Lakeland Real Estate Blog by Petra

The average sales price of $124,689 ($71.01 per sq.ft.) continues to dive for May at 23% from the previous year for Lakeland Real Estate. However, last month sold prices dropped only 2.66% from the previous month.  The good news is that the number of homes sold is steady for the past three months, increasing at a small rate to 156 Lakeland residential real estate sold in May compared to 154 homes sold the previous month.

Analysis of the type of homes being sold shows Lakeland’s primary real estate market is single family homes with median sales price of $125,000. This pricing trend makes Lakeland with it’s centrally location between Tampa and Orlando very affordable when comparing to Florida’s median price of $144,400.

Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.

Common properties only – Inventory active and pending 1729 homes resulting in 20 month of supply.

Distressed properties – Inventory active and pending 780 homes resulting in an 14 month supply.

Bank-Owned properties continue to influence Lakeland Real Estate

Since the beginning of the year, distressed homes and more importantly the bank-owned (REO) properties still play a major role in the sales activities here in Lakeland with 61 properties sold in May and recorded in our Mid-Florida Regional MLS.

With close to 2448 properties currently for sale and pending, we are experiencing approximately a 17 month of supply for the regular homes and distressed homes. Supply and Demand Theory -I have also noticed that our inventory is slowly shrinking with less than 2000 Lakeland Homes for Sale as of June 29^th, 2009. This is good news for Lakeland Real Estate as inventory decreases, the demand will increase.

Of the 156 homes sold last month in Lakeland, 61 distressed homes were sold with an average sales price of $91,289 ($56.38 per sq.ft.) compared to only 27 homes that were sold the previous year, due to Short Sales and/or Foreclosures.  To break it down even further, of the 61 distressed homes sold in Lakeland 47 were Bank-owned properties (REOs).

Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data and graphs for this report were obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.

Which zip codes represents the most sales activities since January 2009?

For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

Let’s take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven - 77 properties sold - average sold price $120,959 - average $63.33 per sq.ft.

Bartow - 12 properties sold - average sold price $119,707 average $71.07 per sq.ft.

Mulberry - 16 properties sold - average sold price $109,089 - average $65.21 per sq.ft.

Auburndale – 20 properties sold - average sold price $105,992 - average $57.67 per sq.ft.

Polk City - 3 properties sold – average sold price $160,166 - $78.62 per sq.ft.

Lake Alfred – 13 properties sold – average sold price $91,758 - $48.94 per sq.ft.

If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.

Just the other day as I was reading The Ledger - Letter to the Editor - from a couple who moved to Lakeland in a couple of years ago. They expressed their gratitude and appreciation for Saturday night's Lakeland Flying Tigers baseball game that was followed by a spectacular fireworks display.

I thought I would share with you in this article what the Flying Tigers are all about to support our local community whether you have lived here and perhaps have not realized that you can enjoy baseball year-round or thinking about a move to the Lakeland area.

Florida and Spring Training. They’re synonymous. But when the Detroit Tigers MLB baseball club leaves for the regular season, the Lakeland Flying Tigers keep the baseball activity at Joker Marchant Stadium alive.

The Lakeland Flying Tigers are a minor league baseball team located here in  Lakeland, Florida. The Flying Tigers are part of the Florida State League and have enjoyed a relationship with the Detroit Tigers as their High-A affiliate since 1967.

This is a big deal, since theirs is one of the longest unbroken Major League Baseball affiliate relationships still in existence. The Flying Tigers play in the Florida State League – a Class A-Advanced Minor League Baseball league operating in connection with Minor League Baseball but as a independant entity all the same.

Click here to continue to read

My first ever article I wrote about Lakeland, Florida titled "I love Lakeland" was indeed short and sweet. Today, I want to take the time and elaborate more about Lakeland in greater detail and express to you what makes this town special.

• What Lakeland has to offer?
• What makes this city so special?
• Is there a place for you?

Since residing for almost 16 years here in this charming and beautiful town in Lakeland, I have come to the realization that “there is no place like home”.  Just between Tampa and Orlando with a growing population of over 93,000 Lakeland is located in Polk County – voted in 2007 as the All-American County.

Did you know that in 1883 Lakeland’s citizens were to name their town Munnville in recognition of Abraham G. Munn, a Kentucky businessman who purchased 80 acres which the town was located? I’m so glad that he declined the honor and eventually a more adequate name was sought out, due to the serenity of the many lakes surrounding this great community in Central Florida – the Lovely City of Lakes became “Lakeland”

What Lakeland has to offer?

