Winter Springs, 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
Bahama	06/19/09	$249,900	$247,000	4	2	2619	Y
Seneca Meadows	06/05/09	$279,900	$292,900	5	4	3474	Y
Tuscora	05/29/09	$265,000	$240,000	4	2	1938	Y
Bear Creek	05/27/09	$439,000	$405,000	4	2	3440	Y
Deer Run	05/21/09	$215,900	$220,000	3	2	1962	Y
Trotwood	05/20/09	$219,000	$219,000	3	2	1927	Y
Verandah	04/29/09	$310,000	$310,000	5	3	3542	N
Cheetah	04/24/09	$245,000	$245,000	3	2	2135	Y
Wescott	03/27/09	$299,488	$295,000	5	3	2465	Y
Little Creek	03/13/09	$204,000	$202,000	3	2	1552	Y
Vistawilla	02/20/09	$304,900	$285,000	5	2	3451	Y
Augusta National	01/29/09	$200,000	$183,000	3	2	1378	N
Moss	01/15/09	$400,000	$365,000	4	4	2918	Y
Winding Waters	01/05/09	$279,900	$248,500	4	3	2361	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.

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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.

The following are the market sales statistics for Winter Springs, Seminole County, Florida for May 2009. Winter Springs is made up of the zip code 32708. For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas.

A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.

The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of properties sold.

The sales to list price ratio is just that, you're dividing the average sales price by the average list price and coming up with a percentage that tells you how much of the list price the average homes sold for.

There needs to be a disclaimer here. These stats are only as good as telling us what it being purchased and happening at a certain period in time. Also, it needs to be fully understood that not only is real estate local, but it is hyper-local. What this means is that the trends that we hear about are overall. Let's put it this way, what's happening in one neighborhood, may not be realized in the neighborhood next door.

Additionally, these are only monthly statistics and to get a better scope of what is happening, you need to look at a longer period of time. More high-end homes might be sold in one month as opposed to another. By looking at a longer period, you will get a better overall picture. It is all relative and this has to be understood when utilizing these stats.

Single-Family Homes

21 homes sold during the month of May.

The average sales price is $231,919 with 136 days on the market.

The median sales price is $232,500.

The sales to list price ratio is 96%.

The most expensive home sold for $535,000 and was on the market 188 days

The least expensive home sold for $22,000 in Williamson Heights after 98 days on the market.

The average sales price for the same period a year earlier was $322,606 with 167 days on the market on 25 sales, a decrease of 8%.

The month to month changes show a decrease in the average sales price of 13% and a decrease in the median sales price of 37%. Yet, there was an increase in sales volume of 10% with a 2% decrease in the sales to list price ratio.

Condos, Townhomes & Villas

1 home sold with a sales price $152,000 in the Landings at Parkstone after 84 days on the market with a sales to list price ratio is 98%.

The average sales price a year earlier was $123,500 with 281 days on the market on 3 sales, a 67% decrease.

The month to month changes show an increase in the average sales price of 34% and an increase in the median sales price of 43%. There was a decrease in sales volume of 86% with a 9% increase in the sales to list price ratio.

For information on Winter Springs and Seminole County real estate and Winter Springs and Seminole County homes for sale in addition to Winter Springs and Seminole County relocation contact Marc Grossman, your Winter Springs and Seminole County Realtor @ 407-463-1034. Additional information is available for Seminole County real estate, Orange County real estate, West Volusia County and South Lake County.

To learn more about Marc and the services he has to offer, visit his website.

Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034

You can read Marc's other blogs Real Estate Morsels, Real Estate Off The Leash & Real Estate Cracker

Marc donates 10% of his net proceeds to Hospice of the Comforter.

Marc It Sold!

Located in the northern suburb of Winter Springs, just west and north of Oviedo, Tuscawilla is often considered a distinct town. As a master-planned community containing over 4,500 homes, Tuscawilla has the feel of an exclusive enclave comprised of neighborhoods that range from modest to upscale.

There is no end to activities available, including several lakes allowing boating, waterskiing, fishing, and swimming; fitness centers; some of the best fishing around; miles of jogging and biking trails; a nature trail; tennis courts; parks with playgrounds, basketball courts, soccer fields, and baseball fields.

Enjoy the Tuscawilla Country Club, which includes an 18-hole golf course, tennis courts, pool, dining facilities, pro shops, and clubhouse. Club membership is not required but convenient, as is the nearby Greeneway Tollway 417, the University of Central Florida, and the Oviedo Marketplace Mall. Plus don’t forget the outstanding schools Seminole County is renowned for.

