Selling Poinciana One Property at a Time.: The Life And Times Of A Kissimmee Florida Pool Home

The Life And Times Of A Kissimmee Florida Pool Home

This cute little Kissimmee Florida pool home was built in 1990 and was sold for $99,900. At that time Poinciana Florida was a very rural planned unit development (PUD) in Kissimmee Florida and had a population of about 7,000 people.

The folks that bought it sold it in 2000 to a buyer I was working with for $88,150. So in the first 10 years it actually lost close to 10% in value.

From 2000 to 2006 Poinciana exploded with growth. The population increased 10 fold to close to 70,000 people!!

In 2006 I sold this property again for $224,000!!! So from 2000 to 2006 the value increased 254%. WOW!!!

In 2007, 13 months after purchasing the property, the owners were foreclosed on. My understanding is that they never made a payment.

It sold at foreclosure auction for $109,345.

Recently I listed it again as a Short Sale priced at $65,000. So after increasing in value close to 250% from it's original price in 1990. It is now priced 35% less.

Quite the roller coaster ride. Don't cha think?

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Comment balloon 13 commentsBryant Tutas • July 08 2011 10:21AM

Comments

Wow BB!  That is quite a roller coaster ride for that poor home!  What an incredible and slightly depressing history.  Hopefully it has reached its bottom and is on its way up from here!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 8 years ago

BB- It just goes to show you how crazy our market has always been, ups and downs and the like.  Hopefully our downs will go away for a while after this year for just a little while... pleeeze!

Posted by Linda K. Mayer, Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST (License # 01767321) over 8 years ago

And just like a roller coaster, it will do it all over again and again.

Posted by Terri Poehler, Coral Springs Real Estate Agent (Realtor) over 8 years ago

Roller Coasters like that make me a little queasy BB.  A $100,000 investment showing both $136K in profits and another $170K in losses along the way.  It's proved to be one of America's scariest rides depending on when you got on or off.  

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) over 8 years ago

BB - I have had three people tell me in the past week that they are buying properties in Florida.  It's definitely the time to buy there.  I'd do it myself, if I could.

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) over 8 years ago

BB< Now that's a very good way to tell the history of the ups and downs of one single house.

Margaret

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 8 years ago

Just think, this is nothing compared to what China has coming. Yikes! As a home owner I'm hoping the market will bounce back and be strong soon. But as an American I'm hoping it doesn't get out of control. I'm glad there is so much investor activity in our market. Cash deals=smaller bubble.

Posted by Nathan Tutas, Your Central Florida Real Estate Expert (Tutas Towne Realty, Inc.) over 8 years ago

BB,

 

What do you think the next move will be over the next 12 months?

Up, Down or Flat.

BTW, We must look at history to prepare for the future.

Thanks for sharing the information.

Posted by Coldwell Banker Camelot Realty, Homes for Sale Mount Dora Realtor (Coldwell Banker Camelot Realty) over 8 years ago

What a amazing Ride! Good to know you got to be involved in All of that homes transactions!

Posted by Marie Westerman, New Homes Sales Specialist Evans GA REALTOR (Blanchard and Calhoun Real Estate/ Wilson Parker Homes) over 8 years ago

Ray. In my market inverntory is very low. Priced have leveled out some but I still expect them to decline. Just not as quickly.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

I'm amazed that you're down to pre 1990 prices on this home Bryant.  We're not in that bad shape here in Martin County.  At worst - 2000 to 2001 prices.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 8 years ago

Gabe. In Poinciana prices have never been lower. The oldest homes were built in 1976 and sold for more than they do today. 35 years of growth.....gone!!

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 8 years ago

Bryant,

Quite the story; but it never stopped be a home. Unfortunately with buyers began to view homes as a piggy banks first and home second the system changed. I imagine an investor could purchase now and cashflow the home as a rental.

Best,

Steve

Posted by Steve, Joel & Steve A. Chain (Chain Real Estate Investments & Mortgage, Steve & Joel Chain) over 8 years ago

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