Presentation on theme: "State of the Real Estate Market in Frenchmans Reserve January 18, 2011."— Presentation transcript:
State of the Real Estate Market in Frenchmans Reserve January 18, 2011
About Me Frenchmans Real Estate was formed in 2009 to assist buyers and sellers with professional, experienced real estate services in a community we know well. Every one of us lives in Frenchmans Reserve! I am the ONLY REALTOR serving on the Toll Bros Advisory Board who lives in the community. This gives me preferred access to potential buyers through the sales office. We work on a cooperative basis with the developer. I sold and/or participated in the sale of over $3 million in real estate sales in 2010 and brought another $1.5 million under option for future sale.
Its a BUYERs Market! Current values should be based solely on homes SOLD, the current inventory, and the overall turnover of homes within the community. Sellers currently outnumber buyers by a significant degree. The competition for sales is also influenced by the actions and continued presence of the developer.
Sales in 2010 There were 15 resales within the gates of Frenchmans Reserve in There were 15 NEW homes sold by the developer/custom builders in 2010.
Homes Sold in 2010 by Street ResalesNew Homes Total Abondance Cote DAzur Montant Charroux Savoie LesJardin/Floret Hermitage Total
2010 Resales by Model Playa Riente2 Carrington5 Montecito3 Casa del Sol4 Mallorca1
Average Selling Price $962,417 in These homes sold for an average of 86% of their list price. Versus $1,179,428 in 2009 Decrease of 18%
Startling Statistic! The highest priced resale in 2010 was $1,200,000 The highest priced resale in the last two years was $1,650,000
There have been 2 completed sales so far in 2011
New Home Sales in 2010 Fourteen Toll Brothers homes and One Custom Home Sold Average Selling Price of $1,079,794 (excluding custom home)
What is for Sale Now? Models/ Quick Delivery5 Contingent/Pending4 Other Resales 50 This is approximiately 16% of the total homes owned.
Average Asking Price $1,426,817 There are currently12 listings priced under the 2010 average selling price of $962K.
Short and Distressed Sales A short sale is defined as a seller who is trying to sell a home wherein the expected sales price or proceeds are less than is owed on the home to creditors. Short Sales often poison the market for a period of time, as appraisals and comps are often skewed by short sale pricing. Short Sale property is often in bad condition. Bank Owned property is different from a Short Sale in that the mortgage holder has taken legal action to repossess the property and sell it, usually under a court order.
Short Sales Currently Listed There are 7 homes currently listed as Short Sales in Frenchmans Reserve There is one pending sale of a court ordered sale/auction.
Current Homes for Sale by Street Resales Only Cote Azur1 Abondance5 Montant 11 Charroux4 Savoie 12 Les Jardin/Floret7 Hermitage – Toll2 Hermitage – Custom 8
Resales for Sale by Model Carrington7*Playa Verde 3* Casa Bendita1Segovia 2 Casa Del Sol3Villa Real 1 El Mirasol3Villa Rosa 3 Mallorca2Custom 8* Montecito3 Playa Riente14* *plus a Model/QD
Other Sales Competition: The Builders!! 20 Heritage Lots remaining 10 Custom Lots Remaining
Phantom Market There are several residents waiting to sell if the right sales environment were to return. There are at least 2 homes with expected bank/lender action pending. There are close to 10 homes currently rented, likely for sale in an improved market.
How Do We Compare with Other Neighboring Communities Frenchmans Creek: 15 houses sold in 2010 at an average Price of $1,073,894 There are currently 37 For Sale Mirasol: 81 houses sold in 2010 at an average Price of $861,896 There are currently 146 For Sale
Where are We Now? Most Frenchmans Reserve Homes have lesser values than when they were purchased (early buyers excluded). There is a 3 year inventory of homes in the current market conditions. New home sales are proceeding as buyers gain incentives (club membership, impact glass, etc) to purchase. Low interest rates are somewhat offset by difficult lender requirements. No more Signature lots remain, reducing competition for those homes.
Whats Ahead Developer Continues to Sell with reduced pricing as they get closer to close-out. Sellers will have to have patience to sell or accept lower sales proceeds. Savvy buyers will seek value added in what is still an attractive community.