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Good news for Poinciana Real Estate. Or is it?

By Bryant Tutas

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

March 10, 2009 10:56 AM

What's going on in Poinciana Real Estate?

Inventory is way down. For the first time in about 2 years we have less than 1,000 properties on the market in the Poinciana Neighborhood. We broke the 1,000 barrier about 2 weeks ago. Today there are 932 properties for sale. This is down from 1,100 to 1,200 that we have been averaging for about the last year.

Closings are way up. February of 2008 we had 21 closings. This February there were 109!! That's an increase of 500%.

BUT......values are still declining. The median sales price in December 2008 was $82,000. For February 2009 it is $67,000. That's almost a 20% decline in values in the last 60 days!!!

So what gives? Here's my opinion.

The properties that are selling are REOs (foreclosures) and short sales. In fact more than 85% of the closings are distressed properties.

Sales have increased drastically because the prices are so low.

Inventory is declining due to all the moratoriums that have been placed on foreclosures.

Banks are NOT foreclosing right now. Which is a good thing because I deal in Short Sales. I listed five in the last week and Buyers are knocking the doors down to see them. Less REOs is a very good thing for me and my Sellers.

I STILL NEED HELP!!!!!

I hired a new agent yesterday. I gave her five Buyers right away with four that are coming into town over the next 2 weeks to buy. All are Europeans and all have cash.

I still have 185 Buyers I need to find agents for. We have more Buyers coming in everyday. I just opened a new website to try and accomodate them all. So if you want to make money AND you don't mind working......give me a call. I need agents for Buyers looking in Kissimmee, Davenport, Poinciana, St Cloud and S. Orlando. I'm hiring not referring.

OK that's what's on my mind today. What's on yours?

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

MORE INFO FROM BROKER BRYANT... THE SOURCE FOR CENTRAL FLORIDA REAL ESTATE

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Zilkia Olmeda-Martins

RE/MAX North - San Antonio - San Antonio, TX

GRI, Realtor, San Antonio Texas Luxury Homes

Hi Broker Bryant, I'm happy to hear that you are doing well. The business is there for those who go get it. I noticed that you created your new site on Ning. Was it difficult to do? Please advise.

Mar 10, 2009 02:46 PM

Maggie Dokic /Indialantic | 321-252-8696

Magdalena Dokic - Indialantic, FL

Selling the beach in Florida's space coast

Broker Bryant, we are seeing the same thing in Miami. Sales are definitely WAY up and yes, prices have continued to decline.

Congratulations on your new hire. I hope you'll be able to get as many as you need to handle the increased workload. I know you demand a certain work ethic and will settle for nothing but the best. Good luck!

Mar 10, 2009 02:59 PM

Robert Schwabe

Herron Real Estate - Orange Park, FL

Orange Park Real Estate

BB - Good to hear that your sales are up in Poinciana. Now if you could only get your home values to stabilize.

Mar 10, 2009 03:03 PM

Jeff R. Geoghan

Coldwell Banker Realty - Lancaster, PA

REALTOR, Marketing Manager

I'll contact my sister in Orlando, maybe she can get her license and work that area for you!

Mar 10, 2009 03:27 PM

Lisa Hill

Florida Property Experts - Daytona Beach, FL

Daytona Beach Real Estate

185 buyers!?! Wow! You alone could knock back a lot more inventory. And we're experiencing some similarities, but our values really did skyrocket incredibly fast. So if our values continue to drop, it's more of the market correcting itself. It may still be needed.

I have to say one more thing though. The way you write about Poinciana, it's obvious that you're genuinely concerned about the people of Poinciana. I hope they see that too, and appreciate it.

Mar 10, 2009 03:43 PM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

BB - we are seeing a similar trend in a couple of communities that have a high number of distress sales. While not all are, in the last month one community has 80%+ that were short sales and REOs. And inventory is down and volume is up. Will be curious to watch over the next few months.

I like your new website. Great information for those buyers.

Jeff

Mar 10, 2009 03:43 PM

Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

BB,

I can't begin to believe the numbers of your average/median pricing! Who wouldn't want to buy at that price and with today's rates? Yikes!

BTW, I have to afree with Lisa's comment about caring about the people in your community.

