OK....this one should be fun!! This post is to explore current market conditions in Poinciana FL. Also, this is my opinion of what's happening in the Poinciana FL market and where I think it's heading.
First let's get into some cold hard data.
All of this data was pulled from the Mid-Florida Regional Multiple Listing Service (MFRMLS) on 5-20-2008. It is deemed reliable but is certainly not exact. The data is for Poinciana neighborhoods and does not include Solivita, Crescent Lakes, Cypress Woods or Lake Marion Golf resort.
Today, there are 1,170 properties for sale(active). The average property being a 3 bedroom 2 bath home built in 2004 with 1,777 sq ft living area priced at $165.051 or $95.72 per sq ft.
There are 144 properties under contract(pending). The average property is a 4 bedroom 2 bath home built in 2004 or later with 1,914 sq ft of living area priced at $134,721 or $71.94 per sq ft.
There have been 131 sales this year. The average property sold was a 3 bedroom 2 bath house built in 2004 or later with 1,791 sq ft living area and sold for $136,000 or $78.43 per sq ft.
OK, the first thing I notice is price per sq ft. The active listings are at $95.72. The sold listing were at $78.43 and the pendings are at $71.94. What does this show you? It shows that properties on the market today are over priced on an average by $17 a sq ft or 1,791 sq ft X $17= $30,447.
Also, it shows that values are continuing to go down. This is very easy to see by looking at the sold price per sq ft of $78.43 and the pending price per sq ft of $71.94. That's just about another 6% decrease in value once these pending close.
Now let's see how all of this compares with historical data.
For the first quarter of 2007(Jan-Mar), there were 125 properties that sold. On an average they had 3 beds 2 baths 1,749 sq ft and sold for $206,511 or $121.60 per sq ft.
For the first quarter of 2008 there have been 78 properties sold(38% decrease in volume). They averaged 3 beds 2 bath with 1,821 sq ft sold at $142,483 or $80.25 per sq ft. That's a 31% decrease in property value. Remember this is just comparing Q1 '07 and Q1 '08. The real decrease in value for this time period is 40%. The 40% is based on the average selling price in January 2007 was $221,968 right now it's $126,464!!!! Incredible.
My short term prediction is that the average house will be selling at $68 to $72 per sq ft by the end of June. Folks, in 2003 the average price per sq ft was $71.51. That means we are back to 2003 prices. The last 5 years of property appreciation has been wiped out!!!
OK, let's move on to some Investor deals for today. There are 64 properties on the market today for less than $100,000. These are not short sales!!!
This is the lowest priced house on the market. It has 3 beds 2 baths 1228 sq ft living and was built in 1989. It needs to be gutted but is priced at $50,000!!! It came on the market yesterday and will be sold quickly. If you want it you must call me now!
Here's one priced at $54 per sq ft. Never lived in, built in 2006, 1809 sq ft 3/2 REO property priced at $96,900!!! THis onse will also be sold very quickly. Call me now and we will get your offer in.
This one closed 4 days ago. Brand new built in 2008 with 5 beds, 4.5 baths, 3 car garage and 3897 sq ft of living. Sold for $57.74 per sq ft or $225,000!!! How's this look for you? You're too late. It's SOLD!
So there you have it, the brutal reality of Real Estate in Poinciana. If you are trying to sell......we have an uphill battle to fight. BUT.....if you are an Investor.....give me a call and let's do some business. Better yet, just click on the "Investor" link below and send me over you details. That way you can get details on some great deals as soon as they hit the market.
OK....I'm outa here. Any thoughts??
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