Home value crashed, but taxes still going up, many houses in Hunters Creek for sale are asking as much as a half million dollars why?

Asked by Sandra, 32837 Sun Jan 24, 2010

I owned a house in Hunters Creek 10 years ago, I sold it and now I am trying to buy another house in HC, buy I can buy a better one at Windermere/ Dr. Phillips or Winter Garden with the same money, but my kids attend Freedom and want to stay in Hunters Creek, but I know that the value of the homes here will keep going down because the thousands of apartments the level of life style went down, deep down.
What is your advise?
Respectfully,
Sandra A De R.

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9
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sun Jan 24, 2010
Sandra, are you and Lucy the same person? Same tag line on both answers.

What in the world are you two talking about? There are 144 single family homes on the market in the area right now and only 4 are asking 500K or more (and good luck with that). The average is under $200,000. Good luck trying to match that in Windermere where the average is $500,000.

Hunter's Creek is what it is, namely a solid working class neighborhood with a great location. It's right next to the new Medical City and the 30,000 jobs that are being created by it. An awful lot of those people are going to find Hunter's Creek a very convenient place to live.

There is strong evidence that the bottom of the market has stopped going down (see my website). Hunter's Creek at bargain prices is not a bad deal at all.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
1 vote
Steve Clark, Agent, Winter Park, FL
Wed Jul 11, 2012
Sandra,

To help answer the tax question. Yes values have fallen, but the appraised value is then applied against a tax millage rate to come up with what amount you pay. If the city or county votes in a higher tax millage rate then taxes can rise assuming the appraised taxable value stays the same.

I hope this helps,

Steven Clark
Coldwell Banker
407-803-2239
SClark2575@cfl.rr.com
0 votes
Team Zuhl, Agent, Clark, NJ
Wed Jul 11, 2012
It's possible that you will be able to appeal your taxes. The rules vary from location to location, and the deadline is usually early spring, but you could apply now for next year. Try this link for more info - http://unioncountyre.wordpress.com/2012/02/16/appealing-your…
0 votes
Holley Ewell, Agent, Orlando, FL
Tue Apr 19, 2011
Hello Sandra,

I bet in retrospect, you have already answered the questions that you are seeking answers for. Most likely, your biggest frustration is in the fact that houses and property can go down just as easily as the prices can go up. The trick is discerning when to buy and what your buying motives are. If your family is happy to attend any school, pick the list price that is most affordable and don't look back. If you are currently looking to keep your kids in a particular school, you are somewhat limited on location unless you choose to rent, and stick it out. The prices are getting pretty close to the bottom, REO foreclosures are no longer flooding the market driving down prices and there are still great prices and deals to be found.

Keep in mind, purchasing real estate is a risk, no question about that. An investment involves risk. Make the best decision of home purchasing based on the most important characteristics for you and your family and try not to get too upset about the list price fluctuations until you must or need to sell. Until you have to sell, I am sure you will find the list prices a lot less important until tax day rolls around. Both communities are great and in demand for various reasons. Taxes will always be a necessary consideration but a large portion of them are based on recent sales and that value. Good luck with your decision!
0 votes
Gay Middleton, , Orlando, FL
Mon Jan 25, 2010
Sandra

As a Realtor I have to agree with Marty as to the limit of our advise. Hunters Creek, Dr Phillips area? Two different areas that offer some similar ammenities and some different. As would any comparison between two areas.

Would you hold more value in Dr Phillips/ Windermere? Who is to say. If you have family needs school, location to work, etc then perhaps that is the best barometer for your personal needs. I do not think anyone can say one area will recover faster than another, while Real Estate is localized and each area will have it pluses and minuses. You must weigh these against your personal situation.

Just from what I know having shown and sold homes in both areas, you may see higher asking prices but without further investigation I would not be able to say if those asking prices are in concert with current values. There are many foreign owners in the Dr Phillips area. It is closer to the tourist corridor and some homewowners would like to stay away from that aspect. Again, it is a matter of personal needs an preference.

My further advice is not far from what others are suggesting here, find a Realtor with whom you are compatible and can trust to show you all aspects of both areas if this is your goal. He/She should be able to compare apples to apples and give a snapshot of both areas in a home that meets your needs.

I hope this helps and gives you another perspective on your question. I will leave my contact information for your convenience if you would like further assistance to complete your search. Thank you.

Regards,
Gay Middleton
Realtor
gaymiddleton@orlandohomeresales.com
407-493-3699
Web Reference:  http://www.gaymiddleton.com
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sun Jan 24, 2010
About the area, I have no idea.

