If you own a Winter Park FL luxury home, how fast ... or s-l-o-w ... do you want to sell your house?
Given the current selling rate and the high inventory of luxury properties for sale in Winter Park FL, it could easily take as long as 2 years for buyer to come along.
|
Price Range (in Thousands) |
# of Buyers in a 1-Month Period |
# of Active Listings |
Avg List Price ($000) |
Avg Sold Price ($000) |
# of Months Req'd to Sell Current Inventory |
|
$500 - $749 |
3 |
60 |
$638 |
$564 |
24 |
|
$750 - $999 |
2 |
44 |
$899 |
$805 |
22 |
|
$1000 - $1249 |
1 |
9 |
$1,148 |
$1,106 |
18 |
|
$1250 - $1499 |
1 |
15 |
$1,381 |
$1,225 |
13 |
|
$1500 - $1749 |
1 |
11 |
$1,581 |
$1,298 |
17 |
|
$1750 - $1999 |
1 |
17 |
$1,946 |
$1,690 |
26 |
|
$2000 - $2999 |
1 |
13 |
$2,479 |
$2,166 |
20 |
|
More than $3000 |
0 |
12 |
NA |
NA |
|
|
All Luxury Properties |
8 |
181 |
22 |
Data drawn from the My Florida Regional Multiple Listing Service during a recent 6-month period in 2009.
Since only 8 buyers on average purchase a Winter Park FL luxury house during any one month, it’s pretty clear there aren’t enough buyers to go around for those homes currently on the market, not to mention all the other properties that will come on the market in the weeks and months to come.
Almost all Winter Park FL homeowners who currently have luxury properties on the market will have to wait at least 1 year to sell their homes, with some having to wait more than 2 years.
With only 8 homes being sold every month — and not taking into account that more homes will come on the market every day — it will take 22 months on average for homeowners who want to sell ... to actually sell.
That’s a very long time to wait waste.
Since there’s plenty of competition and very few buyers, luxury homeowners must make some very important decisions once they jump into the marketplace.
When setting the initial list price ...
If your property isn’t getting many showings ...
If you keep the above choices in mind, you may very well beat the odds!
These smart homeowners didn’t give their bank the chance to foreclose on their house.
Instead, they consulted a knowledgeable real estate agent who knew how to market and sell their house as a Short Sale.
By finding a ready, willing, and able buyer, they were able to curtail foreclosure proceedings and walk away with a relatively clean financial bill of health. In some cases, they may have had to sign a promissory note for a small percentage of their total obligation. In the end, these homeowners were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or perhaps less — they can purchase a new home with a conventional mortgage.
|
Street |
Date Sold |
Original List Price |
Sold Price |
Sq Ft |
Pool |
|
LOOKOUT LANDING |
05/29/09 |
$1,490,000 |
$1,020,000 |
3931 |
Y |
|
RIPPLING |
07/30/09 |
$1,300,000 |
$1,000,000 |
5497 |
Y |
|
TEMPLE |
08/07/09 |
$987,000 |
$630,000 |
3650 |
Y |
Properties have been listed and sold by various MLS members.
Data drawn from the My Florida Regional Multiple Listing Service.
If you want to sell your Winter Park FL Luxury Home, don’t be one of the late bloomers, not if you want to sell your house now!
|
Street |
Date Sold |
Orig List Price |
Sold Price |
Sq Ft |
% Sold to List |
Days on Market |
|
SUNSET |
10/26/09 |
$995,000 |
$865,000 |
3959 |
87% |
59 |
|
FAIRFAX |
10/23/09 |
$1,350,000 |
$1,125,000 |
3280 |
83% |
1 |
|
PHELPS |
10/15/09 |
$1,799,950 |
$1,325,000 |
4461 |
74% |
224 |
|
DETMAR |
10/09/09 |
$1,238,000 |
$910,000 |
3969 |
74% |
229 |
|
TRISMEN |
10/09/09 |
$2,795,000 |
$2,050,000 |
5033 |
73% |
87 |
|
VIA CONTESSA |
09/15/09 |
$999,000 |
$802,500 |
4343 |
80% |
106 |
|
LOOKOUT LANDING |
09/15/09 |
$2,349,000 |
$1,650,000 |
4686 |
70% |
292 |
|
VENETIAN |
09/14/09 |
$1,699,000 |
$1,390,000 |
5593 |
82% |
181 |
|
VIA LUGANO |
09/10/09 |
$2,499,950 |
$1,875,000 |
4533 |
75% |
323 |
|
TEMPLE |
09/10/09 |
$2,100,000 |
$1,250,000 |
4453 |
60% |
525 |
|
LAKE |
09/08/09 |
$899,000 |
$880,000 |
3919 |
98% |
30 |
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.
The house on Lake Baldwin was originally listed in August 2007 by the builder. Two months later the price was increased by over $100,000. Then in January of 2008, the price was lowered to below 1 million. Another decrease came in October 2008. It finally went under contract in April 2009, and the sale was completed in September 2009, registering a total 23% discount.
|
Street |
Date Sold |
Sq Ft |
Original List Price |
Sold Price |
|
SHAW |
09/11/09 |
2614 |
$489,900 |
$475,000 |
|
LINCROFT |
09/14/09 |
3284 |
$675,000 |
$624,231 |
|
UPPER UNION |
09/25/09 |
6204 |
$2,895,000 |
$1,850,000 |
|
MEETING |
09/29/09 |
4929 |
$865,000 |
$875,000 |
|
LAKE BALDWIN |
09/30/09 |
4068 |
$1,038,749 |
$800,000 |
Properties have been listed and sold by various MLS members.
Data drawn from the My Florida Regional Multiple Listing Service.
The Upper Union property was another new-production house by the same builder as the Lake Baldwin house. I was privileged enough to tour this house while it was still under construction. Originally listed in June 2007, it was reduced to $2.6 million a year later, and finally purchased after nearly 2 years of being on the market. Any way you slice it, a 36% discount is substantial. In this case — as in all cases — the market dictated rather than the owner.
The house on Meeting was an REO/Bank-Owned offering. The very first owners purchased this new home in late 2005 for almost $1.4 million. A year later, they sold it for $1.6 million. Not quite 3 years later, it was taken over by the bank. Multiple offers garnered an extra $100,000 for a house that could now be had for a third less than its highest purchase price. At the end of the day, not a bad deal at all.
University of Central Florida economist Sean Snaith reports that employment levels in Florida won’t return to pre-recession conditions until 2014.
In addition, Florida may be last in line to recover from the recession due to our severe housing downturn and 11% unemployment rate.
As a result, homeowners shouldn’t expect real estate prices to rebound anytime soon.
Orange & Seminole Counties
Single-Family Homes
Average Price per Square Foot
Source: Trendgraphix, Inc. and My Florida Regional Multiple Listing Service.
Prices in the Greater Orlando FL market have leveled out since March of 2009. While this may feel positive, especially after the 40-50% price declines over the last 3 years, recent trends only mean an end to the agonizing pain every Orlando homeowner has been experiencing since 2007.
The general consensus is that house prices in Orlando are not going to make a V-recovery or a U-recovery, and will most likely stay tepid for months if not years to come before once again beginning to appreciate at modest rates.
So if you’re one of those many, many homeowners who have been waiting for home prices to recover, you’ll probably have to wait a very long time.
 |
|
|
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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