Lake Mary, FL Real Estate News

By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Lake Mary, Seminole County, Florida for July 2009.  Lake Mary is made up of the zip code 32746.  For purposes of this analysis we will be splitting the data according to single-family homes vs, condominiums, townhomes and villas.   A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.   The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of prop...
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By Judy Chapman
(Referral Network of Illinois LLC)
These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they hired a real estate agent to market their houses on the My Florida Regional Multiple Listing Service (MLS). By finding a ready, willing, and able buyer, they were able to stop foreclosure proceedings in their tracks and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they’ll be able to purchase a new home with a conventional mortgage. Street Date Sold Original List Price Sale Price Beds Baths Sq Ft...
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By Judy Chapman
(Referral Network of Illinois LLC)
1. Lender requires homeowner to sign a promissory note. 2. Lender determines market value is higher than contracted price.   3. Buyer cannot obtain financing.   4. Buyer backs out of contract after home inspection.   5. Lender cautions that they may pursue a Deficiency Judgment  
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By Rob Arnold, Metro Orlando Full Service - Investor Friendly & F
(Sand Dollar Realty Group, Inc.)
Can I make changes to my Florida flat fee mls listing once it has been inputted into the MLS? Yes. We allow unlimited changes to your MLS listing during the first 14 days. After that we allow 1 change per week with a maximum of 20 changes during the life of the listing. We are quite liberal with allowing changes as long as we feel we are not being taken advantage of. All changes will need to be in writing and submitted on a Status Change Form. Can I use my own For Sale By Owner sign on my flat fee mls listing? We recommend that you use our company For Sale sign. Other Realtors often get confused or nervous about not getting paid their commission if they do not see the Listing Realtor's sign in the yard. If you do want to use your own sign, we recommend that you write the MLS # on the si...
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By Judy Chapman
(Referral Network of Illinois LLC)
To write a recent post Do You Have 10 Years to Wait Around for the Housing Recovery, I put on my analytical hat to illustrate the future for Orlando’s real estate market. Anyone reading the post or studying the accompanying graph — which showed that house prices in the Orlando area are not likely to recover to 2007 levels for 10 years or more — would have been either heartened or devastated.   For optimists, it showed a small light at the end of a dark dark tunnel.   For pessimists (or perhaps realists), only the dark tunnel existed.   In hindsight, I realize the post lacked the human factor.   People who purchased a house in the last 5 years are suffering in many ways — emotionally, financially, spiritually. The real estate market crash has consequences that go deep and strike at the c...
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
Lake Mary Luxury Living in Magnolia Plantation one of the area's nicest gated communities, not to mention golf course communities. You know you are home when you enter the gates of Magnolia Plantation in Lake Mary, FL. This beautiful "Back to nature" setting of North Orlando is nestled up to the Wekiva River Basin and offers large quarter-acre to one-acre custom estate home sites. Some of the many custom builders found in this community are Brentwood Homes, Hillcrest Homes, Aruther Rutenberg Homes & Carmen Dominguez. Most all homes enjoy a wooded conservation or golf view.  A large nature park area equipped with playgrounds and picnic pavilions, 18 hole championship golf course and clubhouse are some of the many amenities available.  Magnolia Plantation is located in Lake Mary, FL which...
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By Judy Chapman
(Referral Network of Illinois LLC)
1. Homeowners cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other hardship circumstance. 2. Homeowners have no choice but to sell their house.   3. Homeowners cannot repay the loan in full given current market conditions.
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Lake Mary, Seminole County, Florida for June 2009.  Lake Mary is made up of the zip code 32746.  For purposes of this analysis we will be splitting the data according to single-family homes vs, condominiums, townhomes and villas.   A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.   The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of prop...
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By Judy Chapman
(Referral Network of Illinois LLC)
Based on recent sales activity, luxury homes in Lake Mary can take twice as long to sell than modest homes.   In addition, those homes that eventually sell are discounted 30% or more.      Lake Mary Luxury Homes (Priced $500,000 and up)       Single Family Houses Only Houses for Sale Houses with Contracts Houses Sold in Last 3 Months 7/11/2009       RECENT ACTIVITY 85 16 17 Average Square Feet 4263 3607 3770 Average Price per Square Foot $216 $168 $160 Average Days on Market 276 181 157 Average Price $944,369 $603,643 $562,900         Months Required to Sell Current Inventory of Houses for Sale 15.0             Price Ratio Compared to Solds 168% 107%     Take a look at the deep discounts required to sell the luxury properties shown below, and you’ll understand the sacrifices involved.  ...
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By Judy Chapman
(Referral Network of Illinois LLC)
1. Helps to avoid the devastating consequences of foreclosure, the process by which the lender repossesses a house when borrowers default on their loan.   2. When market conditions make it impossible to sell a house at a price that can pay off the mortgage loan and associated closing costs in full, allows homeowners to sell without incurring insurmountable debt.     More Short Sale Success Quick Notes! 1 Important Reason Why Short Sales Aren’t Easy 2 Important Reasons to Consider a Short Sale 3 Criteria to Qualify for a Short Sale    5 Benefits of a Short Sale   4 Considerations for Your Lender to Approve the Short Sale    10 Steps to a Successful Short Sale    9 Agent Services from Start to Finish 
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
I know lenders and other Realtors are telling you it's not true you cant do it, they are WRONG. I wrote a blog the other day for First Time Home Buyers wanting to use their $8000 Tax Credit as their Down Payment. It's true it can be used as your minimum 3.5% down payment however very few people will have the opportunity to do so. I have worked with Government agencies in Seminole & Orange County helping first time home buyers for years get assistance and this time it's no different. The State has granted local agencies throughout Florida a certain amount of funds for First time home buyers to use as their down payment. That means not everyone will be able to do so. These agencies will take applications only allowing 75 people to apply and with only about 50-60 of those people being able...
