I know you would love to hear some good news from me! Well, I have some. College Park is still one of the strongest parts of town to invest your money in real estate and will be one of the quickest to recover.
When we hear talk about the market recovering, based on the fact that 24% of mortgages in Florida are in default, one would conclude that "overall" we have a long way to go. But if you are a believer in that old saying "location, location, location" you will not be surprised to see how that will hold true with regard to market stabilization. College Park ranks number three in my study of the following zip codes, having one of the lowest percentages of DISTRESS LISTINGS. The sooner we get through our short sale and bank owned inventory, the quicker we will get on the road to recovery. Here's how it all breaks down:
(These numbers are based on what is reported in MLS)Rates rose slightly last week. The average rate on a 30 year fixed was 5% and 15 yr. rates rose to an average of 4.43%
CLOSED SALES: 10/19/2009 - 10/25/2009 2016 ELIZABETH AVE: 3/2 - 1,560 sq/ft - $306,000
OTHER MARKET ACTIVITY: 10/19/2009 - 10/25/2009
New Listings: 7
Pending Sales: 7
Price Reductions: 20
ACTIVE LISTINGS: 252
PENDING LISTINGS: 252
VACANT LAND:
ACTIVE: 31
PENDING: 0
SOLD (YTD 10/19/09): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Wonder how short sales and bank owned properties are affecting our College Park market? Unfortunately they are impacting our values in a big way. Since 75% of the pending listings right now are either short sales or bank owned, we are in deep for awhile. Here's how the numbers unfold:
3rd QUARTER OF 2008 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $340,523
HIGH PRICE PER SQ/FT: $327.27
AVERAGE PRICE PER SQ/FT: $183.22
LOW PRICE PER SQ/FT: $87.01
3rd QUARTER OF 2009 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $228,234
HIGH PRICE PER SQ/FT: $259.82
AVERAGE PRICE PER SQ/FT: $133.38
LOW PRICE PER SQ/FT: $38.05
That's quite a drop. There are certainly so many variables to contend with when determining how your specific property has been affected; location, square footage, condition, etc. Let me know if you'd like to know what your home is worth in today's market.
On a more positive note, rates remain very low. They inched up last week, but are still under 5%, on average. 30 year fixed rates rose to 4.92% and rates on a 15 year rose to 4.37%
CLOSED SALES: 10/12/2009 - 10/18/2009
BO = Bank Owned SS = Short Sale
OTHER MARKET ACTIVITY: 10/12/2009 - 10/18/2009
New Listings: 6
Pending Sales: 5
Price Reductions: 14
ACTIVE LISTINGS: 253
Total Pending Sales: 53
VACANT LAND:
ACTIVE: 31
PENDING: 0
SOLD (YTD 10/19/09): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
So this week is pretty much it for buyers wanting to cash in on the $8,000 first time home buyer credit if they want to meet the November 30th deadline for closing. It will be interesting to see if the government decides to extend the credit. If they do, we probably won't find out until November.
Rates fell even lower last week. 30 year fixed rates were down to 4.87%, on average and rates on a 15 year dropped even further to 4.33%
CLOSED SALES: 10/5/2009 - 10/11/2009
BO = Bank Owned SS = Short Sale
OTHER MARKET ACTIVITY: 10/5/2009 - 10/11/2009
New Listings: 9
Pending Sales: 4
Price Reductions: 16
ACTIVE LISTINGS: 247
Total Pending Sales: 51
VACANT LAND:
ACTIVE: 29
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
Last week buyers were takin' a break in the College Park market as just two houses went pending, a Wellesley condo listed at $110,000 and a single family home listed at $122,000. 16 closed sales were posted and I have to tell you, when I saw the numbers on a few of them, my heart sank. There were two in particular I've been watching and waiting to close. They were both 3/2s with around 1700 square feet and sold for around $250K. Ouch. Neither were short sales, however, sellers are having to face the fact that the bank owned and short sales values are affecting all of the comps. Another house that was purchased in August of 2008 for $698,000 just sold for $562,000. Again, the spec homes that were all sold in foreclosure this year affected the value of that house as well.
Gosh, I hate to sound so doom and gloom! Sorry about that. I just want you to have the facts, sugar free.
Here's some good news...rates fell below 5% last week! Rates on a 30 year fixed mortgage were down to 4.94%, on average and rates on a 15 year dropped to 4.36%CLOSED SALES: 9/28/2009 - 10/4/2009
SS = Short Sale BO = Bank OwnedOTHER MARKET ACTIVITY: 9/28/2009 - 10/4/2009
New Listings: 9
Pending Sales: 2
Price Reductions: 24
Active Listings: 255
Total Pending Sales: 52
VACANT LAND:
ACTIVE: 29
PENDING: 2
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
