New Port Richey, Florida Real Estate Blog

Golden Acres Estates, New Port Richey, Florida Distressed Real Estate Property Report April 2010

Once again we have no sales in this wonderful community, which surprises me because of the tremendous values not seen in Years.

We see a slight uptick in Properties for sale, while there was a decrease since March's report of Homes under Contract.

And again we see most houses for sale are not distressed, yet most homes under contract are distressed.

Distressed Properties are properties in some stage of Foreclosure, be it Pre-Foreclosure, In Foreclosure, Short Sale or a Bank Owned Foreclosure (REO)

Now we can take a look at the total Golden Acres Estates Market.  It's lows, highs & averages.  First off, I just can not believe the List Price Per Square Foot prices (LP/SqFt).  To not only be under $100/sqft, but to be so far under $100/sqft.

Lastly I will leave you with a map of the community

 
View Golden Acres, New Port Richey, Florida in a larger map

West Pasco County, Florida 08 vs. 09 Real Estate comparison

Unlike most other reports I blog, these Statistics include ALL Residential Property Sales:

Single Family Homes, Townhomes, Condos & Mobile Homes.

in 2008 there were 3509 Closed deals in West Pasco in the following ranges

now first issue with this is the -72 days on market for a low.  So a home sold 72 days before it was listed in MLS?  I do not think so.  It is not the only glitch, but I will look into it and try to get clarification.

So I reached out to the MLS and the negative days on market has to do with agents adding listings into MLS that they sold off the MLS.  The data is entered for statistical purposes, but it screws up comps in my opinion.

 And a spread of $6,000 to $1,625,000 makes for quite a range of possibilities in "The Nudist Capital of the World"

Meanwhile in 2009 while prices continued their decline, volume did pick up to the tune of 4000+ homes sold

Are you like me and thinking an 893% Sold Price to List Price ratio seems a bit absurd, even in this crazy market.  So I will have to look into this statistic as well.  It could be an auction priced ridiculously low that closed at a Fair market value, but we will see.

This discrepancy in Days On Market, it appears, is due to a few extra zero's on a sold price.  I emailed the listing agent, but so far, no change.

The Best news is that there was an increase in the Number of Solds, to the tune of ~15% year over year, in West Pasco County, Florida.   Obviously this is a good sign for the overall market.  I would attribute some of the growth to the First Time Home Buyers Tax Credit, but more importantly, the incredible values currently available.

Another reason is the 18% decline in the Average Sold Price per Square Foot ($SP/SqFt) from $84/SqFt in 2008 down to $69/SqFt in 2009.  Surprisingly though the Average Sold Price to List Price Ratio (SP/LP) remained constant at 93% of List Price.  Only issue with that is the 893% High is skewing the average a bit.

September 2009 Leisure Beach Subdivision, Hudson, Florida Single Family Residence Real Estate Market Report

Well unfortunately the Inventory available in Leisure Beach has increased by 2 since last month. 

Another thing is that the increase in the Actives, which was last month there were 4 homes under contract, now there is only 1, but only 1 sold last month.  The one that sold was not in any stage of Foreclosure.  The ones that fell apart last month, probably were

I do not know about you, but I think a Water Front Gulf Access community like Leisure Beach in Hudson, Florida available for approximately  $100/sqft is a steal.  Forget about that one available for $75/sqft.