Winter Park Real Estate Blog

Winter Park Real Estate Sales in August were very comparable to last year, as there was only one less sale this year. The Number of Total Properties Sold was 28 against 29 last year. The Sales Prices were not nearly as good, however, as they were down 40%. While some of this is caused by reductions in prices, it is certainly more due to the fact that Buyers are purchasing less expensive properties.

In Residential Sales (houses & townhomes) the Number of Properties Sold saw a healthy increase from 13 to 15 or 15%. But the Dollar Volume of Sold Listings was down sharply, off 41% from last August .

The Number of Properties Sold in the Condominium segment was down 8% compared to last August and the Dollar Volume of Sold Listings was down 34%.

Land sales continue to lag, with the Number of Properties Sold down 67% and the Dollar Volume of Sold Listings down 57% so there was an increase in the average price paid for land.

So we are seeing that as the year goes on, Sales are becoming more comparable to last year. This is a combination of some sales increases this year but is also affected by the fact that sales had is time last year. It may be a long time before we see sales at the level they were two years ago but at least we are not seeing a pattern that continues to go down.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales in July have continued to climb compared to 2008 but they are still behind the pace of last year, particularly in some key areas. The Number of Total Properties Sold was down only 19% compared to last year but the value of those properties was down 48%. This is probably a factor of less expensive properties selling as well as properties selling for less than last year. Taken together, it means that the median price for all properties sold was down $80,000.

In Residential Sales (houses & townhomes) the Number of Properties Sold was down 45% while the Dollar Volume of Sold Listings was down 61% .

The Number of Properties Sold in the Condominium segment was up 40% compared to last July. This is the first time we have seen Condominium Sales up in 16 Months. The Dollar Volume of Sold Listings was also up, by 13%.

Land sales continue to lag, with the Number of Properties Sold down 67% and the Dollar Volume of Sold Listings down 91%. Land sales has been the weakest segment of the market and this continues to be true.

So there has been some improvement as the year has gone on compared to last year when you look at what was going on earlier this year. Still, sales are considerably lower than last year - down almost 70% for the 7 months so far. After August we typically see the number of sales slide off through the end of the year. In a weak selling market such as this one, that could put additional strain on the Sellers who have been reluctant to lower their asking prices. There are only a few less properties on the market than last year ( a reduction of only 3%), so reduced sales means that it is even harder to sell a property.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

While still off last year’s results, the Winter Park Real Estate market continued to gain ground in June with improving sales. The number of sales of all Properties for June was down 38% from last year, which continues the trend of seeing this negative percentage shrink as the year goes on. Dollar Volume was down 42%, also the best result so far this year.

Dollar Sales of Residential properties were down 38% while the number of these properties sold was down 13%. This shows a change in the mix of properties sold and would indicate that more townhomes and older properties sold this year.

Dollar Sales of Condominiums were down 36% and the number of sold listings was down 45%. This would indicate just the opposite of Residential as more expensive condominiums were sold.

Vacant Land lost the gain it made last month as no properties sold this year in June compared to two last year.

So the good old days (a year ago or more) are gone and don’t look to be coming back any time soon. But in the new reality that is the Winter Park real estate market today, there are positive signs that the market has been gaining speed since its low point this past winter. Although Buyers are as cautious as they ever have been, there are properties selling, particularly when the price is right. As a confirmation of that, Intrawest & Rendezvous, two of the largest developers in the Winter Park area, have started to offer some of their inventory at very attractive discounted prices and they have seen some very positive results. Within days of reducing prices on some of its remaining studios, Intrawest was sold out. Rendezvous reduced the prices of its Elkhorn townhomes and within two weeks almost all of them were gone.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

May is typically a slow month for real estate sales so one has to be very cautious not to read too much into it, but it does continue a trend for improved sales as the year progresses.

The number of sales of all Properties for May was down 43% from last year, which is a significant improvement from earlier months this year. Dollar Volume was down 54%, also the best result so far this year.

Sales of Residential properties were down 62% while the number of these properties sold was down 64%. So Residential sales did not fair as well as the other segments.

Dollar sales of Condominiums were down 50% and the number of sold listings was down 36%.

Vacant Land was the big surprise with 2 properties selling this year compared to none last year.

