Equestrian Club Wellington- Real Estate Market Report
The Equestrian Club is a very small luxury community of Mediterranean style homes with great curb appeal. There are 118 custom built homes built on half acre (1/2) lots. These luxury homes have floor plans that are four bedroom to seven bedrooms.
During the Polo Season here in Wellington you can short term lease some of these high end homes.
The amenities include a clubhouse, fitness center, tennis courts, play areas and riding trails.
This is a luxury community in Wellington Florida. In order to be fair with pricing in these small communities we use market data for one year.
Currently there are 4 active listings available in the Equestrian Club for sale and one of these is Contingent on third party approval so that is a Wellington Short Sale.
- The lowest asking price is $599,900 at 12421 Equine Lane with 5 bedrooms and 5 bathrooms with 4,879 square feet under air. It was originally priced at $749,900 when it first was listed.
- The highest asking price is $765,000 at 12517 Equine Lane with 4 bedrooms and 4 bathrooms with 3,718 square feet under air. This home is not listed as a short sale.
The other two properties are:
12461 World Cup listed for $639,900 and 12502 Equine listed at $665,000.
Over the last year until now 8 Equestrian Club homes in Wellington sold.
We sold the highest closed sale in the Equestrian Club. It was our listing. This listing was located at 12470 World Cup In the Equestrian Club. We listed it for $899,777 and we closed and sold it for $750,000. It has 5019 Square feet under air with a lake view and direct lake frontage as well as a full summer kitchen and custom pool. It was a CASH sale.
The lowest priced house that sold was at 12309 Equine Lane. This was a short sale and it was a steal! WOW! Whoever bought this house should thank their lucky stars! Most of these homes have loans on them of $800,000 to over $1.2 Million! This house has 3,002 square feet under air. It took one year to sell and close on this property, it looks like from reading the listing that the first buyer may have walked because the house was on lthe market for 187 days before it went contingent, which means that the short sale offer was placed on the property. It appears that it took about 6 months to get a third party approval or thereabouts based on the what is available in the MLS. It was a CASH sale. It sold for $359,000.
The other properties in the Equestrian Club that sold were:
- 12332 Equine Lane sold for $675,000. It was listed at $750,000. It took 78 days to sell and it closed in one week. This was NOT a short sale.
- 12313 Equine Lane sold for $ 470,000. It was listed at $850,000 and was on the market for 155 days and was a short sale. The bank approved this property at $470,000 and it was marketed as an approved short sale. Well, someone jumped on that one very quickly because it closed in less than 9 days. It was a CASH sale.
- 12300 Equine Lane sold for $ 450,000 and it was listed at $1,100,000. Again this property was a short sale. It too, was a CASH sale.
- 12474 Equine Lane sold for $465,000 and it was listed at $464,500. This was a bank owned property. One of the very few bank owned properties in Wellington. This was on the market for 11 days and it closed as a conventional loan sale. This was NOT a short sale.
- 12460 Equine Lane sold for $710,000 and it was listed for $749,000. This property was only on the market for 5 days. It closed as a convention loan. It was put pending on April 22 of this year and closed on April 27 of this year. This was NOT a short sale.
This obviously does not make sense in that the MLS records state that this was a conventional loan but it went from pending to closed in five days? It is possible but not likely. There are errors on the MLS with data entry by the listing agents in many cases. This data is used for all the market reports that agents around Wellington do and the rest of the county of Palm Beach. This is yet another reason why Nestor says you can not go by computer generated reports because when the data is not correct you are not able to come up with the right reports. You really need to look at each individual property.
- 12489 World Cup Lane sold for $480,000 and it was listed at $535,000. This was NOT a short sale. This was a CASH sale.
There is one pending offer on a bank owned property at 12321 Equine Lane. It is listed at $535,000.
It is presumed based on this data that the short sales and the bank owned properties in the Equestrian Club in Wellington are selling for a lot less than the properties that are NOT short sales. There are people who do not want to go through with a short sale and will just pay off their mortgage in order to sell their properties at a loss.
So in a year's time there have been two bank owned properties for sale and one closed and one is pending. The Equestrian Club in Wellington is a great bargain right now. With only 4 houses for sale the prices may start to stabilize and this is great for homeowners in the Equestrian Club of Wellington.
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