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Real Estate Deals in Ginn Reunion Resort....Davenport Florida

By Bryant Tutas

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

September 14, 2009 09:19 AM

Now $25,000!!!!

Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.

Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.

In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..

Bought in February 2003 for $82,900. Sold for $339,900 in May of 2005 with a mortgage of $271,900. Today it’s on the market as a REO at………$14,.900. That is NOT a typo.

Bought in December 2004 for $184,900. Sold 3 months later for $310,000. It was foreclosed on and is on the market today for……$19,000.

Sold for $546,700 in September of 2004 with a mortgage of $410,025. Available now for $25,000. Not sure what you could build on this one since it’s only 35 x 115.

Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?

Anyway…...if you are looking for a deal in Reunion let me know. I’m sure we can find you something.

Reunion Lots from the $20,000s

Reunion Townhouses from the $110,000s

Reunion Condos from the $150,000s

Reunion Single Family Homes from the $200,000s

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

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Jeffery Griffin

Jeff Griffin LLC - Wailuku, HI

Broker Owner

wow aloha nui loa

Sep 14, 2009 02:38 PM

Eleanor Thorne

Equity Resources - Cary, NC

Advantage Lending 919-649-5058

WOW! This is very eye opening - I agree, if I had a vacant lot next door - I'd buy it for 12K.

Sep 14, 2009 11:36 PM

Carol Smith

Casmi Photography - Mebane, NC

Wish I had $20K laying around that wasn't earmarked for other things. I'd buy one of those lots and put a lawn guy on contract to keep it mowed for the next 5 years. THEN I'd see how it goes. :)

Sep 14, 2009 11:59 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Bryant, same story here in Port Saint Lucie and Ginn's Tesoro Club. (Which is in bankruptcy). Scrapped plans for a luxury condo complex on the beach. Lot of people lost some serious money here.

Sep 15, 2009 12:51 AM

Robin Rogers

Robin Rogers, Silverbridge Realty, San Antonio, Texas - San Antonio, TX

CRS, TRC, MRP - Real Estate Investment Adviser

Bryant, sign me up for one of those $20k lots! My folks are big golfers. Can they park their trailer on the lot?

Cheers,

Robin

Sep 15, 2009 01:32 AM

Sharon Senger

tcDocs - Seattle, WA

Licensed Transaction Coordinator

Bryant,

That is incredulous and goes to show the bad and in this case stupid decisions that were being made!!!! I vote for a community bowling alley :)

Sep 15, 2009 02:14 AM

Rob Arnold

Sand Dollar Realty Group, Inc. - Altamonte Springs, FL

Metro Orlando Full Service - Investor Friendly & F

It is amazing how far things have fallen. Back in the boom times, all I would here was Reunion Reunion Reunion. They don't allow mobile homes in the neighborhood do they? You could line up 2 of them on that lot and sell it to tourists as a resort with in-law quarters.

Sep 15, 2009 02:21 AM

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES

Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL

Florida Waterfront and Country Club Living

Bryant, we are seeing a similar thing going on in one of our gated golf course communities that was the hottest thing around in 2005 and attracted investor buyers from all over the US. Latest I've seen, some lots sold as REOs for 16K. Now it is the right time to buy there.

Sep 15, 2009 11:33 AM

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

BB, wasn't there a song "Tell Me Something Good", very interesting.

Sep 16, 2009 06:09 AM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

BB, when I look at that picture of the lot I am really amazed. I don't care when it happened, I myself would not have represented a buyer on that purchase. I would not have slept at night. What the heck were they thinking? I realize people get caught up in the heat of the moment, but that looks like someone forgot to take their meds for a very long time.

So many times I run across things that just make me say... "what were they thinking" these days. Scary scary thing.

Sep 16, 2009 11:54 PM

Neal Bloom

Brokered by eXp Realty LLC - Weston, FL

Realtor CRS-Weston FL Real Estate

All I can is that they were very dangerous and a big gamble....I hope that most people got out before the ship went down.

Sep 17, 2009 02:07 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

A 35 foot lot.. I come from redneck genes and I would bring me an RV for the day!

Sep 18, 2009 12:54 AM

Betina Foreman

WJK Realty - Austin, TX

Realtor, C.N.E., with WJK REALTY

I would think one of those neighbors would buy it at such a reduced price. It would give them a spot to add a pool or useable yard. Those lots are tiny!

;)

Sep 20, 2009 05:06 AM

Betina Foreman

WJK Realty - Austin, TX

Realtor, C.N.E., with WJK REALTY

All those homes are built with zero lot lines, the smart thing to do is buy the lot nextdoor and create a side yard oasis! IMHO

;)

Sep 20, 2009 05:07 AM

Tina Merritt

Nest Realty - Blacksburg, VA

Virginia Real Estate

Is the HOA in trouble as well? I knew things were bad in Florida...but I wasn't aware of just how bad....yuck.

Tina in Virginia

Sep 20, 2009 11:54 AM

Richard D. Ferris

AmcAppraisalsinc.com - Clermont, FL

Florida State Certified (FHA) Appraiser

I have appraised some lots and homes in this subdivision...both in 2006 and today. What a difference!

These poor homeowners who bought as the 2nd or 3rd parties to the table....now either live with this inflated value (and some bought cash as you know!) - or dump them back into the pool of ever growing REO listings!

Sure makes me wish I had an extra $20k floating around! But then again...taxes on a vacant lot there?! Ouch!

Hey - great new photo on your profile by the way!

Sep 28, 2009 02:57 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Hi Broker Bryant,

It is hard to comprehend what I keep reading in other areas...just not seeing it here...

reported spam in your comments from ugg boots, etc.

Oct 12, 2009 08:18 AM

Anonymous

Fabio

I think this is the biggest opportunity ever. I know Reunion and it will not go bankrupt.

Feb 21, 2010 09:52 AM

#27

Anonymous

Katherine Riefkohl

Looking for a bargain. 3 bdr. minimum. Investment no more than 110,000.00 in Reunion Resort. How can you help??

Apr 22, 2010 01:36 AM

#28

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Hi Katherine. The lowest priced 3 bedroom property in Reunion today is priced at $125,000.

Send me an email at brokerbryant@gmail.com if you'd like for me to set you up with property alerts.

Apr 22, 2010 04:54 AM

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Real Estate Deals in Ginn Reunion Resort....Davenport Florida

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