Certainly no one would want to base a prediction for the summer on a low volume month like May. But the steady improvement sets an optimistic tone as we head into what has historically been the best selling season of the year.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved over March by 49% while the Number of Sold Listings was down 62% compared to the same month the year. Even this is some improvement as it had been down as much as 91% earlier this year. The Dollar Volume of Sold Listings was $7,226,302 compared to $19,002,846 in April, 2008.

All of the individual sectors (Residential, Condominiums & Vacant Land) were down compared to the same month last year but the percentage they were down decreased significantly. In the Residential sector, there were 9 properties that sold in March compared to 11 last year. Dollar Volume was also down 25% from last year.

The Number of Condominiums Sold was 4 as opposed to 24 last year. Dollar Volume was $1,147,900 against $10,454,900 last year. In 2008 Intrawest was closing the final new units at Fraser Crossing & Founders Pointe so this year’s results are bound to look unfavorable.

Vacant Land saw a decrease this March with 2 sales compared to 6 last year and the Dollar Volume was $685,000 against $1,367,750 so the median price actually increased 40%.

Looking forward, May is usually a quieter month and then sales slowly build up as the summer buying season goes on. It is still hard to predict what the summer will be like but the early indications are tending toward slow but steady improvement. It will be a long time getting back to the pace of the last few years, but it is possible that the worst is behind us.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved over February by 65% but the Number of Sold Listings was down dramatically from the same month the year before by 85%. The Dollar Volume of Sold Listings was $4,857,800 compared to $39,872,233 in March, 2008. A sizeable number of the sales in 2008 were at the new Village at Winter Park.

In the Residential sector, there were 6 properties that sold in March compared to 5 last year. This is the first time we have seen an increase. Dollar Volume was down, however at $2,665,500 compared to $2,944,417 last year.

The Number of Condominiums Sold was 6 as opposed to 85 last year. Dollar Volume was $1,917,300 against $35,833,816 last year. In 2008 Intrawest was still closing the new units at Fraser Crossing & Founders Pointe in March so this year’s results are bound to look unfavorable.

Vacant Land saw a decrease this March with 2 sales compared to 4 last year.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved in February over the previous month by 31%. The Number of Sold Listings was down dramatically from the same month the year before by 71%. The Dollar Volume of Sold Listings was $2,948,900 compared to $17,637,748 in February, 2008.

In the Residential sector, there were 3 properties that sold in February compared to 7 last year. Dollar Volume was $1,239,000 compared to $5,125,396 last year.

The Number of Condominiums Sold was 7 as opposed to 31 last year. Dollar Volume was $1,554,900 against $12,512,350 last year. In 2008 Intrawest was closing the new units at Fraser Crossing & Founders Pointe at Winter Park Ski Area so this year’s results are bound to look unfavorable.

Vacant land actually saw an increase this February with 1 sale compared to none last year. This is the first time since last April that this comparison is positive.

The market continues to struggle, with the biggest issue being the volume of sales. Add to that the fact that Intrawest sold $60 million of property in the first quarter of last year and any statistical comparison to last year is exasperating. Probably more important to look at is the trend from month to month this year. While the early signs offer some encouragement, it will take several months to see if there is true improvement.

A full copy of the Winter Park Real Estate 2009 Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Many Buyers are waiting for the bottom of the market to buy. They feel that the lowest prices are yet to come or that they have nothing to lose by waiting. And if they miss the bottom, they think can still buy the same property or one like it just after prices start to go up at the same price they can buy it at today. These are the same people that in twenty years are likely to be saying “I should have bought 20 years ago”. That’s because they are likely to miss their opportunity on two counts.

The first is trying to time the market. Because so much has been written on this, I won’t try to make a lot of comments. Suffice it to say that you only know when the bottom has hit because it is gone (and usually long gone, along with the opportunity).

Just as important is the unique nature of real estate. Real estate is not a commodity like a stock or a bond. Each property is unique (with the possible exception of condominiums in a project or tract homes). If you buy 50 shares of General Motors common stock, it is the same as 50 other shares of General Motors common stock. But if you buy the one house on the block that has a spectacular view and all other things are the same, that house is worth more than the other ones on the block. Or a bigger back yard, or a newer kitchen, etc. The fact is that rarely are two properties the same. Then you have to allow for individual tastes, sellers’ motivations to sell and all the other variables that make up real estate. So there can be a vast difference in properties that are priced the same or in the same price range.

