Overview: Home Values and Real Estate Trends in Nov 2010

click here to read the full Report

Homes were on the market 6 months on average before they got a contract.  Most of those sellers lowered their asking prices at least once before getting a contract. (Residential Properties sold for 94% of the asking price in November, and 88% of the original asking price.)

Prices are still moving but the changes have been much smaller in this year.  The average price so far this year is only $2,600 less than last year – but the drop from 2008 to 2009 was $20k!  ($213k in 2008, $192k in 2009, $189k year to date 2010)

For Sellers

There is a steady stream of buyers but they have a lot of choices. Over 100 homes a month are selling but there are almost twice that many going on to the market each month too.

Your home needs to make the best first impression it can – that means curb appeal and price. Don’t be surprised if you get low offers – many buyers are trying to find out your bottom line. Some buyers will move on if you don’t take a low offer and some will negotiate up from there.

For Buyers

Buyers are trying to find the best deal possible and it is easy to feel overwhelmed with so many homes on the market. Try narrowing down the list by only looking at homes with the features you want (fireplace, garage, fencing, etc.).

If you want the best deal on a home then don’t fall in love with one house, try to pick out 2 or 3 that will work for you.  If you do that then you have a better chance of finding a bargain.

When you find a few homes that you like ask your agent to help you look at the last few sales in the area so you know if the asking price is reasonable before you pay for an appraisal.

There is no way to know what a seller will accept until you make your offer, but you can know if the home is a good deal or not.

Do you want us to help you?

If you want to know how this affects you we can help.

We can do the looking for you, and check out the details of the homes you are interested in. Contact us and let us know how we can help you.

Download the Full Report

The full report has stats on active, pending, and sold real estate for Nov 2010 and the year to date, as well as information on price trends, days on the market, and inventory supplies by price bracket.

Click Here to download the Gainesville & Alachua County Real Estate Report for Nov 2010. (Adobe PDF file)

How to Read It

• The top of each page tells you what that page is about.
• Near the top left of most pages you will find details for the current month – Nov 2010, Nov 2009, and Nov 2008.
• Near the top right of most pages you will find the details for the entire year to date for 2010, 2009, and 2008.
• Pages that are not set up that way may be comparing activity in Nov to previous Nov, or graphs comparing the 2010 real estate trends to market statistics going back up to five years.

Click Here to download the Nov 2010 Real Estate Report for Gainesville & Alachua County. (Adobe PDF file)

Read our Past Real Estate Reports

3rd Quarter 2010

Read the Summary Article: Click Here
Download the Full Report: Click Here

June 2010

Read the Summary Article:  Click Here
Download the Full Report: Click Here

April 2010

Read the Summary Article:  Click Here
Download the Full Report: Click Here

January 2010

Read the Summary Article:  Click Here
Download the Full Report: Click Here

2009 Review

Read the Summary Article:  Click Here
Download the Full Report: Click Here

Based on information from the Gainesville-Alachua County Association of REALTORS or its Multiple Listing Service. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

The development was established in 2002 with the very first home closing in 2003 at $525,000  for 3,284 sq ft. Approximately 63 homes sold in Wilds since its conception. The highest priced home sold for $980,000 for 4,038 sq ft.

Homes For Sale

As of this report, there are four luxury homes for sale.

Click me to see the four homes for sale

They range in price from $519,000 to $899,000. These homes were built between 2004 and 2008 with the sizes between 3,219 to 4,952 square feet.  They have been on the market an average of 381 days. Two of these homes are builder-owned.

One Lucky Fellow

There is one lucky fellow in this area. Their home is under contract waiting to close, or should I say waiting to be finished, since it is builder-owned now. They are asking $611,650, showing the built year as 2010, and it is 3,677 sq ft, making it a $166 per sq foot asking price.

Homes Sold since January 2009

There were 11 closings in Wilds Plantation for all of 2009. The prices ranged from $409,000 to $715,000. The average square foot price was $173 and the average days on the market was 164. These homes were built between 2003 to 2010 and generally were larger homes.

In this particular report the sold homes ranged from 2,451 square feet to a whopping 4,020.

Big Picture

Looking at the  sold properties for 2009 in this luxury homes neighborhood, we see  the price per square foot staying within a small margin of change rather than a constant decrease in sales prices. To me this is one more sign that the market is stabilizing, at least for the moment.

We will see what 2010 has  in store for us!

Turnberry Lake just west of Gainesville Florida is one of the luxury subdivisions that have seen the brunt of the slowing real estate market.

Want some history? Click here for June 2009 update for Turnberry Lake

What’s for Sale

Click to see Turnberry Lake homes for sale

There are 8 homes on the market right now. Seven of these homes were listed when we last spoke.

The sellers are asking from $389,000 to $795,000. These are larger homes, ranging from 2,413 to 4,253 square feet and they were built no later than 2005. Three of these homes are owned by the builder (G.W.Robinson) and it appears they have never been lived in.

The average days on the market is 586 (yes, coming up on two years now)!

The average price per square foot they are asking is $170. Some homes are listed for more or less taking into account special features one home may have over another, or the size of the lots.

Click Here to see the homes for sale in Turnberry Lake.

What Has Actually Sold?

There is one home that recently went under contract and is waiting to close. It is a builder home (new construction) and was built in 2009. (2916 square foot, asking $178 per square foot, and the asking price is $373,938.)

One has closed in Turnberry since June of 2009. It was built in 2005, 3551 sq ft at a low per square foot of $134, is sold at $475,000. Note this was a bank owned (foreclosed) property and was sold as-is.

We will take another look at Turnberry Lake in March 2010 to see what the market trend is for luxury homes in this area. See you then!

Protecting your credit during the holidays by MyFICO.com

Listen to the story of 3 people, and how their choices affect their FICO score after the holidays are over.

This is great info to help you keep a handle on your scores, especially important if you are thinking about buying a home in the first half of 2010!

Click Here for the Video

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)