What you can learn from the bankruptcy of a Hernando County Real Estate Developer – More proof that you can’t fight the rules of the real estate game.
Here’s the biggest problem with this situation…whenever a customer purchases a lot (or new construction home) in the Hernando Oaks golf community, they are required to join the golf club either as an individual, family, or social member (with an initiation fee ranging anywhere from $1,100 for a social membership (golf not included) up to $7,500 (resident family membership). This fee is non-refundable and non-negotiable and is in addition to monthly fees ranging from $55 (social membership) to $225 (family membership)…but wait…there’s no clubhouse yet…there’s no pool….no fitness center…all of which were supposed to be completed in 2005 (that’s right…2005)…and the developer just filed for bankruptcy…doesn’t look good to me, folks… Note – monthly fees are not due until improvements are completed, but “initiation fees” are paid at the closing for the lot/home.
Is there a lesson to be learned? Absolutely – I tell every one of my sellers the same thing…If you need to sell (not just “kinda maybe want”, but NEED), you need to beat the market, drop your price and get your home SOLD. Since June of 2006 the market in Hernando County has been declining by 2-3% PER MONTH. Over a normal listing period of 6 months with a $200,000 home, that costs you $33,405 if your home doesn’t sell….and that’s not based on a LIST price of $200,000…that’s based on a true market value of $200,000 (in other words, if your home is worth $200k but you’re overpriced and listed at $225,000 that doesn’t matter…list price doesn’t affect market value). If you want to know your true market value (free, and with no obligations), click the “Need a Buyer?” link and fill out the form – we’ll run some numbers and get you a true estimate of your homes value in TODAYS market within 24 hours. Seller’s need to learn to cut their losses and move on because this is not going to turn around after the election, come January, after the bailout, etc etc etc…This is going to turn around when inventory drops back to reasonable levels. Plain and simple. Right now we’ve got over 5 times the inventory that we had in 2005. As long as buyers have an abundance of CHOICES, the market cannot help but continue to decline and with 19 months worth of standing inventory currently available, we’re looking at several YEARS before this changes. You can cut your losses and sell, or you can decide to wait, or you can chase the market down and end up selling for significantly less. It’s your choice, but you do need to make one. To the buyers out there – do not be discouraged – this is an absolutely amazing time to buy property here in Hernando County! I myself have purchased four investment properties in the past 5 months. The trick is to not just “buy anything” but find the great deals and then JUMP ON THEM! The homes that are priced right are selling within DAYS, so you need to have all your ducks in a row and commit to the IDEA before you find the right house. If you find the right house first, it will most likely be gone before you’re ready to make a strong offer (pre-approvals are a NECESSITY and do take time!). The deals are out there – I usually find 1-2 per month (yes…that’s right…1-2 per month out of over 3,500 homes currently on the market) – but they are THERE! In fact, one of my buyers is closing on his “steal” on December 5th. I can’t give you the details on it yet because it hasn’t closed, but I’ll tell you all about it then, so make sure to check back! (update – it has now closed and here’s the info!) Here’s another article from November 12, 2008 in the Hernando Today newspaper. This one is from before the bankruptcy filing. And another article from The St Pete Times, September 4, 2007 – possibly showing the writing on the wall even back then? Any questions or comments, fill out the comment form below and we’ll get back to you as quickly as possible -or you can call me at 352-397-5182 or email me directly at Josh@HernandoLuxuryHomes.com – we’re always here. Bookmark This Post
Springstead High School – Fourth in the State! FMBC Championships at Tropicana Field
Huge congratulations are in order for the Springstead High School Marching Eagle Brigade for all the work they put in this year for their show “West Side Story”.
There was just something about this show that grabbed your attention and held it the entire time. From the smooth solos to the volume swells and visuals…from the first blast of the band in “Maria”, your attention is theirs.
This is my second year as both a band parent and one of the myriad sponsors of the band and I am duly impressed. Band Director Richard Dasher does a wonderful job helping these teenagers come together and work hard (and boy, do they work hard…) for a common goal. And make no mistake, this is a team sport with over 100 kids on the moving on the field while playing instruments and twirling flags at any given time and over 20 judges looking for the tiniest mistakes so they can dock points from your “perfect score” of 100.
