December 21st, 2011 categories: Banyan Bay
Notes from Rob
I remember when the real estate market was red hot in 2004 and D.R. Horton bought the land that had once been part of the Rutland Estate and set out to build a small community of 54 townhouses. With prices ranging from $400,000 to $800,000, the entire community sold out before the first unit was completed. That was back in the day of 100% financing and buyers/investors giving the builders whatever they asked and smiling because they were going to have a piece of the real estate pie.
Two of those original owners were able to quickly turn around their investment for a profit, the rest were caught in the market’s downturn. By 2008, the neighborhood had hit the bottom. That year there were six sales that were bank owned, four that were short sales, and three sales that the seller took the loss. The next year the trend continued, in 2009 there were 2 bank owned sales, nine short sales, and six resales by the seller. Then in 2010, things settled down in the community and they had only three bank owned properties being sold.
The same number was sold in 2011, with two being short sales, and one was a resale. A fourth unit, was a bank owned property that hit the market two weeks ago. That unit had two offers on the first day, and more by day six when they submitted all the offers to the bank and it is now scheduled to close in January. So the community has stabilized and is in demand. The last five sales ranged from $172,000 to $179,000 and the new one is under contract for a price higher than any of those five. The community is in demand at today’s market price. I have two buyers on ?a waiting list hoping to buy in the community. Why? because D.R. Horton built some very nice, $500,000 townhomes in a quiet gated community that is one of St Petersburgs hidden gems. They have a community pool, community dock and have a small group of neighbors that love to live there. It was a six year cycle, but things are looking up for the homeowners in Banyan Bay.
Click here to see any properties in Banyan Bay for sale. If nothing comes up, it’s because there are none available right now. Call us at 727-898-2582 or email The Simms Team to let us know what you’re looking for and we’ll contact you when something comes on the market.