Hi folks. I'm writing this post today to bring you guys a dose of "feel good about your market" stuff. So if you are feeling down and your market is beating you up, sit back, relax and have yourself a little read. It will make you feel better I'm sure. Unless of course you are one of my Sellers. In that case....sorry...but it is what it is.
Our local major paper, the Orlando Sentinel, has been running a series on foreclosures and how they affect the market in Central Fl. There's a link below to the article that ran this past Monday. The Sellers, who are the feature of the article, are my Sellers in Poinciana. Some of you guys may know them as "The Lovely's". I'm briefly in the article as well. Anyway, here's the link, check it out.
Here are a couple of excerpts from the series:
"Only 924 homes were sold in September by Orlando Realtors in their core market, the fewest re-sales since January 1999. By comparison, sales in September 2005 -- near the market's record-setting peak -- totaled 2,964. A year ago, 2,054 homes changed hands in the core market, which consists mainly of Orange and Seminole counties but includes some deals in surrounding counties"
"South Poinciana is home to the worst-hit ZIP code in Central Florida -- 34759 -- where nearly 300 homeowners have defaulted on their mortgages so far this year"
Hey....do you see up there where it states: "South Poinciana is home to the worst-hit ZIP code in Central Florida" Isn't that cool? My market is numero uno baby!!!! Hey if you have to be something you might as well be number 1. We don't do things half-ass in Poinciana!
My market encompasses two zip codes. The worse, South Poinciana, is 34759 and has 386 homes in some stage of default (at least 3 payments behind), foreclosure or auction. North Poinciana, zip code 34758, has 307.
Currently there are 1673 active listings (single family) homes in these two zip codes. That's actually down about 50 listings from last month. Most of those properties have been removed from the market. I withdrew 9 listings myself. In September we had 32 closings TOTAL! September 2006 there were 102. So we are holding steady at about a 60% decrease in sales for the year. Year to date there have been 480 sales. Last year same period 1184. So again holding steady at around 60% decrease. Now if I were to extrapolate out the sales for this year we may hit 575. That means our absorption rate (amount of time needed to sale existing inventory) in Poinciana is about 3 years.
Folks, Tutas Towne Realty, Inc (me) is having our 4th best year out of 14 years in business. So I'm here to tell you that no matter how bad your market is you CAN not only survive it but do pretty darn well if you keep motivated and keep moving forward. Hang in there my friends. Do your best. Be honest with your Sellers. That's really all we can do. Things will get better, just not anytime soon.
OK, that's it. Can anyone out there beat these numbers? My opinion is that Poinciana Fl is the worse market in the country right now. Any one able to prove me wrong? PLEASE!!!!! Someone make my day. If not, I hope I made yours. Oops! Got to run....my shift at Wal-Mart starts at five. Or not!!!
****All data is from Realtytrac, The Orlando Sentinel and the MFRMLS and of course Broker Bryant.
All content copyright © 2007 - Broker Bryant Real Estate Ramblings
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Blog Boy...
Nope. We don't do anything half ass. Do you remember the golf tourney?
You and I each won a donkey's ass trophy. I guess that just proves we don't do anything half ass :)
We lost yet at the same time we won. Such is 'our' world as we know it :)
TLW...ROAR!
BB,
You have to be in Awe!!! This foreclosure problem is because of the lack of Expirence in the Mortgage Field, and the idiots that chose to make a quick Buck, instead of doing a good Loan. I would assume that you can get a pretty good buy there in Poinciana... I would buy and Hold onto some of these homes. May be consider doing some Rentals, until the Market Settles..
Your a Good Guy, Change this already :0) You own South Poinciana. I love Wal Mart..
Tom Weiss
Tom, We still have a ways to go yet before buying rentals makes sense. There are hundreds of homes for rent in Poinciana. Rental rates are also going down. They cen work if you can go in with a low LTV but other than that it's not quite right yet.
Thanks Missy!! I LOVE being a winner:)
Hun, Those trophies were pretty cool. We sure were good at losing.
