Selling Poinciana One Property at a Time.

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??

NOW TAKING APPLICATIONS!
BROKER BRYANT'S INVESTORS

MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Calling all Investors!! Housing prices in Poinciana Fl. Are low. Real low. In fact, there are about 35 homes, available right now, that are less than $100,000. These are bank owned properties (REOs) and are NOT short sales. This means they can and will be purchased quickly. 

A great example is a 3 bedroom 2 bath home with 1809 sq ft living area built in 2006. This house has never been lived in and is priced at $96,900 or $53.57 per sq ft!!! Folks, that's incredible. You can't build a house for that price. This property would easily rent for $900 per month. I'm also sure that by the time you read this it will be sold. It hit the market yesterday and won't last long. 

This particular house sold for $206,500, brand new, in April of 2006. The person that buys this house will get a great property at a great price. 

Now, in order to purchase a house like this, you have to be ready to make an offer immediately. When I say immediately, I mean immediately. There will be no time to go look at it. That's why we have inspection periods. Usually you will have 7 to 10 days to do your due diligence AFTER you have placed it under contract. 

I know what your thinking, "Broker Bryant how can we buy one of those houses?" Well I'm glad you asked because that's the reason for this post. I'm looking for Investors that want to receive details on properties, like this, as soon as they hit the market. Here's what I'm looking for: 

• Investors with cash, a credit line or mortgage APPROVAL and who are ready to move quickly. 

• Investors that can show cash to close or mortgage approval, in writing, so we can submit it with the offer. Banks will not look at offers without it. 

• Investors that are comfortable making offers without seeing the property first. 

• Investors that have experience and the financial capabilities to carry a property a few months if necessary while a tenant is being found. 

• Investors that are willing to sign a Buyer's Broker Agreement and work with me as their Broker on these specific purchases. I guarantee to work hard and you guarantee that I will get paid. 

Folks, this program is NOT for first time homebuyers. I do have other programs available but this one is not for you. 

If you don't have cash available you will more than likely need 20% to 30% as a down payment plus closing costs. We do have "hard money" Lenders available to assist you if needed. The time to get qualified is now, so, when you see a property you want you are ready to act. Time is of the essence. 

If this is something that interest you then it's easy to participate. Just click the link at the bottom of this post and provide me with your info. I will then contact you so we can discuss your needs. Once we have talked and you are accepted into the program I will start sending over property details as soon as they hit the market. If you see something that fits into your Investment plan just let me know and I will forward over a purchase offer for you signatures. Then the fun begins!!! 

So there you have it, Broker Bryant's Investor Program. Let's buy Poinciana one house at a time. What say you? 

NOW TAKING APPLICATIONS!
BROKER BRYANT'S INVESTOR PROGRAM

MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

Welcome to.....The Price is Right! Come on down Poinciana Buyers....we have homes to sell in Poinciana Fl. Not only do we have homes but we have cheap homes. That's right folks CHEAP.

Folks, these are some really nice homes that we are selling in the low $120s. Most are only a couple of years old and average about 1550 sq ft living area with 3 bedrooms and 2 baths. 

You can't find a house like that any where else in Central Florida, for these prices. Not only are our prices low but if you want to buy one of these homes you may qualify for a USDA Rural Housing Loan. That's right folks.....USDA, the same folks that stamp the meat at the Winn Dixie also have mortgages. 

What the USDA does is offer 100% financing in areas that qualify for Rural Development! And guess what?....Poinciana qualifies! That means if YOU qualify you don't even have to have a down payment!! 

But Broker Bryant what do we have to do to qualify for one of those suckas? That's a darn good question. I don't know!!! Hey Don't look at me like that!! I'm a Real Estate Broker NOT a Mortgage Broker. Finding you a loan is "not my area" BUT....I know people. And some of these people ARE Mortgage Brokers and can get you some of that "all beef patty" money. 

So, this is what I'd do if I were you.....I'd contact me....Broker Bryant and let me introduce you to the right people. Let's just see if they can get you some of that meat money. Now if they can, I'm positive that we can find you a darn good place to call home. 

CHECK OUT THESE AVAILABLE HOMES 

And, before you know it, you can call your Landlord up and say "See ya! I'm loadin' up the truck and movin' to Beverly Hills Poinciana!" 

Now that wasn't so hard was it? Are you dialing yet? Come on...I'm waiting...la la la la......hello.......where are you.......lines are now open.....hello....Where the heck is Ryan Seacrest when you need him? Ok....I'm outa here. Operators are standing by.

***VISIT THE DIRECT SOURCE FOR POINCIANA REAL ESTATE BELOW*** 

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

Hi folks. Richard Zaretsky wrote a great post yesterday titled "Back to Basics...a Review on Short Sales". If you haven't read it please take a few minutes to do so. It is a very good perspective on Short Sales from an Attorney.

Richard's post brought up two very good points for me. Both were light bulb moments.

The first was the 1099 "thingie". Whether you receive a 1099, or not, has no bearing on whether you have income to declare. Well...duh!!! Why would it. All a 1099 does is reports the income to the IRS for you. If it's not done for you....it is still YOUR obligation to report it. A perfect example of this is the way Title Companies, at least in Florida, handle our commissions. They are not required to 1099 me for commissions paid....BUT...I still have to claim the income. So wouldn't the Seller have the same obligation? They certainly may not have to pay any taxes BUT they would still have to claim the income.

The second light bulb moment was the promissory note. Some lenders will require the Seller to sign a promissory note for all of the "short" or part of it. So my thought was, why not sign it if the alternative is a foreclosure? What difference does it make? You would go from having a foreclosure on your credit to having a "no pay" promissory note.

I had a Seller, several months ago, whose property was foreclosed on. She owed $270,000 on a property worth about $139,000. We attempted to get a short sale acceptance at $130,000. The lender agreed assuming the Seller would sign a note for $140,000. I was able to negotiate the note down to $40,000. The Seller's attorney advised her not to sign it and to just let the property go into foreclosure, which it did. By the way, the note would have been interest free and for 15 years.

Was this a mistake? After reading Richard's post I believe it was.

My plan in the future is to just send these Sellers over to Richard. I'll let him handle the heavy lifting. That way I can concentrate on listing and selling. All this other stuff is just more than I need to know. What say you?

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

Hi folks. I am writing today to pick your collective brains a little. Have you heard that the House of Representatives recently passed a bill, H.R. 5830, named the Federal Housing Administration (FHA) Housing and Homeowner Retention Act?

From what I've read, and understand, this Bill will give distressed Homeowners an opportunity to refinance with FHA at 90% of value IF their current Lender will agree to a short payment.

One of the caveats is that the FHA will own a piece of the action. When the borrower sells they will either pay, from any profits, a 3% exit fee (a percentage of the original loan amount) to the FHA or a declining percentage of any net proceeds, attributed to appreciation, (from 100% in the first year to 50% in year 4 or after) whichever is larger.

I guess this FHA participation, in the appreciation, is to prevent speculators and second homeowners from participating. This Bill is designed specifically to keep folks in their homes.

My first thought is WOW!!! How great would this be to assist folks that are facing foreclosure who are in a short sale position? How receptive will lenders be to accepting a short sale at 90% of value?

Then I start thinking about FHA owning a piece of the appreciation. Basically they would now be an equity partner to the homeowner.

OK, I need to get my head around this. You can find Bill H.R. 5830 here. Please help me to understand the pros an cons of this Bill. What are your thoughts?

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion***