Alaqua Lakes homes sales had a rough start in January 2012 based on the latest sales number from the Orlando MLS. This will be another tough year in values in Alaqua Lakes and even so sales very down in January 2012, at least sales might be increasing in light of lower prices and buyer may see this great opportunity to buy. More on Alaqua Lakes real estate is here……
Alaqua Lakes Real Estate 2011- Huge Increase in Sales, Huge Decline in Value
January 19, 2012 By Leave a Comment
Alaqua Lakes real estate had a bitter, sweet real estate experience in 2011. While sales showed a large increase, from 20 homes in 2010 to 33 homes in 2011, a 65% increase, values on the other hand suffered. As prices declined, sales increased. This is an excellent case study for sellers sitting on the market for a long time wondering why their homes are not selling. It is the price! At the same time, while sales increased the average price of a home experienced a massive reduction from $977,555 in 2010 to $728,452 in 2011, this represents a 25% reduction or $249,000 in price per home. Based on 33 sales in 2011, this is a reduction in value of $8.2 million in Alaqua Lakes real estate values. On the average, homes in Alaqua Lakes sold at $178.99 per sq. ft. compared to $199.90 in 2010. The average day on the market was 148 days and sold at 93% of listing price. Of the total sales in 2011, 2 were bank owned sales and 5 were short sales the others were traditional sales. Here, is a more detailed sales analysis:
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Golf course property sales: 12 sales in 2011.
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Average price $876,667, price per sq. ft. $186.00 and 209 days on the market
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None Golf course homes: 21 sales in 2011
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Average price was $643,757, price per sq. ft. $174.83 and 114 day on the market.
Home Sales by category:
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1 - 3 bedroom home sold for $365,000
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23 – 4 bedroom homes sold, average price $655,430, price per sq. ft. $177.91 and 114 days on the market
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8 – 5 bedroom homes sold, average $855,125, price per sq. ft. $177.17 and 248 days on the market
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1 – 6 bedroom home sold for $1,750,000, price per sq. ft. $230.93 and 261 days on the market.
There are currently 26 homes for sale, 3 are pending which is not a healthy sign compared to such a large inventory of unsold homes. 14 of these homes are in a short sale position. Here is the problem, with all of these homes currently on the market, the average price is $1,076,337, with $207.91 per sq. ft. If you compare the average price of the homes actively on the market and the average price of the sold properties which was $728,452 in 2011, there is a 30% difference and based on this price differential, Alaqua Lakes real estate values will still shrink in 2012.
Alaqua Lakes Home Sales for November 2011
December 14, 2011 By Leave a Comment
Alaqua Lakes homes sales in November dropped 50% over October. 2 homes sold in October and only 1 home sold in November, however, compare to November 2010 the market experienced a 100% increase because there were no recorded MLS sales in November 2010.
The home “which sold” in November 2011 was 107 Stetson Ct, it sold for $1,750,000, $647,000 off the original asking price of $2,39M or 27% less.
There is an abundance of 29 homes for sale, 13 are short sales and there is one bank owned home, located on 3424 Regal Crest Dr. currently listed for $510,000, 3150 sw. ft. with a pool located on a pond, it was built by Taylor Woodrow. The property is currently pending. There are 7 other homes currently pending for sale, 4 are distressed homes. The homes which are bank owned or are in a short sale status have the highest buyer demand. The price ranges of the homes currently up for sale, range from $499,000 to $2,595,000, “the average price” is $1,061,895 or $209.00 per sq. ft. and the median price is $884,000 or $206.00 per sq. ft. Alaqua Lakes is a sensational development and offers lots of first class amenities, and while the real estate market in Alaqua Lakes is challenged, long term it is an excellent investment. Looking to sell your home or do you want to know what the value of your home is, click here for free home evaluation.
Alaqua Lakes Real Estate Market update August 2011
November 20, 2011 By Leave a Comment
Alaqua Lakes real estate is experiencing some bitter sweet real estate news in 2011. While the real estate sales in Alaqua Lakes have experienced a huge increase from 20 sales in 2010 to 24 sales in 2011, which represents a 20% increase, it came at a heavy price. Presently there are 34 homes for sale in Alaqua Lakes, 12 are short sales and all short sales are pending and no traditional sales are under contract. Based on the current sales pace of 2.4 homes per month, there is a backlog of 14 months of unsold housing inventory
While the increase in home sales is encouraging, it has come at steep price declines in the average and median sales price. Compared to last year the average sold home price in 2011 was $718,000 or $179.18 per sq. ft. In 2010 the average sold price was $977,555 or $199.90 per sq.ft. The decline in the average price range is 26.5 %. The median price experienced an equally heavy drop of 28.5 % from a high in 2010 of $947,000 to $675,000 in 2011. Basically if you bought a home in Alaqua Lakes in 2010 your home lost value in the 20% ranges. An even more concerning statistic is the currently active listing inventory. The average listed price in Alaqua Lakes is $1,089,731 or $214.82 per sq. ft. and median price is $962,000 or $213.00 per sq. ft. which translates in homes being overpriced in the high 20 percentage range. With the active home inventory being priced so high and 35% of the housing inventory being distressed the area is going to continue struggling with values in the future.
Of the 24 home sales this year, 5 were distressed sales, 1 was bank owned 4 were short sales. The traditional sales actually have performed even worst, where the average value of a traditional sale was $683,000 and the average median sales price was $625,000. So the traditional sales where in fact heavy discounted to get sold. Pricing a home to sell is an art and requires years of experience, let my 23 years of real estate experience be the pivotal point in selling your home at the highest possible price. Click here for a free market analysis.