Hey, BB, I might have you beat in one category. Zillow.com did a comparison of 66 metropolitan statistical areas on Zillow.com. We ranked #1 in "Most Depreciation." Here's the Zillow list:
Most-depreciating metropolitan areas (year-over-year) August 2007:
By my MLS research we are down about 32% from the high of 2005. Who can beat that?
As you said, when the going gets tough, the tough get to work. That's why you're having a not so bad year. Me too. I'm out with an $800K buyer tomorrow. All of my broker and agent partners are booked for the weekend.
We're totally focused on the market and where to find buyers.
Hey, I gave this post a "5". Does it mean anything anymore???
Dan, Pretty close. Poinciana being a micro-market (one large PUD) wouldn't be on any stat charts. But values are down a good 30 to 35%(12 months) and still declining rapidly. But I know Bradenton is just as bad. OK I feel a LITTLE better:) Two other Fl markets I would like to know about would be Cape Coral and Deltona.
BB,
Hey so much for buying there :0) Just Kidding.. I see what your saying and I understand. I buy Locally and just Rent them out, but each area is different I guess. Like Lenn I gave you a "10" :0)
Good Luck Bryant..
Tom Weiss
Lenn, For every 5 you give me I'm sure there are several more giving me 1s. Thanks for trying but I quit caring about rankings a long time ago.
You know, maybe I need to move where I can sell a $800,000 property!! Did you know in 14 years I've only had about 6 or 7 sales higher than $300,000? My highest ever was a commercial property for $450,000. I have to sell a lot of property to make a decent income.
BB, Just because the market is "bad" doesn't mean business has to be bad also. This is a buyer's market. They should be trying to pick up everything they can. Your business should be good.
Continued good luck to you.
Bill Roberts
BB....
Good looking people always make a fortune! That is a fact, so its irrelevant that your market sucks! You said so yourself!
Great job being the top dog in an extremely rough market!
Actually Bill I would agree we were in a Buyer's market in Poinciana IF we had buyers. I don't know what the hell you call it now. Properties are just selling at all. 31 out of almost 1700 is pitiful. It is fun though! I like a good challenge.
Bill it is and always has been because I'm soooooo good looking!!! I'm glad you agree you good looking guy you:)
Tom, I've actually never owned in Poinciana except for vacant land. We invest in Dundee where we live. I do that because I work with investors in Poinciana and I don't want them to feel they are competing with me. It just avoids any conflict of interest.
Hey...you deserve all the 5's you get. I think we need to do away with that anyway.
Anyway, that was wonderful. (I need to do more stats too) You gave your pep talk, your success story, stats and info all in one! I tell you what, I've made more this year than in 2003 to 2004. And I believe it's because I don't stress out over the market. Hey. My busines happens because I make it happen... You guys do good because you work well together and move forward...woohoo to both of you!
BB,
I undersatnd! I thought you Lived in Poinciana, I wish You and TLW the best :0) it seems like your upbeat about it all.
Tom Weiss
If you are good at what you do and provide a valuable service, you will always do fine. A good business plan is recession-proof because for the best and brightest, turmoil = opportunity.
BB,
I'm not sure what is better..renting at a loss...or just losing the property...I ugess if my clients can put a bandaid on and keep their property...some rent is better than none...it might be the only way other than tryng to go short.
BB,
If your going to do something make sure you do it right...At least your getting headlines...Investors take notice to headlines.
Hey guys, Sorry I've been missing in action on this post today.
About 30 minutes after I posted this yesterday I received a call from a lady in NY who Googled "Poinciana real esate agent" and the number 1 result of course was my AR blog. She read this post and I will be placing her home on the market this weekend. How's that for a fast result?
I received two more calls today off the same post today!!! I guess laying the facts out there works pretty well.
Broker Bryant - Thanks for laying it out without any sugar-coating. In reading your most recent comment - sounds like you have viable proof that the truth works best.
HI Marlene, I most say that was the fastest call I've had off a post. Folks like the truth. They can take it.
Bill, I certainly agree with that! Attitude is numero uno.