These kids have a passion for this…during the season they eat, sleep, and breath it. They practice 4-9 hours/day, 5-6 days/week with a pre-season “band camp” of 8 hour days every day for a week. They play at every football game, at Disney World, and at Festivals on weekends all around Florida’s Gulf Coast, often getting on the bus before 9am and driving several hours in each direction to get to the venue, play, and then come home to do homework at 10pm or later (we’ve picked ours up from the school as late as 1 am).
It was wonderful to see them perform, and to help support them however we could. Natalie and I look forward to doing it again next year and watching them continue to grow. So again – Congratulations, Eagles – You Know Who Rocks! Bookmark This Post
Spring Hill FL Real Estate – Featured Listings – Inverness & New Port Richey, too!Click on image of home to view more info! Please call Josh anytime with questions: 352-397-5182.
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Pine Island Beach – Hernando County’s Hidden Gem
So Veterans Day came and went…how did you spend it? My family and I took some time (in between writing an offer for a customer in Ohio in the morning and Marching Band Practice at Springstead High School in the evening) to go visit one of our favorite spots in Hernando County…Pine Island Beach. Far from the commercial beaches of Clearwater, Pine Island almost feels like a private beach…it takes no more than 4-5 minutes to walk from one side of the park to the other (at a leisurely pace) and it never feels crowded. Contrary to popular belief (at least to those who don’t already live here), Pine Island is the only real “beach” in Hernando County. Many think Hernando Beach is “the beach” but it’s actually just the name of a waterfront community (3, actually…Hernando Beach North, Hernando Beach Central, and Hernando Beach South) of houses with canals leading out to the Gulf of Mexico.
There are so many wonderful things about Pine Island Beach…The dolphins come swimming right up close, the water (even 100 yards out) is only waist deep (which makes it incredibly warm and relaxing), the sand is soft just like you’d hope, and perhaps the most surprising thing is Willy’s Tropical Breeze Cafe.
Walk up to the window, place your order and take a seat either on the picnic tables in the sun or under the Tiki Hut for some shade. 5-10 minutes later your food is ready, freshly prepared and shockingly good.
Given the “beachside shack” feel of the place, you’d expect heavy greasy food from a fryer with not much flavor and overpriced as well….but not here. Natalie was amazed at the best coconut shrimp she’s “ever had” (and she’s had some pretty darned fancy coconut shrimp before…I’d even go so far as to say she’s a connoisseur of coconut shrimp). I had the crab cakes with french fries and cole slaw for $10.95 and they were fantastic as well…definitely a wonderful place to have lunch for both the food, price, and scenery.
Have kids with you? No problem at all! For your (their) enjoyment, Pine Island has a beautiful grassy park.
Including a beach volleyball court and a fort/pirate ship/fire station/etc.
So the next time you’re thinking about Hernando County – think about Pine Island Beach – one of the best reasons to live on Florida’s Gulf Coast. ::Post-Script (added 10/26/2009):: In response to a couple of the comments below, I felt it to be a great idea to include a couple of photographs sent to me by Trina Bowden of AAA Insurance as well as a flyer for the Bark Island events (where you can bring your pooch to the beach for some fun in the waves!).  Bride on the Beach at Pine Island  Wedding Vows at Pine Island Beach  Guestbook Theme  First Kiss on the Pier ::For Dog Lovers:: Click Here to View the Flyer for Bark Island For reference Trina is an Insurance Agent for AAA in Spring Hill and she is writing home and auto package policies saving people lots of money. So if you know anyone looking to save on insurance, feel free to send them her way. 352-683-3446 Ext 2242 – tbowden@aaasouth.com Bookmark This Post
More New Development for Hernando County – “If You Build It…They Will Come…”As reported in the St Pete Times today, Hernando County has a new Development of Regional Impact (DRI) that’s one step closer to being finalized. “Sunrise” will culminate with 4200+ Single Family Residences, 600 Multi-Family Units, 75 Motel Units, 365,000 Square Feet of Commercial Space, 50,000 Square Feet of Office Space, and 40,000 Square Feet of Mini-Warehouses…yes, they are building a city inside the city of Brooksville. Possibly also to include a golf course and clubhouse….all on 1,385 Acres just south of SR-50 and east of I-75. Take a look at the article written by Barbara Behrendt and let us know what you think. Here’s another article by Michael D. Bates in Hernando Today. Here’s a map showing approximately where the development will be located. Bookmark This Post
$100,000 – Heron Woods Real Estate for Sale – 3 Bed, 2 Bath, 1 Car Garage, 1379 SF Living, New Wood Floors, New Carpet, Move-In Ready “Needs Nothing” Starter Home
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