New Port Richey, Florida Real Estate Blog: Florida: New Port Richey: Water's Edge

Houses for sale in Water's Edge, New Port Richey, Fl & June 2010 market report

What a stark contrast to the rest of Pasco County.  Only 2 months inventory in one of the premiere New Communities that has yet to be completed.  As such this may not be an entirely accurate report.  Builders sometimes, but not always put their listings in MLS.  They have been more creative and cooperative with REALTORS® after the market collapse.  Waters Edge gated community ranges from patio Villa's to Estates which include home Theaters

Now in the Distressed Property Graph above you will see it also differs from the rest of the county.  Usually actives are 1/3 distressed instead of 40% non-distressed. Units under contract are 1/3 non-distressed similar to the rest of the area, but the solds are only 1/8th distressed.  Surely being able to buy New(er) construction is very attractive around $100/square foot

In closing you should also consider that while it may stretch your budget on the mortgage side, plus associated fees.  If you sit down with your Insurance Agent and run the numbers you may find it is cheaper to buy a more expensive newer home.

How you may ask?  Newer homes have more up to date codes, which means they are more hurricane resistant which results in dramatically lower Insurance premiums.  These homes are also much more efficient than older homes resulting in dramatically cheaper monthly utilities.

Finally I leave you with the map below of current homes for sale in Water's Edge in New Port Richey, Florida

 
View Water's Edge, New Port Richey, Florida in a larger map

Waters Edge, New Port Richey, Florida Homes For Sale & Distressed Market Report 2009 to now 

Waters Edge subdivision of New Port Richey is located Southeast of Golden Acres Estates & West North west of Hidden Lakes, off of Moon Lake road.  This makes Waters Edge convenient to the county buildings, downtown as well as the Suncoast Parkway for easy access to the Tampa area.  There is also talk that Ridge Rd. is finally going to be extended out to the Suncoast Parkway, if not Interstate 75.

Below you will find 32 Active Listings in Waters Edge an upscale New Port Richey subdivision built(being built) by Ryland Homes.  Presently there are 32 units for sale.  It is a varied subdivision with Detached villas, Townhomes and upscale Single Family homes, some of which were built with Home Theaters.  As of last look, you can actually rent homes in hear for ~$1,000/month.  Compare that rental price to the mortgage payment you are paying on your current home, or what it would cost to buy a home.

As far as current activity in Waters Edge Subdivision in New Port Richey, below you will find a snapshot of the communities current activity.  As you will notice there are actually more units under contract (35 below) than there are active units (32 above.)  However, as you will once again see in the last graphic, this has alot to do with the distressed market.  And if you are a regular reader of my blog you know that it takes longer for homes in the foreclosure process (distressed properties) to close & they make up a large share of the market,

Below is a graphic of Waters Edge Subdivision in New Port Richey sales last year.  As you can see in 2009, 57 units actually sold in the subdivision. 57 sales is just over 1 home per week.  Considering current market conditions, that is not too bad.  And using the number of solds last year, we can determine that, barring any drastic market changes, there is only about 6 months inventory for sale.  That is quite a bit better than most parts of West Pasco County, Florida

Last thing to consider is the comprehensive overview of the Waters Edge, New Port Richey, Distressed Real Estate Market report which compares Distressed properties to normal properties in all categories.  What I find most interesting is the lack of disparity between the groups charted.  There is usually a much bigger swing in the percentage of Distressed properties in each group.  Also there is usually less distressed homes for sale than distressed homes.  And that reverses to more distressed properties under contract than normal properties, which usually has to do with how much longer it takes to get a distressed property to closing than a normal property.  However the Sold properties are more aligned with the normal market.  More normal properties closed last year than distressed properties, once again because of the longer, more convoluted, more parties involved process.  Which makes Waters Edge New Port Richey a great place to buy, as well as a great value in todays market 

So if Waters Edge does not do it for you, as it is not 100% completed, perhaps you would be interested in other nearby communities like Hidden Lakes or Golden Acres Estates

View River Ridge in a larger map