I wish I could say this was an April Fools Day joke.....but it's not. It's my March market report for Poinciana FL.

The following is the reality of the market in Poinciana.

There were 31 closings for March. This is actually a 50% increase from February. So that's a good thing.

The average sale was a 1857 sq ft home listed at $140,201 and sold for $137,609 in 131 days. $75 per sq ft living area. The sold price is down about 5% from February.

Out of those 31 sales, 21 one of them were banked owned properties(REOs). 4 were short sales. 2 were builder inventory and 4 were owned by Mr. and Mrs. Average Home Seller. This is right in line with my last market report, "Selling Retail listings in a wholesale market".

Now let's look at a few of the houses that came on the market today:

Poinciana pool home

 

Property #1: 4 bedroom 3 bath pool home with 2013 sq ft living area built in 1987. This property was last sold in May of 2005 for $280,000. It came on the market today as a bank owned property priced at $149,900.

 

 Poinciana 4 bedroom

  Property #2: 4 bedroom 2 bath home with 1563 sq ft living area built in 2005. Last sold new in June of 2005 for $186,000. Today it hit the market as a bank owned property priced at $78,900!!!

 

Poinciana 3 bedroom for sale

 

Property #3: 3 bedroom 2 bath home with 2003 sq ft living area built in 2004. Last sold in December of 2006 at $230,000. Today, you can purchase this home from the bank for $99,900!!

 

Folks, I said about a year ago that the first thing that needed to happen in Poinciana, before the market had a chance of turning around, was that buying a rental needed to make sense. Once this happens Investors will start buying up some of the inventory. Well look at those prices.

Do you think purchasing a 3 year old 4 bedroom home for in the mid 70s would make sense? This house would rent for about $750 to $800. Bought with a 20% down payment it would pay for itself. It makes sense.

So for all you Investors out there.....give me a call. It's time to start buying some single family rentals. Does that make sense?

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Tutas Towne Realty, Inc
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28 Comments on I wish this was an April Fool's Day joke.

20 Most Recent Comments Displayed Show All

APR
01
2008

Wow, our market is down but nothing that drastic. 

6:44pm • #9

The houses that are priced to rent are getting rented.

And what are those prices... any ideas?

rrsafety
7:35pm • #10

 

Some listings from Craigslist... 

Mar 31 - $900 / 3br - Spacious 3/2 House in Poinciana - (Poinciana ) img

Mar 31 - $900 / 3br - Like New Home with huge yard in front and back! - (Poincianna) img

Mar 31 - $900 / 3br - 3/2 in Poinciana - (34759) img
rrsafety
7:42pm • #11
557,022 Points 6 Featured Posts Outside Blog
That's good news, a 50% increase.  I'm seeing some killer deals up here on the north side of town.  The last 2 I have bought were 98K and 72K.  Not bad prices at all, they will cash flow.
7:44pm • #12
592,224 Points 22 Featured Posts Outside Blog Attended Rain Camp
How appropriate. We're seeing the results of years of foolishness from all sides of the equations. =(
8:05pm • #13
136,910 Points Outside Blog
WOW!  Those are some pretty good prices.  I might need to give you a call myself to invest in some of that property.
8:19pm • #14
151,917 Points 3 Featured Posts Localism Sponsor

Bryant, I hope your exposure on the web picks some clients up for you on those homes.  We use a rent multiplier of 120 times rent to determine the "safe" entry point on a residential home.  Looks like that home definitely meets the test.
9:03pm • #15
247,757 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Wow, Bryant.  Your market is an investors dream.  I hope the investors come out in full force and that they purchase all your listings.

        
 
10:03pm • #16
597,028 Points 106 Featured Posts Localism Sponsor Outside Blog Hit Router
A 4-bedroom house for $78,000?  You are blowing my mind.  I need to visit your community.
11:49pm • #17
APR
02
2008
878,777 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
BB It makes perfect sense. This was exactly what I was thinking as I was reading through this. I would imagine that some of these homes under a 100k have to be great long term investments?
7:16am • #18

As usual, another great blog entry by BB.......

Question for everyone who's saying the purchase prices make sense for investment properties:

Isn't that only half the equation?  It would only be  a good investment if it was in a strong rental market.  If investors gobble up the excess housing, doesn't that create a glut of rentals and downward pressure on occupancy and return on investment?

Too much inventory, whether owner occupied or rental, only shifts the problem from one sector to the other.......help me BB....what am I missing?

Stan
11:57am • #19
1 Featured Post
Stan, don't forget the people who are foreclosing have to live somewhere. Why not go to a rental? Affordable rental housing will be in demand.
12:44pm • #20
1,048,142 Points 396 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Stan, You're not missing anything. What's happening right now is that there are tons of rentals in the over $900 a month range but very few available for less. The key would be to purchase so a $875 rental would work. And it would on a purchase for about $89,000 or less. At this price and 20% down you would be at a break even point.  Of course you could always place more down to get a cash flow. 30% would work. The chances of seeing some pretty good appreciation over the next 10 years would be very very good. Heck 3 years ago lots were selling as high as $80,000!!  Also, remember that most of these foreclosures are only 2 or 3 years old. Should be very low maintenance costs.

Good to see you by the way. I hope all is well you.
2:31pm • #21
BB, the variance in the Florida market is staggering. Thanks for giving a better visual of the Poinciana condition.
Kevin J. May
10:10pm • #22
APR
03
2008
243,011 Points 29 Featured Posts Localism Sponsor Outside Blog
Wow, Bryant.  That's quite a market report. Our market is still struggling to regain its footing, but you guys have us beat by a country mile.  There's definitely deals to be had in Poinciana. 
4:05am • #23
451,081 Points 64 Featured Posts Localism Sponsor Outside Blog Called Shot Master
There is an upside to all of this... finally homes are back in the range REAL people can actually afford them.  For those who sat out the boom they are in the carbird seat now!
8:09am • #24
APR
04
2008
1,910,827 Points 385 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Bryant, another terrific post!  Have you sold House #2 to another blog buddy yet? 
7:50am • #25
147,500 Points 6 Featured Posts Outside Blog

It's getting there!  Right now, in my market there is a glut of rental houses on the market that is starting to cause a decline in rents.  I'd rather see something done to "fix" the housing markets (as opposed to bailing out big wall street investment houses).  Once this is done (if it's ever done), then we'll see housing rebound...even in the middle of Florida!

 

Bob Mitchell

ValueList Real Estate Services, Inc. 
10:16am • #26

for Bob Mitchell...

 What could the feds do to "fix" the middle of Florida market?

 The sale of Bear Stearns to JP wasn't about housing, it was about saving the entire financial system from a certain disaster had BS had to liquidate everything in a fire sale.

rrsafety
12:17pm • #27
APR
06
2008
1,928,671 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

DANG! I'm talking to my wife right now and we are possibly coming down in May and we may have to bring some extra investment money with us. Those are some amazing prices and not something I think of as a price when I think of Florida.
12:21am • #28

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Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Poinciana, FL

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Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

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