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Asked by Mary, Lake Mary, FL Fri Apr 18, 2008

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3
Mary, Home Buyer, Lake Mary, FL
Wed Apr 23, 2008
Thank you for your response. I was looking to buy a home in Manderley for investment purposes. I think the home my husband and I were looking at purchasing is overvalued. Good to know about the HOA. Thanks again. Mary O'Loughlin
0 votes
Doug Packard, Agent, Lake Mary, FL
Tue Apr 22, 2008
Hi Mary,

I recently sold an investment property I owned in Manderley because the homeowner's association board voted to have the right to approve all tenants and charge a ridiculous application fee. I believe the board was uncomfortable with the high number of rentals in the community and this was their way of discouraging investor ownership. It worked with me. There was no way I was going to let the board control who I rented to. Luckily, I sold just before the market began its slide.

Here are the positives for Manderley: Excellent location, close to office parks, shopping, and interstate and beltway access. Most homes are well-kept and there are many conservation or pond front lots. Property is high and dry. Negatives: School system not all that great. Small lots. Still a high number of rentals.

I hate it when agents tout their web sites on Trulia, but I'm going to do it anyway. I have a neighborhood summary of Manderley at http://www.buyerbroker.com/neighborhoods/lake-mary/manderley.html. As far as the value of the area and the likelihood of the retention of that value, if you plan on living in the house for five years or more, you'll be fine. If you plan on buying, then selling in the next year or two, I'm not so sure.

Generally speaking, the location and convenience of Manderley alone are enough to keep it in demand. I've sold six homes there in the last few years and all buyers have been very happy with the neighborhood.

Doug Packard
Broker/Owner
BluRiver Realty Group LLC
Lake Mary, FL
407-339-1433
http://www.buyerbroker.com
0 votes
Marty Hunt, Agent, Altamonte Springs, FL
Sat Apr 19, 2008
Hi Mary.

That's an excellent question and I'm afraid no one can really give an answer; there are opinions, speculation and analysis but it's certainly not to be taken as fact when we discuss the future direction of the economy, the financial markets or real estate values (or the future value of any invesment like stocks, oil futures, gold, etc. for that matter).

The home prices have dropped over 20% in Manderley over the past two years since the peak in 2005/2006. That's fairly consistent with the overall decline in values in Lake Mary and in Seminole County (where I also live).

In the 12 month period from April 19, 2006 to April 19, 2007, there were twelve sales and the average sale in Manderley was $370,000 and the median sales price was $367,250 ($195 and $194 a square foot respectively). The next six months (from April 19, 2007 to October 19, 2007) there were ten sales and the average price was $321,425 and the median price was $329,000 (whihc is $162 and $166 per square foot respectively). The LAST six months from October 19, 2007 to today April 19, 2008 shows six sales with an average sale of $299,083 and a median sale of $313,750 ($150 and $154 per square foot respectively). So if we take the average price per foot from the first period ($195 a square foot) and the average or the most recent period ($150 a square foot), you'll see a decline of 23% over the two year period.

I have to tell you this isn't 100% of the story because more larger homes or smaller homes could sell in one period over another, more homes with pools or other features could sell in a period, etc. so the numbers could vary a little but you've got a pretty good baseline of what's happened in the neighborhood.

If the economy falters more, the recession deepens, the credit crunch and liquidity crisis worsend, etc....prices could decline further. That being said, prices have retreated to a level that is more affordable, there is pent up demand, interest rates are at or near their historic lows in decades, selection is excellent, etc. so it's probably a GREAT time to buy. Make sure you buy right, but if you plan to stay in your home it has ALWAYS proven to be a fantastic long-term investment and a way to build wealth.

Make sure your agent provides an analysis that satisfies you regarding trends, understand the values, what would be a reasonable offer, and gives you statistics to show you the direction of the market. I have sold several homes in Manderley and I think it is a fabulous neighborhood and a great place to buy a home. Good luck to you Mary and let me know if you have any additional questions!

Marty Hunt, Realtor, ABR, CRS, GRI, e-PRO
Realty Exectives Orlando
(407) 869-7779 or toll free (888) 412 8681
Email: marty@martyhunt.com
Web: http://www.MartyHunt.com
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