We are dealing with more and more short sales in my office these days. A short sale is where the bank agrees to sell the property for less than is owed on the mortgage. In this market, folks who bought their houses in 2005-2007 are often "upside down" and can't refinance that adjustable rate mortgage they got when they bought the house. The cannot afford to continue to pay their new, much higher mortgage payment and are facing foreclosure. In other cases, a homeowner has to move because of a job transfer, but cannot sell their house for what is owed...maybe they bought in the inflated market or took out a second mortgage during those peak times.
Not being able to sell your house for what you owe is a horrible spot to be in. MANY homeowners are facing it daily, even here in College Park. If you, or someone you know, would like advice or just more information on selling your house short, or even purchasing these distressed properties, just let me know. It's a complicated and often grueling process, however, many of the banks are improving their systems and the sales are going through. We have a few short sale "experts" in my office and we are having much better luck getting these contracts to the closing table.
Both of the closed sales last week in College Park were short sales.
Average rates are down today with 4.875% on a 30 year fixed and 4.625% on a 15 year.
CLOSED SALES: 4/20/2009 - 4/26/2009
16 W VANDERBILT ST: 5/3/2 - 3,654 sq/ft - $620,000 *SS
115 E SMITH ST #9: 2/1 - 930 sq/ft - $69,900 *SS
*SS = Short Sale
OTHER MARKET ACTIVITY: 4/20/2009 - 4/26/2009
New Listings: 7
Pending Sales: 3
Price Reductions: 25
PRESENTLY ON THE MARKET: 4/27/2009
Active Listings: 285
Under 100K: 8
100K - 199,999: 61
200K - 299,999: 80
300K - 399,999: 46
400K - 499,999: 18
500K - 599,999: 21
600K - 699,999: 19
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 13
Total Pending Sales: 35
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Monday, April 27, 2009
Monday, April 20, 2009
You may be hearing in the news about the increase in closed and pending sales across the country. Such great news! Here in Orlando there are 4,906 pending sales, more than double from the same time last year!! Although more people are jumping into the market, prices continue to come down. In Orlando the median sales price has dropped approximately 37% from March '08 to March '09, to $137,000.
Here in College Park the median sales price so far this year is $203,306.
In the industry the talk is that we won't hit bottom until we reach 2003-2004 prices. For the entire year of 2004, the median sales price was $222,000 and in 2003 it was $191,000. It appears that "the experts" know what they're talking about. I hope (and pray) that we are inching closer to some stabilization.
Average rates on a 30 yr. fixed have gone up to 5.375% on a 30 yr. fixed and 5% on a 15 yr.
CLOSED SALES: 4/13/2009 - 4/20/2009
2305 EDGEWATER DR #1723: 2/2 - 1,115 sq/ft - $265,000 (The Wellesley)
1124 W YALE ST: 3/3 - 2,234 sq/ft - $433,000
1021 ATKINS PL: 3/2/1 - 1,758 sq/ft - $282,000
1311 W HARVARD ST: 3/2 - 1,664 sq/ft - $186,111 *BO
2520 HARRISON AVE: 2/2 - 1,226 sq/ft - $192,000
4155 SHORECREST DR: 3/2 - 1,400 sq/ft - $192,000
*BO = Bank Owned
OTHER MARKET ACTIVITY: 4/13/2009 - 4/20/2009
New Listings: 12
Pending Sales: 8
Price Reductions: 19
PRESENTLY ON THE MARKET: 4/21/2009
Active Listings: 284
Under 100K: 7
100K - 199,999: 63
200K - 299,999: 80
300K - 399,999: 47
400K - 499,999: 18
500K - 599,999: 17
600K - 699,999: 20
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 35
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Here in College Park the median sales price so far this year is $203,306.
In the industry the talk is that we won't hit bottom until we reach 2003-2004 prices. For the entire year of 2004, the median sales price was $222,000 and in 2003 it was $191,000. It appears that "the experts" know what they're talking about. I hope (and pray) that we are inching closer to some stabilization.
Average rates on a 30 yr. fixed have gone up to 5.375% on a 30 yr. fixed and 5% on a 15 yr.
CLOSED SALES: 4/13/2009 - 4/20/2009
2305 EDGEWATER DR #1723: 2/2 - 1,115 sq/ft - $265,000 (The Wellesley)
1124 W YALE ST: 3/3 - 2,234 sq/ft - $433,000
1021 ATKINS PL: 3/2/1 - 1,758 sq/ft - $282,000
1311 W HARVARD ST: 3/2 - 1,664 sq/ft - $186,111 *BO
2520 HARRISON AVE: 2/2 - 1,226 sq/ft - $192,000
4155 SHORECREST DR: 3/2 - 1,400 sq/ft - $192,000
*BO = Bank Owned
OTHER MARKET ACTIVITY: 4/13/2009 - 4/20/2009
New Listings: 12
Pending Sales: 8
Price Reductions: 19
PRESENTLY ON THE MARKET: 4/21/2009
Active Listings: 284
Under 100K: 7
100K - 199,999: 63
200K - 299,999: 80
300K - 399,999: 47
400K - 499,999: 18
500K - 599,999: 17
600K - 699,999: 20
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 35
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Monday, April 13, 2009
I know we all need some positive news right now, so here you go... Our inventory in College Park is the lowest it's been since mid January. That's a good thing. The number of closed sales in March was up over February's numbers. That's a good thing. The number of pending sales is the highest it's been since late August of '08. That's a good thing. So the bottom line is, things appear to be settling down a bit and buyers are gaining more confidence.
