Overview of Sales

In all of Alachua County from Jan 1, 2010 to today, there were 200 properties that sold ranging between 2,000 to 4,000 square feet and built between 1995 to 2010.  (excluding mobile homes) Of these 200 only 24 were short sales.

One year ago using that same criteria, there were 178 homes that closed, and 12 were short sales.   There are a few more buyers  so far this year, and lots of inquiries from buyers waiting for that Special Indicator that will tell them “OKAY, it is time to buy now” before the market turns upward and prices go up.

Sold Since Jan 1, 2010 in Shaw Farms & Alachua Highlands

One home has sold so far this year in Shaw Farms & Alachua Highlands, it was sold as a short sale:

Two more nearby homes have sold that are relevant to values in this neighborhood.

This link to the MLS data for these 3 homes will last upto 30 days from now:

http://www.gainesvillemls.com/gan/maildoc/sd_AAAa006Ut20100824110817.html

What is For Sale?

Homes for Sale Now in Shaw Farms & Alachua Highlands

The 3 homes range in price from $398,795 to $1,349,000 and size from 2,627 to 3,706.  They have between 5 and 10 acres of land.

*MLS 314209 is also available with 5 more acres for an additional $199,000 – listed as MLS 314212.

Our company is marketing one of these homes – MLS 315566 – so CLICK HERE if you would like to see the floor plans, more photos, and more information on the area.

Homes Under Contract Now

There is one home that is under contract & waiting to close.

This house is a “Short Sale”, which means the owner must get approved by their bank to sell the home for less than the loan amount.  The asking price has not been approved by the bank yet, so we’ll have to wait and see what this home sells for

This link to the MLS data will last upto 30 days from now:

http://www.gainesvillemls.com/gan/maildoc/sd_AAAa004Ek20100824095448.html

More About Short Sales

If you want to know more about short sales, here is an article about the process:

http://www.we-promise.com/blog/2010/03/short-sales-get-a-boost/

You can log on to Kathleen’s detailed market analysis to see how prices are fairing thru all this.

http://www.we-promise.com/blog/2010/08/real-estate-update-home-property-sales-report-for-gainesville-july-2010/

Parting Shot

143 Alachua County & Gainesville real estate listings had price reductions in the MLS system last week, down from 174 the prior week.  (Changes for 7/12/09 – 7/18/09)

Biggest Drops

25 biggest price changes in Alachua real estate

The homes for sale that made this week’s list range from a breath-taking Barry Bullard Parade home in Wilds Plantation (now asking $799,000) to a condo in Rockwood Villas (asking $130,000)

The largest price reduction is for MLS 302866, a 60 acre property near LaCross.  After dropping their asking price by $176,000 they are now asking $699,000 for 60 acres with three buildings on the property.  That puts the asking price for the land between $11,000 and $8,000 depending on the value you attach to the improvements.

Under $200,000

7 homes for sale under $200,000 made the list this week.  1 of them is a short-sale in High Springs, 2 more are short sales in Gainesville, and 1 is the condo mentioned above.  Excluding the condo they average over 2,200 sqft with 4 bedrooms and 3 baths, built in 1979.

Under $400,000

11 homes are asking between $200,000 and $400,000.  All but two of these listings are in the City of Gainesville.  Overall they average 3 bedrooms,  baths, and one half bath in over 2,700 square feet of living space.

Under $600,000

4 bedroom plus office, on 10 acres - Oak Ridge Crossing

3 homes are asking between $400,000 and $600,000.  Two of them are in Gainesville and one is between Alachua & Gainesville.

The home for sale in Oak Ridge Crossing is actually one of our own listings, so I wanted to give it special mention here.  The owners just authorized a $30,000 price drop (down to $485,000)  so it is worth a fresh look.  The home is concrete block and was built in 2006.  There are 4 bedrooms and 3 full baths, in addition there is a large office, formal dining room, and large garage.  The home is on 10 acres, which is mostly cleared and they have 3 horses on it at the moment – so it has many of the features that make life with horses easier (like water run out to the pasture).