Mar 10, 2009 03:56 PM

Neal Bloom

Brokered by eXp Realty LLC - Weston, FL

Realtor CRS-Weston FL Real Estate

BB,

I've noticed this in my area as well...I think there are a few factors...first you have short sales that have no gone through and have fallen into foreclosure...then you have the already in foreclosures that were repackaged by the banks...seems like some of their inventory didn't come back out yet...then you have sellers who simply were trying to get that unreachable number and then just took their property off the market.....and then some properties actually have sold which could be a miracle all in it's self with all the tough guidelines to get qualified.

Mar 11, 2009 12:35 AM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Bryant,

I've been thinking about this over night. If your buyers are over 62 they could purchase using a reverse mortgage with only $26,800.00 plus closing cost! With nocredit, no qualifying, and no payments! Especially when these homes once sold a lot higher. it sure makes Poinciana an interesting retirement place.

Maybe your looking for salesmen in the wrong place! You don't need so many in FL you need them in the snow belt!

Bill

Mar 11, 2009 01:01 AM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi BB! Do you think TLW would give me a quick tour and a bed to sleep in for a couple of months and I'll come help you out!! I've got two buyers agents here who are dying to do more business and they can just take over The Maxwell House Group while I'm gone!!

And, I love your Ning site! I just told Ray that I want one of those! Generally that means, "Honey, will you make that happen for me, pleeaze?!"

Have a great day...

Debe in Charlotte

Mar 11, 2009 01:21 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

Debe...

Ray simply must get you set up on Ning. We have several of them set up already. They are very easy to navigate and put in place :)

And you and I speak the same language. I said I want to live out my golden years living in The Florida Keys. We are now aiming ourselves in that direction. When a Man loves a woman :)

To All...

If you need help with stuff like this 'Coach Broker Bryant' is for hire. We've decided to quit giving away the proverbial farm :)

TLW...ROAR!

Mar 11, 2009 01:34 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

Sir William...

We need someone to run our "Buyer" department. That means they're gonna have to show houses and assist us in selecting Salespeople who are good at what they do. We have way more business than we can handle coming from the UK. We also have Solivita in our farm area. It's an Adult Living self contained Community. That's where Snow Belters are buying property right now. I simply must be able to meet whoever we hire. My killer instinct for good help can not be denied :)

TLW...ROAR!

Mar 11, 2009 01:41 AM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Reverend,

I know the area, sorta. My parents winter home is only 90 miles west your parsonage.

My best to both of you.

Bill

Mar 11, 2009 02:21 AM

Rob Arnold

Sand Dollar Realty Group, Inc. - Altamonte Springs, FL

Metro Orlando Full Service - Investor Friendly & F

We had similar numbers here in Orlando. Inventory is down, days on market is down, and sales are up. Prices are still declining, but they have to put getting near bottom because cash buyers are coming out of the woodwork to buy up the cheapo ones. There are still a bunch of foreclosures in the pipeline though. A whole other wave of those will be coming in the next year.

Mar 11, 2009 05:35 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Bryant- We have the same thing here with the inventory down. The calls for short sales have slowed as well, because they are all trying loan mods first. They call us back when they get turned down.

I know what you mean about needing buyers agents! I wish all my kids would just get their licenses! I would much rather keep it all in the family.

Mar 11, 2009 09:11 AM

Cameron Wilson

Labrum Real Estate - Murrieta, CA

The Short Guy - Murrieta,Temecula,Menifee Californ

Glad to hear you are swamped with business and need help.

The website rocks and I love the "proof of funds" requirement for the legwork they are asking for.

Mar 11, 2009 12:15 PM

Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant

Real Skillz-Clear Marketing for Your Real Estate Vision - Lake Geneva, WI

BB,

I hope you get some help. Did you post up on Craig's List...I know an agent more local to me in a similar situation, but with REO's, and she received 50 resumes, also what about Linked In- Good recruiting tool.

Mar 11, 2009 03:34 PM

Anonymous

Stan

BB,

Great looking web site! A tip 'o the hat for a job well done.

Mar 12, 2009 02:10 AM

#28

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

Not bad for an hours worth of work and for a push site even better yet. Job well done hope it brings in agent leads and expands your business.

Mar 12, 2009 11:41 AM