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Winter Park, FL Real Estate News

By Judy Chapman
(Referral Network of Illinois LLC)
Winter Park FL prices for luxury homes haven’t declined as much as the rest of the Orlando area (refer to blue trend line in the graph below). Data drawn from the My Florida Regional Multiple Listing Service during a recent 6-month period in 2009. While prices have fallen less than 15% from the top of the market, a few miles east in Oviedo, FL, prices have gone down from 35 to 40%, depending on the popularity of the neighborhood. In the East Orlando area — which includes once-hot subdivisions like Waterford, Eastwood, Stoneybrook, and Avalon Park — prices have dropped like a rock ... by a whopping 50%. On the flip side, there is a ‘price’ that homeowners of Winter Park FL luxury homes have paid, and that in the likelihood ... or unlikelihood ... they will sell. Back in 2005, when the ma...
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By Judy Chapman
(Referral Network of Illinois LLC)
When homebuyers of luxury properties are serious about purchasing in the exclusive suburb of Winter Park FL, they definitely drive a hard bargain.     Data drawn from the My Florida Regional Multiple Listing Service during a recent 6-month period in 2009.     Modest homes in the Greater Orlando generally sell from 93 - 97% of list price. But for Winter Park FL Luxury Homes, houses often go at steeper discounts.   Price Range Avg List Price Avg Sold Price Price % Sold vs. List Price $500-$749 $638 $564 88% $750-$999 $899 $805 90% $1000-$1249 $1,148 $1,106 96% $1250-$1499 $1,381 $1,225 89% $1500-$1749 $1,581 $1,298 82% $1750-$1999 $1,946 $1,690 87% $2000-$2999 $2,479 $2,166 87%   If you’re a Winter Park FL Luxury homeowner who has or will soon put your house on the market, be prepared for...
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By Judy Chapman
(Referral Network of Illinois LLC)
Let’s take a look at how many serious buyers are likely to be in the market for a Winter Park FL Luxury Home right this minute.    Price Range Sold per Month Active Listings Expired Listings Avg List Price Avg Sold Price # of Months Req'd to Sell Current Inventory $500-$749 3 60 183 $638 $564 24 $750-$999 2 44 113 $899 $805 22 $1000-$1249 1 9 31 $1,148 $1,106 18 $1250-$1499 1 15 33 $1,381 $1,225 13 $1500-$1749 1 11 21 $1,581 $1,298 17 $1750-$1999 1 17 22 $1,946 $1,690 26 $2000-$2999 1 13 35 $2,479 $2,166 20 More than $3000 0 12 20 NA NA   All Luxury Properties 8 181       22   Data drawn from the My Florida Regional Multiple Listing Service during a recent 6-month period in 2009.     Since only 8 buyers on average purchase a Winter Park FL luxury home during any one month, it’s pretty c...
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By Judy Chapman
(Referral Network of Illinois LLC)
If you’re trying to sell your house in Greater Orlando, Florida (specifically Orange and Seminole Counties) and it’s priced $500,000 and up, you’re probably frustrated with the dearth of showings and the low-ball offers.   The percentage of luxury properties sold versus all sales has crept down down down.         ALL SALES LUXURY SALES % Jul 2008         1,222 86 7.0% Aug 2008         1,100 73 6.6% Sep 2008         1,159 66 5.7% Oct 2008         1,016 48 4.7% Nov 2008            887 37 4.2% Dec 2008         1,110 47 4.2% Jan 2009            911 35 3.8% Feb 2009         1,083 41 3.8% Mar 2009         1,498 33 2.2% Apr 2009         1,529 42 2.7% May 2009         1,715 42 2.4% Jun 2009         1,959 61 3.1% Jul 2009         2,016 65 3.2% Aug 2009         1,956 52 2.7% Sep 2009         1,94...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Winter Park, Seminole and Orange Counties, Florida for September 2009.  Winter Park is made up of the zip codes of 32789 & 32792.  For purposes of this analysis we are only 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 prope...
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By Judy Chapman
(Referral Network of Illinois LLC)
Located just northeast of Orlando, Winter Park is rich in culture, beautiful houses, and a spirit of community. The suburb is filled with parks, a golf course, lakes, trails, brick avenues, tree-canopied streets, and historic architecture.   The Winter Park Chain of Lakes is popular for boating, fishing, and water-skiing. Winter Park is also known for its upscale shopping district along Park Avenue, where strolling along a ten-block stretch of more than 100 shops from national retailers to special boutiques, and featuring hidden courtyards and sidewalk cafés, can become an afternoon outing.   Community spirit is also evident in the variety of annual festivals, including the Bach Festival and the Sidewalk Art Festival. Its eight square miles encompass lovely old homes and a prestigious l...
