Real Estate Market Report for Kissimmee Poinciana Florida for 2009
Comments from Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
OK so that chart was fun. I wanted to give a picture of the market in Kissimmee-Poinciana Florida from 2007 to the end of 2009. Check out the depreciation. Property values are down 67% during this 36 month period.
But the good news is values only fell 7% for 2009 and it looks like property values have not only started to level off but may be slowly increasing.
Here’s another little goody for you. In 2007 there were only 420 sales. 2008 this number increased to 627. In 2009 Poinciana Florida broke an all time record with the most resale property sales in their HISTORY with 1,596!!! That’s awesome!!
Of those 1,596 sales 1,303 of them were either a Foreclosure (1,083) or Short Sale (220). That means that 82% of the property sales in Poinciana Florida for 2009 were distressed properties.
Currently there are 507 properties on the market in the neighborhoods of Poinciana. 102 are foreclosures. 291 are Short sales. 114 are regular listings.
Inventory is real low. It is getting very difficult to find a property in Kissimmee-Poinciana Florida.
Folks if you want to buy in Poinciana now is the time. Do not sit on the side lines any longer or you will be out of luck. If you find a property you like be prepared to make an offer of asking price or more.
If you need to sell…well chances are you will need to do a Short sale. If that’s the case…give me a call. If you are waiting for your homes value to go back to 2006 values…..it ain’t going to happen for many, many years, if EVER, so just get that thought out of your head.
OK that’s it for me. Any questions?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
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HI, BB, Buyers who wait may lose a lot! greetings from Burbank CA Real Estate
Wow...let me see...$75k in North Dakota... cold and dark or $75k in Poinciana...the journey down had to hurt but somebody has got to start seeing the value of what can be had for a tiny mortgage payment!
... no wonder you guys became the Short Sales Gurus in your area ! Wow !
Nice chart by the way :o)
Bryant - Is my math off or am I reading your chart wrong? It seems like the difference in Jan. of 2008 to Jan. of 2009 is down about 45% and several of the other months are similar, and even the difference between Dec. of 2008 and 2009 is down 15%. How can it only be down 7% total between 2008 and 2009 for the year? Or am I misreading?
BB - those are some pretty impressive statistics. But I have to agree with Jared - Looks to me like the drop from 2008 to 2009 is still pretty sustantial. Good news, though, if things appear to be leveling offer. Some folks are going to miss the boat.
Jeff
We haven't had as severe a "correction" up here but there are plenty of short sales and depressed sellers.
BB,
Those numbers are staggering, but I'm glad to hear your inventory is now decreasing.
Wait... Poinciana is in, our very close to Kissimmee? OMG! We need to plan a setup on my daughter! She's at Florida Christian College in Kissimme! I'm hereby indicting you and TLW as my partners-in-crime, in planning some type of "punking" on my daughter! >=) (muwa ha ha haaa!!)
Bryant.. . makes you wonder if we really hit bottom already?
Great report!
BB - WOW!! It looks like housing is now really affordable in your area. I'm sure with those prices things are selling again as long as the lenders cooperate.
Sure looks like you're close to the bottom if not past it (since sales are actually a lagging indicator). Your conclusions are right on, even possible a little late now.
I feel better already! We lost maybe 4%?
How do the regular sales compete with the short sale and foreclosurs? Sounds like a lot of lost equity there as well.
Cool chart, Bryant! What a huge difference in the depreciation each year! It is almost weird.
Where are we with 2010? Inquiring minds want to know....
Maybe you guys should buy a house? Or two? Or three?
The 67% decline is figured from January 2007 when values were at $221,000 and December 2009 when they were at $72,677.
2010 is still cranking. You can't keep a well priced property on the market. Poinciana has a population of almost 70,000 people amd there are less than 600 single family homes for sale. That's incredible.
Gary-- regular sales only make up 18% of the sales, The prices are the same. Most of the homes in Pooinciana were built after 2003 so the foreclosures ands short sales are still relatively new homes. With most being only a 4-5 years old.
The 7% figure is the decline from Jan to Dec 2009.
Bryant, I'm glad stuff is moving again and that the falling like a stone price thing is slowing down.
Awesome market update. This is great news for Poinciana. Now is indeed the time to jump onboard. I showed about 12 homes in Poinciana today and they were all in great condition and well priced. It is getting harder to find the cheap ones though. 4 months ago I could have pulled up 50 (or more) of the same stock to show and today I had to look under every rock to find those 12.
BB - The price drop in Poinciana is amazing. I hope it stays low for some time.
That is simply amazing to look at! I sure am glad our market was a little more stable than that!
Love your report.....