Since September 1st, 2016 lets see what’s trending in TBGCC

THIS MONTHS STATS DO NOT INCLUDE K-HOVNANIAN COMPLETED HOMES.

September has been above average with per-qualified buyers and cash buyers.  Some lookers, but negotiations are becoming tougher with sellers compromising to meet most buyers’ offers.  Many offers are subject to buyers home selling!  For this reasoning, we had SIX (6) pending, and now have FOUR (4) contracts that show active in the MLS. OR (ACT) active with a contract and shows active on Realtor.com and Zillow, Trulia and Homes.com etc.

A 2/2 Villa  on Chatuge sold for $149,900, and another 3/2 on Caddyshack in pristine condition only sold for $135,000 and had great privacy in the back.  This indicates a diverse demand for sellers and buyers.  Very challenging for appraisers and most importantly the qualified Square Foot under roof!   Sellers believed to yield more for glassed or acrylic enclosures with aluminum roofs is a false and deceptive myth.  More often than not, when appraisal comes back, offers become challenged, and buyers more often than not will walk away unless the seller reduces the selling price to meet the appraised value.  It certainly jeopardizes the transaction and in many cases, KILLS the deal!

ELEVEN (11) homes closed/SOLD in September. SIX (6) conventional loans and FIVE (5) all CASH!  Preferred Fairway location and conservation views yielded the highest per sq. ft. averaging $10.00 to $13.00 per sq. ft more and significantly lower than the first SIX (6) Months of 2015.

FOUR (4) homes have WITHDRAWN their homes from the MLS , TWO (2) are temporarily off the market and one listing has expired.

What’s happening in Tampa Bay Golf & CC since August 1st, 2016

Yes it’s a fair to say, sales have slowed down in Tampa Bay Golf and Country Club!

I cannot say with a clear conscious that sales have stopped! This simply is not true!

 Before I continue, I would like to welcome my new transaction coordinator George Ballis. An exceptional asset to my staff!

 August has all but stopped with buyers. Lots of lookers, however very few actual offers!  Buyers are becoming very savvy and do their due diligence before viewing or making offers on homes. Seven (7) homes have gone on the market since August 1st, and one of those was on the market only (1) day.  I have the buyer  on this transaction too!

In the last 45 days my STAFF and I have received more than 30 inquiries. We have also qualified SIX (6) BUYERS!  Three are qualified for $150,000 or less, and TWO are CASH buyers.  Three are qualified for $220,000 to $300,000 and two of these are CASH BUYERS.

My data has revealed SIX homes have gone pending in the past 38 days and TWO (2) of these are my buyers. ELEVEN (11) have sold. However this can be deceiving since many of these new homes have been under contract for as long as SIX (6) MONTHS, and with all the new banking regulations, loans can take as long as 60 days or longer. The average loan is taking 45 to 50 days right now.

We are also working with a qualified buyers for $900,000 and another for $450,000 needless to say they are not looking in our community!

TAMPA BAY GOLF Home sales 8/15/2016

It was an extremely busy weekend, I personally secured contracts on 10257 Hyannisport Loop, listed at $257,000 and on 29461 Cochiti Lake Dr listed at 217,000.   

My observations, appear to be supported that K-Hovnanian builder is the driving force for buyers at this time. The lookers and buyers are viewing $175,000 and above at the current time and many looking at new homes, are committing to a new home. The down side for these buyers?  Permits and completion dates are dragging and it could be late January before a home can be completed. Some buyers do not want to wait this long and have chose to purchase a home that was built from 2011 to the current date and can provide documentation that it is better than new. Lennar Homes have been favored over K-Hovnanian in my experience this year and last 2 years. Often Lennar offered and stands by it’s 10 year warranty and certainly out weighs a buyers options on a new build. 

I have received a great deal of traffic on many of my other listings in Tampa Bay Golf & Country Club. The feedback however not fully supported says the home is priced well but either too large, or the buyer, especially if represented by a Realtor favors a new K-Hovnanian.

