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Oviedo, FL

Oviedo Florida Real Estate Market Update 07/09/2009

Brady Pevehouse ~ serving Orange and Seminole Counties: Real Estate Agent in Orlando, FL

This is the market information regarding Oviedo, located in Seminole County Florida.

To date there are currently 10 bank owned homes for sale in Oviedo Florida and there are also 108 short sale opportunities in Oviedo. Considering there are 108 out of the total 400 properties for sale in Oviedo Florida, which equates to approximately 27% of the properties for sale in Oviedo are foreclosures. This does not mean there are only 108 foreclosures in Oviedo, it just means there are only 108 foreclosures currently for sale in Oviedo and there are many that are in foreclosure, just not represented on the Orlando MLS.

Date AVG 1-Jul 8-Jul
Properties for sale in the Oviedo, Florida 633 409 400
Foreclosure properties listed since last post 5 5 4
New Non-Foreclosure listings since last post 23 18 14
What's sold in Oviedo since last post 8 15 8
Foreclosures in Oviedo since last post 1 3 1
Non-Foreclosures sold since last post 7 12 7
What's under contract 86 218 216
Foreclosures under contract in Oviedo 30 97 99
Non-Foreclosures pending in Oviedo 54 121 117

Here are the sold properties from the past week ending 07/09/2009

Address City Zip Beds Full Baths List $ Pool DOM Sold $ SP/SqFt F/B
1979 SUMMER CLUB DR # 305
OVIEDO 32765 2 1 43,065 27 36,200 41.56 B

3421 HARROW LN
OVIEDO 32765 3 2 150,000 32 120,000 105.63

564 WHISPER OAKS CT
OVIEDO 32766 4 2 160,000 118 160,000 107.53 F


1007 KELLY CREEK CIR

OVIEDO 32765 4 2 173,500 7 174,000 91.00


340 CLARK ST

OVIEDO 32765 3 2 248,000 225 225,000 123.09

2830 CHAPELWOOD CT
OVIEDO 32765 4 2.5 300,000 Y 384 270,000 102.20


18 W PALM VALLEY DR

OVIEDO 32765 4 4 574,900 Y 325 530,000 144.14

632 LONG LAKE DR
OVIEDO 32765 5 3 850,000 Y 18 675,000 175.32

The properties labeled with a "B" stand for Oviedo Bank Owned properties that sold and the property with "F" illustrate a short sale that sold in pre-Foreclosure.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Oviedo real estate and homes for sale and Oviedo Foreclosures.

Homes Sold in Twin Rivers, Oviedo, FL

Judy Chapman, REALTOR® ~ Specializing in Short Sales: Real Estate Agent in Oviedo, FL

Developed between 1987 and 1997, Twin Rivers — one of Oviedo’s largest subdivisions — contains about 1000 homes located on both sides of Lockwood Road and south of Mitchell Hammock Road. Those homes on the east side of Lockwood are nestled inside the Twin Rivers Golf Club with a few enjoying golf course views. Residents are the beneficiary of the city of Oviedo’s Riverside Pool, a Junior Olympic pool open during summer months. Take advantage of swimming lessons, polo teams, and other water activities. Oviedo also runs the nearby Rippin’ Riverside Skate Park and Riverside Park. Enjoy skate boarding, racquetball, tennis, picnic shelters, grills, a playground, and other activities. The community is conveniently located right down the road from the University of Central Florida and Seminole Community College.

Street

Date Sold

List Price

Sale Price

Beds

Baths

Sq Ft

Pool

Turnberry

06/29/09

$313,500

$308,500

4

3

2467

Y

Jackson Creek

06/08/09

$184,890

$180,000

3

2

1538

Y

Prairie Dunes

05/29/09

$295,000

$285,000

4

2

2434

Y

Riviera

05/29/09

$165,900

$165,900

3

2

1781

Y

Ekana

05/27/09

$259,900

$220,000

4

2

2385

N

Riviera

05/22/09

$199,000

$192,000

3

2

1213

Y

Southern Hills

05/14/09

$249,900

$225,000

3

2

2672

N

Kelly Creek

03/27/09

$119,900

$140,000

3

2

1565

N

Cracker Creek

02/26/09

$211,900

$199,995

3

2

1570

N

Turnberry

02/12/09

$239,900

$230,000

4

3

2520

Y

Carpenter Branch

02/11/09

$184,500

$182,000

3

2

1467

N

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

* * * * * *

Proudly selling real estate in Oviedo, East Orlando, Winter Springs, Lake Mary, City of Orlando, Maitland & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs and many others

Neighborhoods in Winter Springs - Tuscawilla, Parkstone and many others

Neighborhoods in Lake Mary - Heathrow, Magnolia Plantation, Timacuan, Woldunn and many others

Neighborhoods in the City of Orlando - Baldwin Park, Lake Nona, Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park and many others

Neighborhoods in Maitland - Dommerich Estates, Lake Sybelia, Lake Colony, Maitland Club, Maitland Forest, Minnehaha Shores, Stonehill and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

To put your home on the market, please feel free to reach me direct at (407) 227-7763. Questions about the Orlando real estate market always welcome.

