Lakeland Fl Homes for Sale, Real Estate and more...

2011 Lakeland Florida Overall Housing Market Review - A Roller Coaster Ride

Every month I have watched, researched and written about the Lakeland FL Housing Market to see how we would compare to the same month in 2010 and even prior years.  Folks asking me how is the housing market, is it getting any better?  Are the prices going up? When will the prices go up?

We started out historically slow in 2011 compared to 2010, but that was done artificially due to the first time homebuyers tax credit which ended officially in April 2010 but if you had a binding contract, closing must have taken place by July 1, 2010.  The roller coaster started to climb with rises in between until we took a dive in June as the Lakeland FL housing market hit a midyear low.  By August we outperformed average sales price compared to the previous year and it looked for a moment that our local housing market had bottomed out. December ended in the bottom four when it comes to overall average sales price, although overall average sales prices were down, the number of transaction rose and that is the only good news I have.

Here are the Lakeland FL housing market numbers:

• In Lakeland FL, a total of 2434 residential properties were sold at an average price of $107,863 in 2011.
• In Lakeland FL, a total of 2305 residential properties were sold at an average price of $116,220 in 2010.
• Overall average prices were down 7%. Overall transactions (number of sales) was up by 6%.

While these are not horrific declines, they do speak to the angst that continues to dominate the housing market. Moreover, with the new wave of foreclosures coming into the Lakeland FL housing market they do point to 2012 that we may continue the roller coaster ride with up and down prices. 

The good news is that the number of transactions improved despite the reduction of foreclosures due to the fraudulent or robo-signing documents that halted the foreclosure process for months resulting foreclosure sales were taken somewhat out of the equation.

 
How come 2011 Lakeland home prices sucked so badly? Our pipeline with homes under contract (pending) at 538 that includes 323 short sales most of them will not close next month, if at all and that is exactly what happened in 2011. Short sales that weren't approved or mortgages that didn't get commitment or clear to close, the pending numbers do not represent a fast approaching housing recovery. Moreover, until we see lenders doing their part to accommodate the seller’s delinquent loans approving them in a timely manner, the housing recovery will remain flat.  

The bad news is the Lakeland Florida housing market remains flat. And that will most likely be the new normal market for the foreseeable future. 

Prices will remain low due to the distressed housing market.  Buyers are more savvy, they don’t want to spend more than they can afford.  They want instant equity and with foreclosures and short sales selling at deep discounts, the traditional seller has no other choice than to adjust their listing price if they want or need to sell.  In addition, buyers have their own struggles with the lender to commit loaning money to them.   

I suspect the roller coaster ride will continue throughout 2012 in Lakeland Florida with up and down prices and up and down sales.

Not paying your HOA Fees is the #1 Killer of Short Sales and Deed in Lieu. 

Many homeowners who are behind in their mortgage payments are also behind in their HOA fees. When we take on a short sale listing it is very important for the seller to understand the ramifications of NOT paying HOA fees. 

In the state of Florida the HOA can foreclose on you, they can lock you out of the pool and clubhouse, they can evict you after the foreclose on you and rent your condo or property out, they can deny you access through the gate. 

And the HOA can do this very fast. Many people here are being told by their agents, by their attorneys and by their friends and family members that their HOA can not foreclose because the first bank, the main lien holder, is in first position and if your bank has not foreclosed the HOA can't. Well, that is NOT TRUE. 

The HOA can foreclose on you subject to the first lien holder. They don't need your bank to foreclose on you first or at all. 

If you are planning on doing a short sale then you should do all you can to keep up with your HOA payments. If you are far behind and the HOA has their legal council contacting you- make some arrangements to pay towards the part you are behind. 

If your HOA fees get too high, your lender is not going to approve those to be paid out of the net loss they are getting at closing. 

If you want to do a deed in lieu you have to be current with your HOA fees or you have to negotiate with your lender to pay a portion of those fees for you because you must give clean title in a deed in lieu. 

Attorneys tell us that for deed in lieu- the number one killer is the homeowner being behind in their HOA payments. 

Most every attorney we know that understands the short sale process advises their clients that even if they are not making their mortgage payments they should keep current with their HOA payments. 

We are not attorneys and we are not giving you legal advice. Consult an attorney if you are behind in your HOA payments. There are options to foreclosure. 

If you or someone you know is behind in their payments consider a Florida short sale.Contact Nestor or Katerina Gasset at 561-753-0135 today for your private confidential interview to go over your short sale options. 

 

Nestor Gasset and Katerina Gasset- Realtors®, CIPS, ABR, SFR, GRI, REOS

International Properties & Investments, Inc 

 

Call us today at 561-753-0135 to get your house sold. 

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Best Barbecue in Town - Lakeland FL  Annual Pig Fest January 27-28, 2012

I can't imagine spending a better way than to attend this year's Lakeland's Annual Pig Fest on January 27 and 28, 2012. In it's 16th year for its barbecue competition, such as the Kansas City Barbecue Society sanctioned competition, Publix Supermarket Backyard BBQ competition, and for kids, Kids-Q barbecue contest, enticing professional barbecue teams to travel to our beautiful city .

This year gates open at 5:30pm on Friday, January 27, 2012 to enjoy an evening of music, food, and games. On Saturday, January 28, 2012 at 10:00 am is when the real competition begins. Competitors from all over the country will flock to Lakeland Florida to compete in four different categories including Ribs, Chicken, Pork, and Brisket. 

