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.

• 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.

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.

• 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 home sales 

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      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.

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

• Lake Mary: 7.7  months of unsold inventory
• Units Sold 49

• 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