Oviedo Real Estate Market Update 07/02/09

Brady Pevehouse ~ serving Orange and Seminole Counties: Real Estate Agent in Orlando, FL

This is the market information regarding Oviedo, located in Seminole County Florida.

To date there are currently 8 bank owned homes for sale in Oviedo Florida and there are also 112 short sale opportunities in Oviedo. Considering there are 112 out of the total 409 properties for sale in Oviedo Florida, which equates to approximately 27% of the properties for sale in Oviedo are foreclosures. This does not mean there are only 112 foreclosures in Oviedo, it just means there are only 112 foreclosures currently for sale in Oviedo and there are many that are in foreclosure, just not represented on the Orlando MLS.

Date AVG 1-Jul
Properties for sale in the Oviedo, Florida 633 409
Foreclosure properties listed since last post 5 5
New Non-Foreclosure listings since last post 23 18
What's sold in Oviedo since last post 8 15
Foreclosures in Oviedo since last post 1 3
Non-Foreclosures sold since last post 7 12
What's under contract 86 218
Foreclosures under contract in Oviedo 30 97
Non-Foreclosures pending in Oviedo 54 121

Here are the sold properties from the past week ending 07/02/2009

Address City Zip Beds Baths List $ Pool DOM Sold $ SP/SqFt F/B

1929
SUMMER CLUB
APT 109 DR
OVIEDO 32765 1 1 29,700 21 29,700 45.21


882
RICH DR

OVIEDO 32765 3 2 104,460 164 95,750 74.05


1135
SHAFFER TRL

OVIEDO 32765 3 2 160,000 326 130,000 98.19

750 W
ARTESIA
ST
OVIEDO 32765 3 2 169,900 80 158,900 84.57 B

5554
LIGUSTRUM
LOOP
OVIEDO 32765 3 2 172,900 42 168,500 97.12

500
FARMINGHAM
CT
OVIEDO 32765 3 2 229,000 Y 22 227,500 130.52

645
KING HAROLD
CT
OVIEDO 32765 4 2.5 279,888 Y 236 265,000 115.02

2680
WILLOW DROP
WAY
OVIEDO 32766 4 3 299,000 10 283,735 111.71 F

2330
TURNBERRY
DR
OVIEDO 32765 4 3 313,500 Y 413 308,500 125.05

5712
ALOMA WOODS
BLVD
OVIEDO 32765 4 3 319,900 Y 230 319,900 124.14 F

865
KINGSBRIDGE
DR
OVIEDO 32765 4 3 320,000 39 312,500 121.03

800
COUNTRY CHARM
CIR
OVIEDO 32765 5 3 340,000 270 315,000 88.26 F

5752
OAK LAKE
TRL
OVIEDO 32765 5 4 545,000 Y 168 432,000 106.04

2205
RUSTIC PINE
TRL
OVIEDO 32765 4 3.5 549,900 Y 339 400,000 128.78

314
WINDCLIFFE
CT
OVIEDO 32765 5 4 699,000 Y 25 670,000 172.46

The properties labeled with a "B" stand for Oviedo Bank Owned properties that sold and the property with "F" illustrate a short sale that sold in pre-Foreclosure.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Oviedo real estate and homes for sale and Oviedo Foreclosures.

Distressed Home Sales in Oviedo, FL (32765)

Judy Chapman, REALTOR® ~ Specializing in Short Sales: Real Estate Agent in Oviedo, FL

The terms Distressed Sales or Distressed Properties are often used to describe houses facing various stages of foreclosure.

Usually, such houses are sold at steeply discounted prices, and because they are, they have a damaging effect on the market value of all the other homes in a given neighborhood or community.

The following ‘distressed’ properties have recently been sold as REOs or Short Sales.

