Yuma price reduction in Journeys End, today.

A Yuma, that last sold in July of 2005 for $580,000 has just reduced their asking price to $349,000. The home has been on the market since July, priced initially at $400k.

This home is not being marketed as a short sale.

SOLD...Santa Fe

A Santa Fe that was originally placed on the market in April of 2008 at $427,500...subsequently rented for a year in August of '08...then placed back on the market in September of this year at an asking price of $365,000, has just sold for $327,500.

The home was sold by the original owners who purchased the home in December of 2000 for $219,554. The sale was a conventional sale...not a short sale.

FHA, 1st time buyers, and perceptions...

Nearly 40% of existing homes purchased in November used a Federal Housing Administration (FHA)-insured mortgage, according to a National Association of Realtor (NAR) survey.

As a result, the FHA is having to defend the program, saying that it is well enough capitalized to avoid any major losses in case of surging defaults. Earlier this month, Department of Housing and Urban Development secretary Shaun Donovan was before Congress defending the FHA, and ensuring the House Financial Services Committee that the single-family insurance program is “not the next subprime.”

The increase in demand caused the capital reserve ratio at the FHA to drop below the Congressionally mandated 2% minimum, leaving HUD and the FHA scrambling to ensure the FHA program’s soundness.

A number of proposals are being considered, including the raising of  insurance premiums, raising the minimum FICO (credit score) requirements, raising the minimum required down payments and reducing the allowable seller contribution...all of which will make it more difficult for buyers to qualify for and obtain financing (and hence, not good for sellers).

Other results from the Realtors confidence index showed first time homebuyers accounted for 51% of all transactions and are actively competing with investors for distressed properties...

And, distressed properties aren’t just affecting transaction price, however. The presence of distressed properties is influencing buyers’ perceptions of other homes for sale and many buyers have pricing expectations that treat every property as if it were a distressed sale.

Additionally, HUD issued a ruling that borrowers who were in default on their mortgage at the time of a short sale are not eligible for an FHA-insured mortgage for three years...

Another Windsor sale...

A Windsor on Shaina Court was reported as sold on 12/17 at a sale price of $415,000. This was not a short sale. The home was placed on the market in July at $495,000 and was priced at $465,000 at the time of contract.

The sellers purchased the home new in May of  2002 for $381,300. Annualized, that is about a 1.25% appreciation rate

Windsor closed sale...

A Windsor on Houlton Circle was reported as sold on 12/18 at a cash sale price of $369,000.

The seller purchased this home in November of '07 for $500,000 and it appears to have been a corporate relocation sale. That is a 26% loss in 24 months...

Closed sale on a Biltmore in Grande Estates

A Biltmore on Houlton Circle sold on 12/11/09 at a final sales price of $335,000.

If you have read this blog, you will recall seeing this listing mentioned numerous times, as this home had 11 price reductions during its 193 days on the market. The original asking price was $414,900 back on June 4th. In the end, this home sold for about a 20% discount to original asking price.

Grande Estates side, Buckingham on the market

A Buckingham model with a modified floorplan was just placed on the market with an asking price of $365,000. The property is not being marketed as a short sale. The sellers purchased the home in June of 2003 for $387,500

Great advice for Tim Geitner...and the rest of us!

Pecos price reduction

A Pecos model that is being marketed as a short sale has just reduced their asking price from $450,000 to $399,900. The home was priced at $450,000 for 80 days.

The sellers are the original owners who purchased the home in December of 2000 for $290,000.

Laredo short sale

A Laredo that has been on and off the market since February of 2007 has gone under contract. The home was priced at $249,000 at the time of contract. But, back in 2007, the seller was asking $399,900.

Take a look below at the pricing of this home and you will once again see what I refer to as "chasing the market down". That means: A seller pricing to high, usually with the thought that "I can always come down", but ending up always one step behind the declining market...with terrible consequences.
Here is the pricing progression:

1. $399,900...2/2007
2. $379,900...8/2007
3. $359,900...11/2007
4. Off the market from 4/2008 - 9/2008
5. $349,900...9/2008
6. $329,900...11/2008
7. $299,900...1/2009
8. $275,000...8/2009
9. $249,000...10/2009

If you are selling now, or thinking of selling; don't make this mistake. Even if you are not our client, make sure that the agent you have now or eventually hire advises you honestly about pricing and can support their pricing recommendation with solid market data...

