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.

JustMissedTheMark What you can learn from the bankruptcy of a Hernando County Real Estate Developer More proof that you cant fight the rules of the real estate game.

Latest Hernando County Real Estate news…

Here’s a link to the Article in the Tampa Bay Business Journal that sparked the inspiration for this blog post.

As home prices in Hernando County continue to fall, and many sellers (including developers) hold out for 2006 pricing, many are finding they are unable to hold on long enough. The developer for the Hernando Oaks golf community in Brooksville, FL has filed for bankruptcy protection…the problem with that? Read on…

Developer just missed the mark?

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.


View Larger Map of Hernando Oaks Subdivision

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.

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Spring Hill FL Real Estate – Featured Listings – Inverness & New Port Richey, too!

Featured Listings in Spring Hill, Inverness & New Port Richey, FL.

Click on image of home to view more info! Please call Josh anytime with questions: 352-397-5182.

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5039 Ayrshire Drive, Spring Hill, FL 34609 – Sterling Hill Real Estate for Sale – 1585 SF Living – 3 Bed, 2 Bath, 2 Car Garage, Gated Community, Community Amenities, Built in 2005 – Foreclosure – $119,500

Community is Gated and features tennis courts, basketball courts, 2 fitness centers, 2 pools, nature walks, and more! Home itself appears to be in great condition.

Previewed on 10/9/2008

Listing Courtesy of Realty Executives America

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SOLD – $132,900 – Gated & Guarded 55+ Maintenance Free Villa on the 8th Hole of the Summertree Golf Course in New Port Richey

This beautiful property is now SOLD – if you’re interested in similar properties, click our Buyer Search Request link and let us know! We’ll find more for you!

Property Info

11941 Loblolly Pine Drive
New Port Richey, FL 34654
Offered at $132,900

Calculate Your Mortgage

# Bedrooms: 2
# Bathrooms: 2
SF Living Area: 1,496
Total Square Footage: 1,926
Subdivision: Summertree
City: New Port Richey
Property Type: Maintenance Free Villa
Lot Size: .1 Acres
Year Built: 2002
Garage: 2 Car Garage
Pool: Community – Heated w/ Spa
Waterfront: No
Elementary School: Moon Lake Elementary School
Middle School: River Ridge Middle School
High School: River Ridge High School
Courtesy of: Tropic Shores Realty

Description:

Beautiful, Professionally Decorated Maintenance-Free Villa on the 8th Hole of the Summertree Golf Course. Summertree is a 55+, Guarded & Gated Golf Community on SR-52. Home features 2 beds, 2 baths, inside laundry, 2 car screened garage, Florida room, screened lanai, open floor plan, 10′ ceilings, and perhaps most imporantly, the leisurely lifestyle you are looking for! $600/quarter fees include all exterior maintenance (grass, watering, sprinkler maint., pest control, shrubs, edging, paint (every 7 years (due this year, you pick the color!), roof, etc) as well as basic expanded cable, Clubhouse & Activities, and Trash Pickup (twice/week).

Scroll Down for Community Event Information – this is absolutely an “Active” community!

Click Here for More Information about Summertree Real Estate


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SOLD – $499,990$342,900 – Stunning New Construction – 4 bed, 3 bath, 3 car garage + Media & Game Rooms – 3,875 SF Living

Price Reduced to $342,900 as of 6/16/2008 – home is now completed – we’ll have new pictures up and online shortly!

Price Reduced to $374,990 as of 6/12/2008

Price Reduced yet again! Down to $399,990 as of 6/2/2008 – Mercedes Homes wants this one SOLD! Make an Offer (or somebody else will!)!

Price Reduced to $429,990 as of 5/29/2008

Price Reduced to $449,990 as of 5/17/2008

Even though this home is sold – if you’re interested in other Mercedes Homes, or Homes for Sale in Royal Palm Estates, click our Buyer Search Request link and let us know! We’ll find more!

Property Info

New Construction
Royal Palm Estates
Brooksville, FL 34604
Offered at $499,900 $342,900
Calculate Your Mortgage
# Bedrooms: 4
# Bathrooms: 3
SF Living Area: 3,875
Total Square Footage: 4,532
Subdivision: Royal Palm Estates
City: Brooksville
Property Type: Single Family
Lot Size: 1 Acre
Year Built: 2008
Garage: 3 Car Attached
Pool: No
Waterfront: No
Elementary School: Moton
Middle School: Powell
High School: Hernando
Courtesy of: Tropic Shores Realty

Description:

New Construction from Excellent Builder in Great New Neighborhood -Royal Palm Estates! 1 Acre Lots, Minimum of 2,200 SF Living Homes, Minimum of 3 cars attached garage space, minimum 50 foot setbacks from front of property – this means every home in this development will be built to impress! Get in now on the ground floor! Limited lots available!

Click Here for More Information about Royal Palm Estates Real Estate


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SOLD – Pre-Foreclosure Bank-Approved Short Sale! $159,900$139,900 FIRM Steal this wonderful 4 Bed, 2 Bath, 3 Car Garage Home for Sale in the Gated Sterling Hill Subdivision in Spring Hill, Florida!

Even though this home is under contract – if you’re interested in other Foreclosures and Short Sales click our Buyer Search Request link and let us know! We’ll find more!

Property Info

4627 Sheringham Court
Spring Hill, FL 34609
Offered at $159,900 $139,900 FIRM (Bank-Approved Price!)
Calculate Your Mortgage
# Bedrooms: 4
# Bathrooms: 2
SF Living Area: 1,709
Total Square Footage: 2,402
Subdivision: Sterling Hill
City: Spring Hill
Property Type: Single Family
Lot Size: .21 Acres
Year Built: 2005
Garage: 3 Car Attached
Pool: No
Waterfront: No
Elementary School: JD Floyd
Middle School: Powell
High School: Central
Courtesy of: Tropic Shores Realty

Description:

Excellent 2005 US Home Andover at a GREAT price (This Short Sale has Already Been Approved by the Bank!). Gated Community, Quiet Cul-De-Sac, Close to Suncoast Parkway, 1709 SF Living, 2402 SF Total, 4 Bedrooms, 2 Bathrooms, 3 Car Garage. Granite Countertops, Wood Cabinetry, High Ceilings, Neutral Colors, 18″ Tile w/ Decorative Tile Edging, Room for a Pool, Great Back Yard. Sterling Hill Amenities include Clubhouse, Pool, Tennis Courts, Basketball Courts, Nature Trails, and More!

Click Here for More Information about Sterling Hill Real Estate


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