There are five categories of sellers listed below and explanation of  what to expect from each one.

Short sale - Seller owes more than the home is worth and is looking for an offer to negotiate with his/her bank to see if the bank will accept less than what the seller owes on the property.  These can be very good deals but keep in mind banks look at market value the past 90 days and most times will approve an offer at 90% of the BPO (Brokers Price Opinion) not the list price.

Many agents will list a short sale listing much less than market value so they can get an offer and start the negotiations.  Many times the first offer on a short sale is not approved but the listing agent will then get a good idea of what the bank will accept and adjust the list price.  A large number of short sales go to the second or third-party that makes an offer on the adjusted list price.  When I list a short sales I get rid of this first part and list the property closer to market value and stay firmer on the price.  When making an offer on one of these short sale properties expect the time period to be 4 to 5 months and at the end it may not be approved. 

Some buyers say that’s fine they are in no hurry but a buyer should also take into consideration what kind of market they will be in if it’s not approved.  You could wind up starting all over with higher list prices or more buyer competition.  We are already seeing this in communities this past year.

Approved short sale - You will see how Realtors see the value in an “Approved Short Sale” in how they market it in the remarks, usually the first line.  With an Approved short sale the bank has already given the approved purchase price so the time period to close is usually much less than a regular short sale that is still looking for bank approval.  These are good deals and have a much higher percentage of closing than short sales, purchase price is usually closer to list price.  

Bank owned – We love bank owned properties.  You can look at a response from the bank in under a week, quick closes.  Understand most banks are very smart on where they list their properties.  Anyone telling you banks do not want to own real estate and are giving these homes away probably never purchased one.  Banks use the list price as a marketing tool attracting buyers and many times a buyer making an offer on one of these are in a multiple offer situations.  Having a Realtor do a comparative Market analysis (CMA) on a property before you make an offer will help you determine where the value is today.  A very high percentage of bank owned properties sell at list price or above, remember list price is NOT a reflection of value.  What you are getting is 4 to 5 years of declining prices.  Again we are seeing communities where the bank this past year does not have to list their properties as low as the bottom of the market in 2009. 

Regular sellers -  Sellers are starting to come back into the market and have a much better chance of selling do to markets bottoming out and a decrease in distress properties but very hard for a seller that purchased a property after 2002.  Not all markets come back at the same time just like not all markets started declining at the same time or same rate.  Sought after communities have already started bottoming out this past year with areas like Dr Phillips, Windermere, Lake Nona, Winter Park and Lake Mary on the top of the list.  

New Construction – We are seeing new construction but for an investment these are not very good deals.  No builder is going to start construction unless they can make a profit.  In 2006 and 2007 you could find some good deals with inventory homes (homes that were already built).  New construction is for buyers that want a certain area or community and are purchasing for that reason.   Looking back the first quarter of 2009 was the bottom of the market is some of Central Florida’s sought after communities.  Nothing was selling, the pending sales were very low and banks were not lending.  We saw the break the 2nd half of 2009 when searching through communities lower priced condominiums and some of the above sought after areas started selling and this continued into a nice Spring and Summer.  This doesn’t mean we are back at the peak but headed towards a more normal real estate market in high demand areas, something Florida hasn’t seen in 10 years.  From a strong sellers market in the early 2000 to 2005 to a strong buyer’s market starting mid 2006 we have seen prices declining the past 4 plus years.  Basic economics are gradual decrease in prices until value comes back.    2011 is on course to be another good Spring and Summer building off 2010.  This is not an attempt to pump up my market but give you a boots on the ground opinion of what I see.  No one can predict the future but as long as there’s no big surprises (the banks a few months ago holding off foreclosures could have been but they are resuming) that hold back or stall our recovery.  Having a number of web sites ranked very high on Google and Yahoo I can see what kind of activity there is using google analytics.   Here is a list of communities and properties for sale that show great value.  These are LIVE LINKS which means they are updated throughout the day so you may want to add this post to your favorites and come back to see the latest properties for sale.   Also feel free passing this on to any one else that may want to take a look at the Central Florida properties for investment or a second home.    If nothing else I hope you have found a real estate team you can rely on and trust.  I remembered when we first started TeamConnect, we wanted a Mission Statement as a foundation for our business.  I had a very good friend that said I should add fun but I wanted it all about business and service.  Over the past 4 years helping sellers in need of direction and buyers looking at the every changing real estate market I have learned Fun keeps you doing what you love.  We plan on being in business another 20 plus years so go at your own pace and comfort level.  We enjoy very much what we do and love talking real estate so please always feel calling us anytime, 407-516-1000, and remember have fun searching and leave the rest to us!

