All I can say is WOW!!! Poinciana is down to 648 active listings. Considering there were almost 1100 in January this is incredible. Thats a decline in inventory of 59%. Yowsers!!! Inventory is flying off the shelves.

Heres another goodie. There were 132 closings in May. To put that in perspective, last year from January through May, there were 162 sales TOTAL for the 5 month period.

This year for the same 5 month period there have been 559 sales. Thats an increase of 345%

AND…..values are UP!!! Not much. But they are up. 2.5% from April to May of this year.

Now folks, I personally feel this change, while very positive, is temporary. My opinion is that another huge wave of foreclosures will be hitting the market after the summer. I truly hope Im wrong.

Anyway, lets enjoy a little positive news while we can.

Heres the lowest priced home in Poinciana Florida today.

3 bedroom 2 bath built in 1989 with 1274 sq ft of living area. Its a bank owned property priced at $24,900. It came on the market this morning.

The most expensive home is this 2658 sq ft home built in 2002 with 4 bedrooms, 3 baths ands a pool. This is a Short Sale priced at $350,000!!! Yikes!

OK thats it for me. See ya!!!

***All data was pulled from the Mid-Florida Regional Multiple Listing Service and covers the Poinciana Neighborhoods excluding Cypress Woods and Lake Marion.

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Hi folks. I wrote a post over two years ago titled “Let the Games Begin”. In this post I was pointing out that Poinciana was beginning to be a declining market and that Appraisers were making downward adjustments for this. It created quite the stir.

For whatever reason there were many who commented that felt this was not happening and would never happen. Well…..it was and it is.

I reviewed an appraisal today where the appraiser made a downward adjustment of $150 PER DAY on the recent sales.

Just to give you an idea of how this works. One of the sold comparables that was used closed in November. The adjustment was -$20,000!! The same house had a pool and it was adjusted -$8,000.

So what do you think about that? $8,000 for not having a pool and a whooping $20,000 for being a 5 month old sale. Have you seen this in your market yet?

****The chart and data in this post was provided by Richard D Ferris Florida State Certified (FHA) Appraiser

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

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MAKE AN OFFER ON ANY FLORIDA PROPERTY LISTINGS HERE

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How about a new market report?  

This report will encompass Poinciana Florida zip codes 34758 and 34759 excluding Solivita, Lake Marion Shores and Cypress Woods. This data was pulled form the Mid-Florida Regional Multiple Listing Service on 3-13-09. 

Check it out. Inventory is down to 812 properties. Thirty days ago there were 932 properties on the market. That’s a decrease of 15%. 

Now here’s the biggie. There were 152 closings in March 2009. That’s the highest amount of resale closings in a month…..EVER! That’s EVER as in “We have NEVER had that many closings in any 30 day period since Poinciana was established in 1973″.  

Folks that’s huge. Inventory is down and sales are way up. This is actually right in line with what you hear on the National news. 

But lets look a little closer. Of the 152 sales last month, 121 were either REOs or Short Sales. That’s 80%. 

Of the 385 closings thus far for 2009, 315 were distressed properties. That’s 82%.

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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. 

• The properties that are selling are REOs (foreclosures) and short sales. In fact more than 85% of the closings are distressed properties.

• Sales have increased drastically because the prices are so low.

• 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 Short Sale Sellers.

OK folks, here’s my year end market report for 2008. You read the papers and you watch the news. You hear all of the predictions and how bad things are. It’s very depressing!!! BUT….Real Estate is very very local. This report is very specific to Poinciana Florida. It has nothing to do with real estate in other areas. Some areas are better and some areas are….well….let’s just say some areas are better. If there are any that are worse please let me know. OK here goes………..

(INFO COMPILED FROM THE MID-FLORIDA REGIONAL MLS
SEARCH CRITERIA: ACTIVE 34758,34759 SUBDIVISION POIN)  

 Commentary from Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc 

I broke this analysis down to month by month in order to give you a true picture of what is going on in Poinciana Fl. Yearly averages will not work in a declining market. As you can see, the market in Poinciana is in dire straights. Properties ARE selling. In fact sales are increasing but…… 

There were 672 sales in 2008 compared with 420 in 2007. That’s an increase of 38%. However, 519 of these closings, for 2008, were distressed sales(either bank owned REOs or short sales). That’s 77%!!! 

There are currently 1,051 active listings (single family homes) in the Poinciana neighborhoods. This time last year there were 1,065. Not much movement there. 

The last 4 months we have averaged 87 closings. Using that figure there is currently 12.5 months of inventory on the market. That’s pretty good since last year this time there were 25 months of inventory. Prices are low enough that properties ARE selling. 

I find it incredible that the median price for homes sold in January of 2007 was $225,000 and 24 months later it’s $82,900. That just boggles my mind. What’s even worse is that the median price for houses that are under contract (pending) is $79,900. That means that prices are still declining. 

What can you buy in Poinciana Florida for $79,900 today?

 
How about this 2113 sq ft banked owned property with 4 bedrooms and 2.5 baths built in 2006? 

Or this 2093 sq ft REO with 4 bedrooms and 2 baths built in 2003? 

If these won’t work there are 308 more properties for less than $80,000. 

Folks, this about sums it up. 2009 is going to be quite the ride. Foreclosures are going to increase and values are going to continue to decline. Unless you absolutely need to sell you property DON"T!!! If you must sell….call me. 

