Long Days at work and many dialogues from people sometimes drive me up the wall ! So while taking the evening break I decided to do some investigations on what actually has been happening in the market since 2008 regarding homes for sale in Windemere.
Windemere started construction in 2002-2003 and at the time being the only new development in the area, it sure seemed like a great place to buy a home. There were bus tours arranged by the builders and you had to wait in line to hop on one ! Till about 2003 end- early 2004 the market definitely started to warm up and towards the middle of 2004 the Windemere real estate market really took off.
With every new phase the builders were increasing prices by 30-50,000 USD. The demand was high and opportunity beckoned to many crazy people who thought they would buy and flip these homes. What a brilliant idea it was because by the time these homes were delivered the market experienced a cool down. Many real estate agents too bought speculation properties thinking they could make a fortune overnight. But now the buyers started exiting the marketplace and these big speculation homes were not moving off the shelf.
So they were rented out and the negative amortized loans gave the owners some breathing space to catch up. The thought was- oh well, it is a temporary lull. But this lull went into a full blown downturn with no respite in sight . These homes were rented and now with the mortgage resets, the owners could not afford them any more. And at that time the short sale concept was still very fresh and the banks were not in the mood to cooperate.
In 2008 , only 21 short sales closed and 37 foreclosures sold in Windemere.
The following year in 2009 there were 73 Short sales in Windemere that sold and 31 closed foreclosures.
In 2010, the short sales numbers came down to 69 closed short sales and 15 bank owned homes sold in Windemere.
In 2011 YTD, there have been 27 closed short sales, 12 bank owned homes and 18 are listed for sales as short sales and 3 homes were sold as Bank owned homes.
Pricing Trends since 2008 to YTD on List price vs. Sales price of Short Sales in Windemere
|Area||Year||Type of Sale||# of Sales||Low Price LP Vs.SP||Average LP VS. SP||Median LP vs. SP||High LP vs. SP|
|Windemere||2008||Short Sale||21||499,000 vs 475000||769,326 vs.739425||799,000 vs.725000||1,175,000 vs.1050000|
|Windemere||2009||Short Sale||73||435,000 vs. 435000||730,782 vs. 732404||749,000 vs.743000||1,050,000 vs. 1050000|
|Windemere||2010||Short Sale||69||362,500 vs. 400,000||719,464 vs. 722,624||732,188 vs. 725,000||999,900 vs. 999900|
|Windemere||2011||Short Sale||15||429,000 vs. 410000||744,789 vs. 736733||750,000 vs. 750000||949,000 vs. 960000|
As it is clearly evident, the low price on LP vs. SP is coming down over the years and that is being caused primarily due to the issues that the Shellbourne complex is having with litigation, driving prices downwards. But when we move into the Median ranges, the list price came down in 2009, further down in 2010 but picked back up in 2011. And along with that the median Sales price is trending up as well. The higher end homes saw a larger change in the list prices since 2008, but except for 2008 the rest of the years the sales price of higher priced homes in Windemere is either the same as list price or higher !
The nay sayers will keep saying that Windemere is too shaky and not a good return on money… what they don’t say is that the view ends at the tip of their nose. The long term view will definitely be far more rosy !! The “golden years of Windemere “may be left behind but I foresee it coming back with far more solid gains with way less volatility.
Windemere Trails and Open Spaces
Windemere Community Center
Windemere Library- Dougherty Valley Station
Windemere Homes for Sale