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By Monika Depalo, REAL ESTATE Agent/Stager
(GAFF'S REFERRAL'S INC.)
 Old World Custom Carriage Garage Doors create ambiance and provide that old Craftsman look in this Lake Mary home between Heathrow and Sanford-Florida Various wood finishes can complement your home and add warmth. Many have undergone wind load and impact testing at 90, 120 and 150 mph like hurricane force winds. Some are are swing out and others are made to look like they do. Some garage doors qualify for a tax credit.  Garage doors get used many times so are a practical expense. Homeowners have to decide if the improved curb appeal is worth the extra few thousand dollars.  For a luxury home, it adds a disctintive touch.    
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
Ok there have been rumors, I have posted blogs and had to retract those blogs. I have spoken to local and state agencies as well as the Government agency on the national level that is handling the First Time Home Buyer tax credit and have the skinny.   The program is called Florida Home Buyer Opportunity Program. Phew, what a name, but yes if you are a qualifying first time home buyer you will be able to use your $8000 tax credit as your down payment. However the rule is it's up to  $8000 or 10% of the homes purchase price. IE: you buy a $75000 home you only get $7,500. The other rule is these funds will have to be repaid once you close on the home so it's a short term loan with no interest from the government.    So here is how it will work. Ex: You qualify for a home loan for $150,000...
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By Judy Chapman
(Referral Network of Illinois LLC)
The terms Distressed Sales or Distressed Properties are often used to describe houses facing various stages of foreclosure. Usually, such houses are sold at steeply discounted prices, and because they are, they have a damaging effect on the market value of all the other homes in a given neighborhood or community. The following ‘distressed’ properties have recently been sold as REOs or Short Sales.   Street Date Sold List Price Sale Price Beds Baths Sq Ft Pool EGRETS LANDING 06/24/09 $161,500 $155,000 3 2 1683 N ASHBROOKE 06/23/09 $269,000 $274,000 4 3 2507 N ROLEX POINT 06/22/09 $650,000 $600,000 5 3 4924 N BRIDGEWATER 06/18/09 $975,000 $700,000 4 5 4578 Y RACCOON 06/04/09 $354,900 $355,000 3 3 2835 Y FALCON CREST 05/29/09 $161,000 $158,000 3 2 1501 N MORNING GLORY 05/29/09 $154,900 $15...
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
Looking for the finest home money can buy in Lake Mary, FL? Look no further then this stunning home located in Lake Club. You can be Dwight Howard's next door neighbor.   Impressive in stature and welcoming in feel, this home is sheer elegance with expansive two-story windows over-looking the lake. Designed for entertaining, majestic wet bar and wine room, gourmet kitchen, adjacent pub room with full gentleman's bar, theater room, outdoor living with fireplace and summer kitchen/ grill. Dramatic, two- story master bedroom with morning vestibule and kitchen with Frenh doors spanning the back wall. Adjacent to the master is a private library with spiral staircase leading to cozy retreat. Sweeping onyx leads to the second story, but no worry the elevator wil work just as well. Sophisticate...
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
You heard me right, you dont need a Realtor, if your a buyer. Why would a Realtor be saying such a thing. I mean isnt that what the commercials are always telling us how much you need a Realtor. Well it's true you dont need a realtor to pull you listings of houses and to see what's on the market. You dont need a realtor see how much the previous owner paid for the house or how much they owe. You dont need a Realtor to see the interior of the home with today's photos and virtual tours or to drive you around to the neighborhoods and point out the nifty little things. You dont need a Realtor for crime statistics or to find the nearest sex offender to the home you like. Heck you dont even need a Realtor to comp up with a fair market value for the homes you are interested in. If you are curr...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Lake Mary, Seminole County, Florida for May 2009.  Lake Mary is made up of the zip code 32746.  For purposes of this analysis we will be splitting the data according to single-family homes vs, condominiums, townhomes and villas. A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active. The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of propertie...
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
You heard right, you can now use your First Time Home Buyer tax credit as your down payment on a home . WHAT? I heard that you couldnt do this. Well now you can. Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out Great news for Seminole County First Time Home Buyers looking for down payment assistance. SHIP maybe out of money but that doesnt mean you can't get DPA.   If you have been thinking about purchasing your first home but didnt have the down payment now you don't have...
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By Heather the Realtor Orlando, Lake Mary, First Time Home Buyers, Bank Owned Homes
(LemonTree Realty)
Have you dreamed about living in Lake Mary/Sanford Area? Looking for newer construction?  I have a Bank Owned Gem / Reo Property right here in the Sanford/Lake Mary Area. This unit is not yet on the local MLS and here is your chance to get in before the rest of the market. Community is Gated and features a pool and playground, easy access to I-4, 417 and all that Lake Mary has to offer. All month payment includes (HOA, Taxes, interest, insurance and mortgage principle) for less then $900/mo, all you need is $2800 to move in. With this home purchase you qualify for the $8000 First Time Home Buyer Tax Credit available to Lake Mary Area Buyers. Bonus, the bank is paying for 6 months of HOA payments!    3 Bedrooms/2.5 Bathrooms  2 Car Garage - Covered Patio, SS appliances, New Washer & Drye...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Lake Mary, Seminole County, Florida for April 2009.  Lake Mary is made up of the zip code 32746.  For purposes of this analysis we will be splitting the data according to single-family homes vs, condominiums, townhomes and villas. A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active. The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of propert...
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