104 Reserve Cir APT 112, Oviedo, FL 32765. (Hunter's Reserve Neighborhood)
Sold 1/6/08; $165,000. $176/sf. $82,500/bedroom.
2/2, 975sf.
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Great location NW of the corner of McCulloch and Alafaya, bordered to the north by the Little Econ River and the south by a new Wal-Mart grocery store (fence and green space between). The 2/2 units are around 800-1100 sf and mostly occupied by students who go to UCF, which is less than a mile away. Community amenities, so add HOA fees.
5 Year Zillow %
Purple is this Condo. Light blue is 32765 (Oviedo, mostly SFH).
$165,000 is $989 a month at 6% for 30 years. If you're a parent or a prepared student, the $1000 condo (even though it'd be more like $1400 with HOA fees and taxes) in a nice location close to campus is still a pretty good deal. It looks like there's a pent-up demand for new UCF condos.
These are renting on Craigslist for $900-$1000, so they would have to go down to about $105,000 (-36%) to be at parity with rent. (assume a 6% mortgage, no money down; condo fees, taxes, repair reserve est. at $370/month, and a $1000/month renter).
My best guess is that they will decline 15% to $140,000 in the next 1-2 years, and then start climbing with prevalent inflation rates.
UPDATE: Here's a listing for a Hunter's Reserve condo, only $150,000. It also establishes the HOA fees at $195/mo. The going rate for these condos was $170-$180k at the peak, so they're definitely coming off the highs now.
These are renting on Craigslist for $900-$1000, so they would have to go down to about $105,000 (-36%) to be at parity with rent. (assume a 6% mortgage, no money down; condo fees, taxes, repair reserve est. at $370/month, and a $1000/month renter).
My best guess is that they will decline 15% to $140,000 in the next 1-2 years, and then start climbing with prevalent inflation rates.
UPDATE: Here's a listing for a Hunter's Reserve condo, only $150,000. It also establishes the HOA fees at $195/mo. The going rate for these condos was $170-$180k at the peak, so they're definitely coming off the highs now.
1 comment:
Stumbled upon your blog from a link someone left in the "comments" section to a story in the Sentinel. I've enjoyed what little I've read.
For the last two years, I've been keeping an eye on the Victoria Pines towhome development (built by now-bankrupt developer Engle Homes) off Curry Ford and the 417. 1100 sq/ft. 2/br 2.5/ba Units that sold for 185K two years ago and 140K a year ago are now in short-sale/pre-foreclosure territory of 110K. There's even a 1200 sq. ft. unit with a garage that's been on the market since July of 2006, and it was recently knocked down again to 135K (similar models were selling for 190-210 in 2006).
And the rentals have even come down. The 1100's, which were renting for about a dollar or 1.20 a square foot.. are now down to about 975-995/mo. I thought about renting one of those to see if I liked living there, before buying.. but I didn't follow through with that.
Could you, through your blog, keep track of what happens there. I would be interested to see what happens to all the listings that are clearly attempts at short sales. I haven't seen many REO's there, but I'm sure that will change in coming months.
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