These statistics should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.
|
Street |
Date Sold |
Original List Price |
Sold Price |
Beds |
Baths |
Sq Ft |
Pool |
|
MELANIE |
10/30/09 |
$1,025,000 |
$417,000 |
4 |
4 |
4313 |
N |
|
SHELL |
10/28/09 |
$839,900 |
$767,350 |
4 |
3 |
3130 |
Y |
|
BRIGHTWATER |
10/20/09 |
$699,000 |
$590,000 |
4 |
4 |
3340 |
Y |
|
VERSAILLES |
10/15/09 |
$675,000 |
$503,400 |
5 |
3 |
3175 |
Y |
|
LYNDALE |
10/16/09 |
$609,900 |
$370,000 |
4 |
2 |
2303 |
Y |
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.
Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.
|
Street |
Date Sold |
Original List Price |
Sold Price |
Beds |
Baths |
Sq Ft |
Pool |
|
DEPUGH |
10/08/09 |
$219,000 |
$80,000 |
2 |
1 |
930 |
N |
|
SALISBURY |
10/23/09 |
$129,500 |
$132,500 |
2 |
1 |
1168 |
N |
|
EUSTON |
10/01/09 |
$230,000 |
$175,000 |
4 |
3 |
2296 |
N |
|
INDIANA |
10/28/09 |
$299,000 |
$220,000 |
3 |
2 |
1661 |
N |
|
WOODCREST |
10/23/09 |
$125,000 |
$125,000 |
3 |
2 |
1242 |
N |
|
HEATHWOOD |
10/05/09 |
$185,000 |
$130,000 |
3 |
2 |
1607 |
Y |
|
LAWNDALE |
10/28/09 |
$140,000 |
$135,000 |
2 |
2 |
1126 |
Y |
|
BENTWOOD |
10/08/09 |
$219,900 |
$180,000 |
3 |
2 |
1635 |
Y |
|
SARONG |
10/09/09 |
$575,000 |
$390,000 |
5 |
4 |
3733 |
Y |
Properties have been listed and sold by various MLS members.
Data drawn from the My Florida Regional Multiple Listing Service.
Because the payoff of a loan will be ‘shorted’ by a significant amount, the mortgage lender must approve a Short Sale. Handled properly, the likelihood of successfully selling your house as a Short Sale is high. Once the Short Sale is behind you, you can often get on with your life with hardly a backward glance.
A Short Sale is nothing more than putting your house up for sale in the usual manner, waiting for a qualified buyer just like any other home seller would, facing a few extra hurdles, filling out additional paperwork, waiting a bit longer for the closing to take place, and finally moving out and moving on.
Real benefits come with selling your house as a Short Sale. Among them are: 1) substantially reducing or completely eliminating financial liability, 2) minimizing damage to your credit rating, 3) emerging from bad credit quicker than you would with a foreclosure, and 4) having a sense of satisfaction that you’re taking care of the problem proactively and responsibly.
Only 1 luxury house sold this month, leaving behind 34 Active and 13 Pending Listings still waiting for their day in the sun.
The price for this house was lowered once to $615,000 and received 2 contracts. The second contract came 145 days after listing and closed 57 days later.
|
Street |
Date Sold |
Original List Price |
Sold Price |
Beds |
Baths |
Sq Ft |
Pool |
|
PARKLAND |
10/03/09 |
$625,000 |
$575,000 |
5 |
4 |
3774 |
Y |
Properties have been listed and sold by various MLS members.
Data drawn from the My Florida Regional Multiple Listing Service.
According to Fiserv, a financial information and analysis firm, prices for homes in Orlando FL will drop 27% by June 2010, followed by a less severe drop in 2011.
This is on top of the already 35-50% drop the area has experienced since 2007.
Can Orlando homeowners survive another punch to the midsection?
Since the housing crash is already affecting homeowners who purchased since 2003/4, does this mean home prices will plummet to pre-2001 levels?
