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Alaqua Lakes Homes for sale 1st quarter 2012 – Very slow

April 14, 2012 By Leave a Comment

Alaqua Lake Homes sale in the first quarter of 2012 took a nose dive by 42% compared to 2011, from 7 sales in 2011 to 4 sales in 2012. Reason is unknown and certainly it is not due to a lack of housing inventory in Alaqua Lakes as there are 29 homes currently for sale and only 7 homes are pending. Alaqua Lakes real estate sales mirror the home sales trend in the greater Orlando area, it was equally as bleak as homes sales in Seminole and Orange county over 2011 declined by 12%.

The following homes sold in Alaqua Lakes in the first quarter of 2012

• 3216 Winding Pine Trl., Short Sale, 4 BR. 3.1 Bath, Pool Home, 770 ACDOM ,none golf
o Original asking price $999.000 Sold price $481,500, $146.44 per sq. ft
. • 3449 Ashton Oaks Cv., Short Sale, 4 BR. 3.1 Bath, Pool Home,  163 ACDOM, none golf
o Original asking price $799,000, sold price $585,000, $162.73 per sq. ft.
• 3438 Foxmeadow Ct., Traditional sale, 4 BR. 4.1 Bath Pool Home, 24 ACDOM, golf front
o Original asking price $1,024,900, sold price $940,000, $195.63 per sq. ft.
• 3516 Legacy Hills Ct., Short Sale , 4 BR. 4.1 Bath, Pool Home, 1161 ACDOM, golf front
o Original asking price $1,675,000, sold price $1,365,000, $205.00 per sq. ft.

ACDOM, means accumulated days on the market. This is a good indicator how long it takes to get short sales approved.

While a home may have had a contract within 30 days, it may take 2 years to get the bank to approve a short sale. A short sale is a process where a bank agrees to sell the home below the mortgage balance.  For more information on short sales please go to Orlando Short Sales Realtor. There are 29 homes currently on the market in Alaqua Lakes, one is owned by the bank and 13 are short sales. Almost 50% of the Alaqua Lakes housing inventory is distressed and therfore points towards further decline in housing values, especially as home sales continue to slack, based on only 7 homes being in pending status. Pending means the homes currently have a contract and waiting for final approval to close.  Home prices for the first quarter in Alaqua Lakes were a mixed bag as well, with the average sold price for 2012 being $842,875 and the 2011 price selling at $813,143. While 2012 shows a price increase on the average sales price per home, the per sq. ft. price actually declined from $187.30 to $177.54 in 2012, which represents a 5% decline.  For a free and professional home valuation on your Alaqua Lakes homes please click here at Free Alaqua Lakes Home Valuation.

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles Tagged With: , , , , , , , , , ,

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:

  • Golf course property sales: 12 sales in 2011.
  • Average price $876,667, price per sq. ft. $186.00 and 209 days on the market
  • None Golf course homes: 21 sales in 2011
  • Average price was $643,757, price per sq. ft. $174.83 and 114 day on the market.

Home Sales by category:

  1. 1 -     3 bedroom home sold for $365,000
  2. 23 – 4 bedroom homes sold, average price $655,430, price per sq. ft. $177.91 and 114 days on the market
  3. 8 –   5 bedroom homes sold, average $855,125, price per sq. ft. $177.17 and 248 days on the market
  4. 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.

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles

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.

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles, Uncategorized Tagged With: , , ,

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.

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles Tagged With: , ,

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

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles

Alaqua Lakes and Alaqua Luxury Real Estate sales for 2010 declined by 33%

February 4, 2011 By Leave a Comment

 Alaqua 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.

Filed Under: Alaqua Lakes Bank owned homes, Alaqua Lakes homes for sale, Alaqua Lakes Real Estate, Alaqua Lakes short sales, Real Estate Articles

Alaqua Lakes Real Estate values how do they compare to 2004?