About taxes, the city got used to spending. Just because property values go down does not change city halls hunger for tax money. Taxes go up no matter what house prices do.
0 votes
Rick Aguirre, Agent, Orlando, FL
Sun Jan 24, 2010
Sandra,
I just pulled up Single family listings in Hunters Creek. The sales range from $120k to over $500K. Out of the 86 listings only 6 are over the 500K mark.
There are some nice homes in Hunters Creek.
Check with your Realtor on what is available. They can offer the best advise.
I hope this helps.
Realtor Rick.
0 votes
Marty Kaiser, Agent, Orlando, FL
Sun Jan 24, 2010
Hi Sandra,

I understand your concern and confusion but would like to add a little different insight into your question and the response you were given. My job as an agent is to give you the best advice and show you homes offering the best value meeting your various requirements. As your inquiry indicated, Hunters Creek works for you locationally, school wise etc but you have concerns with the values.

I would have to disagree with Lucy's response . I live in Hunters Creek, and have sold more homes in Hunters Creek over the past 10 years than any other agent so I feel very well qualified to answer your question on values. Taxes and assessed values went down dramatically in 2009 and are very representative presently of the value of homes in Hunters Creek. Hunters Creek is probably the largest community in Central Florida, approx. 25,000 residents and has numerous sections or villages, all with different prices points. Presently, there are single family homes in asking price ranging from below 150,000 to over 500 and we have one presently under contract asking 625,000. As a point of reference, the home asking 625,000, which has a multitude of features, would sell for far more in Windermere or Dr. Phillips as I have sold a lot of real estate in those areas and know the pluses and minuses of those areas as well.

Without getting into the merits of the pros and cons of each area, Hunters Creek major selling points for years to the residents who enjoy Hunters Creek are as follows: 1. The sense of neighborhood community, organized activities parks etc. which you can not find in Dr. Phillips or Windermere at similar price points. 2. The great location, close to everything and all of the major arteries. 3. The professional Homeowners Assn. which maintains the community, it's value and it's awesome landscaping.

Lucy's point about all of the foreigners who have purchased in Hunters Creek and adversely affected the values etc. is simply inaccurate. While Hunters Creek has it's share of overseas owners, so do many areas of Central Florida, as customers from overseas when seeking investment opportunities or 2nd homes, not to be used as short-term rental seek out nice, well maintained communities but these folks for the most part, do not pay any more for their homes than a typical local customer. There are plenty of overseas owners in Windermere or Dr. Phillips, just check the tax rolls.

I am not sure what villages of Hunters Creek you are looking in and/or what size home you are seeking but there are plenty of fairly priced nice homes presently for sale in Hunters Creek. If I can provide additional information or future real estate assistance, please do not hesitate to contact me.

Sincerely,

Marty Kaiser
Keller Williams Mega Agent
marty@floridasells.com
407-595-9700
"Excellence, Experience, Enthusiasm & Ethics"
Web Reference:  http://www.floridasells.com
0 votes
Sandra, Home Buyer, 32837
Sun Jan 24, 2010
You're right, but what you forget to mention is that next to a house that the owner asks $450,000 is a dozen as lowers as $150,000, which any one with good information about the actual house market never paid more that the real value of that property in the chaos of this housing market.
Yes, you are million times better to buy at Windermere or Dr. Phillips than around Hunters Creek, because most of the properties are pre-forclosure and forclosure, short sales, etc, the problem specially in Hunters Creek is that most of the buyers on the last 15 years were foreign, without any knowledge about the house market and paid without asked the over price homes, a house bought for $135,000 was sold to a foreign for three or four times much as the real price.
Check on the public records for how much a property was originally sold and get the whole history about the property you have interes on.
Good look,
Lucy
0 votes
Unless you live in Hunters Creek you know nothing about that community. I have owned my home there since 1996, purchased for $189,900 and watched my house appreciate over $160k in 8 years. Then it ballooned to over $400k in 2005-2006.Took a hit as most communities did from 2006-2010. I just had my house appraised on 12/19/13 and is now valued at $363,000. That's an increase of over $120K in under 3 years. Since June 2013 18 homes have sold in HC averaging $361K for 2690 SF avg which equates to an avg of $134 PSF. My neighborhood had 4 sales avg sales price of $387K @ 2694 SF / $140 PSF. None of the comps listed in the appraisal were short sales or foreclosures by the way. And have you ever tried to sell a house to a foreigner? Trust me they are not real estate challenged and are skilled at negotiation.
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