About Orlando's Stoneybrook

Unlike everywhere else in the Central Florida, prices appear to be on the upswing.

Even though 61% of Houses with Contracts are properties in some stage of foreclosure, average price per square foot for houses with pending contracts shows strength against houses sold in the last 3 months.

It’s good to understand 2 things about Price per Square Foot in this context:

1. Houses with Contracts - the amount doesn’t take into account the actual sold price, since this won’t be public record until the sale is actually closed. Generally, the sold price is approximately 95-97% of list price.
2. Houses Sold in Last 90 Days - is always a lagging indicator since the contract was put into place another 30-60 days prior to the last 90 days in which the sale was closed.

Months required to sell the current inventory of houses is average.

As is true just about everywhere throughout Orlando, unsold houses have BY FAR the highest Average Price per Square Foot. Simply put, this means these houses are OVERPRICED for current market conditions.

STONEYBROOK, EAST ORLANDO, FL
Single Family Houses Only	Houses for Sale	Houses with Contracts	Houses Sold in Last 3 Months
5/30/2009
RECENT ACTIVITY	47	23	13
Average Square Feet	2990	2745	2500
Average Price per Square Foot	$121	$101	$89
Average Days on Market	220	180	167
Average Price of ALL Sold Houses			$219,300
DISTRESSED SALES *	12	14	2
% of ALL SALES	26%	61%	15%
Average Square Feet	2836	2504	2319
Average Price per Square Foot	$110	$101	$82
Average Days on Market	180	117	680
Average Price of Distressed Houses Sold			$190,500
Properties Currently Facing Foreclosure (not necessarily being actively sold)	39
Months Required to Sell Current Inventory of ALL Houses for Sale			10.8
* Houses in some stage of foreclosure (Pre-Foreclosure, In Foreclosure, Foreclosed/Bank-Owned/REO, or Short Sale)

Data drawn from the Mid-Florida Regional Multiple Listing Service. This report is valuable for understanding current sales trends in the designated community or subdivision.

Close to everything convenient, Stoneybrook is unique for offering a 24-hour manned security entrance and a par-72 golf course. Nestled among fairways and greens, homes run the gamut from modestly priced to the deluxe-of-the-deluxe. The private Stoneybrook Golf Club offers a Pro Shop, Practice Facilities, the Stoneybrook Grill and Snack Bar, and a Golf Academy.

Located in East Orlando, one of Orlando’s fastest growing areas, Stoneybrook is close to the Waterford Lakes Town Center, the University of Central Florida, the UCF Arena. The convenient East-West (408) and Greeneway (417) tollways can deliver you to Cocoa Beach (45 minutes away), Cape Canaveral and the Kennedy Space Center (35 minutes) , Orlando International Airport (20 minutes), and Disney World, Universal Orlando & International Drive (40 minutes), which offers outlet stores, hotels, resorts, convention center, and theme parks galore.

Street	Date Sold	List Price	Sale Price	Beds	Baths	Sq Ft	Pool
Corbyton	05/29/09	$249,990	$236,500	4	2	2558	Y
Hartford Run	05/20/09	$199,000	$185,000	3	2	2382	Y
Dryburgh	05/18/09	$199,900	$195,000	5	2	2245	Y
Yorkshire Run	05/14/09	$189,900	$189,900	4	2	2199	N
Yorkshire Run	05/13/09	$190,000	$195,000	4	2	2508	N
Lakemoor	05/07/09	$251,655	$250,000	4	3	2895	Y
Yorkshire Run	05/04/09	$195,000	$196,000	4	2	2256	Y
Hartford Run	04/29/09	$224,900	$200,000	4	2	1794	Y
Corbyton	04/13/09	$340,000	$305,000	4	3	3395	Y
Lakemoor	04/03/09	$214,900	$216,000	4	2	2202	N
Hartford Run	03/27/09	$199,900	$172,500	4	2	1670	N
Weymouth	03/25/09	$185,000	$185,000	3	2	2335	N
Teton Stone	03/02/09	$342,500	$325,000	4	3	4068	Y

Properties have been listed and sold by various MLS members. Data was drawn from the Mid-Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.

1. 24-hour manned security entrance

2. The Stoneybrook Golf Club, which offers a Pro Shop, Practice Facilities, the Stoneybrook Grill and Snack Bar, a Golf Academy, and a par-72 golf course

3. Close to Waterford Lakes Town Center, the University of Central Florida, and the UCF Arena

4. Tranquil scenery

5. Sports facilities

6. Playgrounds

7. Just down the road from the East-West (408) and Greeneway (417)

8. Community Pool, Fitness Center & Clubhouse

9. Accessible to Cocoa Beach (45 minutes away), Cape Canaveral and the Kennedy Space Center (35 minutes) , Orlando International Airport (20 minutes), and Disney World, Universal Orlando & International Drive (40 minutes)

10. Tennis courts

11. A variety of housing choices from modest to upscale to deluxe

12. And all the usual amenities expected of a sunny Florida community

When the foreclosure crisis first became evident, most homeowners—in fact, most real estate agents—convinced themselves that this would only involve isolated cases of bad loans and imprudent debt. That foreclosure and short sales would be a short-lived phenomenon. That it was, in reality, merely a cyclical down market, perhaps slightly worse, but overall the kind that occurs with regularity, lasts a year or two, and quickly turns up to resume the general flow and ebb of the residential real estate market.

