Covered Bridge Estates:

Finally, some GOOD news on home values in our community. Prices have been increasing little by little thanks to the simple principle of “Supply and Demand”. Inventories have been decreasing thanks to fewer foreclosures and more short sales selling quicker. In addition records show there has been an increasing number of homeowners who have sold their home under non-distress terms. However, as I’ve mentioned in the past, banks are still holding back from dumping more foreclosures on the market, called the “Shadow Inventory”. Currently In CBE there are 49 homes pending foreclosure, some go back to 2009. When these homes eventually get foreclosed on and the banks puts them on the market, they will more than likely contribute to bring prices down again. Seems like the “ New Owners Orientation and Renter Approval” change to our CCR’s is moving forward. This change will help new owners and renters understand our HOA Rules and Regulations. It’s very important to approve this new amendment to our CCR’s. By doing so it will keep our property values up and our community a better place to live. When you receive your ballot sometime in the next few months, I encourage you to vote “YES” to APPROVE the amendment. A 51% approval vote is required to change our Covenants, Conditions and Restrictions (CCRs).  If you have any questions feel free to contact me.

On a personal note I’m proud to announce that Pat Pryor has joined Poe & Associates Realty. Pat brings extensive real estate knowledge and experience to my company. She is a successful Buyers Agent and will also assist me with Property Management. Last but not least Pat is also a resident of our community.

Now, for the Real Estate news. Since my last Newsletter in October 2012, 18 homes sold in CBE. Of the 18 sales, 10 were Short Sales or REOs. That equals 55% which is down from 75%.  As of January 31, 2013 Manatee County had 5 months of inventory available for sale. Last October CBE had 2 months of inventory and now February 2013 we are down to approximately 15 days of Homes available for sale. I feel this is good news because as Supply goes down and Demand goes Up our home prices will stay somewhat level, just keep an eye on the foreclosures.

From 2/1/2012 to 1/31/2013, 58 homes sold in CBE of which 41, or 70%, were Short Sales & REOs. That is down by about 4% since last October, again this is a GOOD indicator. The average sale price was $145,847 that’s up from $141,000 or a 2.8% increase, again GOOD NEWS. Currently, 4 homes are FOR SALE in CBE there average price is $95.40 per sq. ft. that’s up from $86.56 per sq. ft., an $8.84 increase per sq. ft. or 10.2% increase, That’s MORE GOOD NEWS… Of approximately 10 homes presently under contract, 8 or 75% are Short Sales or REOs. The other 2 are regular sales. In my October Newsletter using the figures I had at the time I stated, “Based on this current TREND LINE it looks like prices are creeping up slowly”. Looks like my analysis was right.

All through 2012, homes that sold at the higher price range had been cash transactions not requiring an appraisal. I believe this trend will continue through 2013. Since October 2012 sales have been as high as $91.15 per sq. ft. and as low as $61.84 per sq. ft. The GREAT NEWS is the average price range in CBE has gone UP from $67 to $72 per sq. ft. to NOW $72 to $79 per sq. ft. As I’ve been saying for the past 4 years, REOs and short sales will continue to dominate the market and I believe they will continue through 2013 and slack off in 2014. Of course, I cannot predict what the economy and jobs market will do or how banks will deal with foreclosing on homes, but those three factors will have the greatest effect on our continued  recovery here in Covered Bridge Estates.

 

REMEMBER, I’m Your Exclusive Realtor for Covered Bridge Estates. If you need to sell or lease your home I’m your “Go-To Guy”. You can choose to sell for a Flat Fee of ONLY $495; or select from one of our other affordable plans that will save you $1000s in commissions. If you need assistance with a Short Sale, I’m the professional Realtor who will get it done right and in a timely manner.

If you’re interested in RENTING your house, we perform all background checks, credit reports and qualify the tenant so you feel confident the tenant is the right one for you. We also provide PROPERTY MANAGEMENT to protect your investment. Visit www.EllentonParrishRentals.com.

Being your neighbor in Covered Bridge Estates, I understand how important it is for you to know what’s happening in our community. Take a minute to visit my Blog at www.CBEblog.com. As “Your Exclusive Realtor and Specialist for Covered Bridge”, it’s important for me to provide you with the most up-to-date information about the value and marketability of your home. I know my Blog will keep you more updated with our Real Estate market and community information. I encourage everyone to visit my Blog and add your contribution. I’m happy to provide you with this complimentary report on sales activity in Covered Bridge Estates over the past 3 years. If you prefer not to receive any reports from me in the future, you can easily remove yourself from my mailing list at www.mycommunityupdate.com.

THE FOLLOWING ARE PENDING SALES IN COVERED BRIDGE ESTATES:
Address List Price Address List Price
6709 ROCK BRIDGE LN $119,000 4138 ROCKY FORK TER $145,000
4167 DAY BRIDGE PL $124,000 6014 FRENCH CREEK CT $174,900
4123 DAY BRIDGE PL $129,000 6102 NEW PARIS WAY $174,900
5907 NEW PARIS WAY $135,900 6531 ROCK BRIDGE LN $179,900
5823 NEW PARIS WAY $142,500

The following tables contain information on homes sold in Covered Bridge Estates over the past two years. Most of the information is self-explanatory. However, additional clarification may be helpful for the following statistics:

  • Annual Turnover: This is the percentage of homes that has sold in Covered Bridge Estates over the past year. For example, if Covered Bridge Estates had 100 homes and 5 sold in the past year, your annual turnover would be 5%. This statistic measures the pace of real estate activity in Covered Bridge Estates. A higher turnover indicates a faster pace.
  • Avg Price per Sq Ft: The average price per square foot is useful for understanding the average value of homes in Covered Bridge Estates regardless of size. For example, a 2,000 square foot home that sold for $400,000 and a 2,500 square foot home that sold for $500,000 both have a price per square foot of $200. The difference in their sale price results from the difference in their living area. Multiplying the living area of your home by the average price per square foot for Covered Bridge Estates provides a rough estimate of your home’s value.
  • Difference (+/-): This shows how each statistic has changed from one year to the next, illustrating important trends in Covered Bridge Estates. For example, if the Avg Price per Sq Ft was $200.00 over the past 12 months, and was only $180.00 the year before, it would show $20.00, indicating that the Avg Price per Sq Ft has increased by $20.00 compared to the previous year.
  • Absorption Rate: Number of weeks it takes to sell the current inventory at the present rate of sales. If you need more information about the absorption rate in Covered Bridge Estates please contact me.

Please click here for complete Covered Bridge Estates real estate market news in graphs & charts!

I hope you enjoy receiving my Newsletter. If you have any comments please feel free to contact me.

 

Peter J. Poe

“Your Exclusive Realtor for Covered Bridge Estates”

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