Lakeland has 38 named lakes – the most visited lakes are near downtown Lakeland at Lake Hollingsworth – 3 miles of prime location for jogging, bicycling, walking, exercise and nature, Lake Mirror – a great place of art and design with the background of the botanical Hollis Garden & Barnett Park, Lake Morton - the trademark location for our mute swans, wild life and bird sanctuary. From the ½ mile circumference of Lake Wire and the 22 square mile of Lake Parker – each and every lake is unique providing its residents with great recreational opportunities.  Lakeland has the appeal of small town flair with its big city sophistication.

The downtown Lakeland location including the Dixieland neighborhood and various districts such as Lake Morton Districts has undergone extensive renovation influenced by its own charm, constructing pedestrian friendly walking areas. Moreover, predominantly enhancements were completed with gorgeous manicured lawn around Munn Park and the Antique District.

A fine collection of specialty shops, such as art galleries, boutiques, antique stores and a General Store, as well as exceptional dining facilities and cafes that enhances the quality of the City of Lakeland are all within leisurely strolling distance of Munn Park.

What makes this city so special?

Annually, the city of Lakeland in conjunction with local sponsors hosts a number of fairs and festivals throughout the year. Each spring, one of the nation's largest conventions, the Sun n’Fun Fly-In is held in Lakeland, drawing nearly 150,000 aviation enthusiasts from around the world, making Lakeland’s Regional Linder Airport one of the busiest airports in the world during this event. The downtown area is the site of many of the town's activities, such as First Fridays, Farmer’s Market, Maifaire by the Lake, classic car shows, Lakeland Red, White & Kaboom – 4^th July celebration, annual Christmas parade in December.

In recent years Money Magazine ranked Lakeland at the 10^th “Best Place to Live in America" among medium sized cities in the South, referring to issues such as affordable housing, public safety, modern health care and school systems. The city also enjoys an ideal subtropical climate that averages a balmy 72 degrees per year. With such a pleasant climate, outdoor activities are extremely admired in Polk County.

Lakeland residents tend to be highly involved in the community. The numerous volunteer groups and service organizations in the area have a strong presence in Lakeland and it shows when visiting such venues such as the Lakeland Community Theater, The Imperial Symphony Orchestra, SPCA, Lakeland Habitat for Humanity, Lakeland Volunteers in Medicine, just to name a few.   

Lakeland is known to its residents when being asked where you live in Lakeland to give an answer to live in North Lakeland or South Lakeland. To me there is no distinction or separation between the two besides the name; living in North Lakeland or South Lakeland has many valuable aspects and while I have traveled the roads of Lakeland, each location and each neighborhood brings value and its own characteristics to the city of Lakeland, which why I call Lakeland as “there is no place like home”.   

Is there a place for you?

You may now recognize that Lakeland has plenty to offer, nonetheless its closeness to Orlando and Tampa provide its residents with the opportunity to visit such notorious attractions as Walt Disney World, Universal Studios, Busch Gardens, Sea World and Epcot. While visiting the Kennedy Space Center, the Daytona Speedway and the white sandy beaches of the Gulf of Mexico and the Atlantic Ocean you may realize that Lakeland is the perfect fit for you.

The City of Lakeland’s financial stability along with many local contributors and philanthropists providing support for its citizens quality health care, convenient public transportation, an established public school system, and great inexpensive tourist attractions, such as the beautiful Hollis Botanical Garden and the adjacent Barnett Park, the Polk Museum of Arts, the world’s largest collection of Frank Lloyd Wright at Florida Southern College, and the Florida Air Museum, just to name a few.   

Majority of the Lakeland resident’s workforce finding employment in the wholesale and the retail trade sector, as well as in the manufacturing, production, mining, tourism, distribution and service industries.

Lakeland, Florida may well just be the biggest little small town in America. With a cozy feel, friendly neighbors, and surely something to offer residents of all ages, Lakeland is truly one of America's finest cities that I call home.

Have I enticed you yet! Well, if you are thinking about moving, consider Lakeland, Florida!

Want to know more about Lakeland, Florida?

Check out these links!

• The City of Lakeland
• Polk County Public Schools
• The Imperial Symphony
• Lakeland Community Theater
• The Ledger
• The Lakeland Center
• The Lakeland Library
• The Polk Museum of Art

When is it Time to Say Good-bye to your Seller?