Alaqua Lakes Real Estate sale for July 2011 took a nose dive
August 8, 2011 By Leave a Comment
Alaqua Lakes, one of the premier luxury subdivisions here in the greater Lake Mary / Longwood area has seen a drop in luxury home sales for July compared to the same month of 2010. Sales dropped from 7 sales last year to 5 sales this year, or 28%. While 2 less home sales is not a significant amount of homes, it still is a drop and during these tough real estate times and economic down turn it is not welcome news. The homes which did sell in Alaqua Lakes were:
- 3335 Oakmont Ter. $365,000 (not a typo) 2236 sq. ft. $163.24 per sq. ft.
- 3232 Regal Crest Dr. $514,900, 3101 sq. ft., $166.04 per sq. ft.
- 3113 Regal Crest Dr. $574,000, 3558 sq. ft., $161.33 per sq. ft.
- 2030 Alaqua Lakes Blvd. $825,000 , 4201 sq.ft. , $196.38 per sq. ft.
- 3365 Fernlake Pl. $865,000 , 4523 sq. ft. , $191.24 per sq. ft.
One very concerning factor was also the drop in the average home price in July, it went from $899,857 in 2010 to $628,780 in 2011 or a drop of 30%. A similar drop was in the per sq. ft. price. It dropped from $175.00 in 2010 to $151.36 per sq. ft. in 2011 or a 18% drop. All the sales according to the MLS were normal sales, not distressed and the drop in value was not the cause of banks dropping the prices. There are currently 40 luxury homes for sale in Alaqua Lakes, 14 are short sales and 14 are pending. Year over year home sales are still ahead in 2011 by 3 homes, from 14 sales in 2010 to 17 sales in 2011. Home prices vary by location and condition of a home and to find out the value of your home please fill in the information on the blog to the right or click here for a Free Home Evaluation.
Alaqua Lakes Sales soared for the first 7 months of 2011 by 40%
July 13, 2011 By Leave a Comment
Alaqua Lakes home sales have increased from 9 sales in 2010 to 15 sales in 2011 which represents a 40% increase over the prior year, which is huge. The average per sq. ft. price however decreased from $204.46 in 2010 to $182.92 which is a 10.5% decrease.The homes which sold in 2011 were: 3335 Oakmont Ter. $365,000
3304 Regal Crest Dr. $512,000
3334 Regal Crest Dr. $515,000
3430 Regal Crest Dr. $520,000
3351 Regal Crest Dr. $550,000
3213 Regal Crest Dr. $574,000
3324 Lakeview Oaks Dr. $650,000
3382 Fernlake Pl. $625,000
3250 Deer Chase Run $700,000
1786 Oakbrook Dr. $785,000
3330 Lakeview Oaks Dr. $775,000
2030 Alaqua Lakes Blvd. $835,000
2080 Lakehaven Pt. $840,000
3385 Sterling Ridge Ct. $1,115,000
2019 Alaqua Lakes Blvd. $1,125,000
There are currently 41 homes for sale, 10 are only pending and out of these 41 homes 11 are listed for sale. Short sales are homes which have a mortgage balance above the value of the home and are being sold subject to the lender taking a loss on the sale. Only 3 homes this year have sold as short sales and they were:
- 3330 LAKEVIEW OAKS DR, LONGWOOD
- 2019 ALAQUA LAKES BLVD, LONGWOOD
- 3324 LAKEVIEW OAKS DR, LONGWOOD
Only 1 bank owned home sold:
- 3304 REGAL CREST DR, LONGWOOD sold for $159.15 per sq. ft.
Based on the current inventory of 41 homes for sale in Alaqua Lakes and the average sales of 2.1 homes per month and an inventory backlog of 19 months, it is projected that home values are continuing to decline for the rest of the year. There are still many more foreclosures expected in Alaqua Lakes which will continue to put a pressure on home values. For a more detailed home value analyses for your Alaqua Lakes home please click here
Alaqua Lakes and Alaqua Luxury Real Estate sales for 2010 declined by 33%
February 4, 2011 By Leave a Comment
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laqua Lakes real estate sales for the year 2010 declined by 33% over 2009. In 2009, 30 homes sold at the average price of $826,000 or $199.28 per sq. ft. In 2010, 20 luxury homes sold at the average price of $977,555 or $199.99 per sq. ft. Despite the strong decline in sales, the average home price actually increased slightly and the average price per sq. ft. stayed the same, $199.28 in 2009 and $199.99 in 2010. The decrease in sales is a concern because there are 29 homes for sale, one is a bank owned property located at 3304 REGAL CREST DR, it is a 4 bedroom 3 baths pool home listed at $510,000. There are also 7 short sales priced from $575,000 to $1,700,000. This translates into 27% of the housing inventory is in financial distress in Alaqua Lakes. There are only 7 homes currently pending and the average day on the market is 302 days. The homes on the market range between $510,000 to $2,339,000 and the average price is $1,010,655. This tells me that the homes are actually priced correctly because the listing prices are pretty close to the sold prices. The concern is the large amount of home inventory which is currently on the market and it looks there is a continued downward pressure on prices and an increase in foreclosures. Considering the 20 sales in 2010 and on the average of 1.6 homes selling, there is currently 18 month of unsold inventory on the market. The luxury real estate market for 2011 in general is in for a tough year and prices in general will be challenged. If you want to know more about Alaqua Lakes please visit my website at www.HOMESFORSALEALAQUALAKES.COM a comprehensive website with all the listings and school information about Alaqua Lakes.
