I said it earlier and I knew that every word would come true. In my last blog I talked about the prices in Windemere and now we have constant price reductions happening every day. With 51 homes for sale in Windemere, there is a lot to choose from. prices are ranging from $380,000 for the smallest 1211 sq ft Joree lane home to $1,135,000.
9 Windemere homes are in the price range of 300-500,000. Out of these 3 homes have had downward price changes from - $9000 to $25,000 with only 1 home on 2114 Joree lane increasing their price by $56,000 !!!!!!! The story being that it orginally was listed for $410,000 then reduced to $325,000 and now back to $385,000.
5 Windemere homes in the 500-600,000 price range. Only 1 home saw a price reduction of $10,000
4 Windemere homes in the 600-700,000 price range. Price reductions on 3 homes ranging from $500 to $60,000.
9 Windemere homes in the 700-800,000 price range. Price reductions on 7 of these homes from $ 7000 to $39,000
4 Windemere homes in the 800-900,000 price range. Price reductions on 1 of these homes for $21,000
13 Windemere homes in the 900-1,000,000 price range. Price reductions on 9 of these homes from $ 6000 to $45,000
5 Windemere homes in the 1,000,000 price range. Price reductions on 3 of these homes from $ 51,000 to $70,000
Here is a list of 14 Windemere homes that have Sold in the last 1 month
Currently there are 56 Windemere homes pending under a sales contract. With 14 new homes listed in the last 14 days , the absorption rate is lowered with homes staying in the market for much longer. The homes that are now in the 900's were in the million dollar plus price range. Short sales are continuing to flatten the market but not to that bad of an extent. REO's on the other hand are getting multiple offers substantially higher than list price. And the regular sales are the ones getting hit. The only way their sales will pick up if the buyers consider them to be good buys. But if they came on the market at a much higher price and then had price reductions, buyers just wait for more reductions to take place. Unfortunately, that is just the nature of the market right now. Bad news mixed with price reductions causes buyers to withdraw. But the counter to this is the correct pricing of the home on the sellers part. On the buyers part, retracting is a big mistake- make the offer where you think is a fair value of the house currently and not based on a projected value of minus 15-20%, that may never happen ...
Good luck to all !
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