What's on the market in Journey's End?

What's on the market in Journey's End?
Click on the photo above and see the homes for sale in Journey's End


Journeys End...under contract

A Phoenix on Finamore Cir, (5/3/3), 1 story, pool, just went under contract. This home was listed at $390,000 when it went under contract...it had originally been priced at $425,000 by the agent, was then reduced to $400,000, then to the current price of $390,000. It has been on the market 91 days.

The current owner paid $231,600 in January of 2000.


Journeys End...back on the market

A Santa Fe on Finamore just came back on the market after being under contract since July 14th.

This home was originally placed on the market in September of 2008 at an asking price of $385,000 and was priced at $349, 900 when it went under contract in July. This home is not being sold as a short sale.

The home has been on and off the market for 358 days. The current owners paid $390,000 for the home in March of 2004.


Journeys End-Grande Estates...under contract

A Windsor on Shaina Ct., lake and pool, just went under contract again. This home was priced at $465,000 when it went under contract. It was originally priced at $495,000-went under contract and fell out of contract once already...this home has been on the market for 39 days.

Journeys End...under contract...bank owned

The Bank-owned Santa Fe, on C. Durham, that went on the market just a few days ago is now under contract. This home was priced at $294,900. It was on the market 21 days before the bank signed an offer.

Typically with an agressively priced bank-owned property, the bank keeps the property on the market and accepts offers for 7-10 days, at which time, if they have multiple offers they give all prospective buyers the opportunity to put in what is known as their "highest and best" offer, at which time the bank normally accepts the best (not necessarily the highest), offer.


Journeys End has 32 Lis Pendens

In the course of researching the market for the areas in which we specialize I routinely review the "lis pendens" for a neighborhood. In this post I'll go over what a lis pendens is and what is actually going on in Journeys End regarding homes with lis pendens filed on them.

According to an online legal dictionary, a Lis Pendens can accurately be defined as: Latin for "a suit pending." The term may refer to any pending lawsuit. (2) A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.

In reality, it generally means that someones lender has initiated the foreclosure process.

As of today, there were 32 Journeys End homes that currently have a lis pendens. Typically this indicates that the owners are in default...most likely for non-payment. Now out of the 32, 2 have already gone back to the bank but have not been put back up for sale yet; out of the remaining 30, only 9 are currently trying to be sold by the owners.

That leaves 2 already in the banks hands (but not yet listed for sale) and 21 more Journeys End homes that could possibly end up in the banks hands at some date in the future if the owners:
A) don't catch up on their payments/interest/penalties,
B) don't negotiate a forebearance agreement or loan modification enabling them to afford the home and make payments or
C) don't sell their home via a Short Sale prior to the sale on the courthouse steps.

This number (23) is a bit scary as it does not give any indication of the owners who are behind on their mortgage but their lender has not yet filed a Lis Pendens...and this is common, as the lenders are much slower to try and take a property back today than they were 5 years ago.

This is an excerpt from an article I read/posted today from the Mortgage Bankers Association: The results were lead by Florida with 12% of mortgages somewhere in foreclosure, another 5% at least 90 days past due and a total 22.8% at least one payment delinquent or in foreclosure at the end of June.

If you'd like to discuss what this may mean to you as a homeowner in Journeys End, please contact me via email or call the office at 561-432-5202.


Journeys End...Sold

Just sold...Yuma, 5/3/3, 2900+/- sq ft, on C Durham...$325,000. Not a short sale or forclosure sale.

This home was on the market for 99 days and was originally priced at $397,800 but was priced at $349,999 at the time of sale.

This Yuma sold in July of 2005 for $550,000.

Journeys End...price reduction

A Laredo, 3/2.5/2, 2067 sq ft, on C Durham just reduced to $275,000 from their previous price of $299,900. This home has been on the market over 750 days since 2007. The home is being marketed as a short sale, although it was not a short sale in the beginning.

This is possibly another case-in-point about proper market pricing to maximize a sales price: If this home were priced properly at the outset, the seller may not have ended up in this short sale situation.