Over $600,000

4 homes on the list are asking more than $600,000.   One is near LaCross and is mentioned above.   The others are luxury homes in Gainesville.  They are all extravagant homes – averaging 4 bedrooms and 4 baths with more than 4,000 square feet to stretch out in.  They each have their own special feature, such as golf course views.

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Overview

Our MLS system won’t keep the link above alive forever, so here is an overview of the properties:

MLS #    Street Address    City    SqFt    Price Reduction
303836    911 SW 57 TERR    Gainesville    1,370 $130,000 $(22,000)
305503    20688 NW NW 252 ST    High Springs    2,115 $150,000 $(40,000)
301483    3707 NW 66th PL    Gainesville    2,394 $185,000 $(34,000)
304899    1603 SW 56th PL    Gainesville    2,400 $185,000 $(27,000)
304638    1603 SW 56th PL    Gainesville    2,400 $185,000 $(27,000)
300674    4014 NW 14 ST    Gainesville    2,359 $199,900 $(30,100)
305656    4730 NW 25 DR    Gainesville    2,063 $199,900 $(24,600)
303581    3805 SW 4 PL    Gainesville    2,651 $229,000 $(20,900)
302682    100 SW 79th DR    Gainesville    2,361 $245,000 $(33,000)
302020    9418 SW 39th AVE    Gainesville    2,132 $264,900 $(34,100)
301222    20536 NW 20th TERR    Lacrosse    2,497 $275,000 $(25,000)
305308    511 NW 80 BLVD    Gainesville    2,703 $275,000 $(24,000)
301740    8915 SW 92nd LN    Gainesville    2,751 $299,000 $(40,900)
305576    3063 SW 98 DR    Gainesville    2,274 $299,900 $(39,100)
299766    14426 NW 83rd LN    Alachua    2,304 $299,900 $(25,100)
299673    8429 SW 8th PL    Gainesville    2,000 $299,999 $(29,001)
296204    13710 NW 56th AVE    Gainesville    5,630 $395,000 $(25,000)
299820    1414 SW 115th ST    Gainesville    2,900 $399,999 $(39,901)
304910    14258 NW 31st AVE    Gainesville    2,745 $409,000 $(28,500)
305491    2778 SW 92 DR    Gainesville    2,723 $429,900 $(29,100)
305233    12689 NW 150th TERR    Alachua    2,585 $485,000 $(30,000)
302886    2912 NW 142nd AVE    Lacrosse    1,488 $699,000 $(176,000)
304433    6125 SW 35th WAY    Gainesville    4,430 $685,000 $(64,000)
299115    8606 SW 40th AVE    Gainesville    4,022 $749,000 $(46,000)
301682    3774 SW 103 ST    Gainesville    3,687 $799,000 $(36,000)

Your Neighbor’s Nightly Party

Neighbor's Party

Are you tired?  Maybe that’s because your neighbors are up partying until 3am…

Way back when you didn’t have to be at work by 8:30am every day you liked living in a fun and active apartment complex.  That has a special meaning as the Fall semester begins in Gainesville, FL.

Now that you have to get up in the mornings the neighbor’s parties are a nuisance and you have turned your living room couch into a bed to avoid the noise coming through your bedroom window.

Money

You may qualify for the  $8,000 tax credit.  Remember, you must complete your purchase by November 30th, 2009 to qualify for the $8,000 credit. There is a lot of information online about the credit, but the best person to ask is your mortgage broker.

This is a tax CREDIT.  It is like the IRS is pretending that you paid them $8,000 already – unlike deductions (such as mortgage interest) that are subtracted from gross income before tax is calculated. If qualified for $8,000, you get $8,000, even if you didn’t owe that much in taxes!
- by Kathleen Seide

You owe $8,000 less

You can file right away and “amend” you 2008  tax return or you can wait and request the credit with your 2009 taxes.