We still have a bit of harsh reality to deal with, however, and there's no sense in sugar coating the facts. When I just pulled the fist quarter stats for '09 and compared them with last years first quarter numbers, here's what I found. In 32804 in Q1 of 2008, there were 45 closed sales with a median sales price of $295,000. For Q1 of 2009, there were 28 closed sales with a median sales price of $203,306.
As I poll my realtor peers, and with what I'm seeing with my own listings, there is VERY little activity in the over 300K market. Of the 34 pending sales, 74% are listed under $300,000, 5 are bank owned properties and 10 are in pre-foreclosure.
Average rates on a 30 yr. fixed have gone back up over 5% today.
CLOSED SALES: 4/6/2009 - 4/12/2009
1002 Edgewater Ct.: 2/1 - 1074 sq/ft - $253,000
OTHER MARKET ACTIVITY: 4/6/2009 - 4/12/2009
New Listings: 8
Pending Sales: 3
Price Reductions: 17
PRESENTLY ON THE MARKET: 4/12/2009
Active Listings: 280
Under 100K: 8
100K - 199,999: 59
200K - 299,999: 84
300K - 399,999: 43
400K - 499,999: 18
500K - 599,999: 15
600K - 699,999: 21
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 4
Over $1,000,000: 15
Total Pending Sales: 34
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
We still have a bit of harsh reality to deal with, however, and there's no sense in sugar coating the facts. When I just pulled the fist quarter stats for '09 and compared them with last years first quarter numbers, here's what I found. In 32804 in Q1 of 2008, there were 45 closed sales with a median sales price of $295,000. For Q1 of 2009, there were 28 closed sales with a median sales price of $203,306.
As I poll my realtor peers, and with what I'm seeing with my own listings, there is VERY little activity in the over 300K market. Of the 34 pending sales, 74% are listed under $300,000, 5 are bank owned properties and 10 are in pre-foreclosure.
Average rates on a 30 yr. fixed have gone back up over 5% today.
CLOSED SALES: 4/6/2009 - 4/12/2009
1002 Edgewater Ct.: 2/1 - 1074 sq/ft - $253,000
OTHER MARKET ACTIVITY: 4/6/2009 - 4/12/2009
New Listings: 8
Pending Sales: 3
Price Reductions: 17
PRESENTLY ON THE MARKET: 4/12/2009
Active Listings: 280
Under 100K: 8
100K - 199,999: 59
200K - 299,999: 84
300K - 399,999: 43
400K - 499,999: 18
500K - 599,999: 15
600K - 699,999: 21
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 4
Over $1,000,000: 15
Total Pending Sales: 34
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Sunday, April 5, 2009
There was another bummer of a sale last week; new, quality construction selling for much less than the cost of building the house (see below). If you are thinking of selling, you need to be ahead of the curve rather than following the market down. With the short sales and bank owned properties out there, we still have a way to go. The good news is buyers are buying, they're just after the best deal.
Rates remain under 5% for a 30 year fixed.
CLOSED SALES: 3/30/2009 - 4/5/2009
818 YATES ST: 4/4/1 - 3,785 sq/ft- $575,000 *SS
225 E NEW HAMPSHIRE ST #14: 2/1 - 594 sq/ft - $62,600 *BO
*SS = Short Sale
*BO = Bank Owned
OTHER MARKET ACTIVITY: 3/30/2009 - 4/5/2009
New Listings: 8
Pending Sales: 5
Price Reductions: 14
PRESENTLY ON THE MARKET: 4/5/2009
Active Listings: 281
Under 100K: 9
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 41
400K - 499,999: 20
500K - 599,999: 15
600K - 699,999: 22
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 32
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
Rates remain under 5% for a 30 year fixed.
CLOSED SALES: 3/30/2009 - 4/5/2009
818 YATES ST: 4/4/1 - 3,785 sq/ft- $575,000 *SS
225 E NEW HAMPSHIRE ST #14: 2/1 - 594 sq/ft - $62,600 *BO
*SS = Short Sale
*BO = Bank Owned
OTHER MARKET ACTIVITY: 3/30/2009 - 4/5/2009
New Listings: 8
Pending Sales: 5
Price Reductions: 14
PRESENTLY ON THE MARKET: 4/5/2009
Active Listings: 281
Under 100K: 9
100K - 199,999: 57
200K - 299,999: 84
300K - 399,999: 41
400K - 499,999: 20
500K - 599,999: 15
600K - 699,999: 22
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 32
The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.
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