Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.
Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.
In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..
- Bought in February 2003 for $82,900. Sold for $339,900 in May of 2005 with a mortgage of $271,900. Today it’s on the market as a REO at………$14,.900. That is NOT a typo.
- Bought in December 2004 for $184,900. Sold 3 months later for $310,000. It was foreclosed on and is on the market today for……$19,000.
- Sold for $546,700 in September of 2004 with a mortgage of $410,025. Available now for $25,000. Not sure what you could build on this one since it’s only 35 x 115.
Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?
Anyway……if you are looking for a deal in Reunion let me know. I’m sure we can find you something.
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
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