Dr Phillips real estate has and still is a very sought after community in Orlando, Florida.  Sure Dr Phillips properties declined just like almost every other home in Florida but there is value here.  Here are Dr Phillips subdivisions that have been getting a lot of attention from buyers that know the location and see value.

Brentwood Club Dr Phillips - An established community located off of Apopka Vineland in the heart of Dr Phillips.  Tile roofs and home sites with larger lot sizes.

Bristol Park Dr Phillips - Located off Apopka Vineland and also has a through street into Brentwood Club, Bristol Park has the setting of a Norman Rockwell painting.  Tree covered streets and winding roads make this a community from yester-years.  Walk to award winning Bay Meadows elementary school.

Cypress Point Dr Phillips -  Is well known for its meandering boulevards and towering Oak trees.  Situated on the shores of famed Butler Chain don’t hurt either.

Diamond Cove Dr Phillips -  Nestled in the Buena Vista Woods area next to the new Dr Phillips Park, Diamond Cove is made up of roughly 200 homes.

Emerald Forest Dr Phillips - Community features include a clubhouse with swimming pool, basketball and tennis courts. Emerald Forest is within walking distance to the NEW Sand Lake Elementary school.

Phillips Landing Dr Phillips – 24-hour guard gated community with three sections. First is Heritage Bay and Bay Harbor in the front of the community and towards the back of the community is The Estates at Phillips Landing and water front to Big Sand Lake. Tradewind Condos – In Metro West a high rental area. Close to shopping and only minutes to down town Orlando.  Bus route at front of community.  Community Pool, fitness and club house.  Lower home owner association fees compared to surrounding communities.  Prices are all over the board but remember list price does not reflect value.  Give us a call with any questions.   Metro West Condos and Town Homes - Metro West is a large rental area.  Aside from Tradewinds above there are a couple of other great communities in Metro West.  The Hamptons is one and also The Element town homes when they come up go quickly.  Also for condo conversions take a look at The Madisons located off of Metro West Blvd.  

Lake Reams Town homes - Community is located in Windermere behind the Disney Property and employee entrance.  Great location for rental.  Community of 300 units and very low home owner associations fees of $176 a month, these town homes all have 2 car garages and private courtyards.  There are four floor plans, the largest is a three bedroom unit at 1450 square feet and a couple of nice two bedroom floor plans that have two master suites, community pool and summer kitchen.  The community was built in 2005 and are almost complete with new exterior paint on all the units.  This area of Windermere was starting to build up at the peak of the market in 2006 but stopped construction because of the decline in the real estate market.  This past few months there are three new communities being built and also a new shopping center, great value love this area going forward.  2 bedrooms in the 90′s and 3 bedrooms 115′s.   

Lake Nona properties - Lake Nona is nick named “Medical City” because of the new UCF Medical School, VA hospital, research centers and Burnham Medical Research Institute at Lake Nona.  Just east of Orlando International airport, 50 percent of the land is conservation ponds, parks and trails.  Easy access to the Beeline (528) and also 417 that heads north to UCF.  Up and coming community, beautiful area!  

Horizons at Vista Lakes - Just north of Lake Nona close to 417 and 10 minutes from Orlando International Airport. Near major banks, shopping, highways, etc.  The builder was Pulte Homes; quality workmanship.  Gated, resort style community features community swimming pool and security.  Don’t over pay, there are units in the 100′s but market value is 50k to 75k.  Block brick construction and great rental area.