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By Judy Chapman
(Referral Network of Illinois LLC)
Are you a homeowner who wants to modify your loan or do a short sale?   Fannie Mae and Freddie Mac have online websites that can provide important information regarding your mortgage loan.   Currently organized under the Federal Housing Financing Agency (FHFA), these organizations own or guaranty about half of all mortgage loans.   Finding out if Fannie Mae or Freddie Mac owns your mortgage has become important because only their loans are eligible for the Make Homes Affordable programs, which include now or will soon include certain short sale situations.   Fannie Mae and Freddie Mac also have rules against interfering with the real estate sales commission agreed to between you and your listing agent/broker.    Per Fannie Mae: “Effective March 1, 2009, closing of preforeclosure sales m...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Winter Park, Seminole and Orange Counties, Florida for August 2009.  Winter Park is made up of the zip codes of 32789 & 32792.  For purposes of this analysis we are only 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 properti...
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By Judy Chapman
(Referral Network of Illinois LLC)
Price per Square Foot for single-family homes in the Orlando area continues to show signs of stabilization. The trend has been ongoing since March, when prices ostensibly bottomed out before demonstrating a miniscule uptick. Since the trend — slight but steady — has been ongoing for the past six months, it gives hope that the future will soon bring stronger price pressures upward.   Source: Trendgraphix, Inc. and My Florida Regional Multiple Listing Service. Reports based on sales data available for the most recent month of activity.
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By Judy Chapman
(Referral Network of Illinois LLC)
Out of 129 total luxury homes listed in Winter Park, FL, only 6 houses sold while 15 have pending contracts.   Street Date Sold Sq Ft Original List Price Sale Price Subdivision HOLTS GROVE 08/05/09 5400 $2,550,000 $1,800,000 WINDSONG - LAKESIDE SEC 2 POINCIANA 08/06/09 4626 $1,550,000 $1,250,000 MAITLAND SHORES 1ST ADD MIZELL 08/17/09 4135 $1,150,000 $875,000 WINDSONG - LAKESIDE SEC 1 CORTLAND 08/21/09 4231 $1,980,000 $1,250,000 OSCEOLA SUMMIT TRISMEN 08/31/09 4560 $2,279,000 $1,850,000 OSCEOLA SHORES SEC 1 VIA TUSCANY 08/31/09 8643 $1,800,000 $1,459,000 CLOISTER GROVE SUB   Properties have been listed and sold by various MLS members.  Data drawn from the My Florida Regional Multiple Listing Service.   Just like the rest of the country, it’s much more difficult to sell a luxury home in ...
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By Judy Chapman
(Referral Network of Illinois LLC)
The rich aren’t any different. They get into financial difficulties just like everybody else. The following successful Luxury Short Sales in Greater Orlando FL occurred during the prior month. These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they consulted with a real estate agent to market their house. By finding a ready, willing, and able buyer, they were able to curtail any foreclosure proceedings and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a small percentage of their total obligation. On rare occasions, the lender may pursue a Deficiency Judgment. The important thing, however, is that these homeowners were able to salvage the ruinous credit rating they would have i...
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By Judy Chapman
(Referral Network of Illinois LLC)
Many think feel justified that appropriating any blogpost, newpaper article, photo, or op-ed piece on their own blog or website is not only their prerogative but their right. After all, it’s the Internet, isn’t it? Everything on the Internet is free, right? Copyright law doesn’t apply to the Internet, does it?  Intellectual property is fair game wherever it’s found, isn’t it? Just like most bloggers—including those on ActiveRain where I park my blog—I put a great deal of effort into each and every one of my posts. I can sometimes spend hours on a single one, making sure it expresses my thoughts clearly, hits the right tone, and addresses the issue fairly.   Should another blogger come along and republish my words and thoughts ... my intellectual property ... without first asking for my ...
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By Judy Chapman
(Referral Network of Illinois LLC)
When homeowners face difficult financial times, Short Sales are often the best way out. The story of this house illustrates how homeowners can avoid 1) foreclosure, 2) insurmountable debts, and 3) an uncertain future.     Lender: Wachovia Initial Purchase Price of Home: Over $450,000 Loan Amount Owed: $375,000 Hardship: Loss of job necessitating relocation Initial List Price: $315,000 Final List Price: $295,000 Last Mortgage Payment: Homeowners never stopped making payments Time to Obtain Lender Approval for Short Sale: 15 days! Monetary Contribution Required of Homeowners to Finalize Short Sale: $0   While Wachovia came through in spades with this particular Short Sale Approval, it seems to be a special case.   I’m currently working on a different Wachovia Short Sale with a 1st and 2nd...