Santa Fe...comes back on the market

A Santa Fe that was once on the market for $725,000 back in the wild-n-wooly 2005 heyday of local real estate is now back on the market as a short sale at an asking price of $335k. This short sale went under contract back in July but that contract is no longer in place.

This home was purchased by the current owner in June of 2001 for $380,000.

For all intents and purposes, this home has been on the market since 2005, but the owner just kept missing the proper price point and ended up "chasing the market down"...and its still not sold!

Biltmore...conventional sale and some opinion and prediction for what's coming up!

A Biltmore model on Houlton Circle was sold on 11/30 at a price of $315,000. This was a conventional sale (not a short sale or foreclosure). The home was on the market 62 days at an asking price of $325,000.

The sellers were the original owners who purchased the home in November of 2000 for $222,700.

This sale is a very good example of what I have been saying recently regarding homes that are NOT distress sales: These homes are selling quickly and for prices above what a comparable short sale will bring. Buyers are fed up with the inefficiency and incompetence displayed by the lenders in negotiating short sales and will pay a premium to avoid dealing with that situation.

Couple the above with the expanded and extended tax credit and the next 6 months will be a good time for sellers to market property that is not a short sale.

After the expiration of the tax credit (which I don't believe will be extended again) and the scaling back of the open market purchase of mortgage backed securities, (which will most likely cause mortgage interest rates to rise), I think the market goes into another decline as a result of the removal of those artificial supports.

Here is a little snippet of an article I was just reading regarding MBS: The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.


The window of opportunity is open now...

Sample of some of the video marketing we have done recently

Some eye-opening stats...

According to a CNNmoney.com report today, nationally, 1 in 4 mortgages is currently “under water”. That comes to almost 11 Million homes where the owner owes more than the home is worth.

The majority of underwater mortgages are heavily concentrated in five states that have particularly suffered from the housing bust: Nevada, at 65%; Arizona, at 48%; Florida, at 45%; Michigan, at 37%; and California, at 35%.

For us in Florida, that is a very scary number…45% of all homeowners owe more than their homes current market value! Add to that continued job losses and the potential number of defaults/foreclosures is tremendous.

Hopefully, the expanded and extended homebuyer tax credit will keep a finger in the dyke long enough to give sellers who are not yet under water who want/need to sell to a chance to get out. But looking forward, as the tax credit expires, and if the Fed follows through on its plans to scale back its purchases of mortgage-backed securities (MBS), which will signal the end of these historically low interest rates, I sincerely believe that we will see a resumption of the decline in home values here in South Florida.

Sellers and those thinking of selling take heed…your window of opportunity is the next 6 months…

Windsor, Grande Estates

A Windsor on a nice lakefront lot with a pool has just gone under contract. The home was originally listed at $495k back in July and was reduced to its current price of $465k in August. The home is not being marketed as a short sale.

The sellers are the original owners. The home was purchased in May of '02 for $381k.

Another short sale offer falls through

A short sale Kensington with a 2 story guest house, that was under contract, has just come back on the market. The home was under contract back in September, then again in October.

The home has been on the market now for a total of 229 days.

I am sure this is tough on the seller to have 2 buyers back out, walk away or be turned down, but this is the state of short sales today. I have found that it is usually because the banks are so slow in making and/or reporting ANY progress on a file to the parties involved that many buyers just move on...The banks are either understaffed, innefficient, unmotivated or stalling until the President gives them some more of our tax dollars. It should be clear that it is a fiscally more prudent decision to short sell an occupied home than to try to forclose on and sell a home that may become vacant  and be vacant for months. One can only hope...

Santa Fe price reduction

A Santa Fe that was placed on the market 68 days ago at $365k just reduced the asking price to $360k...This home was on the market as far back as April of 2008 asking $427k but was subsequently rented for a year in August 2008.

The home is not being marketed as a short sale...the sellers are the original owners who purchased the home in December 2000 for $219k.

Tuscon...sold

A very nice Tuscon on the lake with a pool has just sold for $385,000.  This was NOT a short sale and took a bit over five months to sell.

Interestingly, the sellers purchased the home in June of 2008 for $409,900 but put down a nice chunk of change...hence, even though they probably netted $50,000+ less than they paid, it was not a short sale...just a loss to the seller.

The non-short-sale sales may be averaging about 5% or more above what an identical short sale would sell for. Buyers are willing to pay that premium to avoid the uncertainty and drawn out process of a short sale. If you're thinking of selling and are lucky enough to not be in a short sale situation, now appears to be a good time for you. With the extension and expansion of the tax credt, coupled with the currently low mortgage rates, it may be the right time to take the money and "rent" (not run).

