy selling their inventory, finding market value and staying firm on price. Banks get 2 to 3 BPOs (Broker Price Opinions) and list right at that BPO or a little under. Banks love to sit 30 to 40 days to see what kind of activity they get and if nothing, do a gradual 5 to 10% price reduction and let the market come to them. What you don't see are banks accepting low ball offers just to dump homes. Banks don't want to own properties but they are smart selling them.
3. The Dr Phillips community is still a declining market. If this were true then show me those low 300k homes in gated Phillips Landing or the single family properties in Vizcaya in the 200's. What happened? Sellers in these sought after communities like Dr Phillips don't have to list that low because buyers are seeing value. It's no secret people love Dr Phillips real estate, great location, award winning schools and that community feel many buyers look for. Make no mistake home prices have fallen the past 4 years like pretty much every other community but it has bottomed out. Basic economics is gradual decreases in price until value returns, that's four years of declining prices and today, some great homes attractively priced.
4. I don't want to look at short sales they take to long. Sure if you need to purchase asap the bank owned and regular sales may be the way to go but for buyers that are looking for bargain homes the short sale are getting done. The early years of the declining market the short sales were a bear to close but over the past two years banks and real estate agents have learned how to streamline the process. What a buyers has to watch out for are the short sales that are priced unrealistically low. Some agents still think the best strategy is to list low and get that first offer to start the short sale process with the bank. Most times the end result is the bank comes back with a much higher offer and the buyer walks but the agent and seller now have the purchase price the bank would accept. The only thing is the first buyer had to pay the price of waiting around 2 to 3 months.
1. I have cash. Cash is great and makes any offer look attractive but what is the dollar value for a buyer paying cash? When sellers close they get cash, whether it's a buyer with financing or not. What a cash buyer is doing is waving a financing contingency, so what is the value? For a buyer making an offer on a home priced between $200,000 to $300,000 that buyer could expect to save any where from $3000 to $7000 on the home's purchase price, a home priced $400,000 to $600,000 any where from $7,000 to $15,000. Trying to get a seller to take a bigger hit for your cash offer they might as well go with a buyer financing or lower the list price to see what the market will bear.
2. Banks don't want own homes. Banks have a great strategy selling their inventory, finding market value and staying firm on price. Banks get 2 to 3 BPOs (Broker Price Opinions) and list right at that BPO or a little under. Banks love to sit 30 to 40 days to see what kind of activity they get and if nothing, do a gradual 5 to 10% price reduction and let the market come to them. What you don't see are banks accepting low ball offers just to dump homes. Banks don't want to own properties but they are smart selling them.
3. The Dr Phillips community is still a declining market. If this were true then show me those low 300k homes in gated Phillips Landing or the single family properties in Vizcaya in the 200's. What happened? Sellers in these sought after communities like Dr Phillips don't have to list that low because buyers are seeing value. It's no secret people love Dr Phillips real estate, great location, award winning schools and that community feel many buyers look for. Make no mistake home prices have fallen the past 4 years like pretty much every other community but it has bottomed out. Basic economics is gradual decreases in price until value returns, that's four years of declining prices and today, some great homes attractively priced.
4. I don't want to look at short sales they take to long. Sure if you need to purchase asap the bank owned and regular sales may be the way to go but for buyers that are looking for bargain homes the short sale are getting done. The early years of the declining market the short sales were a bear to close but over the past two years banks and real estate agents have learned how to streamline the process. What a buyers has to watch out for are the short sales that are priced unrealistically low. Some agents still think the best strategy is to list low and get that first offer to start the short sale process with the bank. Most times the end result is the bank comes back with a much higher offer and the buyer walks but the agent and seller now have the purchase price the bank would accept. The only thing is the first buyer had to pay the price of waiting around 2 to 3 months.
Sunday, January 18, 2009
2009 real estate market
Wondering where the real estate market is going in 2009? The 4th quarter last year was again a VERY slow quarter. Real estate in November and December are typically slow months but add on that the uncertainty in the market and this makes it even worse. In real estate we look at our Spring market starting the end of January, it never fails the evening or morning after the Super Bowl I have a few good buyers ready to purchase.
Early returns going into January are mixed but this is normal. With the web exposure of 22 real estate related website sites TeamConnect gets a good pulse of what kind of activity there is in Central Florida's real estate market. This plus working the real estate business 24/7 with friends and family you can ALMOST feel changes in the market.
Consumers interested in purchasing is very high but they also have that uncertainty in the economy and housing market. Once this bubble bursts (consumer confidence) you will see activity pick up. Home prices are getting close to bottoming out, 8 out of 10 seller listing appointments I go on say the reason for moving are because they want to purchase and see the great deals. Areas that most likely come back first are areas and communities that were sought out before the down turn, Dr. Phillips, Windermere, Lake Nona, Winter Park are a few that fall into that category.
What we're really waiting on is the lending institutions starting to lend again. Banks need to lend money so that people will have more confidence in the economy, otherwise everyone will continue to hold on to their cash. If banks are not lending it makes everyone's cash more valuable.
Early returns going into January are mixed but this is normal. With the web exposure of 22 real estate related website sites TeamConnect gets a good pulse of what kind of activity there is in Central Florida's real estate market. This plus working the real estate business 24/7 with friends and family you can ALMOST feel changes in the market.
Consumers interested in purchasing is very high but they also have that uncertainty in the economy and housing market. Once this bubble bursts (consumer confidence) you will see activity pick up. Home prices are getting close to bottoming out, 8 out of 10 seller listing appointments I go on say the reason for moving are because they want to purchase and see the great deals. Areas that most likely come back first are areas and communities that were sought out before the down turn, Dr. Phillips, Windermere, Lake Nona, Winter Park are a few that fall into that category.
What we're really waiting on is the lending institutions starting to lend again. Banks need to lend money so that people will have more confidence in the economy, otherwise everyone will continue to hold on to their cash. If banks are not lending it makes everyone's cash more valuable.
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