Street	Date Sold	List Price	Sale Price	Beds	Baths	Sq Ft	Pool
LITTLETON	6/15/2009	$299,900	$270,000	3	2	2101	N
AUGUSTA NATIONAL	6/12/2009	$225,000	$220,000	3	2	1826	N
TUSCORA	6/12/2009	$254,900	$240,000	3	2	2000	N
OXBOW	6/5/2009	$179,900	$169,000	3	2	1243	N
CHEETAH	6/5/2009	$279,900	$271,000	3	2	2101	N
NANDINA	6/4/2009	$350,000	$320,000	4	3	2753	Y
ELK	6/1/2009	$299,900	$235,000	4	2	2094	N
TUSCORA	5/29/2009	$265,000	$240,000	4	2	1938	Y
BEAR CREEK	5/27/2009	$439,000	$405,000	4	2	3440	Y
DYSON	5/22/2009	$599,900	$535,000	4	3	3612	Y
DEER RUN	5/21/2009	$215,900	$220,000	3	2	1962	Y
GREENLEAF	5/20/2009	$519,900	$475,000	4	3	2936	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.

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Proudly selling real estate in Oviedo, Winter Springs, East Orlando, City of Orlando & 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 Winter Springs - Tuscawilla and many others

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

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

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

JUDY CHAPMAN

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.

Unreasonable homebuyers and unreasonable homeowners have always been around. You know the ones I’m talking about.

Homeowners who think they’re sitting on goldmines and insist they’re ‘not about to give it away’, even if it takes, quite literally, years.

And let us not forget those homebuyers who want to throw in a low-ball offer every time, just to see if it’ll slide past, even though it doesn’t time after time.

In this real estate market crisis—to the glee of many and the regret of many others—buyers have everything on their side. They know it. They feel it. And they’re salivating over the bloody entrails left behind by all those ill-fated homeowners.

To be fair, most homebuyers hold a regard for the buying process, their financial self-interests, their loan officers, their real estate agents, the homeowners on the other side of the table, and above all, this advantageous opportunity that has afforded them the ability to purchase a house at prices unheard of only 2 years ago.

Then there are the other homebuyers, the greedy monster-types with eyes all a-glow. They see the real estate market as a means of getting something for themselves, and they don’t care who gets in the way.

We’ve seen these kinds of homebuyers ...

• Buyers who want it all, want it now, want it for nothing down, and want homeowners to give it away.
• Buyers who don’t realize that just because they want a 3,000 sq ft house doesn’t mean they need a 3,000 sq ft house or can afford a 3,000 sq ft house.
• Buyers who don’t understand the meaning of delayed gratification.
• Buyers who don’t have any respect for the homeowners who put money, sweat equity, and pride into their homes.
• Buyers who haven’t proven to themselves they can actually afford the extra expenses of a house on top of their current financial obligations.
• Buyers who haven’t saved any money for the down payment.
• Buyers who don’t understand that banks don’t give money away like an ATM machine ... anymore.
• Buyers who think homeowners ought to be grateful to receive a low-ball offer.

And what about our poor benighted sellers?

Frankly, they don’t have much going for them right now. Except to catch the falling knife of market value. And to wait it out until who knows when.

One day, though, the market will turn around. One day those same greedy homebuyers of today will be the homeowners of tomorrow.

So buyer, beware. Look out for these covetous signs in yourself, then try projecting yourself into the future by just a couple of years, when you’ll want to sell. Then, you’ll wish for a buyer who will deal honestly and fairly, understand everything they ought to understand about the process, arm themselves with knowledge, a good real estate agent, and above all, respect for home sellers and their needs.

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Proudly selling real estate in Oviedo, Winter Springs, East Orlando, City of Orlando & 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 Winter Springs - Tuscawilla and many others

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

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

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

JUDY CHAPMAN

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 at (407) 227-7763. Questions about the Orlando real estate market always welcome.

Landscaping and Grading
There are many areas across the country that contains active soils that can expand and shrink when the soils become wet. It is critical to the success of the home's foundation to keep the soils around the foundation at a consistent moisture content level.

The builder should have provided your yard with a final grade, which is designed to drain your yard and keep excess water away from the foundation. When you landscape, you must maintain this grade, or if you hire a landscaping firm, make sure they also maintain this grade. You can protect the foundation and prevent leaky basements by:

• Keep water drainage swales and areas clear of leaves and debris.
• Plant trees at least twelve feet and shrubbery at least four feet from the foundation. This allows for a proper root system and helps keep water away from the foundation.
• Do now allow sprinklers and sprinkler systems to wet the area within four feet of your foundation or cause puddles near the foundation.
• Keep the watering of shrubbery and plants near the foundation to a minimum. Keep in mind that under your warranty you are responsible for maintaining the proper grades that will help keep water away from the foundation.

Condensation
During the construction of your home, gallons of water were used in the foundation, basement floor, paint and even in the bathroom grout. Daily use of the home also creates moisture, so dampness in a new home is unavoidable. About one year should be allowed for your home to "cure". High temperatures of unnatural heating to help speed up "curing" can cause warping of wood products and other types of damage. You should always:

• Use exhaust fans in the bathroom, kitchen and any utility area.
• Open basement windows when it is warm and dry and close them when it rains.
• Check and adjust your humidifier, if one is provided.

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