I wish this was an April Fool's Day joke.

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


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?

Sell Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Agent

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
***The content of this blog is solely my opinion*** 

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 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Amie Varney
Prudential Verani Realty - Epping, NH

Wow, our market is down but nothing that drastic. 

Apr 01, 2008 11:44 AM #9

The houses that are priced to rent are getting rented.

And what are those prices... any ideas?

Apr 01, 2008 12:35 PM #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

Apr 01, 2008 12:42 PM #11
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
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.
Apr 01, 2008 12:44 PM #12
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
How appropriate. We're seeing the results of years of foolishness from all sides of the equations. =(
Apr 01, 2008 01:05 PM #13
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama
WOW!  Those are some pretty good prices.  I might need to give you a call myself to invest in some of that property.
Apr 01, 2008 01:19 PM #14
Mark Organek
And the United States of America - Mesa, AZ
It's not a game, it's your life.

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.

Apr 01, 2008 02:03 PM #15
Fran Gatti
RE/MAX Integrity - Medford, OR
Managing Principal Broker - RE/MAX Integrity

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


Apr 01, 2008 03:03 PM #16
Randy L. Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645
A 4-bedroom house for $78,000?  You are blowing my mind.  I need to visit your community.
Apr 01, 2008 04:49 PM #17
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
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?
Apr 02, 2008 12:16 AM #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?

Apr 02, 2008 04:57 AM #19
Karen Luke
South Metro Property Management, LLC - McDonough, GA
Henry County Real Estate
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.
Apr 02, 2008 05:44 AM #20
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

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.

Apr 02, 2008 07:31 AM #21
Kevin J. May
BB, the variance in the Florida market is staggering. Thanks for giving a better visual of the Poinciana condition.
Apr 02, 2008 03:10 PM #22
Jesse & Kathy Clifton
Jesse Clifton & Associates, REALTORS® - Fairbanks, AK
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. 
Apr 02, 2008 09:05 PM #23
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904
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!
Apr 03, 2008 01:09 AM #24
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital
Bryant, another terrific post!  Have you sold House #2 to another blog buddy yet? 
Apr 04, 2008 12:50 AM #25
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

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. 

Apr 04, 2008 03:16 AM #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.

Apr 04, 2008 05:17 AM #27
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

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.

Apr 05, 2008 05:21 PM #28
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Bryant Tutas

Selling Florida one home at a time
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