COMPARING APPLES TO ORANGES IN OSCEOLA COUNTY FLORIDA-NEW HOUSING VERSUS SHORT SALE HOMES. The buzzwords of the decade have been foreclosures and short sales. Certainly there are no shortage of either. What works for some people does not work for others. Stuck in the middle are the Pre-Short Sale Home Owners (Known as Traditional Sales) frustrated by the market's inability to bounce back to previous unrealistic value and apprasiers adjusting downward the value of property based on recent comparables which of course include short sales and foreclosures. Seems like an endless cycle doesn't it?
Cash buyers have many choices. After spending several days vewing the entore inventory around our home office we drew an interesting conclusion. Homes which may be only a few years old, built during the boom, may need more work than 100 year old home swe have sold in town. And, when you factor in all the necessary restoration costs building a CUSTOM HOME may be cheaper.
Buyers seem to be considering building as an alternative to buying someone's problem these days. Lots have come down in price proportionate to housing prices. In Bay Lake Ranch in St. Cloud Florida, for instance, the average price per acre is hovering around 23,000 per acre. A quick survey of local builders in St. Cloud Florida assess that build out costs are now at $95.00 per livable foot. So even with Impact Fees of $18,000 to the County, the truth is you can build a moderately sized home brand new, for under $200,000.
If your price range is not quite that high, you can easily afford any of the "gently used" homes in Bay Lake Ranch falling under the short sale or foreclosure catagories. Some need more work than others-Home Ins
Unlike Poinicana Florida which has suffered tremendously, Realty here is not is NOT as distressed. In Poinciana entire blocks fell to bank receivership. Escalating the devaluation of home prices to levels we haven't seen since 1992-1994.
North of Poinciana the market seems to be more stable. The east side of St. Cloud Florida which borders on the Community of Harmony has stablized. Bay Lake Ranch has onloy 11 homes available for sale currently. And a dozen building lots which are 1 acre or larger are still available. Bay Lake Ranch, is an state community located near Lake Nona Medical Complex and Burnett Institute (Medical School) , Valencia College, and 30 minutes from Orlando Internatio0nal Airport.
Recent interest in building has budded since construction material costs have dropped considerably, and labor costs seem more favorable than they were previously. So perhaps considering building now, may be a viable alternative to distressed housing. Land Value in Bay Lake Ranch is favorable.
St. Cloud Homes & Land, LLC
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