Just like the millions of other angry taxpayers in this country,I too am livid that my money is being hoarded by the huge banks in this country. I may be relatively new to the country but the conspiracy theory churning in my brain says that these banks could not screw people over without having influential politicians in their pockets.
Doing business is becoming increasingly difficult due to the lack of financing available. Home prices continue to slide down further and millions of people are losing their jobs and homes while these bank CEO'sare making anywhere between 600K on the lower end to $1.5 million annually !! Common on.. give me a break. Are these people for real?? From the testimony I saw on tv today, it just appeared to be the Big Boys club who had no touch with reality.I have been talking constantly about nationalizing these banks- they are the cause of the mess we are in.
Greed has driven them to make dirty loans to unsuspecting people unscrupulously. I am currently preparing for a short sale where the bank put this person in a Neg Am loan- I asked the seller if he knew the details of how his loan was structured and he said the bank said he wold have to make only $2000 a month !! He was shocked to hear that after paying 24K a year,he still has a deferred interest of 42K !!!!! Now I know who is paying for those whopping salaries.
President Obama- if your staff is reading online and I am hoping against all hope that someone will open his eyes to the true extent of the carnage caused by the big banks and Wall street. Please, we elected you to clean up the crap left behind for you and you need to act NOW.
Some buyers may think the market is on a downward slide and yes, many areas are still seeing that downward spiral. But if you have been waiting for the houses to come down in Windemere, this is an amazing time to get into a home you can live in for many years to come.
Here is a list of my hand picked great prices for homes:
2149 Watermill Road priced at $ 475,000.It is not a bank owned or short sale.Priced only at $234/sq ft
1311 Nancy Lane priced at $ 479,000. It is a short sale but currently it is higher priced than the Watermill property.
181 Landsdowne Loop priced at $549,000.Regular sale, has been sitting on the market for almost 6 months
2239 S Donovan way priced at $600,000. This is a bank owned home on the market for 16 days
1733 Blakesley priced at $729,000. Not a bank owned or short sale
1133 Langton Drive priced at $739,888. Regular sale, very nice floor plan, nicely kept home
2838 Vernon is priced at $749,000. This is a short sale
3351 Middlebrook is priced at $759,000. This is a short sale and one of the best priced homes in the area
1112 Bellingham Square priced at $759,999. Fully approved short sale. Great park location, house needs a little bit of clean up work
1619 Angsley lane priced at $770,000. Short sale at a great price.
More Windemere Homes....
There are some exceptional prices at the new homes too although it seems to me that the resale homes are priced far more competitively as compared to the new homes.Mainly because the major percentage of the resale homes are short sales but those too are selling. In new homes, you can possibly get a 2200 sq ft detached home for under upper 600's. This is a huge reduction in price as the builder is motivated to sell. The bigger homes are actually the cheapest per sq ft value and if one can afford, and/or looking to move up- this is the best time to buy a larger home. The long term appreciation in this area is anticipated to be good due to the demographic and school factors.Inventory is shrinking considerably and by summer, prices should stabilise.
I was in conversation with a troubled homeowner, who very categorically told me that it was better for people to foreclose than try to short sell their home. Apparently, an article in the San Francisco chronicle, written in Nov last year made this person assume that a foreclosure was a quicker and less painful route as opposed to a short sale.
Sellers are confused on the direction they should take and there are many predatory businesses still functioning who will tap into a sellers pain. Shame on these people, because they portray to be trying to help home owners but they are actually exploiting the seller's plight, to make financial gains for themselves.
The most important thing before considering a short sale or foreclosure, sellers need to talk to their attorneys. Anyone in that situation should first take legal counsel before making a decision.As a Realtor, I can guide a seller through the steps of the short sale process, but your attorney or CPA wil tell you if you will have any tax implications.
Short sales maybe perceived as painful experiences, and sometimes undoubtedly they are- yet they sell.Here are some stats of sold short pay transfers, REO's and regular resales for the month of Dec 2008:
| Original Price | LP | SP | SqFt | YrBlt | Lot SqFt | List $/SqFt | Sale $/SqFt | Address | Dist/Neighborhood/Subdiv |
| $739,000.00 | $714,900.00 | $693,000.00 | 2405 | 2003 | 3903 | 297 | 288 | 2919 LANGHORNE DR | WINDEMERE |
| $950,000.00 | $799,000.00 | $725,000.00 | 2953 | 2005 | 5746 | 271 | 246 | 2830 VERNON WAY | WINDEMERE |
In December 2008, the Sold REO' were:
| Original Price | LP | SP | List $/SqFt | Sale $/SqFt | BT | SqFt | Lot SqFt | Address | Dist/Neighborhood/Subdiv | |
| $469,000.00 | $469,000.00 | $483,000.00 | 292 | 301 | TH | 1605 | 0 | 1413 ARIANNA LN | WINDEMERE | |
| $614,900.00 | $589,900.00 | $589,900.00 | 358 | 358 | DE | 1646 | 2986 | 2259 S DONOVAN WAY | WINDEMERE | |
| $744,900.00 | $709,900.00 | $690,000.00 | 318 | 309 | DE | 2232 | 5049 | 1512 BANBURY DR | WINDEMERE | |
| $475,000.00 | $475,000.00 | $511,000.00 | 202 | 218 | TH | 2346 | 0 | 2237 WATERMILL RD | WINDEMERE | |
| $707,900.00 | $696,900.00 | $707,900.00 | 286 | 291 | DE | 2434 | 4525 | 1858 WYCLIFFE LN | WINDEMERE | |
| $724,900.00 | $700,001.00 | $701,000.00 | 270 | 270 | DE | 2597 | 4993 | 2570 HARLOW LN | WINDEMERE | |
| $740,000.00 | $740,000.00 | $740,000.00 | 273 | 273 | DE | 2715 | 5206 | 2633 MELBOURNE WAY | WINDEMERE | |
| $899,900.00 | $899,900.00 | $846,500.00 | 259 | 243 | DE | 3479 | 7630 | 3050 HASTINGS WAY | WINDEMERE |
| Original Price | LP | SP | List $/SqFt | Sale $/SqFt | SqFt | Lot SqFt | Address | Dist/Neighborhood/Subdiv |
| $614,900.00 | $589,900.00 | $589,900.00 | 358 | 358 | 1646 | 2986 | 2259 S DONOVAN WAY | WINDEMERE |
| $690,000.00 | $690,000.00 | $650,000.00 | 353 | 333 | 1952 | 4118 | 1219 Halifax Way | WINDEMERE |
| $700,000.00 | $700,000.00 | $651,979.00 | 374 | 348 | 1872 | 4219 | 1211 Halifax Way | WINDEMERE |
| $795,000.00 | $795,000.00 | $795,000.00 | 286 | 286 | 2779 | 5178 | 1243 ANDREAS WAY | WINDEMERE |
| $839,000.00 | $839,000.00 | $800,802.00 | 310 | 296 | 2703 | 4005 | 3019 Paddington Way | WINDEMERE |
| $960,000.00 | $960,000.00 | $961,386.00 | 256 | 256 | 3752 | 6000 | 609 Kyler Court | WINDEMERE |
| $980,000.00 | $980,000.00 | $950,000.00 | 246 | 238 | 3984 | 6600 | 600 Kyler Court | WINDEMERE |
| $1,039,000.00 | $999,000.00 | $950,000.00 | 262 | 249 | 3810 | 8643 | 3062 HASTINGS WAY | WINDEMERE |
| $1,050,000.00 | $1,050,000.00 | $1,000,618.00 | 264 | 251 | 3984 | 10009 | 632 Kyler Ct. | WINDEMERE |
| LP | SqFt | List $/SqFt | Address | Dist/Neighborhood/Subdiv |
| $479,000.00 | 1892 | 253 | 1311 Nancy Lane | WINDEMERE |
| $495,000.00 | 1892 | 262 | 911 Joree Lane | WINDEMERE |
| $558,000.00 | 2141 | 261 | 6378 BYRON LN | WINDEMERE |
| $720,000.00 | 2507 | 287 | 3685 Sandalford Way | WINDEMERE |
| $749,000.00 | 2715 | 276 | 2838 VERNON WAY | WINDEMERE |
| $765,000.00 | 2569 | 298 | 2566 HARLOW LN | WINDEMERE |
| $769,000.00 | 3173 | 242 | 3009 Silva Wy | WINDEMERE |
| $770,000.00 | 3223 | 239 | 1619 ANGSLEY LN | WINDEMERE |
| $779,000.00 | 2827 | 276 | 1468 Allanmere Drive | WINDEMERE |
| $799,000.00 | 3223 | 248 | 3351 MIDDLEBROOKE WAY | WINDEMERE |
| $799,000.00 | 3269 | 244 | 638 KARINA CT | WINDEMERE |
| $871,000.00 | 3716 | 234 | 3095 HASTINGS WAY | WINDEMERE |
| $875,000.00 | 3472 | 252 | 600 Dromana ct | WINDEMERE |
| $879,000.00 | 3707 | 237 | 2580 TAMWORTH LN | WINDEMERE |
| $879,000.00 | 3479 | 253 | 3059 HASTINGS WAY | WINDEMERE |
| $899,000.00 | 3474 | 259 | 3068 HASTINGS WAY | WINDEMERE |
| $929,000.00 | 3473 | 267 | 2500 CRANEFORD WAY | WINDEMERE |
| $949,000.00 | 3824 | 248 | 2592 TAMWORTH LN | WINDEMERE |
