Independence Neighborhood-any input? (Celebration: sales, real estate, foreclosure)

[GregTraub]

Any commute going North South where you have to use I-4 is killer during rush hours. East to West has gotten pretty bad, but hopefully will get better once they finish expansion of the 408 on that side of town. For now West to East isn't that bad of a drive at all.

Independence is a great area, very nicely planned, looks great, with great schools. But, like most communities that had their peak building during the peak of the real estate market, there are going to be quite a bit of foreclosures. I just did a quick search in that general area and found 25-30% of the homes for sale are being advertised as short sales or bank owned. Don't get those numbers scare you off though, see how the community looks, check out the amenities and judge for yourself the location.

In my opinion high foreclosure rates do raise a flag, but if the community still looks great, I can see myself living there, and can see the potential once the whole foreclosure mess passes in a year or two, I see the high foreclosure rate as a plus. I mean it's the foreclosures that are dropping values every where now, so I know if I buy in a community that has been hit with foreclosures I know I"ll be able to get a great deal and will most likely see a higher appreciation rate down the road. Just my opinion though...and you always have to see the community yourself to judge if the community will rebound when foreclosures are purged from the market, or if it will stay a bad area.

If you want area's close to downtown and with low foreclosure rates, check into Dr. Phillips or Winter Park. Both area's didn't see as many transactions during the boom. Dr. Phillips having large homes that don't cost an arm and a leg with less than 10% of properties listed advertised as Short sales or Foreclosures. And the great area of Winter Park actually has closer to 2% of properties on the market advertised as such.

[ThePolyPrincess]

So is there more 'prestige' being able to say you live in Windermere rather than Winter Garden? And if so, why? Just curious.

Thank you, GregTraub, your reply is very informative.

[GregTraub]

'Prestige' that really is the only difference. Winter Garden I guess has gotten a certain reputation as it's been a nice quiet working class town for so long. While Windermere is newer and known for Isleworth and the ultra affluent.

I never buy into the whole prestige crud. If it's a nice neighborhood, you get to go to the schools you want, an address is just an address. Would a rose called by any other name not smell as sweetly?

[ThePolyPrincess]

Thanks. I really was curious. We live in a town where if you mention it by name people usually (not always) presume that we are "wealthy". Makes me crazy to have that sort of label put upon us, but it is what it is, silly as it may be. Thanks again.

[bostontoorlando]

thanks Greg, that is a very helpful answer. Our agent had painted the foreclosure issue in a different way, its good to have another perspective. We'll definitely have a look at the community- like you say, the upside should be better. The 'prestige factor' only interests me and probably most buyers from the viewpoint of resale value. When buying in the boston area, we passed on the super pricey prestige areas to find a really nice area with good schools/community and more reasonable prices but a longer commute
BTO

[cfIfan]

Indepndence is unique in terms of it is actually in Windermere, although for some reason it was given a Winter Garden Address. I prefer it that way, we get the great schools with a slightly lower tax bill

[GregTraub]

Originally Posted by cfIfan

Indepndence is unique in terms of it is actually in Windermere, although for some reason it was given a Winter Garden Address. I prefer it that way, we get the great schools with a slightly lower tax bill

Good Point on the tax bill.

There will always be a market for prestige that's for sure. That's why we have Audi, Acura, Infiniti, Cadillac, etc, it's the same car (more or less) just give it a different name and all of a sudden people are willing to pay more for it. (Ok I guess I do buy the prestige stuff, I drive a Nissa....I mean Infiniti )
As far as prestige in the re-sale market for homes, everything is relative. In a few years a home in Windermere will be worth more than the same home in Winter Garden. But then again you would also have to spend more today to buy that Windermere home as well.

[bostontoorlando]

Well, thanks for the info on Independence. I finally had a chance to visit mysel today- to Avenue of the Rushes. Visited 2 of the lakefront homes. The houses themselves were quite nice. Having visited a number of other subdivisions today, I can see that it does offer an opportunity for budget (relatively) lakefront living, but for 2 million list price, that area of the development did not impress. Quite an ambitious project overall and I can see how it would be a nice neigbhorhood in other areas.
thanks
BTO

[engine]

My wife and I visited Independence in Winter Garden this week and really enjoyed it. It is a great area of town and we like the houses.
We did notice that there seemed to be a lot of abandoned/possible foreclosed houses in the neighborhood.....which may not be a good thing.
Engle is the builder, which worries me because they are in financial trouble and if they go under.....what will happen to the houses they are building and to the rest of the neighborhood which has not been completed yet?

If anyone has any thoughts or info on this neighborhood, Id love to here it.

Thanks, Eric

[jemelb]

This subdivision was discussed a few weeks ago...

I hope this helps.


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