Yuma price reduction

A Yuma that was listed at $400k on June 30th has just reduced their asking price to $359k. Although the sellers purchased the home in July of '05 for $580,000 the home is NOT being marketed as a short sale.

Santa Fe...on the market again

A Santa Fe that had been on the market for 1 year at $425,000 was just newly relisted at $399,000.The sellers purchased this home in October of '07 for $415,000. The home is not being marketed as a short sale.

This short video could mean money in your pocket...

Finamore foreclosure sold!

The bank-owned Phoenix that went on the market 32 days ago at $279,900 had just the result I thought it would...it had mutiple offers...the bank called for "highest and best" and it sold for well over asking price and with the best terms: $327,512 cash.

Generally the banks have been following this strategy lately in marketing their inventory: Price agressively...obtain multiple offers in a short time...create a biding war...sell it fast, above asking and with a contract that contains a good combination of price and terms. Todays sellers may want to consider this strategy.

Grande Estates, under contract

A Windsor that went on the market at $405,000 on October 28th, is under contract. The home was being marketed as a corporate relocation.

Expanded 1st time buyer $8000 tax credit headed to President Obamas desk for signature

It's not just for 1st time buyers any more...call me for the details

561.432.5202

New Govt. plan to delay, not cure, the foreclosure problem...

Fannie Mae to rent out homes instead of foreclosing

WASHINGTON (AP) — Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.

However, the effort is likely to affect a relatively small number of homeowners. In the first half of the year, Fannie Mae took back about 1,200 properties through this process, known as a deed-in-lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period.

While neither option is particularly attractive for the homeowner, a deed-in-lieu does less harm to the borrower's credit record.

The rental program is designed to help homeowners who don't qualify for a loan modification under the Obama administration's plan, but still want to remain in their homes. Fannie Mae is not planning to market the homes for sale during the one-year rental period.

Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.(where's the transparency...Fannie is owned by the taxpayers for all intents and purposes)

To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31% of their pretax income.

Short sale negotiation inside info...

I thought my readers may find it interesting to hear a little bit about some of the "behind-the-scenes" information regarding negotiating a short sale...Every day we are dealing with lenders and are involved with negotiations on short sales. A recent hurdle has been the negotiations with 2nd lien holders (2nd mortgages/home equity liens). We thought that the following may be of interest to a lot of folks currently contemplating how or even IF they should do a short sale....

These days many 2nd mortgage companies are now asking for 10% of their principal balance in order to release their lien. Prior to these recent changes, ALL 1st mortgage holders allowed a maximum of $1,000 to 2nd mortgages, period. Once 2nd mortgage holders started demanding 10%, it made obtaining approvals from both mortgages quite challenging. After all, 10% is quite a large number! And most 1st mortgages will only allow a maximum of $1,000 right?

Well luckily for our sellers, SOME 1st mortgage holders have paid attention to the changing trends and have started to change their policies to match. Now, more and more 1st mortgage holders are allowing a payoff of up to 10% to 2nd mortgages to avoid any complications. And for us short sale specialists, this is helpful to successfully navigating a short sale for our sellers! One of the lenders that have started to be more open to this policy change is ASC.

Keep in mind, not all 1st mortgage holders are doing this, and it is on a case-by-case basis, but, they are at least open to it and some will approve 10% to be paid to 2nd mortgage holders.

Grande Estates, under contract

A Biltmore that has been on the market for 153 days has just gone under contract. The home was originally marketed at $414,900 but was priced at $359,900 at the time of contract. This home was NOT marketed as a short sale.

The home previously sold for $380,000 in February of 2004.

Grande Estates sale...

A Buckingham on Houlton just closed...the selling price was reported to be $316,500. The home was on the market  for only 42 days and was listed at $387,692. This was NOT a short sale, but the sellers paid $395,000 for the home in May of 2004.


As I've been saying...homes that are NOT short sales, in good condition, where the seller is in tune with the market prices, are selling very quickly! And this should keep up as the inventory remains low, the 1st time homebuyer tax credit appears to be headed for an extension, and the number of short sales does not seem to be taking a breather.

Senate Clears Homebuyer Tax Credit Extension to Pass This Week

After two weeks of delay, the Senate, last night, cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers... making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years... it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.

