Highlands Reserve homes clearly massively overpriced with 80 homes foreclosure/shortsale will banks take a lower offer than oustanding mortgage?

Asked by Florida UK, Davenport, FL Sun Nov 15, 2009

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Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Mar 3, 2010
If the only basis for the claim was that there were 80 distressed properties, then than really needed to be compared to the size of the place. Sure 80 out of a 100 would be a huge concern, but Highlands Reserve is a massive development with something like 500 pool homes in it. 80 out of 500 was actually not that big a deal. If fact it was considerably better than average.

Ready for the SHOCKER? Prices are going up! A year ago you could by a house hear in the $60 or $70 a sq ft range. Today? $80 to $90 is the range. IF YOU WERE WAITING FOR THE BOTTOM, YOU MISSED IT.

Good luck,
Mark LeMenager
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1 vote
John Bennett, Agent, Orlando, FL
Sun Nov 15, 2009
Yes they will, then it is called a short sale. Takes about 4 to 8 months once you offer to hear back if they will take your offer.

Do you have that much time to wait to find out the answer?

John
1 vote
Erica Muller, Agent, Winter Garden, FL
Tue May 4, 2010
Highlands Reserve is one of the most sought after communities in Davenport for vacation rental property, that being said, you're competing against quite a few other investors who don't find the prices too high (consider the demand exceeds the supply right now). Highlands Reserve will always be a solid investment for vacation rental property and trying to low ball on properties in there is just a waste of time. If you want to get a low ball deal you can go up the street to Sunset Lakes where the properties are being sold for dirt right now. (the neighborhood is no comparison)

Highlands Reserve: http://www.thepinkflamingo.info/local-living/davenport/highl…
Sunset Lakes : http://www.thepinkflamingo.info/local-living/davenport/sunse…
0 votes
John Bennett, Agent, Orlando, FL
Sun Nov 15, 2009
May 2006 to May 2007 Sold 60 homes in HR in MLS (this is not all sales) and average price per foot was
171.80 with Median sale price per foot $177.95- just to give you some history of prices.

John
0 votes
John Bennett, Agent, Orlando, FL
Sun Nov 15, 2009
UK you will notice this area is with golf and most have pools. 18 solds in last 6 months, average cost per foot of solds- $106.70 US.

What is a good price per foot you are looking for? This might not be the area for you. Would $50 a foot be more to your liking? Things change at $50, more crime, more weekly rentals but they are around for sure.

John
john@JohnABennett.net
0 votes
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