By 2007, we were all in for a rude awakening.

Those of us good at researching trends could easily find the beginning of the housing bubble. It began almost exactly mid-year 2005. Soon, it became apparent that homeowners who wanted to sell in the usual way (without losing their pants) would have a good chance of moving on if they had purchased before July 1, 2005. Realtors® who understood this deftly avoided getting themselves entangled in dreaded ‘Short Sale’ situations.

As time has gone on, the crisis has spread. No longer is a homeowner who purchased before the housing bubble safe. Now many who recently purchased a house in Greater Orlando—going back as far as 2002— is in danger of facing Foreclosure or Short Sale situations.

The statistics below are for the 32828 zip code. This zip represents what is popularly known as East Orlando, a bedroom community in which a great majority of houses were built in the last 10 years. This puts East Orlando—which includes Avalon, Eastwood, Stoneybrook, Waterford, and other subdivisions—smack-dab in the middle of the foreclosure mess. In a way, 32828 is ground zero for the housing crisis in Orlando overall. Certainly, it is indicative of the housing boom most of Orlando, and by extension Florida, has been experiencing.

Take a look at the revealing numbers from East Orlando, Florida.

Single-Family Homes
East Orlando (32828 Zip Code)	# of Homes Purchased	Avg Sq Ft	Avg Price	Avg $$ per SF	Apprec/Deprec Based on Avg $$ per SF	Total Value
2001	514	2074	$177,788	$83		$91,383,032
2002	496	2166	$195,545	$90	8%	$96,990,320
2003	724	2211	$209,408	$96	7%	$151,611,392
2004	834	2350	$253,454	$109	14%	$211,380,636
2005	904	2302	$336,164	$148	36%	$303,892,256
2006	784	2288	$363,261	$159	7%	$284,796,624
2007	569	2364	$334,928	$144	-9%	$190,574,032
2008	539	2345	$259,413	$110	-24%	$139,823,607
2009 Forecasted	561	2495	$212,926	$87	-21%	$119,451,486
Homes Purchased 2001-2008	5364
Houses At Risk of Foreclosure
Originally for Houses Purchased mid-2005 through 2007	1805	34%				$627,316,784
Now Encompassing Houses Purchased 2002 - 2008	4850	90%				$1,329,547,299

Data taken from the Mid-Florida Regional Multiple Listing Service

SF = Square Foot

A total of 5,364 homes were purchased from 2001-2008. Of those, houses purchased from 2002 through 2008, a whopping 90% of homeowners, are now in danger of facing foreclosure, if not immediately, then down the line unless something happens to improve the market.

Even if these homeowners are financially stable and don’t have pressing needs to either re-finance or sell, they are, for the most part, stuck. They cannot get out, move on, move out, move up, move down, or move away without taking a loss.

This one zip code alone represents over $1 Billion in combined home values at risk.

If prices continue on the downward spiral—which so far has shown no signs of letting up—the foreclosure cancer will swallow up more and more homes.

And while Washington has been busy bailing out banks and investment firms as they ignore homeowners, every homeowner throughout Orlando will continue to watch their equity dwindle away with seemingly no end in sight.

Prices of single-family homes in East Orlando are taking a nosedive ... and when it will stop, nobody knows.

Up until the autumn of 2006—a little over 2 years ago—East Orlando was THE place to work, live, play, and study.

Located in an unincorporated area outside the city limits of Orlando, the bedroom community of East Orlando has undergone an unprecedented housing boom that began haltingly in the mid-80s, exploded in the late 90s, and didn’t stop until 2007. Then it crashed head-on into the unthinkable.

At its height, the price per square foot of a single-family home averaged $150. As of last month, the price declined to $87, representing a 42% decline overall. The last 6 months have been the most devastating of all, plunging 21%, or 3.5% every month.

About as convenient as you can get, East Orlando claims the University of Central Florida as one of its most notable assets. With easy access to several tollways, residents can get anywhere in less than an hour, including the beaches, Cape Canaveral, the Kennedy Space Center, the Orlando International Airport (MCO), Disney World, Universal Studios & International Drive.

The area is part of Innovation Way, a triangle that connects the University of Central Florida with Orlando International Airport and the medical/research complex going into Lake Nona. This new complex will include the California-based Burnham Institute for Biomedical Research, the University of Central Florida College of Medicine (opening in the autumn of 2009), a new Veteran’s Hospital, and the new Nemour Children’s Hospital.

East Orlando can’t do anything but survive--and thrive--but right now, it’s going through a painful transition from boom to bust, and soon, hopefully very soon, stabilization.