Brady Pevehouse ~ your Orlando Real Estate Professional

The breakdown of the 215 homes available, are made up of 31 bank owned and 124 short sales in Avalon Park. The remaining properties of the 215 are traditional sales.

Of the 287 Pending (PNC) contracts in Avalon Park, below is the number of properties that had contracts submitted on them for the given months. This was done to demonstrate the number of days it takes to approve / close a short sale or REO property. Of course some that fall within the less than 30 days old and a very few that are 30 to 60 days old may be a typical sale, but from these numbers you can bet that some if not many will not achieve the first time buyer credit because they will fail to close before the 6/30/2010 deadline.
Under contract: Less than 30 days old 84 May Contracts
Under contract: 30 to 60 days old 100 April Contracts
Under contract: 60 to 90 days old 38 March Contracts
Under contract: 90 to 120 days old 20 February Contracts
Under contract: 120 days plus 44 Before January 31 Contracts

Here is the list of what sold in Avalon Park for the Month of May 2010. These numbers only pertain to Avalon Park Real Estate

It is no secret the sales prices are all over the place, and trying to determine a good value has so many variables, that each property should be based on an individual valuation, rather than an average as a whole. Short sales are still selling, but the time to close the transaction on average still is high.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Orlando Homes for Sale and Avalon Park Homes for Sale

Currently there are 72 properties on the market within Baldwin Park, making up the Baldwin Park Real Estate scenario. Of these 72 properties ZERO are bank owned and 19 of them are considered a short sales and currently available and on the market for sale.

When we look at what is under contract within Baldwin Park, we see there are 63 properties that have recieved a contract. Below is a breakdown of when those contracts were received. This is added this month to show you how long it is taking to close actual homes. Next month, you might do a comparison to see how many of the 23 properties that went under contract in May, actually sold, and the same would hold true for January thru April. We can not add number of properties under contract for a given month, considering that month has passed. For instance, looking at February, there were actually 14 properties that went under contract that month, and today as of 5/31 only 2 remain on the market waiting to close.
Of the 7 properties that are 120 days or older, 1 is from August, 1 from September, 2 are from October, 1 November, and 2 December. The 12 properties from January that received contracts that month have closed already.

Existing Contracts Less than 30 days old 23 May
Existing Contracts 30 to 60 days old 21 April
Existing Contracts 60 to 90 days old 10 March
Existing Contracts 90 to 120 days old 2 February
Existing Contracts 120 days + 7 Before January 31

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Orlando Real Estate and Baldwin Park homes for sale.

College Park currently has 248 properties for sale, and of the 248 homes for sale in College Park, 25 of them are bank owned (REO) and 48 of them are considered short sales. These of course are still available for sale today (June 1, 2010)

There are currently 71 college park homes that have received contracts which are considered Pending (PNC). Below is a chart that shows of the 71 homes which have contracts, when those contracts were received. Within College Park, it doesn’t appear that the First Time Buyers Credit has stalled sales, as it might have in other areas, but this is likely due to the demand for the College Park address, being close to downtown Orlando.

Contracts received that are Less than 30 days old 24 May
Contracts received that are 30 to 60 days old 18 April
Contracts received that are 60 to 90 days old 12 March
Contracts received that are 90 to 120 days old 3 February
Contracts received that are 120 days + 10 Before January 31

Now on to the sales within College Park!
Naturally anyone interested in College Park Real Estate, wants to know what has sold, just as much as they want to know what is for sale. Therefore below is a list of what has sold in College Park for the month of May, 2010. These College Park properties are arranged according to their sales price and list the date of sale as well.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Orlando Real Estate and College Park homes for sale.

This real estate market report for Oviedo, Florida shows that although the First Time Home Buyer Credit ended April 30′th the actual properties sold in Oviedo did not increase, while the number of properties under contract did see a decent increase, especially for distressed properties.
Oviedo still has 170 Distressed (Short Sales 136 & REO's 34) out of the 411 active properties on the market. This is 42% of the properties available that the bank has already foreclosed on, or that have owners who are trying to sell who are unable to satisfy the mortgage in full for a typical straight (non-3rd party approval) sale. The true benefits of the First Time Home Buyer Credit and Second Time Home Buyer Credit will not be obvious until Late June or July due the duration it takes the bank to approve the sale. While the credit is only available for the homes that close prior to July 1st, it will be interesting to see if many contracts fall apart as of mid June, when it will be obvious that the potential buyers will not receive the tax credit.
Be sure to drop back by the first week of June, when we will run the report for May activity to see how fast the banks are actually closing the distressed sales, which has been a constant problem. Statistically banks are still taking 90 to 120 days to approve contracts and added to that is the 30 to 45 days needed to close by the buyers which is why I believe many sales will fall apart.

Here is a list of what sold in Oviedo during the month of April

One of the interesting facts that many people fail to realize when buying a distressed sale, is not only do they get a deal on the purchase price, but what is not accounted for is the cost to renovate or make ready cost associated "AFTER THE SALE". So please keep in mind that the cost per square foot may be low, the buyer may have had to invest thousands of dollars repairing or renovating the home that does not show in the sale price. So if you are looking at a foreclosure, short sale or bank owned, please keep this in mind.

If you would like more information on any of the properties available, or even the properties that sold, please give Brady Pevehouse a call at (407) 374-3123 and I will be more than happy to attempt to get you as much information possible.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Orlando Real Estate and Oviedo homes for sale.

If you are interested in Oviedo Homes For Sale, please give us call!