Mini housing phenomenon - Seminole/Largo (Indian Rocks Beach: short sales, apartment, renting)

[lavender]

A quick look at the MLS only listings for the period of time from Sept lst to October 11th (today) looking at typical single family homes 3 or 4 beds, 2 or 3 bath with 2 car garage and pool elicited the following news. My seach looked at Active, Active with contract, Pending contract and Sold for this period.

There were 24 Active, 10 Active with Contract, 17 Pending contract and 24 Sold. Of the 24 Active, only six were on the market longer than 60 days! Of the 10 Active with contract only 7 had been on the market longer than 60 days, but they were all Short Sales, which typically close after much time has elapsed. What is remarkable about the stats is that of the 17 pending contract, 7 had been listed and gone under contract in 8 days or less! The other ten had only been on the market for up to 4 months maximum.
For the actual sold listings since September lst – there were 24 – one third had sold in under 30 days. 5 between 30 and 60 days, a further 4 took less than 90 days and 2 more in under 4 months. The remainder of those took longer, but were either sellers holding out for and achieving close to asking price, or fixer upper/short sale listings. The average selling price/listing price ratio was just over 95%!

I was the victim of this new housing ‘bubble’ in Seminole just this week. I had buyers interested in a property they offered as much as they could, which was 92% of asking price. The agent had 3 offers on the table on the same day, the result, the seller achieved over the asking price. Frankly I thought it was slightly overpriced, but knew that this home would probably sell quickly even though it needed updating in kitchen and 2 baths, and pool remarciting. Right now it is not a buyers market in Seminole.

[Sweet Old Bob]

Originally Posted by lavender

A quick look at the MLS only listings for the period of time from Sept lst to October 11th (today) looking at typical single family homes 3 or 4 beds, 2 or 3 bath with 2 car garage and pool elicited the following news. My seach looked at Active, Active with contract, Pending contract and Sold for this period.

There were 24 Active, 10 Active with Contract, 17 Pending contract and 24 Sold. Of the 24 Active, only six were on the market longer than 60 days! Of the 10 Active with contract only 7 had been on the market longer than 60 days, but they were all Short Sales, which typically close after much time has elapsed. What is remarkable about the stats is that of the 17 pending contract, 7 had been listed and gone under contract in 8 days or less! The other ten had only been on the market for up to 4 months maximum.
For the actual sold listings since September lst – there were 24 – one third had sold in under 30 days. 5 between 30 and 60 days, a further 4 took less than 90 days and 2 more in under 4 months. The remainder of those took longer, but were either sellers holding out for and achieving close to asking price, or fixer upper/short sale listings. The average selling price/listing price ratio was just over 95%!

I was the victim of this new housing ‘bubble’ in Seminole just this week. I had buyers interested in a property they offered as much as they could, which was 92% of asking price. The agent had 3 offers on the table on the same day, the result, the seller achieved over the asking price. Frankly I thought it was slightly overpriced, but knew that this home would probably sell quickly even though it needed updating in kitchen and 2 baths, and pool remarciting. Right now it is not a buyers market in Seminole.

What is the market like for a small condo pref in a 55+ complex ? ? I'm looking for a small "bargain"condo but I've never lived in a condo and the fear of rising hoa fees will likely keep me from buying a condo. I am considering an apartment at Imperial Village instead.
thanks in advance

[lavender]

If you are looking in this area I would recommend a couple of places. HOA fees are always a bit scary when you are on a fixed income. Look for a good well managed complex. Most of the over 55s are, as they tend to have responsible owners.
depends on what you call a bargain though.

[Sweet Old Bob]

to me a "bargain" condo would be $30,000 - $40,000 ... in a location that is safe .....HOA $200 .... I know I'm probably looking for the impossible but I've probably got a year before I make my move .... and Seminole/Largo is the area I am looking in...I have friends in Indian Rocks Beach and want to be close to them

[gulfer]

Actually being 55+ will help you here as there are more of them available then properties that everyone can get in to. I do not think that your price range would provide the 'Safe' location however. I don't want to rain on anyone's parade, but living that close to World Class Beaches has a price. Can you imagine how many people would be lined up to purchase one at that price.

Nice post Lavender. I think it is important for people to see factual information. Starting to see this all over the place. Anything less than 150K is extremely hard to find. What price ranges are you actually talking about selling?

[FloridaKash]

Yes, when we were house shopping we were looking in the Seminole area since we had been renting a home in that area and already had the kids in school there. Unfortunately, for us, the SF and features we needed made homes in that area out of out budget. It's a great area and I think it's a real gem of an area that a lot of people aren't aware of. Yes, shopping in the area is terrible.... but it's a nice laid back lifestyle. Especially West of Seminole BLVD.

[jmqueen]

Hm, I've been looking at Seminole, and it's tricky for us because we want a lot that's 3/4 acre or larger which seems to be in short supply in that area. I have this one on my fave list, and even though it won't be until next summer we can move at the earliest, can you tell me if this price is realistic? Just so I can get a better feel for what's going on?

10153 95th St, Seminole, FL 33777 - Zillow

[lavender]

Its not really Seminole proper. Its close to main east west county road so it's going to be noisy, then it backs onto
Osceola Schools's Baseball field, so you will have floodlights in the yard during season, and I believe it might be flood zone too, hence it's still on market after almost fifteen months. I am not sure if this home is zoned for seminole schools either, it would be prudent to check if you need the schools. I think its too high for the market just now.

[lavender]

Hey Gulfer, the price range is around $190,000 to $275,000

[jmqueen]

Thank you Lavender, that's very helpful.