Will our market be able to absorb even more foreclosures and short sales than it’s already handling?
Will there be enough buyers to go around, especially when Orlando unemployment is over 11% and climbing higher?
Finally, how many more homeowners will be trapped in their houses, probably for a decade or more?
This brings to mind an amendment that failed to pass last April. Attached to Title V—PREVENTION OF MORTGAGE FORECLOSURES, Subtitle A—Modification of Residential Mortgages, the amendment would have allowed bankruptcy judges to modify mortgage loans. It failed in the Senate 45-51 vote even though the House voted for passage 234-191.
Said Sen. Richard Durbin (D-IL) at the time (4/30/09):
While I’m disappointed with the outcome of today’s vote, I’ll continue to bring this issue to the floor until the Senate decides to put the interests of homeowners above the interests of bankers. When I first proposed this legislation two years ago, nearly 2 million homeowners were at risk of losing their homes. Today, that number has skyrocketed to over 8 million homes, with nearly 1 in 6 mortgages in America on the verge of foreclosure.
If you want to sell your Baldwin Park FL Luxury Home, don’t be one of the late bloomers, not if you want to sell your house sooner rather than later.
|
Street |
Date Sold |
Orig List Price |
Sold Price |
Square Feet |
% Sold to List |
Days on Market |
|
HAWS |
07/02/09 |
$445,000 |
$420,000 |
2931 |
94% |
116 |
|
ETHAN |
05/28/09 |
$574,900 |
$475,000 |
2748 |
83% |
147 |
|
PARKLAND |
10/03/09 |
$625,000 |
$575,000 |
3774 |
92% |
148 |
|
STANFIELD |
08/07/09 |
$599,000 |
$524,441 |
3314 |
88% |
182 |
|
LINDALE |
06/29/09 |
$595,000 |
$540,000 |
3460 |
91% |
192 |
|
LOWER PARK |
05/29/09 |
$895,000 |
$655,000 |
4138 |
73% |
204 |
|
STANFIELD |
06/24/09 |
$440,000 |
$350,000 |
1766 |
80% |
206 |
|
PARKLAND |
06/15/09 |
$699,900 |
$475,000 |
3247 |
68% |
279 |
|
ROBIN |
06/15/09 |
$799,000 |
$629,000 |
3463 |
79% |
294 |
|
STANFIELD |
05/26/09 |
$525,000 |
$409,000 |
2295 |
78% |
365 |
|
LAKE BALDWIN |
09/30/09 |
$1,038,749 |
$800,000 |
4068 |
77% |
613 |
|
LAKE BALDWIN |
05/21/09 |
$1,468,314 |
$804,000 |
5225 |
55% |
774 |
|
UPPER UNION |
09/25/09 |
$2,895,000 |
$1,850,000 |
6204 |
64% |
841 |
Properties have been listed and sold by various MLS members.
Data drawn from the My Florida Regional Multiple Listing Service.
 |
|
|
Short Sales / Luxury & Lake Properties
In any real estate market but especially one as difficult as this one, buyers and sellers everywhere seek out Realtors® —
As a consumer, you deserve no less from the professional who helps you buy and sell your home.
The Role of Today’s Realtor®
Real estate agents have, and always will, provide the indispensable service of connecting buyers with sellers.
When you hire us to represent your interests, you can be comforted by the fact that a licensed real estate agent in the state of Florida has met rigorous educational requirements and undergone a background check. This assures you of our qualifications to handle what is probably the biggest financial purchase you will ever make. However, obtaining a real estate license is only the first step of an ongoing and intensive education in our chosen profession.
Even so, since the skills and expertise of real estate agents are needed infrequently, we’re often thought of as interchangeable, as if one is just like another or as though each of us has identical resources and provide the same level of service.
This assumption wasn’t true before the Internet, when Realtors® were the main source for buying and selling real estate. And it isn’t any truer now, when technological advances have made ‘virtual house shopping’ amazingly convenient.
