What's going on in Poinciana Real Estate?
Inventory is way down. For the first time in about 2 years we have less than 1,000 properties on the market in the Poinciana Neighborhood. We broke the 1,000 barrier about 2 weeks ago. Today there are 932 properties for sale. This is down from 1,100 to 1,200 that we have been averaging for about the last year.
Closings are way up. February of 2008 we had 21 closings. This February there were 109!! That's an increase of 500%.
BUT......values are still declining. The median sales price in December 2008 was $82,000. For February 2009 it is $67,000. That's almost a 20% decline in values in the last 60 days!!!
So what gives? Here's my opinion.
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The properties that are selling are REOs (foreclosures) and short sales. In fact more than 85% of the closings are distressed properties.
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Sales have increased drastically because the prices are so low.
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Inventory is declining due to all the moratoriums that have been placed on foreclosures.
Banks are NOT foreclosing right now. Which is a good thing because I deal in Short Sales. I listed five in the last week and Buyers are knocking the doors down to see them. Less REOs is a very good thing for me and my Sellers.
I STILL NEED HELP!!!!!
I hired a new agent yesterday. I gave her five Buyers right away with four that are coming into town over the next 2 weeks to buy. All are Europeans and all have cash.
I still have 185 Buyers I need to find agents for. We have more Buyers coming in everyday. I just opened a new website to try and accomodate them all. So if you want to make money AND you don't mind working......give me a call. I need agents for Buyers looking in Kissimmee, Davenport, Poinciana, St Cloud and S. Orlando. I'm hiring not referring.
OK that's what's on my mind today. What's on yours?
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Hun...
I am really happy that we're all done just giving it away. They want 'em they can hang their license and come get 'em :)
TLW...ROAR!
Great to hear you are kicking some butt!! Man a median price of 67K...just incredible. You need to spend 150k in my town just to get a lot!!
Bryant, this type of activity is what needs to start happening else where as well (hopefully before their median prices drops to $67K) and it is activity like this that will take us out of this mess and not the artificial programs and policy's that the government keeps on putting out there.
Well, you certainly have figured out the way to survive. I think that is good news, all the way around. I would love to find a few of those people with cash who want to live up here, but I don't think we can quite find them the same bargains...
Very nice web site. Good luck. Now is the time to cash in on the losses over the past couple of years.
Nice site you set up on Ning, great idea.
Hope you find some good Buyer Agents to help you guys out.
Bryant - I'm happy to hear that you are so busy! That is definitely good news! :)
Bryant,
It looks like you've still got over a 4 year supply of available houses, an incredible buyer's market! A great place to be a buyer's broker.
I wouldn't get to worried over a two month change in the median price. Six months yes, two months no.
I wouldn't hire to many saesmen at 6% 21 sales at $67,000 doesn't pay to much. The selling side only produces a sawbuck over $2,000 to pay the salesman and his broker.
How's the rental market is it time to invest?
Bill
Awesome, good for you! At $67K, I'm sure the buyers are coming with cash!
Bryant its good to see sales are picking up ... even though the prices are drastically cut it would seem that would help a first time home buyer pickup a home they thought was out of reach. Not everyone has bad credit, just not enough money sometimes. I hope you find the agents you need to work with your investors.
Hi Broker Bryant, I'm happy to hear that you are doing well. The business is there for those who go get it. I noticed that you created your new site on Ning. Was it difficult to do? Please advise.
Broker Bryant, we are seeing the same thing in Miami. Sales are definitely WAY up and yes, prices have continued to decline.
Congratulations on your new hire. I hope you'll be able to get as many as you need to handle the increased workload. I know you demand a certain work ethic and will settle for nothing but the best. Good luck!
BB - Good to hear that your sales are up in Poinciana. Now if you could only get your home values to stabilize.
I'll contact my sister in Orlando, maybe she can get her license and work that area for you!
