About Oviedo's The Sanctuary

Once farmland given over to celery and citrus crops, the City of Oviedo, located northeast of Orlando in Seminole County, is now a thriving bedroom community where residents enjoy a wealth of recreational pastimes including nature walks, bird watching, butterfly spotting, hiking, fishing, biking, airboat rides, and horseback riding. Rounding out the available activities are an 18-hole golf course, 3 aquatic facilities, an outdoor skate park, and concerts and football games at the nearby UCF Arena. Add one of the best school systems in Central Florida, easy access to 2 international airports, quick drives to the beaches and theme parks, and Oviedo makes for the coolest hot spot to live, work, and play.

Located east of Oviedo, the rural-like town of Chuluota generally offers larger home sites and a distinctly country feel. Even so, approximately 1000 new homes have been built here since 2003. Its growing population takes advantage of the natural beauty of the nearby Little Big Econ State Forest. Chuluota— pronounced Choo-lee-oh-tah—is a Native American word meaning “Isle of Pines”.

These statistics should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

A few tidbits of note ...

Homes listed above $500,000 often take longer to sell than properties priced at the lower end of the market. While many houses priced below $500,000 may take 6 or 7 months to sell, homes in upscale neighborhoods may take as much as 2 years to unload.

Keep in mind that some of these sales are for Short Sales or Foreclosed/Bank-Owned properties. Under these situations, the Sold Price may be considerably below the Original List Price. Sorry to say, ‘distressed’ sales drag down the values of all the other homes in the neighborhood, whether or not they’re Short Sales or Foreclosures. On the other hand ...

Steep discounts may NOT reflect a distressed situation. Just because a house sold for considerably less than original list price doesn’t necessarily mean it was a foreclosure or short sale property. Because luxury homes are often one-of-a-kind, it’s difficult to find comparable properties that will help in determining current market value. In the end, it’s a buyer — and not the seller — who determines the market value of a property.

What’s the long-term outlook for the Orlando FL real estate market? Prices have leveled off in recent months. Even so, due to rising unemployment and foreclosure/short sale saturation, it will probably take several years — perhaps as long as a decade or more — for home prices to completely recover.

What about homeowners who are having difficulty keeping up with mortgage payments but can’t sell because their house is worth less than the amount owed on their loan? There are several solutions, but the way a Realtor^® can help is by selling the house as a Short Sale.

The Sanctuary in Oviedo, FL, was developed by Crosswinds & Engineered Homes, who incorporated many upgraded features and distinctive architectural details into their houses, among them brick pavers, multi-faceted roofs, balconies, pillars, and dome and tray ceilings. Find in The Sanctuary a large community center complete with clubhouse, fitness center, meeting rooms, and pools.

The Sanctuary is divided into two parts, one containing smaller homes and standard lots and the other boasting larger homes with premium lots. The two phases are separated by a daycare and Lawton Chiles Middle School. The Sanctuary also offers playgrounds, basketball and volleyball courts, a soccer field, and tennis facilities, making it one of the most popular communities in Oviedo.

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

Location: Oviedo, FL

Lender: Wachovia (originally through World Bank)

Initial Purchase Price of Home: Over $450,000

Loan Amount Owed: Approx $375,000

Hardship: Loss of job necessitating relocation

Initial List Price: $315,000

Final List Price: $295,000

Sold Price: $295,000

Last Mortgage Payment: Homeowners never stopped making payments

Time to Obtain Lender Approval for Short Sale: 15 days

Days from Listing to Sold: 153

Complications: 1) Buyer #1 dropped out when lender approval came in because the buyer of his house backed out and he was unable to obtain financing. 2) Buyer #2 backed out only three days after signing contract and before deposit was submitted.

What Went Right: Buyer #3 came in at full list price and full cooperation.

Monetary Contribution Required of Homeowners to Finalize Short Sale: $0

I have received many, many leads directly attributable to ActiveRain and have been actively working with ‘Rainer’ buyers and sellers, but this is my first ActiveRain closing.

Not only did the buyer become aware of me through ActiveRain, but because of ActiveRain, I knew just how to make this Short Sale happen!

These are just a few of tips I received ~~

• Set the initial list price at or slightly above market value
• Lower the price gradually over time
• Require that the buyers give lender at least 60 days to approve
• Require an initial earnest money deposit from buyers to substantiate their seriousness
• Require a mortgage pre-approval
• Put together a complete Short Sale Package, including authorization, listing agreement, contract, hardship letter, financial package, and marketing report
• Contact the bank at least once a week
• And above all, stick with it!

Location: Oviedo, FL

Lender: Wachovia (originally through World Bank)

Initial Purchase Price of Home: Over $450,000

Loan Amount Owed: Approx $375,000

Hardship: Loss of job necessitating relocation

Initial List Price: $310,000

Final List Price: $292,000

Sold Price: $292,000

Last Mortgage Payment: Homeowners never stopped making payments

Time to Obtain Lender Approval for Short Sale: 15 days (not a misprint)

Days from Listing to Sold: 153

Complications: 1) Buyer #1 dropped out when lender approval came in because the buyer of his house backed out and he was unable to obtain financing. 2) Buyer #2 backed out only three days after signing contract and before deposit was submitted.

What Went Right: Buyer #3 came in at full list price and full cooperation.

Monetary Contribution Required of Homeowners to Finalize Short Sale: $0

So thanks to everyone here. I couldn't have done it without you!