Kensington sale

A Kensington with a 2 story guest house (instead of the 3rd garage), that had been on the market for 634 days was reported sold. The property was listed at $525,000 at the time of contract and was sold for $455,000.

Back in October of 2007 the home was listed for $674,900. The sellers were the originall owners and purchased the property in March of 2002 for $328,000.

Grande Estates, Buckingham sale

A Buckingham on Houlton Cir was just reported sold. The selling price was $325,000...reported to be a cash purchase. The sale was a short sale.

The property was on the market for 189 days.

The sellers purchased the home in May of 2003 for $349,000.

Windsor, Grande Estates

A Windsor that was purchased by the current owners in November 2007  for $500,000 was just put on the market with an asking price of $405,000. The home is not being marketed as a short sale.

Back in early 2006, this home was listed by the previous owners at an initial price of over $700,000.

Pecos...under contract

A home on C. Durham that I believe is a Pecos model by looking at the aerial, just went under contract.

The home was originally listed at $379,000 in April of this year but was priced at $355k when it went under contract.

The sellers, who are the original owners, purchased the home for $212,000 in May of 2005.

Bank-Owned sale

A bank-owned Santa Fe model at 6242 C Durham just sold for $275,000.

The property went back to the bank on May 28th after foreclosing on the previous owner, who paid $525,000 for the home in September of 2005.

It took the bank over 2 months to get the home back on the market. Once they finally got it on the market, it was priced at $294,900 and went under contract in just over a month.

Mortgage Meltdown...Foreclosed homeowners may still have debt to pay

October 23, 2009
Article From the Daily Business Review
By: Paola Iuspa-Abbott


Jeff Baum is at the forefront of a real estate industry trend that is sure to cause more pain for homeowners who thought they had left their troubles behind.

Baum, a principal with Green Circle Capital Group in Boca Raton, brokers the sale of nonperforming residential debt between lenders and investors. Those investors buy the debt with the intention of collecting from the former homeowners.

“I’ve made quite a bit of my living over the last two, three years selling deficiency balance paper,” said Baum,

A deficiency balance is the portion of the mortgage loan that wasn’t covered by the sale of the home. That debt becomes an unsecured note similar to other consumer debt such as credit cards.

Journeys End Lis Pendens update

According to public records available as of today, there are 31 homes in Journeys End/Grande Estates that have had a Lis Pendens (notice of default/foreclosure) recorded.

There are currently 2 bank-owned homes in Journeys End...both are under contract for sale by the bank.

1 of the 31 has had a sale date set and recorded in public record.

Kensington short sale, price reduction

A Kensington model that has been on the market a total of 557 days now just reduced their price from $390,000 to $375,000.

This home was originally placed on the market in April, 2008 at $549,000.

The current owners purchased the home in September of 2006 for $613,000.

Journeys End Market Recap

• There are 14 homes currently on the market in Journeys End.
• Prices range from $249,000 to $465,000
• Only 3 of the 14 are being marketed as short sales
• No bank-owned homes are currently on the market

• The are 12 homes currently "under contract"
• Prices range from $225,000 to $525,000
• 7 of the 12 were short sales
• 2 of the 12 were bank-owned, foreclosures

• In the past 60 days, 6 homes were removed  from the market (cancelled their listing)
• In the past 60 days 2 homes had their listing "expire" with their agent after being on the market for 1 year each

A recap of the previous 60 days sales activity shows 4 sales as follows:

1. Taos, short sale, $325,000
2. Versailles, bank-owned, $320,000
3. Phoenix, conventional sale, $350,000
4. Kensington, short sale, $317,000

Biltmore price reduction

A Biltmore model that was placed on the market in June at $414,900 was just reduced to $359,900...this was the 11th price reduction on this property.

This home is NOT being marketed as a short sale and was purchased by the current owners in January 2004 for $380,000.

Tuscon now under contract...pool/lake.

A Tuscon that was NOT being marketed as a short sale just went under contract. The home was placed on the market in early June at $428,000 but was priced at $400,000 at the time of contract.

The current owners just purchased the home in June of '08 @ $409,900.

Journeys End Bank Foreclosure Under Contract

The Phoenix bank-owned home that was put on the market 11 days ago is now under contract.

The home was listed by the bank at $279,900...however, we understand that there was a multiple-offer situation and the bank called for "highest-and-best". As we first reported, we believe that this home will go 10% or more OVER asking price, for a number of reasons, including, but not limited to the attractive asking price.

