Market research is something I enjoy. I don't know exactly why I love crunching numbers. Maybe it is from back in college when I studied data collection and analysis. Maybe it was from my former profession when I studied crime statistics and evaluated job performances of law enforcement officers. Later I was hired by dozens of banks (still am) to advise them on what their bank owned properties are worth.
No matter what the reason, the buyers and sellers I work with have certainly appreciated my ability to predict what homes will sell for and in how much time.
As an aside, my realty has sold 5 properties in the Sanctuary this year - plus I live there with my family.
I just completed market research into The Sanctuary on Spruce Creek in Port Orange, Florida. I looked at all pool homes between 2200 and 2800 living square feet (LSF) that sold in the past 6 months from today's date. There were 5 sales in this time period. I then took the average price per square foot for these 5 properties, and came up with an average of $118 per square foot.
Then I looked at the same type of homes for the same time period in 2009. There were only 3 sales. The average came out to $112 per square foot. This is an increase of 5%.
I am hesitant to say that the drop in values has stopped permanently based on 5 sales. However, considering the horrible economy and rampant unemployment, I would say that not having a further drop is great news. In my opinion, during March and early April of 2010, homes in the Sanctuary on Spruce Creek lost 10% of their value in about 30 days.
Here are the sales from the past 6 months:
6141 Sanctuary Gardens Blvd 2470 LSF Sale Price 272500
6145 Sanctuary Gardens Blvd 2534 LSF Sale Price 296000
1314 Crepe Myrtle 2492 LSF Sale Price 280000
6105 Sanctuary Garden Blvd 2542 LSF Sale Price 320000
6037 Sanctuary Garden Blvd 2547 Sale Price 315000
Phil Hanner
Experienced Short Sales Agent
Accredited REO AgentTM
Keller Williams Realty Florida Partners
3510 S. Nova Road, Suite 112
Port Orange, FL 32129
Licensed Realtor
Cell: 386-214-7745
Fax: 386-944-2808
email: phanner@cfl.rr.com
"Wait long. Strike fast."
Member South Daytona/Port Orange Chamber of Commerce
Member Central Florida Realty Investors
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