Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Oldsmar Real Estate Update

by

The Oldsmar real estate market is showing signs of recovery.  This Oldsmar real estate update will hit the highlights of the last 30 days of real estate activity for single family homes in Oldsmar.

There are at the moment, 75 single family homes for sale in Oldsmar, ranging in list price from a house at $84,900 that has 284 days on market to a high list price of $1,199,900 for a house that has 318 days on market.  The average list price for a single family home in Oldsmar is $388,842 and an average days on market of 160.

There are currently 60 houses under contract in Oldsmar.  And in the last 30 days, the Oldsmar real estate market has seen 20 houses sell.  The average sold price was $242,680 with an average of 78 days on market.

In the previous 30 days, there were 75 houses for sale and 22 houses sold.  This is a good indication that the Oldsmar real estate market has stabilized and at the least, prices are no longer plummeting.  

Check out the latest listings for Oldsmar real estate, just to satisfy yourself about what is now available.

 

It isn't a buyer's market anymore!

by Doug & Gwen Campbell at Sun Bay Associates

With all the doom and gloom in the press about how bad the economy is, buyers seem to think that if they wait to buy a house that the sellers will have to come down in price to meet the, sometimes, outrageous offers the buyers make. And 18 months ago, that might have been true. In the Tampa Bay real estate market, that no longer seems to be true. There are micro-markets that are currently moving very well and the buyers who are waiting for the bottom of the market don't seem to understand that the train has already left the station.

The last few houses we sold went under contract in less than a month, and a couple in less than 2 weeks. That does not say it is a buyers' market. In the Palm Harbor, or Dunedin, or Oldsmar real estate markets, houses that are priced at market value are selling. Even those houses that are not exactly model homes and need a bit of maintenance are selling fast. That is not to say prices are skyrocketing. They aren't. However, prices are no longer going down and for that matter, they are no longer flat in Dunedin, or Palm Harbor, or Oldsmar or several other Pinellas County real estate markets.

A little over a year ago, we had a 15-18 month inventory of homes to sell, so a buyer had a lot of choices and could get away with a low offer. Today, we have roughly a 3 month inventory of houses. This means that savvy buyers who have been watching the market know that there is a lot of competition to buy any given house and that a low ball offer is almost for sure going to get rejected. The less savvy buyers who still think this is a dead market lose out on house, after house, after house because they think the houses are priced too high and have a hard time dealing with the fact the Palm Harbor, or Dunedin, or Oldsmar real estate markets have shifted and that Realtors are telling them the truth about the competitive nature of this market.

This house, below, sold in only 20 days, for several thousand more than the appraised price. That is not a buyer's market.

401 Driftwood waterfront home sold in 20 days.

If you are a buyer, or know a buyer, who is waiting for real estate prices to continue to decline, don't. If you do wait, you have a very, very good chance of losing the once in a lifetime house you would have liked to live in.

East Lake Woodlands, Oldsmar Real Estate Update

by Doug & Gwen Campbell at Sun Bay Associates

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?

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Contact Information

Photo of Gwen and  Doug Campbell - The Campbell Team Real Estate
Gwen and Doug Campbell - The Campbell Team
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908