Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.
Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.
In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..
- Bought in February 2003 for $82,900. Sold for $339,900 in May of 2005 with a mortgage of $271,900. Today it’s on the market as a REO at………$14,.900. That is NOT a typo.
- Bought in December 2004 for $184,900. Sold 3 months later for $310,000. It was foreclosed on and is on the market today for……$19,000.
- Sold for $546,700 in September of 2004 with a mortgage of $410,025. Available now for $25,000. Not sure what you could build on this one since it’s only 35 x 115.
Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?
Anyway…...if you are looking for a deal in Reunion let me know. I’m sure we can find you something.
Reunion Lots from the $20,000s
Reunion Townhouses from the $110,000s
Reunion Condos from the $150,000s
Reunion Single Family Homes from the $200,000s
Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
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Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Well Hun...
I do think you've stumped me. Perhaps we could buy and just put a pool there and call it a cement pond :)
TLW...ROAR!
What did they expect someone to put on a 35 foot wide lot? Oh, an outdoor bowling alley.
I'm surprised that one of the neighbors hasn't picked that lot up.
Wow. That's just incredible to me. You could buy a small mansion here for half a million. A lot??? 35' wide!? Crazy!
I too would think neighbors would snatch these up - I couldn't imagine living in those narrow houses, I'd be buying that up so I'd actually have a yard!
BB, You could build a 'shotgun' house on that lot!
I LOVE the garage entrance with the home on the course ... very cool design (maybe that's common around there, I don't know). The little patio inbetween - must be awesome for cookouts. .. . . . Anywho, do you think they would let me buy a lot and camp on it ?? I have a friend I might send this to ... he is selling lots in PA now that were investments ...
BB
Harmony the twin to Reunion faced a similar demise- they are literally giving houses away. Once $330,000 now $129,00 These are 2500 sq ft homes! What where the banks thinking? Hmmm How about what the origination fee and commission was on $400,000+ ? Nah..
Bryant - That market was more inflated than mine!
Hello Bryant, I'm not sure the graphics boys and girls can make a chart to show such a dramatic vaporization of equity! John
What a shame. You could almost buy these lots on a credit card! I know all about bad markets; no fun at all.
wow aloha nui loa
WOW! This is very eye opening - I agree, if I had a vacant lot next door - I'd buy it for 12K.
Wish I had $20K laying around that wasn't earmarked for other things. I'd buy one of those lots and put a lawn guy on contract to keep it mowed for the next 5 years. THEN I'd see how it goes. :)
Bryant, same story here in Port Saint Lucie and Ginn's Tesoro Club. (Which is in bankruptcy). Scrapped plans for a luxury condo complex on the beach. Lot of people lost some serious money here.
Bryant, sign me up for one of those $20k lots! My folks are big golfers. Can they park their trailer on the lot?
Cheers,
Robin
Bryant,
That is incredulous and goes to show the bad and in this case stupid decisions that were being made!!!! I vote for a community bowling alley :)
It is amazing how far things have fallen. Back in the boom times, all I would here was Reunion Reunion Reunion. They don't allow mobile homes in the neighborhood do they? You could line up 2 of them on that lot and sell it to tourists as a resort with in-law quarters.
Bryant, we are seeing a similar thing going on in one of our gated golf course communities that was the hottest thing around in 2005 and attracted investor buyers from all over the US. Latest I've seen, some lots sold as REOs for 16K. Now it is the right time to buy there.
BB, wasn't there a song "Tell Me Something Good", very interesting.
BB, when I look at that picture of the lot I am really amazed. I don't care when it happened, I myself would not have represented a buyer on that purchase. I would not have slept at night. What the heck were they thinking? I realize people get caught up in the heat of the moment, but that looks like someone forgot to take their meds for a very long time.
So many times I run across things that just make me say... "what were they thinking" these days. Scary scary thing.
All I can is that they were very dangerous and a big gamble....I hope that most people got out before the ship went down.
A 35 foot lot.. I come from redneck genes and I would bring me an RV for the day!
I would think one of those neighbors would buy it at such a reduced price. It would give them a spot to add a pool or useable yard. Those lots are tiny!
;)
All those homes are built with zero lot lines, the smart thing to do is buy the lot nextdoor and create a side yard oasis! IMHO
;)
Is the HOA in trouble as well? I knew things were bad in Florida...but I wasn't aware of just how bad....yuck.
Tina in Virginia
I have appraised some lots and homes in this subdivision...both in 2006 and today. What a difference!
These poor homeowners who bought as the 2nd or 3rd parties to the table....now either live with this inflated value (and some bought cash as you know!) - or dump them back into the pool of ever growing REO listings!
Sure makes me wish I had an extra $20k floating around! But then again...taxes on a vacant lot there?! Ouch!
Hey - great new photo on your profile by the way!
Hi Broker Bryant,
It is hard to comprehend what I keep reading in other areas...just not seeing it here...
reported spam in your comments from ugg boots, etc.
I think this is the biggest opportunity ever. I know Reunion and it will not go bankrupt.
Looking for a bargain. 3 bdr. minimum. Investment no more than 110,000.00 in Reunion Resort. How can you help??
Hi Katherine. The lowest priced 3 bedroom property in Reunion today is priced at $125,000.
Send me an email at brokerbryant@gmail.com if you'd like for me to set you up with property alerts.