October Market Report
PICKING UP DEALS
We have lots of buyers in all price ranges at this time, but we hear the same phrase over and over. "I want a really good deal." Buyers want to tell their friends they snatched a bargain. One of our customers bought a $400,000 home for $220,000. Two buyers want sailboat access since that is a really good investment at this time. A couple of first-time homebuyers are looking in the $100,000-$135,000 range. One family needs four real bedrooms (not a converted garage), preferably in a 2-story for under $175,000. A couple we are taking out this weekend wants 2000sf under air with all the upgrades they can get for under $200,000. Last weekend we had a buyer trying to decide whether to build on a double lot (offered at $50,000 but probably available for less) or buy a 3000sf under air home on a double lot offered at $229,000. Another customer is looking for a 5 bedroom house under $250,000.
Email us your requirements for a good deal!
What we're NOT seeing are any quick-flip investors. The investors we talk to are true investors looking at a 3-5 year investment if they buy now.
Sarasota County voters did elect to keep the penny tax, helping schools, roads and other public projects. View the story.
Are voters against growth? See how they voted for the super majority.
I just pulled up 132 properties in North Port that are listed as short sale. Some agents place the short sale info in the remarks and not in the terms, so the number is probably much higher than that. It seems like half the MLS are sales under duress. We are finding that buyers, however, are often becoming weary trying to do a short sale due to the long time in getting an answer. It may take three weeks or three months to get the bank's reply. Meanwhile, many other good deals are passing by.
We had one deal in the bankruptcy department with Countrywide, had a good offer but could not get anyone at Countrywide to consider forgiving the $5000 shortfall. They insisted that the seller now has to go back through the short sale process, which may take three weeks for an answer. Meanwhile, the buyer needed to move quickly and had to buy a different property. The loan would have been covered, just not the late fees & recent interest. This process took much of our time last week since we had to be on hold or transferred to first one then another trying to get answers. We send the information, they say they are moving and send it again. We must have talked to 15 different people at Countrywide to no avail.
If you think you are doing a short sale, have all your paperwork in and approved for a short sale way ahead of time or the buyers will lose patience with the system and walk.
Normally there are only a few days wait if the bank already owns the property, and the deals are just as good. Listings usually say corporate owned or REO and Banks can make a decision rather quickly once they own the property, but don't expect any concessions. They only deal on price, want pre-approval and quick closings.
Right now there are 1871 lots for sale in North Port. Of those, 15 sold last month ranging from $7000 to $22,500 each for a double lot. A couple of lots sold for $15,000. Everything else was under that. Why build with so much housing inventory?
Take a look at our newest listings.
8620 Eagle Bay Ct. in maintenance free Talon Bay, never lived in Fidelity home with pool, $264,900
1901 Mossy Oak Dr in maintenance free Charleston Park, new Peter Shipps home with community pool, fitness room & more, $264,900
2442 Manheim, 2003 Windemere home with fenced yard, on a greenbelt, $134,800
See the new Prices on
2690 Cartwright Ln, to $129,800
20979 Cascade to $109,800
332 Orlando to $234,900
1230 Jinright to $178,100
We close Monday on 1985 Coconut Palm, a beautiful pool home in Bobcat Trail.
If we feel the asking price is overpriced, we no longer take the listing. In this market, it will just sit there if you aren't a good deal. One appraiser told me he figures the local market is dropping about 1.5-2% a month, and lenders are now asking him to supply active listings as well as closed to see where the market is. If the price is too high, the property will not appraise.
There are 1529 properties for sale in North Port, Florida in the MLS. (Port Charlotte has over 2000 listings including Deep Creek.) The number of available properties has increased by 10 properties from last month. 495 of the active listings are brand new, 2006-2007. This number has decreased by 10 properties since last month.
In the past 31 days October 1-31, 46 properties went pending. 12 of the pending listings are brand new, built in 2006-2007. 5 more properties went pending this month than last month.
Looking at the pending properties, 21 have a listing price of $150,000 or less.
14 of the pending properties have a listing price of between $150,001-$200,000.
4 of the pending properties have a listing price of between $200,001-$225,000.
4 of the pending properties have a listing price of between $225,001-$250,000.
1 of the pending properties have a listing price of between $250,001-$275,000.
2 of the pending properties have a listing price of between $275,001-$300,000.
2 properties have a listing price of $300,001 or more.
Using the same time frame, 36 properties closed. 7 fewer properties sold this month than last month. 11 of the sold listings were brand new, built in 2006-2007. The number of brand new listings sold is the same as last month. Last month 2.4 listings sold per day, this month 1.2 listings sold per day.
Looking at the sold properties, 10 have a listing price of $150,000 or less.
14 properties sold between $150,001-$200,000.
1 properties sold between $200,001-$225,000.
3 properties sold between $225,001-$250,000.
1 properties sold between $250,001-$275,000.
3 properties sold between $275,001-$300,000.
5 properties sold for $300,001 or more.
Visit our new site TropicalFloridaProperty.com - coming in January 2008!
You can reach Roxanne Moore at, 941-626-3926 or firstname.lastname@example.org ,or Shannon at 941-276-8142 or email@example.com
Looking for property in North Port, Port Charlotte, Punta Gorda, Englewood and the surrounding areas, visit any of our websites at http://www.twomoores.com/