Yes it has. In fact the start of the decline in my area, Central Florida, was May 2006.
Here is my very first article I posted on ActiveRain back in July of 2006.
Has the bubble burst? Or is it just slowly deflating?
(This post has not been edited in anyway since I first wrote it)
My market area is Poinciana one of the fastest growing PUDs in the country located in Kissimmee, Fl. As of this morning there were 1434 homes on the market in our two zip codes ranging from $135,000 to $650,000. Twelve months ago there were approximately 250 homes on the market. Where have all the Buyers gone? Have they floated away? Or are they just letting out a deep breath after a hectic buying frenzy? Based on what I am seeing they are still here but spending more time weeding through all the overpriced properties trying to locate the Sellers that need to sale.
Poinciana like many other markets of affordable housing and strong rentals is over saturated with Investor owned properties. Investors who got into the game to late. Their initial plan of purchasing and flipping for a quick profit has now flopped. Their overpriced properties are easy to spot. The "For Sale" sign is sun baked and askew. The wildlife is running rampant through the jungle like yard. There are still lock boxes on the front door, garage door, water spicket, chain link fence and back door from Realtors who have tried and failed.
As you pull up with your Buyers to show this "Brand new, cute doll house in excellent condition. Priced to sale!" with the "Motivated Seller. Bring all offers." the hostile neighbors armed with gardening tools confront you wanting the grass mowed and the garbage picked up. The Buyers wisely stay in the car and politely yell out the window "Think we'll pass on this one". Hey, they are in hurry there are 75 properties that meet their parameters and they want to see them all. So after a quick stop at the CITCO to put another $95 worth of gas in my SUV we head on down the road to the next "Pride of ownership shows" listing. To be continued.........................
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.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Ummmmm.....Happy Anniversary?
4 years in the terlet....that's the scrub brush anniversary, right?
Sounds like it is very tough to be a Realtor in this area. Hope they are paying you enought money! Sounds like you have a good handle on it, though!
Bryant- WOW! Where has time gone? It sure seems just like yesterday when the bubble burst! Katerina
Nice custom real estate signs..Lowen?
Dee? Oakley?
I love your pictures. I think they say it all. As they say a picture is worth a thousand words.
Bryant, History can prove you to be right, this post makes a strong case in your favor. Any advice on Lottery Numbers to play Wednesday.
Hasn't been quite a year since the bubble burst here.. but we are usually behind the rest of the nation on just about everything.
Wow... I'm sure glad I didn't know it then. In the summer of 06 selling homes was like shooting fish in a barrell for me and I was in the design stages of building a new office. But I'm with Steve... got lotto numbers for me?
Hun...
It is amazing that four years have just flown right by us. The older we get the faster the time goes. You were right and don't let that go to your fluffy head :)
TLW...ROAR!
"I put up a post and saved you a spot"...
Oh Really :)
TLW...ROAR!
Wow Bryant, it sure brings back memories. We went from about 500 to over 3000 in the same period. Just about the same percentage as your market.
It's sad. And surreal. I can't believe it's been 4 years. And remember that at that time, it wasn't a real "bubble burst" yet. It was an "adjustment period". NOW, it's officially a burst, since values are below what was paid, several years ago. But this is a great reminder, =(
Bryant - I have slowed my brain down to properly read your post this time. What you wrote in 2006 is telling!
Bryant - It is amazing that the bubble burst was four years ago. Things have really gone downhill since, and it's unfortunate for a lot of people in a lot of different ways.
Bryant - Amazing is right! We still have a lot of folks her in CT still losing jobs and having a really tough time. When will it end - can you tell us so we can give them hope?
My how things have changed. I remember listing a friend of mine's home in September 2005 and telling him that the market had slowed down quite a bit even then. Oh for the good old days.