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Market trend of Condominiums in Ventura Country Club.

by Petur Sigurdsson, Broker

Let´s continue from where I left off in my last article.  Now we shall look at what is happening with condominiums in Ventura Country Club.  We are going to compare sales from 28th of August 2017 to 28th of August 2018 to sales from the 28th of August 2018 to 28th of August 2019.

On August 28th we had 11 condos for sale in Ventura Country Club, they are priced from $99,900 to $215,000, the average asking price is $154,981 and the median price is $154,990.  Then if we look at the square foot price, we see that the high square foot price is $202 and the low square foot price is $122. Average square foot price is $155 and the medium square foot price is $148.  Note the difference between the high square foot price and the low square foot price.

There are 12 condos pending sale in Ventura Country Club today.  The high asking price is $208,000 and the lower asking price is $85,300.  Square footage price is $181 high and $109 low price, average asking price of pending units is $142 and the median price is $146.  Note how much lower the square foot price is on the pending sale units compared to the active for sale.

Now let’s look at the two last years.  In the first period (2017-2018) 88 condominiums sold in Ventura Country Club compared to 78 in the later period (2018-2019).  The maximum value of these condos sold for $189,900 in 2017-2018 but $210,000 in 2018-2019, maximum value increase was 10.58%.  Then looking at the lower values that was $65,000 in 2017-2018 and $75,000 in 2018-2019, this is a 15.3% increase.  The average value in the 2017-2018 period was $119,387 and in the 2018-2019 period it was $131,915.  The median value in 2017-2018 was $117,200 and $125,000 in 2018-2019.  Now let’s look at the square foot price, in 2017-2018 the high square footage price was $154 and $210 in 2018-2019. The low square foot price was $72 in 2017-2019 and $100 in 2018-2019. The average square foot price in 2017-2018 was $120 and $136 in 2018-2019, this is a 13.33% increase in the average value of a condominium in Ventura Country Club.  Then looking at the median values between 2017-2018 which was $118 compared with $137 in 2018-2019, the median square foot price in Ventura Country Club for a condominium increased 16.1% between the years.  If you would like to know the market value of your condominium in Ventura Country Club, contact Petur Sigurdsson, Broker at 321-263-5096 or email him at Petur@TheVikingTeam.com

What is Fannie Mae trying to do?

by Petur Sigurdsson, Realtor

This article in the Orlando Sentinel by Jerry W. Jackson has kept me thinking since I read it.  I have been wandering what is the real goal here. 

 

Is it to reduce inventory?

Is it to help the consumer?

Is it to be able to control value of homes?

Is it to streamline the banking industry and save money for the banks?

Is this experiment deemed to fail?

Can I with good conscience recommend these pre-approved homes? 

 

So I went into the Multi Listing System and pulled up randomly 8 single family homes in Orange County that all are pre-approved by Fannie Mae, on average these homes are in the lower third of the price range of homes in the subdivisions they are located in, same when it came to price per square feet. 

 

So let me try to answer the questions that I have been asking myself since I saw this article. 

I don’t think this will reduce inventory as I can not see a benefit for the home buyer, any home buyer that I have worked with will wait 1 to 3 months to save from $10,000 to $40,000.

The only time that I can see this program help consumers is when the home that they are looking at and decide to make an offer on, is for coincident in this program.

Looking at the square footage price of the eight homes that are all similar in age, have similar subdivisions, and are priced from $77.93 to $144.93 I don’t think they are trying to control values.  With the proven fact that in one incident it was the lowest price and another incident it was the highest price in the subdivision. This price seems to be more in line with what is owed on the homes.

Yes, I think that Fannie Mae is trying to save money, i.e. salaries, legal fees, attorney cost, and so on.

I do believe that this experiment is going to fail, when the buyer sees that he can save up to a years salary by having a little patient.  Also the fact that there are at this moment mainly investors buying and they will only look at location, price and than condition, I don’t see them wanting to pay for time.

 

This is why I can not tell my customers that they should go out and buy a pre-approved Fannie Mae short sale.  I will continue to look for the best deal in the area that they want to live in.  If a pre-approved Fannie Mae short sale, is one of the homes that we come across, than I will tell them how the program works.

 

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

BLOG, BLOG, BLOG AND MORE BLOG.

by Petur Sigurdsson, Realtor

Pictur by Jim WarrenEveryone is telling me that I have to Blog!  And I tell them that is what I have been doing.  And they tell me it is not enought to Blog in Iceland, you have to Blog on your website too.  Ok, no problem that is what I will do.  So I have been wondering what should I Blog about and how should I Blog about it?  Listening to my customers, the most common question that is asked is: When will the market turn around?  Well if you could give anyone a definite answer and be sure that it would be right, I would most likely not be here.  I would have a much higher paying job, most likely on Wall Street or in Washington.  You see with all the predictions of the entire economists in the Country I haven’t heard one that can tell us that definitely.  But it seems if we add everything they say together divide by two and that take the average of the sum, the most likely answer is around mid or later half of the year 2009. 

But the thing is; it is hard to stop an avalanche or a herd of wild horses after they start moving and it seems to be impossible to predict where everything will stop.  Like I told one customer, I don’t expect prices to go much lower than they are today.  They are already below building cost!  Well I was wrong they are still inching lower.  But one thing is for sure: It has never been better to buy than now, prices below building cost and interest rates below 5%.  Yes this is the Buyers Market of All Times.

 

If you are interested in seeing my Icelandic Blog then just follow this link:  http://fasteign.blog.is/

 

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

Displaying blog entries 1-3 of 3