I must say the incentives for a buyers agent are excellent, to steer buyers towards a new home, because the incentives are extremely attractive to buyers agents. K-Hovnanian offers up to 4% commission to a buyers agent referral and guarantees they will care for the buyer exclusively and inform us when closing date is  scheduled. So why wouldn’t many agents favor this opportunity. I still like to work with re-sales, since it’s much more rewarding and the buyer and the seller are more often than not very satisfied with their choice. 

AUGUST 10, thru all of JULY TRENDS IN TBGCC

There is a myth that homes selling in Tampa Bay with upgrades do not receive additional value by appraisers!

I have sales that only new homes were used to establish value for a home in contract.

LET ME BE CLEAR!  Many elements can govern the judgement an appraiser may use. Appraisers will NOT include a Lanai in the square feet of heated space unless it is under a shingle roof. This means a Lanai with aluminum, insulated roof/ceilings will not be used in their evaluation.

Homes that have upgrades, pristine condition, and documented maintenance by a licensed contractor have a great deal of merit when an appraiser looks for comparable sales.  If few re-sales are difficult to find, my experience is the appraiser will use NEW sales in there comparable adjustments.

Location adds significant value; however this element can vary to extremes depending on the location of the property, the condition of the property, and additional factors directly related to the subject property for sale!

Why may appraisals vary so much you may ask?  No two (2) appraisers are a like!

Criteria and ease of access to data can determine the value an appraiser may consider.

The demand and guidelines these professionals are judged by are extremely more difficult than 5 years ago.

The work load often demands assistants that gather the data and the final appraisal may be determined by a walk through or just a drive by.  Thus, the reason 2 appraisals on the same property may be so far apart, or different.

More often than not, a lender ordered appraisal may have strict protocol and without doubt will affect the final accepted value.

July and the beginning of August have all but stopped with buyers. Lots of lookers, however very few actual offers! Very few new homes have been listed on the market, and if priced wisely are not on the market more than 30 days.  Ten (10) homes have gone on the market in the last 45 days. Only four (4) have strong offers and two (2) are Active with a contract.

When searching for homes you may notice they are ACTIVE however this may read as a false positive. Some sellers agents may place the home Active With a Contract.

The offer may have contingencies that the seller does not feel comfortable with.                       The property shows Active in all the websites and can potentially drive additional                   buyers to inquire.

The seller may ask for a kick-out-clause for perhaps and better offer and faster                       closing.   “These are only a few that come to mind at this time.”

Nine homes have closed in the past 45 days. This can be misleading as many of the homes that the buyer chooses to finance can take from 45 to 60 days to close.

Three of these homes sold, were below 1600 Sq. Ft. and average selling price = $104.50 per sq. ft.

The remainders of the homes sold were above 1600 Sq. Ft. Average $114.60 and those with virtually no upgrades and very little maintenance over the years and have sold for $80.00 per Sq Ft and had many repairs to face and/or new appliances and upgrades to meet a buyers satisfaction.

Lots of lookers and not a whole lot of serious buyers, and that’s normal this time of year.  K-Hovnanian is cutting prices to clear out inventory and several models have prices drastically reduced.  They would like to be out of here by October.

I have 2 serious buyers, one showing all day on Monday $200K to $300K, here and Lake Jovita, the other is $140K or less and has rejected two contracts due to inspection issues.

July 1, 2016 Tampa Bay Golf Community Real Estate Data!

TWO HUNDRED and TWO (202) resale homes have closed since January 1st 2015 and 93 New Homes and or models have sold since January 1st 2015

Eighteen (18) Homes were sold by myself, to investors, and/or new home owners. Potentially other brokerages may have participated in these sales, and may not be recorded in the Multiple Listing Service. (MLS).  The balance of the remaining sales are quick claimed and/or transferred warranty deeds, to perhaps relatives or partners!  

One Hundred and Fifty one, (151) of these homes were 1650 sq. ft. or larger. Average sale price is not included as these sales are over a period of 18 months and cannot be considered in an opinion of value due to these time elements. Twenty six (26) of these homes have been sold in 2016!  The price per sq. ft. ranges from $126.00 per sq. ft. to as low as $83.00 per sq. ft.