Street

Date Sold

List Price

Sale Price

Beds

Baths

Sq Ft

Pool

ALOMA WOODS

06/26/09

$319,900

$319,900

4

3

2577

Y

COUNTRY CHARM

06/22/09

$315,305

$300,000

5

3

3485

N

SILVER SPRINGS

06/10/09

$299,900

$260,000

3

3

2517

N

HOWARD

06/05/09

$300,000

$300,000

4

2

2729

N

SUGARBERRY

06/05/09

$164,900

$162,000

3

2

1408

N

ROCK

06/03/09

$199,900

$208,000

5

2

2796

N

CANTON

06/02/09

$165,000

$169,000

3

2

1855

N

RIVIERA

05/29/09

$165,900

$165,900

3

2

1781

Y

DEES

05/22/09

$165,000

$160,000

3

2

1661

N

ARTESIA

05/20/09

$190,000

$194,000

4

2

2014

Y

CARRIGAN WOODS

05/18/09

$174,900

$177,600

4

2

2193

N

ROBIN LEE

05/15/09

$334,900

$340,000

4

3

2834

Y

SOUTHERN HILLS

05/14/09

$249,900

$225,000

3

2

2672

N

TALL MAPLE

05/07/09

$257,900

$252,000

5

3

3112

N

FALLBROOK

04/30/09

$204,300

$204,500

4

2

2101

Y

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

‘REO’ stands for Real Estate Owned. REOs are properties that have already been foreclosed and are now owned by the bank.

A Short Sale is a property where the original purchaser of the house still has legal ownership but may be in foreclosure (final judgment rendered), pre-foreclosure (served with notice to foreclose), pre-foreclosure (delinquent on mortgage payments), or pre-pre-foreclosure (will soon default unless the house is sold soon).

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

  • Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
  • Have no choice but to sell their house
  • Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

  • Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
  • Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making a Short Sale claim.
  • Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
  • Lender Approval - After the lender has received everything, they will order a Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to contact an attorney and/or tax accountant to give them consul and aid in the Short Sale process.

* * * * * *

Proudly selling real estate in Oviedo, East Orlando, Winter Springs, Lake Mary, City of Orlando, Maitland & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs and many others

Neighborhoods in Winter Springs - Tuscawilla, Parkstone and many others

Neighborhoods in Lake Mary - Heathrow, Magnolia Plantation, Timacuan, Woldunn and many others

Neighborhoods in the City of Orlando - Baldwin Park, Lake Nona, Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park and many others

Neighborhoods in Maitland - Dommerich Estates, Lake Sybelia, Lake Colony, Maitland Club, Maitland Forest, Minnehaha Shores, Stonehill and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

To put your home on the market, please feel free to reach me direct at (407) 227-7763. Questions about the Orlando real estate market always welcome.

Short Sales Aren’t Weeds and Won’t Disappear By Summer’s End

Judy Chapman, REALTOR® ~ Specializing in Short Sales: Real Estate Agent in Oviedo, FL

Short Sales are here to stay. Two years? Three years? Longer?

Want proof?

This graph represents all residential sales in Orange and Seminole Counties, the two counties in Greater Orlando where I handle the majority of my business.

Distressed Sales — REO/Bank-Owned Sales and Short Sales — represent 64% of all unit sales in May 2009. This is compared to 12% in January 2008.

See any signs of recovery? Neither do I.

Here’s another chart.

SINGLE FAMILY HOMES SOLD IN ORANGE & SEMINOLE COUNTIES

AVERAGE SQUARE FOOT PRICE

Source: Trendgraphix, Inc. and Mid-Florida Regional Multiple Listing Service. Reports based on sales data available for the most recent month of activity.

This represents Average Square Foot Price of Single Family homes sold in these same two counties over the last 24 months. The Average Price has gone down from $175 to $97, a 44.7% drop.

See any signs of recovery? Neither do I. How about the possibility of leveling off? Could be, but only time will tell.

Face it, all you naysayers and optimists. Short Sales are definitely here to stay! Might as well get used to it.

* * * * * *

Proudly selling real estate in Oviedo, East Orlando, Winter Springs, City of Orlando, Maitland & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs and many others

Neighborhoods in Winter Springs - Tuscawilla, Parkstone and many others

Neighborhoods in the City of Orlando - Baldwin Park, Lake Nona, Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park and many others

Neighborhoods in Maitland - Dommerich Estates, Lake Sybelia, Lake Colony, Maitland Club, Maitland Forest, Minnehaha Shores, Stonehill and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

Florida Licensed Realtor® and Sales Associate

Certified Negotiation Specialist (CNS)

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

To put your home on the market, please feel free to reach me direct at (407) 227-7763. Questions about the Orlando real estate market always welcome.