Luxury Home Sales and Luxury Real Estate in Seminole County Florida

By definition luxury real estate in the greater Orlando area including Seminole county is considered any home above the $500,000 price range, this is based on guidelines from the Institute of Luxury Home Marketing where I am a member of and also hold the Guild designation Click here for the Gitta's Institute Website .  Luxury real estate in Seminole County, which includes cities such as Lake Mary, Longwood, Oviedo, part of Winter Park, Altamonte Springs, Winter Springs, Casselberry, Sanford and Geneva, seems to be on the way of recovery. There is an increase in the median luxury home price from last year same 9 month period of $656,023 to this year of $735,868. The median per sqf. Price showed a small decline from $166.24 in 2009 to this year of $164.24. These are bitter sweet news when you consider that we have 31 months of unsold inventory going into the slower months, with 443 current listings and 144 luxury home sales over the past 6 month.  One of the Luxury subdivisions which showed a great increase over last year was Alaqua Lakes, as well as Alaqua which increased the median home price from 2009 of $611,000 to $905,000 in 2010. Although the average per sqf. Price dropped from $156.00 in 2009 to $144.16 in 2010.  Out of the 443 listings there are only 3 bank owned properties, one in Alaqua, one in Spring Landings Estates and one in Estates in Wekiva Park. Short sales are a different story however, 51 homes are currently in this distressed position and 10 of those short sales are in Alaqua and Alaqua Lakes. Granted we have seen some great luxury real estate increases so far in 2010 in these luxury subdivisions. However, over 10% of the Seminole county luxury home inventory is in financial trouble, we may yet see a decline in value by the end of the year once these distressed luxury homes are sold off at distressed prices. For foreclosure assistance go to www.greaterOrlandohomes.com