January 15, 2011 By Leave a Comment

Alaqua Lakes Real Estate values have been remarkably resilient over the past 6 years, as real estate values in the 5 county areas have peaked in 2006 and 2007 and now have been crushing down in many areas. According to a recent Orlando Sentinel article, click here  Orlando Sentinel Article Orlando is back to 1998 prices. Home prices in Alaqua Lakes according to these sale numbers provided by Orlando MLS, 2010 is going to see an increase in the median home value over 2009.

                Sales      Median Price    sqft

2004       46           $708,737.00        $195.69

2005       46           $910,213.00        $245.02

2006       44           $1,069,500.00     $268.97

2007       34           $1,188,500.00     $280.00

2008       31           $1,080,000.00     $258.08

2009       30           $820,000.00        $199.28

2010       17           $945,000.00        $199.74

 The average day to contract on the active and pending homes is 212 days, the highest days on the market is a short sale and it has been on the market for 889 days. While short sales and bank owned properties can still have an impact on the median sale price in Alaqua Lakes for 2010, it is encouraging to see how resilient home prices in this luxury development have been over the past 5 years.  Alaqua Lakes is located on the west side of I-4 at the end of Lake Mary Blvd and Markham Woods Rd. it offers a community pool, tennis and a community park and the Legacy Club, 18 hole par 72 golf club.

Filed Under: Real Estate Articles

Orlando area September Real Estate sales have dropped by %.

October 14, 2010 By

Orlando real estate sales for September have dropped again over the August period; this is the 3rd monthly  decline of sales since June. This includes the counties of Orange, Seminole, Volusia, Lake and Osceola County, with Volusia County showing the largest decline of 16%. The total amount of available listings has dropped from 35,404 to 34,207 mainly due to bank owned listing being withdrawn because of the Robo issues. 20105 of the total listings are in some kind of foreclosure with Lake County having 1968 distressed properties, Seminole County with 2904, Orange County 9839, Volusia County 1672 and Osceola County with 3775. There is a silver lining in all the dark clouds, we have seen some home price increases in most of the counties, although Osceola County is sales showing a per sqf. decline of 3%. The sales outlook for the next 3 month is looking very tentative and hopefully the foreclosure title issues are not putting too much of a damper on the demand .

Counties:

  • Orange County:  8.6 months of unsold inventory
  • Units  Sold 1555
    • August over September- 8 % decline
    • Price reduction – 2% increase
  • Seminole County:  9.4 months of unsold inventory
  • Units Sold  450
    • August over September- 14 decline
    • Price reduction -2%
  • Volusia County:  11.9 months of unsold inventory
  • Units Sold  239
    • August over September- 16 % decline
    • Price reduction  – 3% increase
  • Lake  County:  13.9 months of unsold inventory
  • Units Sold  303
    • August over September- 8 % decline
    • Price reduction  – 9 % increase
  • Osceola  County: 10.1 months of unsold inventory
  • Units Sold  522
    • August over September- 9 % decline
    • Price reduction  – 3% decline

Cities:

  • Orlando: 8.1 months of unsold inventory
  • Units Sold : 1184
  • August over September- 7 % decline
  • Price reduction  – 1% decline
  • Oviedo: 9.3  months of unsold inventory
  • Units Sold  45
  • August over September- 38% decline
  • Price reduction   -6% decline
  • Deltona: 8.9 months of unsold inventory
  • Units Sold 95
  • August over September- 27 % decline
  • Price reduction  – 3% decline
  • August over September- 20 % decline
  • Price reduction  -  17% increase
  • Winter Park: 10.0  months of unsold inventory
  • Units Sold 90
  • August over September- 30 % decline
  • Price reduction  -  17% increase
  • Apopka: 10.7  months of unsold inventory
  • Units Sold  69
  • August over September- 40 % decline
  • Price reduction  -  4% increase
  • Kissimmee: 9.2 months of unsold inventory
  • Units Sold 445
    • August over September- 10 % decline
    • Price reduction  - 4% increase
Filed Under: Real Estate Articles