• Link to the IRS tax credit application form

• Link to IRS form 1040x – amended returns

Interest rates are still low, and that means it is so much less expensive to borrow money now that it has been in a long time. That means you can shave $100 or more off your monthly payment just because interest is cheaper!

Value

Well, there probably hasn’t been a better time for years for first time home buyers to purchase their home than today.  With recent price changes you can afford a lot more home now than just 3 years ago.  That means you can buy a house instead of a condo, or get a condo instead of being priced right out of the market!

In 2007 $200,000 would buy you a 1,500 square foot 3 bedroom 2 bath home in Alachua County.

You money goes further now

Today the same money will get you a lot more space – so far in 2009 $200,000 would buy a 1,740 square foot home!

• Right now there are 151 homes for sale in Gainesville asking between $180,000 and $220,000.  The “average” home is 1,700 square feet and has been listed for almost 4 months.
• There are another 111 homes for sale between $150,000 and $180,000.  On average less than $170,000 will get you a 1,400 square feet 3 bedroom 2 bath home built in 1981.

The clock has been turned back – and prices are back to where they were in 2004/2005!  It’s kind of like having a time machine.

Getting Started

Starting your search

If you are thinking about taking the plunge but still aren’t sure you can start by taking a couple easy steps.

• Put together a budget so you know how much you can afford to pay each month.
• Talk to a lender to see what that monthly payment will buy you (make sure they include taxes & insurance)
• Look at your bank account – do you have money for a down payment (3.5% minimum) and closing costs ?
• Are there homes in your area that you like available for what you can afford?
• Read more: 6 Steps: Get Your Finances Ready to Buy a House

If you don’t know where to start, get a REALTOR to help. Find someone you can trust who will  put your interests first. Then follow their instructions and enjoy the ride. I hope you will enjoy the peace and quiet of  your new home.

If you found this helpful you might want to subscribe to updates.

Biggest Drops

MLS 292030 - William Kent Court

The 25 properties with the largest price reductions last week are listed below.  The list includes a wide range of homes this week: from a Million Dollar Home with a 19% price reduction to a 3/1 house for $71,000 with a 24% price reduction.

Update from last week

We went by the house in NW Gainesville we mentioned in last week’s update.

MLS 304575 is in NW Gainesville and is owned by the bank.  I am going to check it out this week, it could be a good deal.

It looked good and we added it to our “Great Deals” list.  Guess what?  It is already under contract!

Another bank-owned property to keep an eye on is MLS 305506 in Ellis Park.  It is a nice looking house and they are only asking $204k.

Overview

Our MLS system won’t keep the link above alive forever, so here is an overview of the properties:

Recent Sales

2 homes have sold so far in 2009, both of them were new construction.

The average selling price was $594,000 for a 4.5 bedroom 3.5 bath home at 3,600 sqft, on the market for 7 months.  They sold for $143 per square foot and $173 per square foot.

For Sale Now

Turnberry Lake homes for sale

There are 10 homes listed for sale right now in Turnberry Lake.  Additionally, G.W. Robinson is still building custom homes for anyone interested, so there are many more potential homes available.  4 of the listed homes are brand new.

The asking prices range from $425,000 ($176/sqft) to $835,000 ($198/sqft).  The median size home is 4 bedrooms and 3.5 baths with 3,400 sqft, it has been on the market 300 days and is asking $171/sqft.

Click the photo to the left for details on all the homes for sale along Turnberry Lake.

Absorption Rate

In the last 12 months this area had 2 resales close.  There are 6 on the market at the moment.  At that rate there is a 3 year supply of inventory.

Other Gainesville neighborhoods where builders are still active are seeing similar problems with re-sales, because many builders are very motivated sellers at the moment.  In the past new-er resales would sell for slightly more than new homes, because the buyers could more in without waiting to build.  With builders holding homes that are completing the existing homes usually have to be prices well under new homes to entice today’s buyers.

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