Merry Christmas and a Happy New Year!
A brief synopsis in the past 30 days for Tampa Bay Golf and Country Club. We have 34 homes for sale currently. This is the highest for the season since 2011. Fifteen (15) are under contract, “pending”.
Seven (7) have closed in the past 30 days, two were mine, 29358 Princeville, at $104.00 a sq. ft and 10428 Moshie Ln. I have three (3) pending, 29330 Coharie Loop listed at $239,000, 29545 Fade Ct. Listed at 152,900 and I received over 25 showings the first 30 days, and 10245 Moshie Ln all are scheduled to close before January 1st. I’m very proud of the performance I’ve given my customers and proud of the stability in value our homes are holding.
I will provide a more thorough review by mid December. I listged two (2) new properties listed this past week, 10628 Moshie Ln at a great value for $179,000 and 29515 Fade Ct. at $149,900 , 29461 Cochiti Lake at $217,000, 11140 Moshie Ln at $240,000 and excellent value. I also have three homes that I have not yet placed in the MLS and have sellers that will entertain fair offers before placing on the market in late January.
Sales are up 32% from last October in Tampa Bay Golf & Country Club
I would like to welcome “George Ballis” and “Linda Shannon” to my staff here at RE/MAX Capital Realty in Lutz a stone’s throw from Livingston and Sr 54!
Shall I name all the homes I’ve sold and or have for sale at this moment? You see enough of my signs to know I’m a worthy contender in selling your home or bringing buyers to your home! Quickly I will say I currently have 7 homes for sale, 2 who have listed but not ready to place in the MLS yet and 3 pending. That’s activity of eleven (11) homes inside Tampa Bay GCC. This does not include the properties my staff and I have outside of Tampa Bay Golf and Country Club.
It’s somewhat of an anomaly I’ve found this past year. Buyers visit in spurts, we may have 5 cash buyers one week, and half a dozen buyers qualified with VA, FHA, or Conventional loans. This is on average 11 buyers a month!
12 homes closed this time last year, (3) of those closing were mine. (9) Nine closed in the past 32 days, from October 1st. 2016 Four (4) of those homes were my buyers or sellers. This October has shown a lot of cash buyers, especially on some of the larger homes.
Sixteen (16 homes are pending at this time. Eight (8) exceed an asking price of $220,000 or more, and two of these are over ($300,000)
It’s important to know homes over 1800 sq. ft. and preferred locations have an average sold price of $122.00 per sq. ft. Many factors come into play to capture a sale at this price per square feet.
1700 sq. ft. with upgrades and semi-preferred to preferred location are capturing $111.00 to $117.00 per sq. ft.! A significant difference in values, the upside to this; appraisers will potentially use new completed homes by K-Hovnanian. Providing your home has a fairly new roof, and A/C unit and the inside is comparable to the new homes that fit in this criteria your home may qualify in this sold price range.
Please understand and I repeat this over and over, the appraised value or just value of your home, “IS DEFINED BY HOW MUCH Square Feet has central heat and air UNDER SHINGLED ROOF” Do not be deceived otherwise.
A great listing suggestion to a seller? To require an AS IS contract. Florida Realtors Association offers three (3) types of contracts from buyers agents and depending on the selection, some have more provisions to protect you than others. Call me when listing your home and I will share the pros and cons. Many new provisions that you the seller should know and also many provisions a buyer needs to know other than just filling in the blanks that these documents provide.
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.
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!
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.
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.