Because with all the new gadgets, fancy Web sites, and accessibility to instant information, buyers and sellers still need a competent and knowledgeable real estate sales associate to connect them with each other and to shepherd each home sale to its successful conclusion.
Choosing the Right Realtor® 
The task of choosing the right agent is as important, or possibly more important, than ever before.
Why?
The distinction between yesterday’s Realtor® and today’s Realtor® widens as words like ‘foreclosure’ and ‘short sale’ become commonplace, when the economic principles of supply-and-demand intrude on our everyday lives, as pricing structure and negotiations become increasingly complicated, and when contracts thicken in the number of forms, addendums, disclosures, and overall complexity.
As real estate agents, we must be everything to everybody: advisors, educators, consultants, market authorities, math whizzes, and Web marketing experts. Additionally, we must be available at the speed of an e-mail or cell phone call, all while possessing a workmanlike grasp of related issues like mortgage financing, closing costs and county taxes, deed and title transfers, construction, communities, home inspections, and market value.
Keeping It Simple
The most important quality a Realtor® can have is to be one person communicating with you . This means understanding your most pressing needs, addressing your financial and personal concerns, and listening, listening, listening.
So when you choose your next agent, choose with care and with the understanding that the relationship you form together must be one of mutual trust and respect.
Areas of Service
The Greater Orlando area, but most especially these communities —
Oviedo • Winter Springs
East Orlando • Winter Park
Expertise Provided Buyers & Sellers
Getting the Price Right - In this fast-moving market, buyers and sellers need an agent who keeps pace with current price trends to keep you up to date with the real estate marketplace .
For the homeowner, we position the price of your property in a way to bring the most buyers to your doorstep. For the homebuyer, we strategically target the most effective offer that will bring negotiations to a win-win outcome.
Foreclosure and Short Sales - If you’re a homeowner facing financial difficulties, you require a real estate agent who’s able to advise you on how to avoid the devastating consequences of foreclosure and can take you through the process step-by-step.
If you’re a buyer, and purchasing a Short Sale is your goal, you require someone who can guide you through the complicated and frustrating maze.
First-Time Buyers or Seasoned Homeowners - Whether you’re starting out, moving up, or downsizing, you need an agent who can help you assess how much house you can afford and how it will affect your financial position overall.
Relo and Vacation Home Buyers - Sometimes it seems as if everyone who lives in Florida comes from somewhere else. So whether you’re from another state, another country, or another continent, it’s nice to know that you can rely on an expert who can ease you into a new home and a new community.
Investors - Orlando is the hottest market in the country, and for good reason. Prices have come down to truly affordable levels and the Greater Orlando area remains a popular destination for people around the world. Better yet, with the availability of worldwide communications, buyers can purchase investment properties from ‘virtually’ anywhere through the use of e-mail, phone, and air express delivery.
Background 
Bachelor of Science Degree in Education from Northwestern University in Evanston, IL, with a Bachelor’s Degree in Education.
Over 20 years corporate experience in accounting/finance and advertising/marketing with Peat Marwick KPMG , Allstate Insurance Company, and Zenith Electronics Corporation .
Affiliations, Designations & Memberships
Outside Activities
Judy has always pursued creative outlets to get away from workaday pressures.
Her endeavors include fiction writing, including historical fiction and mysteries as well as mainstream novels.
She has also written several screenplays and received recognition from the Illinois/Chicago Screenwriting Competition, the Nicholl Fellowship in Screenwriting , and the Austin Film Festival Screenwriting Competition.
Judy also dabbles in art, which was her major in college. Among her favorite mediums are watercolor, silk-screen printing, and acrylic painting.
Finally, Judy plays classical piano and ranks Chopin, Beethoven, Scott Joplin, and Bach as her favorite composers.
Thanks Judy. Nice to see someone who follows up ! You are a gem in my book ! :o) rebecca
Thanks for all the info today. I appreciate your help so much! You were a blessing to me today. Trish
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