Canoe Creek subdivision - PSL (Fort Pierce, White City: for sale, new home, neighborhood) - St. Lucie, Martin, and Indian River counties (Treasure Coast) - City-Data Forum

CZtwlght · 02-01-2011, 02:33 PM

I am helping my older parents in their decision to move to a new home. They have attended a few open houses and found a home they liked in the Canoe Creek subdivision. This subdivision is very near PSL but the address is Fort Pierce. I checked on Trulia and the home shows at being purchased in 2002 for 232,000. It is now listed for $250,000. Is it possible this area has actually increased by 8%?

When I checked the same home on Zillow, the recommended purchase price is $180,000.00 and the trend is nearly a 50% drop in value between 2007-2011 for this zip code. I know Zillow should be taken with a grain of salt but it does seem to be a big difference.

I live out of state and am trying to help them get a feel for the market in their area. They are anxious about making a move. It seems like it is a buyer's market.

I would be grateful to hear what others thought about Canoe Creek.

FlaLadyB · 02-01-2011, 08:30 PM

Just looking in MLS there has not been anything sold in Canoe Creek since 2007. There are only 2 homes on the market at $250 and $265. The price from 2002 to what they are "asking" for it now does not mean it has increased in value by any means. It's just what the asking price is. NOTHING has increased in value in the area, especially anything in Ft Pierce/White City. I saw 10 similarly prices homes in the immediate area for sale. Some have been on the market for as little as 137 days, other several years.

Edited to add.. ask if the have had a professional appraisal done recently to have come up with any kind of price.

Synergy1 · 02-02-2011, 12:46 AM

Canoe Creek has a zip of Fort Pierce and when the zip codes play into a propposed value, and they should, prices should follow suit. Another words the home you noticed listed at $180k is probably inaccurately appraised at my guess of 20% more. If one will want to build a home at an appraised value it cannot be accomlished nowadays.

My friend owned a home in White City and it was a beautiful 5bd,3th, 3cg with pool home on a lake..It sold for a sickening low price of $245k. He paid almost $400k in 2003.

There are professional appraisers in PSL that still do not understand the RE process. Homes that have recently sold in PSL use the mass appraisal method for taxing purposes.

The independent appriaser looks inside and measures then measures the exterior of a home. A recently sold home is what they are to use as a comparable and if there are none then use the closest and together with a simple math equation, get a result. Some homes that have sold have used more than one single appraisal. These differ to an extent of 13% and higher. The home may be a 4 b, 3bth, 2cg just like your or my home but appraisers often increase the price of a lessor home because of a silly additions such as a wooden fence....Appraisers should acquire proper accredidations and the schools of lesser value supply a person with certificates. This does not make an appraiser a good one especially when a person's home is geared to the appraised value of a home....

A known realtor is probably your best bet to contact so you can better understand the RE market in the area you are looking to buy.

CZtwlght · 02-02-2011, 09:31 AM

Thank you FlaLadyB and Synergy for your responses. I have advised my parents to engage a knowledgable realtor to help them determine the real picture. There is only so much advice I can give from a distance and I do not know the area.

Is that area of Ft. Pierce/ White City a nice area? Would a realtor know of any neighborhood/ environmental/ development issues?

Thanks so much!

CZtwlght · 02-02-2011, 09:43 AM

Hi Synergy1 and FlaLadyB,

That is a huge decrease for your friend! It must have been very hard to accept the market change. I can't imagine how folks recover from that. It is a 40% drop! If that is what happened to homes in the Ft. Pierce/ White City area then it might be possible that a home that sold in 2002 for $232,000 could be in the $180,000 range now. Still, as you and FlaLadyB advise, a current appraisal would be a good starting place.

And, FlaLadyB, thank you for the information regarding how long it has been since a home sold in that development. I have advised my parents strongly to contact you.

Synergy1 · 02-02-2011, 03:33 PM

Contacting a realtor would be a really good move. There are many beautiful homes in St Lucie County and I am sure your realtor will find one that will be good for you. Good luck in your search.

Quote:

Originally Posted by CZtwlght

Hi Synergy1 and FlaLadyB,

That is a huge decrease for your friend! It must have been very hard to accept the market change. I can't imagine how folks recover from that. It is a 40% drop! If that is what happened to homes in the Ft. Pierce/ White City area then it might be possible that a home that sold in 2002 for $232,000 could be in the $180,000 range now. Still, as you and FlaLadyB advise, a current appraisal would be a good starting place.

And, FlaLadyB, thank you for the information regarding how long it has been since a home sold in that development. I have advised my parents strongly to contact you.