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June 30th, 2010 9:34 AM by David W. Welch
I live in Baldwin Park, so I pay a lot of attention to the neighborhood real estate market. The inventory of homes available for sale is down to 68, and unlike Orlando in general, "normal" sales make up a significant majority of the homes available. Currently, only four homes for sale are bank owned and 19 are short sales. The 45 remaining make up nearly 2/3 of the inventory compared with just about 52% in Orlando overall. With a smaller impact from distressed properties prices in Baldwin Park have remained very stable compared to last year as well. Homes currently on the market have a median list price of around $388,000.
Pending sales have a median list price of $312,500 and reflect more impact from the nearly 2/3 distressed properties under contract. While this is a substantial percentage it is still far lower than the percentage of distressed properties under contract overall. Short Sales and REO properties make up about 83% of all the pending contracts in the Orlando real estate market. Short sales dominate this category with 38 pendings, while only three pending properties are bank owned in Baldwin Park. There are considerable pricing differences between the bank owned, short sales and "normal" sales. Much of that appears to be driven by the type of properties. Since Baldwin Park is a planned community there are condos, and townhomes in addition to several styles of single family homes. The multi-family types of homes appear to have been more prevalent in the distressed category.
Closed sales have been very strong this year with 100 transactions of all types completed so far. The median price of the sales posted this year is $340,000 which is just about 2% less than 2009 sales prices. In Orlando overall the drop was closer to 8%. Of the 100 closed so far 17 have been bank owned and 26 were short sales. That leaves 57% "normal" sales compared to about 37% "normal" sales in the greater Orlando market. The "normal" sales median price was $439,000 again reflecting the impact of the multi-family homes, especially condos, on the distressed sales. If there were more readily available financing for condos, you could look to see our numbers climb significantly in Baldwin Park and Orlando.
Check out 3756 Lower Park Rd., but do it quickly. I just put it back on the market Monday afternoon, and I am expecting at least a couple of offers on it today (Wednesday).
David Welch Real Estate Optimist, Orlando Real EstateGoogle's Top Realtors