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By Judy Chapman
(Referral Network of Illinois LLC)
Located just northeast of Orlando, Winter Park is rich in culture, beautiful houses, and a spirit of community. The suburb is filled with parks, a golf course, lakes, trails, brick avenues, tree-canopied streets, and historic architecture.   The Winter Park Chain of Lakes is popular for boating, fishing, and water-skiing. Winter Park is also known for its upscale shopping district along Park Avenue, where strolling along a ten-block stretch of more than 100 shops from national retailers to special boutiques, and featuring hidden courtyards and sidewalk cafés, can become an afternoon outing.   Community spirit is also evident in the variety of annual festivals, including the Bach Festival and the Sidewalk Art Festival. Its eight square miles encompass lovely old homes and a prestigious l...
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By Judy Chapman
(Referral Network of Illinois LLC)
Face facts. The consensus is in. The real estate market is the worst it’s been in decades. What’s more, there isn’t going to be a miracle ‘V’ recovery, so say many economists. When the market does recover, house appreciation will be slow and steady. Even then, it’s unlikely the market will regain full value for at least 10 years or more.   Now is NOT the time to make a killing. Got a lake property? An estate? Acreage? A ritzy house in a ‘to-die-for’ suburb. Think the land is worth more than the house? Own a unique property that only a select few would be interested in purchasing? Counting on a tear-down opportunity? These days, buyers aren’t in the mood for speculating. They’re looking for houses in tip-top condition that won’t lose value down the line.   Don’t fight the market. Not onl...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
The following are the market sales statistics for Winter Park, Seminole and Orange Counties, Florida for July 2009.  Winter Park is made up of the zip codes of 32789 & 32792.  For purposes of this analysis we are only 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...
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By Judy Chapman
(Referral Network of Illinois LLC)
Even though owners of luxury homes have much to offer in terms of quality, location, and amenities, the economy has put a damper on sales. While sales for all homes have skyrocketed since January 2009, sales for luxury homes have shown only a slight improvement.   Why can’t luxury homes sell? Scarcity of Jumbo Loans, that is loans totaling more than $417,000 Low appraisals in reaction to the recent sell-off Slashed stock portfolios Skittishness on the part of buyers, even when they can afford to purchase   What’s the bottom line? Simply, less buyers are willing to cough up the big bucks. Want proof? From 2005 through 2007, an average 159 luxury homes sold every month. Compare that to an average 52 homes selling every month during the last 13 months, which represents a 67% decrease.   Ho...
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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)
In Winter Park, only 6 luxury homes sold during July 2009 out of 141 houses for sale or with pending contracts.   Street Date Sold Sq Ft Original List Price Sale Price Subdivision RIPPLING 7/30/2009 5497 $1,300,000 $1,000,000 SHORES OF LAKE KILLARNEY PINETREE 7/8/2009 5600 $3,195,000 $2,600,000 SICILIAN SHORES OLOLU 7/15/2009 5000 $1,850,000 $700,000 KILLARNEY CIRCLE HOLTS GROVE 7/10/2009 3424 $1,250,000 $870,000 WINDSONG GIPSON GREEN 7/10/2009 4885 $1,250,000 $1,092,500 BOILEY GREEN SUB VENETIAN 7/29/2009 4957 $1,175,000 $1,100,000 MAITLAND SHORES   Properties have been listed and sold by various MLS members. Data drawn from the My Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.   Just l...
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By Judy Chapman
(Referral Network of Illinois LLC)
Just like the rest of the country, it’s much more difficult to sell a luxury home in the Orlando area than a regular home. The reasons are varied and often misunderstood or passed over as inconsequential. Question: How long does it take to sell a luxury home in Orlando? Answer: A very long time.   Take a look at the current real estate stats for homes priced $1,000,000 and above in Seminole and Orange Counties. Active 688 Pending Contracts 52 Sold in Last Year 143 Time Required to Sell Current Active Inventory 5 Years   While many believe the affluent have money to burn and nothing stops them from purchasing anything they want — including luxury million-dollar houses — the truth is just the opposite. Consider the following ~~   The wealthy are often more frugal. The affluent didn’t get ...
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