Kensington short sale...sold

A Kensington (courtyard) model that had been on the market at one point for $699,990 just sold for $317,000 as a short sale.

It appears that the original owners, who purchased the home in November of 2002 for $339,4000, were the sellers.

Off the market...Taos

An expanded Taos that has been on the market for 563 days has been taken off the market. The home was originally listed in April of '08 @ $489,500 and was listed at $439,000 at the time it was taken off the market.

The current owners purchased the home in January 2002.

Off the market

A Santa Fe that has been on the market for 365 days while listed at $425,000 is now off the market. The home was purchased by the current owners in October , 2007 for $415,000.

SOLD...Phoenix model

A Phoenix model (1 story, 2900 +/- sq ft) with a pool just was reported sold for $350,000. That is $75,000 less than the home was listed for in May of this year.

Housing could take double dip down in 2010 - MarketWatch

Housing could take double dip down in 2010 - MarketWatch

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Tiny price reduction

A Biltmore on the lake with a pool that has been on the market since June 4th of this year has just reduced their price by $200 to $368,700. The original list price on this home was $414,900. On a per-sq-ft basis, the original asking price was $168/sq ft and the current price is $149/sq ft.

During the 2005/06 heyday, homes routinely were selling for $200/sq ft and up!

Just for comparison purposes...there have been 11 sales reported in 2009 in Journeys End/Grande Estates. The Average sales-price-per-sq-ft of living area has been $102.33/sq ft...with the high being $118/sq ft and the low being $91/sq ft.

Under contract...NOT A SHORT SALE OR FORECLOSURE!

A Biltmore with a pool in Grande Estates has gone under contract in 17 days. The asking price at the time of contract was $325,000.

This quick contract at $131/sq ft (as opposed to the average $100+/sq ft for distressed sales) confirms our current hypothesis that non-distressed sales are commanding a nice premium at the present time....that finding, combined with the fact that the inventory for non-distressed homes is very low makes it a very good time to place a home on the market that is not marketed as "distressed".

Govt. Foreclosure Rescue Plan losing ground...

18,300 property tax bill appeals break record

18,300 property tax bill appeals break record

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Bank foreclosure hits the market!

A Phoenix on Finamore Circle that went back to the bank on 7/20/09 was just put on the market by the bank at an asking price of $279,900.

The home is on the lake, with a pool. The owner who lost the home to the bank paid $497,000 for it back in May '04 but subsequently refinanced it in 2006 for $700,000.

The home was on the market in 2005 for $799,000 then for as much as $899,000 for 4 months back in 2006, then back to $799,000 into early '07. In mid 2007 it was marketed for $768,000 then late in '07 at $529,000  as a short sale.

At less than $100/sq ft for a lakefront/pool home in Journeys End, I predict that this will be gone immediately at more than the banks asking price...which is a sales tactic used successfully by quite a few lenders recently; price agressively, get multiple bidders/offers...elicit "highest and best" at some point and therefore create the"sense of urgency" lacking in most traditional market offerings.

Kensington short sale, Grande Estates

A Kensington short sale, pool/lake has just reduced their price from $400,000 to $390,000. This home has been on the market a total of 541 days. It was under contract 3 times while listed at $400,000 and fell through each time for 1 reason or another.

It was originally placed on the market back in Apriol of '08 at $549,000.

The current owners purchased the home in September of '06 for $613,000.

Is the rug going to be pulled out?

Since the initial decline of the housing market and the associated collapse of the banking and mortgage industry, FHA loans have taken over a majority of the lending being done here.

I have often thought that these FHA loans were going to be our next "wave of defaulting loans" for the following reasons: Most FHA loans made here are with only a 3.5% down payment and allow the seller to contribute up to 6% towards the buyers closing costs. And generally, a lot of the buyers go "FHA" for 2 main reasons...they don't have much cash AND they have lower credit scores than required by conventional lenders.

 In essence, all of these newly issued FHA loans are the same "no money down" loans that are currently contributing to the explosion in defaults. It has been shown that homeowners are more likely to default when there is no equity in the home....this seem obvious.

 Well, in a declining market, like we are in, it won't take long for all of the FHA loans made in the previous 12 months to be "upside-down". Combine "upside-down", with lower credit scores and what do you get? The recipe for more defaults!