If you are a buyer, you need to be buying. Prices are awesome and rates are low. If you are waiting on the bottom you may very well miss it. The only way we will know we have hit bottom is when it is in our rear view mirror. 

So there you have it…. Broker Bryant’s year end market report for Poinciana Florida. Any questions? 

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

POINCIANA FLORIDA REAL ESTATE MARKET REPORTS

Hi folks, buckle up, it’s time for a new market report. I do have some good news this month. The number of properties that have sold has increased quite drastically over the last 3 months. To be exact, sales have increased 35%!!

Inventory has also remained steady with there currently being 1,172 single family homes on the market. This number has been roughly the same for about a year now. However, prices have continued to decline with values dropping 15% since the end of July.

Read more »

So the big news in real estate this week is…. “The National Association of Realtors reported that sales of existing homes rose by 5.5 percent from August to September to a seasonally adjusted annual rate of 5.18 million units - far better than the flat results analysts had expected. On an unadjusted basis, sales were up 7.8 percent from September last year. But even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.” (From Newsweek) 

Let’s see how this applies to real estate in my market Kissimmee/Poinciana Florida. 

In August there were 55 sales in Poinciana Florida. In September there were 66. That’s an increase of 17%. Compared to 5.5% Nationwide. OK so Poinciana beat the National average. That’s a good thing. 

Now let’s compare the other stats. Nationwide sales were up 7.8% compared to same time last year. Poinciana had 26 sales September of 2007 and 66 this September for an increase of 61%. Holy crap!!!!! 

Read more »

Hop on and let’s take a ride together.

Hi folks. I had one of my Sellers email me earlier today needing an update on what is going on with her property. She’s an absentee Seller and I could feel her frustration. She had been to my Poinciana website and noticed that I had just closed on a short sale that was similar in size to her house. The market right now is very frustrating and I truly feel formy sellerswho are trying to sell.  BUT….as a listing Broker, I can’t control the market and I certainly don’t take responsibility for it. 

When I first listed this property we were within 5% of market value and have in fact had 2 offers on it that were turned down. So here’s my response to my Seller. 

START OF EMAIL

Thanks for your email. I did just close on a short sale property a couple of weeks ago. It was about the same size as yours but was a single story. It sold for $140,000 with the seller paying $8,400 towards the buyers closing costs for an effective selling price of $131,600. 

We are getting some activity on your home but it is very sporadic. I have attached a market report showing how homes with at least 4 bedrooms, 2000 sq ft or more built no earlier than 2004 are doing in Poinciana since we placed yours on the market. 

What it shows you is that there are currently 199 homes for sale that meet these parameters. The average home has 4 bedrooms 2,551 sq ft and is priced at $174,413 or $68.49 per sq ft. For reference yours is priced at $74.79 per sq ft. 

There are 18 properties under contract(pending). These are on average 4 bedroom homes with 2,623 sq ft priced at $151,446 or $58.50 per sq ft. 

There have been 52 sales since your house was placed on the market. These were 4 bedroom homes with 2,552 sq ft and sold for $160,917 or $64.30 per sq ft. 

This shows me 2 things:

1. First, the homes that are selling (sold and pending) are larger than yours and are selling for less money per sq ft. The sales are at $64.30 and the pendings are at $58.50.
2. Secondly, this shows me that prices are still declining. That means that your house will be worth less tomorrow than it is today and less next week than it will be tomorrow. 

The last time we discussed pricing was 4 July. At that time, the average price per sq ft was $66.00. Your house at that time was worth $141,000. Based on that figure a price reduction to $149,000 was suggested. You agreed to $159,000. 

Based on today’s price per sq ft the value of your house is $137,500. So the issue is still pricing.

Poinciana is averaging about 45 sales a month out of 1200 listings. That means that there is 26 months of inventory on the market. 83% of the sales are either bank owned properties (REOs) or short sales. 

So, to answer your question, people are looking at the best priced properties out there. If they can find a bare basic house that is relatively new for $20,000 less than yours then that is what they are buying. 

To compound our market difficulties, as of September 31st, Seller paid down payment assistance will no longer be allowed. This is a huge part of the market in Poinciana. FHA is also raising their minimum down payment from 3% to 3.5%. Mortgages are getting more and more difficult to get. 

So what do you do?

• Reduce it and sell it before it gets worse.
• Rent it out. 

Here is a link to my latest market report. 

I hope this helps you to understand what’s going on. I’ll look forward to your thoughts. Please feel free to give me a call if you want to chat. END OF EMAIL 

Folks, chasing a declining market downward is a losing proposition. All I can do is be honest and give the facts. Should I respond differently? 

I know you guys have been sitting on pins and needles waiting for this month’s market report. So here you are……Poinciana Florida real estate market report for July 2008. 

***This data was pulled form the Mid-Florida Regional MLS on 8-7-08 and is deemed reliable. It includes Poinciana neighborhoods in zip codes 34759 and 34758 but does not include Solivita, Cypress Woods and Lake Marion Shores.*** 

For the month of July there were 62 single family homes that closed with an average property having 3 bedrooms, 2 baths, 1812 sq ft of living area. Most were built in 2000 or later. The average selling price was $118,175 and the median selling price was $118,250. 

51 of these 62 sales were either bank owned (REOs) or Short Sales. That’s 83%!!!

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