One Hundred and Twenty seven, (127) of these homes were 1649 sq. ft. or less. Again average sale price is not included per the definitions in the above paragraph.  (43) of these homes have been sold in 2016! The price per sq. ft. ranges from $134.50 per sq. ft. to as low as $73.23 per sq. ft.

A great deal of factors come into play when evaluating sales. Year of home, upgrades and maintenance, location, and “yes new homes have been used in appraisals, depending on the conditions of the resale.” “LET ME BE CLEAR, I personally set the NUMBER ONE, benchmark for the use of NEW HOME SALES, to be included in resale home appraisals, June 2015!  YES I hold the bragging rights, and any other agent claiming they started this trend are mistaken in their claim!

Location may offset resale values with homes that have few upgrades, however homes with few upgrades, and neglected properties no matter where the home is located will have consequences, and therefore rarely can be used in evaluating accurately!

The first 6 months of 2015,   Tampa Bay closed on 66 resales & 39 new homes

The first 6 months of 2016,   Tampa Bay closed on 60 resales only 46 were from the Multiple Listing Service and 19 new home sales have been recorded sold.

Six (6) foreclosures have been filed since the first (1st) of January 2016.   No Sale date has been record. The addresses of these properties are as follows;  10637 Collar Dr., 9438 Rolling Cir., 29301 Zeller Ave., 29153 Princeville Dr., 10322 Moshie Ln., 29515 Fade Ct.

The above information is provided as a courtesy only, is not a full warranty, and should be independently investigated.  If you are a potential buyer, investor, or seller I will be happy to provide a free estimate for the value of your property.

June 16th TBGCC sales activity

THESE Statistics do not reflect ALL the new construction sold or under contract. This POST does not include Foreclosures or Short Sales. The last Short Sale, I SOLD located at 10145 Old Tampa Bay Dr. from contract to closing, only took 47 days!  LET ME BE CLEAR, the majority of foreclosures are selling for market price. When the Bank determines the clean-up, new paint and flooring will be supported when sold, they often move forward with improvements and the properties DO sell close to market value, and do not affect the appraised value as once thought.  “CAUTION” every foreclosure I’ve represented the buyer in the past two 2 years requires the buyers to sign an addendum that releases the SELLER or (BANK) of any liability and may exercise the option to retract the contract even on the day of closing!

A quick synopsis of sales activity since April 1st for TBGCC !

This is all homes from 1200 sq. ft. heated to 2700 sq. ft. heated.  2 & 3 bedrooms!  You will notice how distorted these stats can become when I break this down.

New Construction generated a huge advertising blitz the last week in April and first week in May that generated TEN (10) BUYERS ON RESALE HOMES.  The most activity in a two-week period in all of 2016.  K-Hovnanian is without doubt an influence on TBGCC market!

This does not include all NEW construction activity!

ALL non-segregated home activity with Seventy three (73) properties reporting  since April 1st, 2016SOLD Twenty six  (26). My sources indicate the Multiple Listing Service is correct with these statistics in this time period. I sometimes find transactions are not reflected in the MLS.  Sometimes what we call a POCKET LISTING by myself or another brokerage.  PENDING or ACTIVE with Offer  Twelve (12) AND  ACTIVE INVENTORY  Thirty five  (35)

Let’s break this down a little bit so it’s not so deceiving;

ACTIVITY TWO (2) BEDROOMS; SOLD & CLOSED,  Fourteen  (14)   PENDING or ACTIVE with Offer,  Seven  (07) AND  ACTIVE TWO (2) BEDROOM  INVENTORY,  Ten  (10)  AVERAGE DAYS ON THE MARKET (83)  and most importantly  AVERAGE SOLD PRICE PER Square Foot $101.00

ACTIVITY THREE (3) BEDROOMS; SOLD & CLOSED Twelve  (12)  PENDING or ACTIVE with Offer, Five  (05) AND  ACTIVE THREE (3) BEDROOM INVENTORY Twenty five  (25)  AVERAGE DAYS ON THE MARKET  (95) and most importantly  AVERAGE SOLD PRICE PER Square Foot      $105.00

 These are averages and DO NOT reflect resales with UPGRADES and SCENIC VIEW’S