 I believe that the above reasoning has prompted the following:

The FHA Taxpayer Protection Act of 2009 — HR 3706 , introduced in Congress Monday would increase the minimum down payment for Federal Housing Administration (FHA)-insured mortgages from 3.5% to 5% and would also prohibit financing initial service charges, appraisals, inspections, or other fees or closing costs with any part of an FHA mortgage. (seller-paid closing costs)

 The bill’s author, Rep. Scott Garrett (R-NJ), said the current policy of allowing closing costs to be rolled into the mortgage effectively reduces FHA down payments to as low as 2.5% (and sometimes greater than 100% financing) because borrowers don’t have to have as much (any) cash on hand at closing.
 “As we have learned repeatedly throughout the mortgage crisis, the amount of equity a homeowner has in their home directly correlates to the credit risk associated to their mortgage.”

 The bill also calls for an examination of the housing market’s dependence on the fund (FHA) since the mortgage crisis began.

 The inspector general for HUD, Kenneth Donohue, also appeared before the House subcommittee calling for more resources. To illustrate the explosion of FHA’s presence in the market since the development of the near-third statistic often exchanged by industry players and media outlets, Donohue said data show the FHA’s endorsements (or guarantees of mortgages) rose from 24% of the single-family market in the first quarter of 2008, to 63% of the market in Q109, including home sales and refinance.

 So, if the above bill does pass and the FHA lending criteria "tighten", then I believe that here, locally, the housing market will suffer. When you make it more difficult to obtain the loan that the majority of our buyers are utilizing...there is only 1 conclusion. Then, combine this change with the expiration of the 1st time homebuyer tax credit AND a potential rise in mortgage interest rates! Not good for us homeowners here in South Florida.

Shoot me an email and let me know which way you see the market heading.

Laredo price reduction

A Laredo (1 story, 2067 sq ft under air), on C Durham, just reduced their price from $275,000 to $249,000.

This home has been on and off the market since February 2007, when it was on the market for $399,900.

Updated price...Biltmore

The Biltmore on Houlton that started out priced at $414,900 in early June is now priced at $368,900.

Tips on how to save 40% on your homeowners insurance bill and how to keep you family safe from carbon monoxide and bees!

Please take a few minutes to watch this video interview...there are some money-saving and very important safety issues we discuss.

Thanks

Under contract in 3 days

The Pueblo short sale on C Durham, that was listed 3 days ago @ $225,000 just went under contract.

It is still a sellers market for well-priced property.

New listing...

A Biltmore  with a pool on Houlton has just been placed on the market at $325,000.  The current owners are the original owners and purchased the home in November of 2000 for 222,700. The home is not being marketed as a short sale.

Grande Estates...price reduction

The Biltmore on Houlton (5 posts below) has just reduced their price again...this time from $383,500 to $378,900. It has now been on the market 118 days.

No way housing has bottomed...

I just watched this video on Yahoo Finance (you can click on it to take a look at it) and it reflects what I have been advising my clients for some time now...we HAVE stabilized a bit in the current quarter; but not to get too excited...there is a lot of distressed property yet to hit the market. Keep in mind that this housing "recovery" is occurring while we have historically low interest rates-what happens if they go to 6%...7%? It will affect affordability and consumer confidence in this fragile market.

Send me an email and let me know what you think.

Under contract...Kensington

A Kensington on Houlton has gone under contract. This home is currently priced at $399,000 and was priced as high as $450,000 at one point. It is being sold by the original owner who paid $370,300 for it in December of 2001. 

The home was marketed as a short sale.

New listing...Pueblo

A Pueblo model on C Durham just came on the market priced at $225,000. This home is being marketed as a short sale.

Yuma price reduction

A Yuma on Ethan Dr that was previously listed for $400,000 reduced their asking price to $380,000. This home has been on the market for 61 days. The current owners purchased the home in July of 2005 for $580,000.

Bank owned sale...Grande Estates

A Versailles on Wilbur Way that was bank-owned just sold for $320,000. This home went back to the bank in September of 2008 and was listed by the bank agent for 262 days before the sale.

The previous owner (prior to the bank), paid $455,000 in July of 2004.

Priced reduction...Grande Estates

A Biltmore model, 1 story, 4/3/2, lake, pool, has just reduced their asking price again. The home is now priced at $383,500. This home has been on the market for 112 days and was originally priced at $414,900.

It has had a sequence of reductions as follows: $405,000... $399,000... $398,900...  $398,700... $398,500... $388,500... $383,500.

The current owners purchased the home in January of 2004 for $380,000.