Alaqua lakes homes for sale, alaqua lakes real estate, alaqua lakes home values

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.

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 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.