185 buyers!?! Wow! You alone could knock back a lot more inventory. And we're experiencing some similarities, but our values really did skyrocket incredibly fast. So if our values continue to drop, it's more of the market correcting itself. It may still be needed.
I have to say one more thing though. The way you write about Poinciana, it's obvious that you're genuinely concerned about the people of Poinciana. I hope they see that too, and appreciate it.
BB - we are seeing a similar trend in a couple of communities that have a high number of distress sales. While not all are, in the last month one community has 80%+ that were short sales and REOs. And inventory is down and volume is up. Will be curious to watch over the next few months.
I like your new website. Great information for those buyers.
Jeff
BB,
I can't begin to believe the numbers of your average/median pricing! Who wouldn't want to buy at that price and with today's rates? Yikes!
BTW, I have to afree with Lisa's comment about caring about the people in your community.
BB,
I've noticed this in my area as well...I think there are a few factors...first you have short sales that have no gone through and have fallen into foreclosure...then you have the already in foreclosures that were repackaged by the banks...seems like some of their inventory didn't come back out yet...then you have sellers who simply were trying to get that unreachable number and then just took their property off the market.....and then some properties actually have sold which could be a miracle all in it's self with all the tough guidelines to get qualified.
Bryant,
I've been thinking about this over night. If your buyers are over 62 they could purchase using a reverse mortgage with only $26,800.00 plus closing cost! With nocredit, no qualifying, and no payments! Especially when these homes once sold a lot higher. it sure makes Poinciana an interesting retirement place.
Maybe your looking for salesmen in the wrong place! You don't need so many in FL you need them in the snow belt!
Bill
Hi BB! Do you think TLW would give me a quick tour and a bed to sleep in for a couple of months and I'll come help you out!! I've got two buyers agents here who are dying to do more business and they can just take over The Maxwell House Group while I'm gone!!
And, I love your Ning site! I just told Ray that I want one of those! Generally that means, "Honey, will you make that happen for me, pleeaze?!"
Have a great day...
Debe...
Ray simply must get you set up on Ning. We have several of them set up already. They are very easy to navigate and put in place :)
And you and I speak the same language. I said I want to live out my golden years living in The Florida Keys. We are now aiming ourselves in that direction. When a Man loves a woman :)
To All...
If you need help with stuff like this 'Coach Broker Bryant' is for hire. We've decided to quit giving away the proverbial farm :)
TLW...ROAR!
Sir William...
We need someone to run our "Buyer" department. That means they're gonna have to show houses and assist us in selecting Salespeople who are good at what they do. We have way more business than we can handle coming from the UK. We also have Solivita in our farm area. It's an Adult Living self contained Community. That's where Snow Belters are buying property right now. I simply must be able to meet whoever we hire. My killer instinct for good help can not be denied :)
TLW...ROAR!
Reverend,
I know the area, sorta. My parents winter home is only 90 miles west your parsonage.
My best to both of you.
Bill
We had similar numbers here in Orlando. Inventory is down, days on market is down, and sales are up. Prices are still declining, but they have to put getting near bottom because cash buyers are coming out of the woodwork to buy up the cheapo ones. There are still a bunch of foreclosures in the pipeline though. A whole other wave of those will be coming in the next year.
Bryant- We have the same thing here with the inventory down. The calls for short sales have slowed as well, because they are all trying loan mods first. They call us back when they get turned down.
I know what you mean about needing buyers agents! I wish all my kids would just get their licenses! I would much rather keep it all in the family.
Glad to hear you are swamped with business and need help.
The website rocks and I love the "proof of funds" requirement for the legwork they are asking for.
BB,
I hope you get some help. Did you post up on Craig's List...I know an agent more local to me in a similar situation, but with REO's, and she received 50 resumes, also what about Linked In- Good recruiting tool.
BB,
Great looking web site! A tip 'o the hat for a job well done.
Not bad for an hours worth of work and for a push site even better yet. Job well done hope it brings in agent leads and expands your business.
Hi Bryant - Congrats on your business expansion! Interesting about your percentage of distressed properties.