Inventory is down, for numerous reasons, interest rates are insanely low, and historically, the months of May through August are the best months to sell in Winston Trails.
A good example of the tone of the market is to look at this: we recently put a Willow with a pool on the market and had a full price, cash offer, finalized in the first week.
The larger homes, especially if they have a pool, a nice view, and are in top condition, are moving very, very quickly. The smaller homes, such as Cairo’s and similar homes, and especially homes in The Greens, are trending towards being a bit more price sensitive. But, all-in-all, retail sales of perfectly maintained, nicely upgraded homes with a view are very, very strong.
As of today, there are only 22 homes on the market…out of 1880…that’s not much of a selection.
Below is a breakdown of the past 60 days of sales in Winston Trails. There have been 10 closed sales, as follows:
- Desert Inn Terrace: Rio Grand (3/2.5/1), approx. 1600 sq. ft., Bank Owned, listed for $149,900, Sold for $135k cash
- Turtle Bay Terrace: Montreal (3/2.5/1) approx. 1600 sq. ft., Short Sale, listed for $164,900, Sold for $144k FHA mortgage
- Silverado Terrace: Washington (3/2/1), approx. 1400 sq. ft., Bank Owned, listed for $147,900, Sold for $151,200 Cash
- Green Island Cir, Santa Cruz (3/loft/2.5/1), approx. 1800 sq. ft., Regular sale, listed for $169,900, Sold for $169,900, conventional mortgage
- Wedgewood Village, Monaco (3/2/2,) approx. 2000 sq. ft., Bank Owned, Listed for $214,900, Sold for $189,900 Cash
- Barton Creek, Cairo (3/2/2), approx. 1900 sq. ft., Investor sale (purchased at courthouse by investor), listed $214,900, Sold for $190k conventional mortgage
- La Gorce Cir, Venice (4/2.5/2), approx. 2400 sq. ft., Regular sale, listed for $259,900, Sold for $247,500 conventional mortgage
- Wedgewood Village, Monaco (3/2/2), approx. 2000 sq. ft., Short Sale, Listed for $250k, sold at $250k conventional mortgage
- Shadow Tree, Venice (4/2.5/2), approx. 2400 sq. ft., Regular sale, Listed for $289,900, Sold at $269k conventional mortgage
- Bay Hill, Sydney (5/3/3,) approx., 2700 sq. ft., Regular sale, Listed for $399,900, Sold for $364,500 FHA mortgage
Notice that 6 out of these 10 sales were some form of ‘distressed’ sale…and that has a negative influence on values. But…it is also having a positive influence on sales.
On the negative side, obviously, distressed sales bring down the neighborhood values in general, selling for much less per square foot than retail sales….but on the positive side, buyers have gotten fed up with the drawn out, unpredictable short sale process (as well as the generally poor condition of most short sales and bank owned owned homes) and these buyers are willing to pay a fair price, most times well above what a similar distressed sale home would sell for, for the luxury of purchasing a well maintained home directly from an owner.
If you own a home in Winston Trails and have been thinking about selling…now may be “the last hurrah”! I believe that we will have some more price softening coming up after September and well into 2013 and 2014. I’ll go into the details of why in one of my upcoming posts.
Give me a call if you’d like to have a discussion about your Winston Trails home.
Thanks for reading…Steve Jackson…561.602.1258
