Ocala Real Estate Talk

Archive for November, 2010

I’m writing this blog post in response to a recent article in the Ocala Star Banner about how the Ocala area has the dubious distinction of having the largest decline in homes values in the entire country in the 3rd quarter of 2010 as compared with the same period in 2009.

I thought the Star Banner article was too negative, just like most of their articles about local real estate. Low home values are bad if you’re a seller or a Realtor (my average commission is down 50% since 2006) but not if you are a buyer. Low home prices are great if you are a first time buyer or looking to retire here in sunny Florida. The Ocala area has a low wage structure and local people who couldn’t afford a home in 2006 can afford a home today. Homes in The Shores or Marion Oaks, built in the last 5 years, that originally sold for over $200,000.00, are now available as foreclosures for under $100,000.00.

The current median home price in the Ocala area is $82,000.00. I think this needs some explanation. The median home price is being brought down by really cheap sales. For example there were 77 sales in October under $50,000.00. Of this total there were 19 mobile homes, 27 were homes with fewer than 2 full bathrooms and 18 homes were smaller than 1,000 sq ft of living area. There were also 10 55+ homes in the under $50K category most of which were villas in On Top of the World.  Now there’s nothing wrong with homes like these. Every area needs extremely affordable housing. I’m just pointing out that homes in the under $50K range require compromises that not everyone might want to make and it’s these under $50K sales that are bringing down our median home prices.

Lastly I want to make a few comments about foreclosures. As you know I like foreclosures but I haven’t sold one his year. I showed plenty of them but my buyers elected to spend more money on traditional sales. Why was that? When my buyers looked at what it would cost to get the foreclosed home up to the same condition as the traditional sale they decided it wasn’t worth the trouble. If you’re interested in foreclosures you should prepare in advance. You need to know what it costs to replace carpet, install tile or laminate flooring, the cost of appliances or even an AC unit or roof. To a lesser extent this would apply to some 55+ estate sales too.

October was the first time since February that we sold less than 300 homes in a month. Foreclosures were down quite a bit which is probably do to the mess here in Florida with bad paper work in the foreclosing process. Short sales were pretty good but if you look at past months and take an average it doesn’t look like short sales are getting any easier. That’s disappointing as short sales are tomorrow’s foreclosures.

The fall and winter are usually pretty good months in the Ocala area for home sales despite the holidays. The colder and nastier it gets up north the better for home sales here in Ocala.

The Ocala Star Banner reported that “Ocala’s median home price plummets 20 %” The Ocala area has the dubious distinction of having the largest price drop in the entire country during the 3rd quarter as compared to the same period in 2009. Here is an interesting chart showing the decline in home values in several southern states.  Ocala has the lowest median home price in Florida at about $82,000.00

As I always say ” now is the time o buy”. Ocala home prices are down 50% from market highs in 2005-08. Interest rates are at historical lows and are artificially suppressed by the FED for political reasons. Loans are available don’t believe the bad press.

Call me, email me or use my Ocala Dream Home Finder. I can find you a house.

Candler Hills Golf Course

HOA fees do not include golf in Ocala area golf course communities. Buyers who don’t play golf often are concerned that they might be paying for a golf course that they wouldn’t use. While buyers who do golf sometimes expect that golf is included in their HOA fee. Here in Ocala golf is not included in the HOA fees of any community that I’m aware of.

Part of The Villages is in southern Marion County and they do have free golf on their 9 hole executive courses. I don’t work down there and don’t consider it part of the Ocala area.

Golf fees vary from community to community. The Ocala Golf Course Communities page of my web site has links to most courses associated with golf course communities.

If you’re interested in Ocala Golf Communities call me, email me or use my Ocala Dream Home Finder and put golf course communities in the special desires box. I’ll set you up a Listing Cart for golf course communities.  BTW I can also search on homes with golf course frontage.

Below is my Google map of Ocala Golf course communities. Not all the golf communities on my map are 55+ and several don’t have a blog profile yet.

View larger map

As always lets start with a look at the previous month. October was one of the driest months on record in central Florida. At my house in SW Ocala we had zero precipitation. Other than no rain at all it was a beautiful month. There is no humidity this time of year and most days in October were in the 80′s.

November is another great month weather wise here in Ocala. Once again no humidity with temperatures in the mid to high 70′s. It will start getting cooler at night, gradually going from the 60′s to low 50′s at night by months end.

The dry season goes from October to May. During these months the days are warm and dry. This pattern is interrupted by cold fronts that bring some rain and a temporary dip in temperatures. It’s these cold fronts that bring Ocala the occasional frost each winter.

If you’re freezing your butt off some where up north ask yourself why. Houses are dirt cheap in Ocala, interest rates are at historical lows, Ocala doesn’t have the traffic, taxes or high insurance rates of South Florida. Call me, email me or use my Dream Home Finder to find out more about moving here.