I am bewildered !! I have seen some new overpriced listings in Windemere and it just blows my mind that some sellers are getting taken for a ride.When sellers contact me for getting a value of their homes, I tell them the truth.Some like it and some don't because people want to hear what they think is right.
It would be a disservice to sellers to always agree with them on the price they have in their mind. That is why we are the professionals who know what price would make the house move.Sellers firstly need to identify the motivation for them to pick up the phone and call an agent to get pricing on their house.If they want to sell and move out of area, or move up or move down then the understanding should be very clear. You have to ask the agent about the price rather than tell them what you think is the value of your home ! There should be a time frame and expectations should be put forth on the table from the beginning.
You price your home high and base it on what the houses were selling for even 6 months ago, leave alone 2 years ago, then you are in for long wait of a buyer. A seller needs to interview agents who will be brave enough to disagree with you on your perception of the value of your home because that agent will price it right and make it move. There are many realtors who will pander to the sellers whims and price your home according to what you want it, just to get the listing. Next step, comes a gradual price reduction when there ae no showings on the home.Then your house will sit on the market for weeks even months and will sell for a much lower price because by that time the seller is frustrated and the buyers are moving in for a kill !
Give you an example- there was a house in Windemere, 2500 sqft, backing up to open spaces, beautiful home. I had a buyer for it at 840K when the house was priced at 899K almost 11 months ago.The listing agent told me not to bother write it up at that price because he has many offers on it. Two days later I see the listing expired and there was a new agent assigned to it a week later !! And again at a ridiculous price. Now that house sits on the market for a 100K less and still not sold.Another example of a home that was listed at 829K when the surrounding ones were selling for 790-800K. I called the listing agent and he tells me not to bother bringing in a lower offer as the seller won't take it.He said the same to another agent from my office, so we backed away from the home. The seller called me from my business card( as he had seen me come in with many buyers)and I told him what had happened and he was seething because today his house is off the market and not sold. And the value he will get today is about 720K, if he is lucky !
I was on a listing appointment with a seller and they quoted a ridiculous amount on the value of their home and I just sat there, absolutely dumbfounded. She was telling me how much the houses were selling for 2 years ago( which I knew and also knew that most of them came back as REO"s last year). I gave her the exact comps as I had listed and sold in her area but she was stuck on the price. I got up, thanked her for her time, wished her the best and left. And she does not know but her next door neighbor just foreclosed on their home and I cringe to think how much that was coming on the market for.
This is my plea to sellers- please take a note of the things I am talking about before you make a decision on who to list your home with.I am not running down others from my fraternity but people need to understand that if they really want to help the sellers, they need to be honest and upfront about pricing. That way we will also be able to stabilise the neighborhood faster.
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Certified Pre Foreclosure Specialist, ePRO
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