There are some common standards, however. Most people will prefer many of the same things – a modern floorplan, better condition, pleasant décor, etc. In a stable market there is likely to be a more discernable price difference with the properties that have these qualities being more expensive. In a declining market, prices tend to be closer together and the difference in features of properties offered in the same price range can be more distinct. For example, right now there are two studios for sale at Iron Horse Resort in Winter Park. One of them has been extensively remodeled with a new kitchen as well as new carpeting, accessories and furniture while the other one has not had more than a minor facelift in 20 years (and even that not too recently). This is a difference that a couple of years ago would have made for a 10% asking price spread. Both of these units are now listed at the same asking price. So not only are there better properties to buy at the same price but this can be increased even more as a larger number of sellers are forced to sell.

So what happens at the bottom of the market? The first properties to sell are the ones that are left with the most desirable qualities at the best prices. As this happens, the number of properties in any given price range with desirable traits decreases. As the prices increase, the properties that are still on the market are the ones with less desirable features. They are probably still good buys, just not the best.

Then, as the market goes up, prices on all properties go up. However, those with better features increase more in value than the ones with lesser qualities.

Therefore, the Buyer that purchases a property as the market is declining benefits in several ways. They have first choice so they get to enjoy a nicer property for the time that they own it and they have it for a longer time. And, since the value goes up more, they also can sell it for more when that time comes.

Are there any downsides? Sure! A buyer can buy too soon and watch the market go down to the point where it takes a long time for the property to come back up to the level that they paid. But, there is always that risk and it would seem to be higher near the top of the market than near the bottom. There is also the risk that poor economic times might have an adverse effect on a buyer. This is a valid concern, although purchasing a property at a lower price may reduce this risk to some degree.

It is up to each buyer to decide what their tolerance for risk is and when they believe the opportunity outweighs the exposure. However, all buyers should know there are clearly benefits to be had by acting sooner rather than later.

Real Estate Total Sales for all segments in the Winter Park area ended up down 94% for January compared to January, 2008. The Number of Properties Sold down 91%, making January the worst month for real estate sales since the 1980’s. The median sales price was down 34%.

Residential (houses & townhomes) Total Sales were down 79% for the month with the Number of Properties Sold down 64%. A total of 5 homes sold for $2,245,000 with the median price down 36%.

Condominium Total Sales were down 99% with number of condos sold up 97%. The median price was $168,000, down 57%.

There were no Vacant Land Sales, compared to 3 sales last January.

While these statistics are based on Closings in January which means that the properties would have had to go under contract in the end of last year, this is still an inauspicious beginning for 2009. There is no current indication that there will be any change in the near future.

A full copy of the Winter Park Real Estate 2009 Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Real estate total sales for all segments in the Winter Park area ended up down 17% for 2008 with the number of properties sold down 25%. This makes 2008 the worst year for real estate sales since 2004. The average sales price was up 10% although part of this was due to a change in the mix with less vacant land sold and more residential and higher priced condominiums.

Residential (houses & townhomes) Total Sales were down 49% for the year with the number of Properties Sold down 48%. A total of 114 homes sold for $68.8 million with the median price down 5%.

Condominium Total Sales were up 62% with number of condos sold up 17%. The median price was up 45%. Most significant in these sales were the new condominium sales at the Village at Winter Park which accounted for almost 2/3 of all condominium sales

Vacant Land Sales was the worst segment last year. Total Sales were down 68% with the number of properties down 74%. A total of 28 properties sold in 2008 compare to 107 in 2007. The median price was up 22%.

With the volume of sales down so much, it is surprising that, for the most part, prices have held up. Possibly this is because Buyers are still willing to pay a good price for a desirable property while anything below that will just sit until the price is at a level where it becomes a good buy. 2009 is likely to be a turning point. If properties sales continue to languish, Sellers are likely to become more realistic about their pricing. If sales pick up, there is unlikely to be any movement to lower pricing. Most likely it will be a combination of these two as the market seeks a more balanced level.

A full copy of the Winter Park Real Estate 2008 Year End Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.