Today is our East Lake Woodlands, Oldsmar real estate update for single family houses.  For the last 30 day period, there are 13 houses listed for sale in East Lake Woodlands.  Of these, 5 in this Oldsmar community are short sales.  The lowest list price is $99,900 for a 1,380 house that has 2 bedrooms and 2 baths.  The highest list in East Lake Woodlands is $399,900 and it is a 4,510 square foot house, with 4 bedrooms and 3 baths.  Both of these are short sales.  We'll talk more about this at the end of this article.

If you would like to learn more about any specific neighborhood, visit Sun Bay Associates Market Snapshot for real time information about what is for sale and for how much as well as what has sold and for how much, along with a lot more about the immediate area.

There are two houses under contract in East Lake Woodlands, and both are foreclosed properties.  One is listed for $239,000 is a 4 bedroom, 2 bath house with 2,318 square feet and the other is listed for $299,000 with 2,840 square feet, 4 bedrooms and 3 baths. 

One house in the East Lake Woodlands, Oldsmar real estate market sold in the last 30 days.  It too, was a foreclosed property.  It was listed for $209,900 and sold for $190,000 after only 22 days on market. 

There are 8 houses in East Lake Woodlands on the market that are NOT distressed property.  Just because a house is a short sale or a foreclosure, that does not mean it is the better deal.  A traditional sale can be closed quickly while a short sale can take months to close, if it in fact does close and short sales do not close for many reasons.  A foreclosure may appear to have a more attractive price, with just a few repairs it can be good as new - or NOT.  With a bank owned home, there is no disclosure and the buyer is truly on his own.  Often the needed repairs to distressed properties, especially foreclosed houses are hidden and can be more extensive that the buyer originally thought.  It is not at all uncommon for the buyer of a foreclosed house to invest far more for repairs than anticipated and by the time all is said and done, the house that seemd to be such a good deal ends up costing far more than the NON-distressed house that was just a few thousand dollars more and only half a block away.

The repairs are a hidden cost to distressed property and are not reflected in the sales prices of homes in a neighborhood, thus quite possibly artifically dragging down the values of well-maintained homes in the same neighborhood.  As an example, for a foreclosed house that sold for, let's say, $150,000 when other non-distressed houses in the area are selling for $175,000, that the buyer needed to add a new roof for $8,000, the air conditioner was trashed and had to be replaced for $5,000, the kitchen cabinets and appliances had to be replaced for $12,000 and all the carpeting had to be replaced for another $5,000.  Just those repairs add up to $30,000.  This doesn't count if there is major termite damage or a mold issue.  The house will be in excellent condition when done, however, the cost of repairs does not show up in the value of the home, the sale price does and when an appraiser looks for comparative properties, the foreclosed house that actually cost $180,000 only shows up as a $150,000 property.  That has a negative impact on the entire neighborhood.  Who wins in this case?