Sellers, buyers and folks who I come to meet and get to know me, know that I’m professional, patient, calm and collected. I’ve walked the walk and talked the talk at listing appointments and showings. I’ve stopped taking overpriced listings - yes, I’ve had overpriced listings in the past. I keep in contact with my sellers, answer the phone and give them regularly an up-to-date market status for their respective neighborhoods.

I’m excited when I meet with prospective sellers, who are motivated to sell and have the luxury of owning their home free and clear – yes, no short sale or foreclosure to deal with.  Most of my sellers are elderly folks, who are or looking into assistant living or moving back to be close by their adult children.  These senior citizens have worked and lived so hard for what they own and are very proud of it; they are meticulously and take care of maintenance issues right away. Understandably, they are overwhelmed and are upset when they are losing their independency. Not to mention explaining to them that we are experiencing a declining real estate market and the value of the homes have dropped tremendously from the years of the real estate boom.

A couple of years ago, I’ve had a signed listing agreement and the lady of the house asked me if I would tear up the contract because she was not ready to move, she even offered to pay me for my time and expenses I’ve incurred so far.  I agreed, tore up the contract and asked her just to remember me when she is ready to sell her home and left without taking a dime. A year later the homeowner called me back and I marketed the house for her.

When the homeowner passes away it is a trying time for the adult children or heirs to take care of the selling their parents home, especially when the siblings can’t agree.  Recently, I’ve received an offer on the house – the house has seen traffic after we lowered the price, an offer a little low but there is always time for a counter offer. When I submitted the offer to my sellers, I also submitted a market report for their respective neighborhood and explained the current trend in this neighborhood with bank owned and short sale properties, advising on the aspects of taking care of a vacant home, etc. I sensed from the communication that the siblings could not agree on a counter offer therefore would not counter back to the buyer. I reemphasized the importance to counter back, finding out the motivation of the buyer, even if it means to counter back full listing price.

The very next day, I had no alternative but to withdraw the listing agreement for the lack of support and said good-bye to my seller and wished them the best. This is the first time, in my over 10 years of experience, this happened to me and I was totally blindsided by their action.  

What would you have done?

Copyright © 2009 http://www.servinglakelandfl.com | All Rights Reserved |

When is it Time to Say Good-bye to your Seller?

 Petra Norris

CDV TransAtlantic, Inc.

Licensed Florida Real Estate Broker

PO Box 92050 - Lakeland, FL 33804-2050

Telephone (863) 619-6918

Kids school is out – are you ready to have some fun? Bring your parents to downtown Lakeland this Friday, June 5^th starting at 6:00 PM and participate blowing the largest bubble in a bubble-gum blowing contest. I’m sure there are some great hula-hoopers in Lakeland, there will be a contest for a squirt-gun shootout and a contest for summer themed art, which takes place along Kentucky Avenue.

Teaming up with our local downtown merchants, Explorations V Children’s Museum and the Polk Museum of Art, who are making sure, you will have a great start to your summer vacation during the June 5th First Friday “School’s out for the Summer” Celebration.

More activities are planned for the kids such as a bounce house, face painting at Lofty Ideas and a DJ at Lloyd’s of Lakeland on North Kentucky. Traditions Unlimited will feature making paper flowers and Brooke Pottery will host making ornaments and clay animals.

Teens and Adults – are you dressed for summer? The Polk Museum of Art is sponsoring on South Kentucky Avenue a community art project showcasing your idea of “Summer Fun”. A people’s Choice Award for a cool summer look – you live in Florida only a short drive to the beach. Hmm… flip flops, summer shirt and a cool hat made out of straw perhaps – think Key West or Hawaii, you get the point. Try it and have fun!

Prizes will be provided for various activities by the Downtown Lakeland Partnership and Downtown Lakeland merchants.

Garden Bistro, one of my favorite restaurant, will be open for dinner 6 - 8 P.M. It doesn’t get any better than dinner at the Bistro and music by Sofa Kings 7:00 - 11:00 on the Patio. Garden Bistro is next to Hollis Garden on Lake Mirror.

Of course, there will be entertainment along the streets and the car show on Tennessee Avenue next to Munn Park from 6:00 PM- 9:00 PM.

July’s First Friday Theme “Sundown Celebration”, which will take place July 3^rd, 2009

Copyright © 2009 http://www.servinglakelandfl.com | All Rights Reserved |

Lakeland Florida Local Event – First Friday “School’s out for Summer” – June 5th

 Petra Norris

CDV TransAtlantic, Inc.

Licensed Florida Real Estate Broker

PO Box 92050 - Lakeland, FL 33804-2050

Telephone (863) 619-6918