Friday’s entertainment at Center Stage is to include nightriders at 6:00 pm and Soul 2 Earth from 7:00 pm-10:00 pm. But don’t forget about the Backyard ‘Party Stage’ which will feature Cross Traxx and Vertical Circus. While Saturday Center Stage will include Pushin Eighties from 10:00 am- 1:15 pm followed by Brush Creek from 1:45 pm- 5:00 pm. And the Backyard ‘Party Stage’ will play host to The Sweeney Family Band, Madison Mckenzie, Cross Traxx, and Ace Jackson & The Jump Kings Performing throughout the day. LEGOLAND Florida will once again sponsor the Children’s corner and is said to include bounce houses and many other fun surprises.

There will also be a Kids-Q where children will compete on their own grills. The Kids-Q was started in 2004 when competitors came to the realization they did not want the art of Barbeque to disappear after they were no longer here so they have brought the kids into the mix by giving them a fun way to participate in the competition. And these kids are phenomenal cooks. Not to mention what a great family event! Read more about things to do with kids in and around Lakeland Florida.

A tad bit of history lesson! It started all in 1994 when a small group of local businessmen attended the Blue Ridge Mountain town of Tyron, N.C. to watch a barbecue championship. From then on, a festival committee was established and Lakeland’s Pig Festival welcomed its first barbecue competitors in 1997. Since then, professional teams and backyard teams travel great distances to compete separate in now five different categories in Ribs (loin and spare), Pork (shoulder and butt), Chicken, Brisket (beef) and Sauce. The Kansas City Barbecue Society (KCBS) Professional Competition and Judging School considers Lakeland’s Pig Fest to be one of the finest events sanctioned by KCBS.  Lakeland’s annual  Pig Fest held at Joker Marchant Stadium has since then grown to over 300 Barbecue Teams competing for prize money and attendance growing quickly each year.   

The Junior League of Greater Lakeland became in 2005 the lead organizer for this great event and they do an outstanding job providing volunteers to see that this free event is run smoothly. The Lakeland Pig Festival has contributed over $650,000 to local charities and growing.  The event in itself is free, such as the concerts – as you walk towards the gate, let me suggest you buy “Pig Dollars” near the entrance for food and drinks and also some for your kids, since I’m sure they want to take part in arts & crafts, climbing and jumping. Don’t worry if you run out of the “Pig Dollars or “Pig Bucks”, there are various locations throughout the area for you to buy more. 

It is a fun event for the whole family to enjoy.

Check out this video of year's past at the Lakeland FL Pig Fest!

Carillon Lakes in Lakeland Florida was developed over ten years ago and it is a deed restricted community. There are a variety of homes and condominiums situated throughout this lovely neighborhood that was developed in the early 2000. This community provides plenty of activities for its residents as well as for children. The community’s monthly calendar is filled with entertainment like, water aerobics, book buffs, game night, investment clubs and much, much more. The appearance of this community shows pride with manicured lawns and walkways throughout the community and its surrounding lakes.

A short distance to major employers such as Publix Supermarkets corporate office and GEICO Insurance as well as shopping at the Lakeside Village, Target and many restaurants situated along Harden Boulevard makes Carillon Lakes in Lakeland Florida a convenient location.Carillon Lakes in Lakeland FL is conveniently located minutes from Polk Parkway and Interstate 4, Carillon Lakes is a 24hr man-gated community situated southwest Lakeland, Florida and has almost 650 homeowners according to their newsletter. Carillon Lakes community has a lot to offer for families and retirees such as swimming pool, tennis courts, basketball court, fitness center, playground and a club house at the Town Center which can be rented for family gatherings such as birthday parties and other social gatherings.

Copyright © 2012 By Petra Norris *I Don't Make Promises I Can't Keep - A Violation Of The Code Of Ethics?*

Do you remember when you got your first checking account? Maybe you were eighteen and you were told that when you sign a check, you are signing a binding contract.

Same goes for the real estate purchase contract. It’s binding. Not sure what has happened over the last several years, but in the state of California, it appears as if many people are not taking the real estate purchase contract seriously.

For example, a buyer offers to purchase a property and close the transaction within 45 days of acceptance of the offer by the seller. Seller accepts, and 30 days into the transaction, the buyer says that his lender cannot close the transaction on time. The lender needs another 21 days.

Or, a buyer offers to purchase a property as-is for a specified price. Then, after the offer is accepted, the buyer changes his mind and wants to pay less. Or… the buyer was going to pay cash, and now needs to get a loan. 

While everyone understands that circumstances arise that can impact a buyer’s decision to purchase a property, it seems that these situations arise more and more frequently.

When it comes to short sales, this is even tougher to swallow. After spending several weeks convincing the lien holder to move forward and accept a short sale based on the terms and conditions of a contract, imagine the lien holder’s dismay when you contact them to say that the buyer has changed his terms, needs an extra month to close the transaction, or wants some additional repairs on a property that is being sold as-is.

Recently, our office negotiated a short sale and the buyer had trouble closing on time. It took over 90 days for the buyer to get his loan docs into escrow. And, by then, the banks advised us that the short sale had to be processed all over again from the very beginning. You see, short sale approval letters can only receive so many extensions before then bank is done.

So, with respect to representing buyers in real estate transactions and especially in short sales, it is vital to set buyer expectations and to explain the real estate contract in great detail. Make sure that your buyer knows what s/he is signing—a binding contract. Frivolous changes and cancellations can be costly. And, in the case of a short sale, a buyer’s inability to respect the terms of the contract can lead an unsuspecting seller directly into foreclosure. And, that would be a real bummer, don’t you think?

 

(photo credit)

 

Melissa Zavala 
BROKER/REALTOR® ● DRE #01324959

BROADPOINT PROPERTIES, INC. 
760.839.3838

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