Journeys End-Grande Estates...price reduction

A Biltmore model, 4/3/2, lake, pool, on Houlton just reduced their asking price to $398,500.

This home was most recently priced at $398,700, prior to that- $398,900, prior to that-$399,000, prior to that- $405,000 and was originally price at $414,900.

This home has been on the market for 77 days.

Journeys End-Grande Estates...price reduction

A Kensington model, pool, lake, on Houlton Cir., with a 2 level guest house, just reduced their asking price from $450,000 to $399,000. This home has been on the market for 137 days.

Journeys End...back on the market...Again!

A Taos model on C Durham, which has been on and off of the market since April 2007, and in and out of contract several times, has just come back on the market again.

This home was listed back in April of 2007 for $630,000 and was most recently priced at $325,000 when it was placed back on the market.


Journeys End...off the market...again!

A Kensington model (courtyard) that has been on and off the market with its curent owner since 12/2007 is off the market again. There is a bit of a story here...the home was foreclosed on by the lender in December of 2006. It's current owner bought it from the bank in September of 2007...the home was rehabbed and placed back on the market in December of 2007 with an asking price of $609,900.

Since then, the home has been listed by 4 different agents, most recently in July/2009 for $479,900...but today, 8/18, the home was placed "temporarily" off the market.

We'll keep you updated!

Journeys End...price reduction

Pecos model, 4/2.5/2,, lake, pool, on C. Durham was just reduced from $379,000 to $355,000. This home has been on the market for 109 days and this is the 1st price reduction.


Journeys End...On The Market

As of this morning, there are 23 homes on the market in Journeys End/Grande Estates.

The range of pricing is from $294,900 to $495,000.
6 of the 23 are reported as Short Sales and 1 is a bank owned sale. There are also a number of homes on the market NOT listed as short sales but if they were to be priced at market value WOULD be short sales.

Below is the model and current asking-price range:
1) 1 Laredo-3/2.5/2-1 story-2067 sq ft-$299,900
2) 1 "Custom"-4/3/2-1 story-2357 sq ft-$365,000
3) 3 Pecos models-4/2.5/2-1 story-2433 sq ft-$375,000/$379,000/$427,999
4) 3 Biltmore models-4/3/2-1 story-2473 sq ft-$398,700-$404,990
5) 1 Phoenix-5/3/3-1 story-2906 sq ft-$390,000
6) 1 El Paso-5/3/2-1 story-3030 sq ft-$439,000
All of the following are 2 story homes
7) 1 Tucson-4/2.5/2-2656 sq ft-$428,000
8) 1 Yuma-4/3/3-3013 sq ft-$400,000
9) 3 Santa Fe models-5/3/3-3068 sq ft-$294,000-$425,000
10) 1 Austin-5/3.5/3-3157 sq ft-$418,000
11) Windsor-5/3.5/3-3623 sq ft-$495,000
12) 2 Taos models-5/3/3-3788 sq ft-$424,800-$439,000
13) 5 kensington models (courtyard)-6/4/2(3)-$350,000-$479-900

As you can see, there is quite a choice and range, even among the pricing of the same or similar homes. Some of the smaller homes are priced higher than much larger homes and the lowest priced home is one of the larger 2 story homes.

In the posts to come, we'll go into more detail regarding "days-on-the-market", listing "history", location, upgrades, etc.

If there is anything in particular you would like to see discussed here, just call us at 561-432-5202 or click the "contact me" button at the top.


Journeys End...market breakdown

For the first post we will give a detailed overview of all of the homes currently on the market in your subdivision. The next post will detail everything curently "under contract" and the one following that will cover the properties "sold" in the previous 60 days.

As the post continue, you will get almost instant updates to market activity in Journeys End...price changes, homes being taken off the market, new listings, homes going under contract and homes that have just sold. You will see as much detail as is available and legal/ethical to disclose, thus giving your "real time" data for your marketplace.
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