Lake Mary Real Estate Update: 02/28/09

I’m asked on almost a daily basis by Lake Mary homebuyers and sellers alike, what’s happening in our local real estate market?  Sometimes I feel that it is a trick question, if you listen to the news reports – both Local and National – you would probably think that nothing is selling and everyone’s home is going into foreclosure.

The truth is that many neighborhoods in the Orlando Area have been hit hard with short-sales and foreclosures.  Lake Mary’s  Neighborhoods have been very fortunate to remain outside the onslaught of rampant Foreclosures.  These established neighborhoods had very little turnover during the “seller’s market” and there are very few new Lake Mary Home Communities where the majority of foreclosures reside.

The highest percentage of Foreclosures in Lake Mary are in Regency Park at Lake Mary and Notting Hill Condos.  Both of these condominium communities were apartment complexes that were converted to condos during the seller’s markets.  The values in each of these communities has dropped significantly and many of the condos currently for sale are either short sales or foreclosures.

 

Lake Mary Market Snapshot

Week Ending

Homes For Sale

New Listings

Under Contract

SOLD

2/28/2009

546

23

78

10

2/21/2009

546

16

74

7

2/14/2009

550

21

78

9

2/07/2009

554

20

74

8

1/31/2009

547

17

80

6

1/24/2009

563

21

70

5

1/17/2009

565

27

72

3

1/10/2009

553

29

67

4

1/03/2009

544

17

61

14

 

We had another good week of home sales in Lake Mary, FL.  The end of the monthly historically results in the largest number of sales each month.  There are currently 78 homes under contract, 14 are Foreclosures and half of those are in Regency Park at Lake Mary or Notting Hill Condos.   29 of the pending sales in Lake Mary are homes that are listed as short sales, these sales typically take between 60 to 120 days to complete and sometimes don’t close.  The Lake Mary Home Sales report identifies the short sales (ss) and forcosures/bank-owned properties below.

 

Lake Mary Home Sales

Sold Price

Neighborhood

Original Price

Days On Market

Living Area

Beds/  Baths

Pool

$605,000

Heathrow

$765,000

313

3,559

4 / 4

Y

$525,000

Heathrow

$549,900

6

3,180

5 / 3

Y

$486,000

Timacuan (SS)

$625,000

540

3,567

4 / 3.5

Y

$440,000

Heathrow

$675,000

352

2,828

4 / 3

Y

$395,000

Magnolia Plantation

$464,000

110

2,396

4 / 3

N

$345,000

Reserve at Lake Mary

$345,000

74

3,046

5 / 3

N

$252,000

Woodbridge Lakes

$270,000

52

1,859

3 / 2

N

$245,000

HuntingtonPointe

$239,000

8

1,956

4 / 2

Y

$227,000

Hills of Lake Mary

$250,000

105

1,669

3 / 2

N

$34,000

Regency Park (REO)

$46,350

82

648

1 / 1

C

REO = Bank-Owned Foreclosure & SS = Short Sale  (All Data Derived From The Mid Florida Regional MLS)

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