Last 30 days of sales in Smith Farm

There were four sales recorded in the past 30 days...here are the details:

The sales prices ranged from $210k to $310k

1. 7451 Sally Lynn was listed for $399k and sold as a short sale for $310k. The home was aprox 3300 sq ft under air, on a lake, in a cul-de-sac, with a pool...5 bedrooms, 3.5 baths, 2 car garage
2. 7526 Oak Grove, a 738 model,  was listed at $284k (originally $299k) and sold at $274k. No lake/pool...not a short sale or foreclosure
3. 6546 Stonehurst, a 1609 model, was listed at $259k and sold at $254k. No lake/pool...not a short sale or foreclosure.
4. 7642 Oak Grove, a 739 model, was listed at $220k (originally $250k), and sold at $210k. Lakefront...Short sale

FYI: the above properties were not necessarily listed or sold by us...we're just keeping everyone up to date on the community market activity.

Smith Farm market activity report...last 90 days of sold properties

Looking at the properties that have sold within a subdivision in the previous 90 days is a big factor in arriving at a valuation that an appraiser may report back to a lender. Generally, appraisers will try to find enough "comparable" (not identical) sales going back only 90 days. If there are not enough, they will continue to go back further.

I have seen instances that, for whatever reason, where appraisers have passed over recent sales and used older sales in their valuations...and it has resulted in an "appraisal review" being called for and usually ends with a lowered appraisal.

Below are all the reported sales in the last 90 days:

1. 3 BR. 2.5 bath, 1 car - 1737 sq ft. - (model 719) - Rockport - $175,000 - (bank owned)
2. 3/2/2 - 1600 sq ft. - Oak Grove - (model 745) - $198,000
3. 3/2/2 - 2166 sq ft - Copperfield - (model 1141) - $206,000 - (short sale)
4. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $206,250
5. 4/2.5/2 - 2050 sq ft - Columbia - $217,000 - (bank owned)
6. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $218,000
7. 3/2.5/2 - 1821 sq ft - Rockport - (model 722) - $220,000 - (bank owned)
8. 4/3/2 - 3017 sq ft - Copperfield - (model 1139) - $227,000 - (short sale)
9. 3/2.5/2 - 2694 sq ft - Pool - Columbia - (model 718) - $229,000 - (short sale)
10. 3/2/2 - 2166 sq ft - Copperfield - (model 1141) - $245,000
11. 5/2.5/2 - 3638 sq ft - Great Oak - $315,000 - (bank owned)

Smith Farm market activity report

 There are 20 homes currently on the market in Smith Farm as of 3/6/10.

• They range in price from $197k to $499K.
• The asking prices per sq ft range from $80/sq ft to $171/sq ft.
• The # of days on the market range from 8 to over 600
• Out of the 20, 8 are marketed as Short Sales
• 1 is a bank owned home.

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There are currently 14 homes with a pending contract

• Asking prices of these under contract homes range from $169k to $399k
• Asking price per sq ft range from $89/sq ft to $123/sq ft
• The days on the market range from 6 (for the $89/sq ft home) to 628 (the $399k home)
• 8 of the 14 homes are Short Sales
• 4 of the 14 homes are Bank Owned

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There have been 12 reported sales in the previous 90 days

• The sold prices range from $190k to $345k
• The sold price per sq ft ranged from $85/sq ft to $122/sq ft
• The 'average' sold price per sq ft is $105/sq ft
• The market time ranged from 13 days (the $85/sq ft home) to 303 days (the $122/sq ft home) 
• 6 of the 12 sold were Short Sales
• 2 of the 12 sold were Bank Owned

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Smith Farm market activity report

Ther have been 6 reported sales in Smith Farm in the previous 60 days. Three of the 6 were short sales.

1) A 738 on Oak Grove...Short Sale...$225,000
2) A 739 on Oak Grove...Short Sale...$228,000
3) A 739 on Oak Grove...$255,000
4) A 1602 on Marbletree...Short Sale...$345,000
5) A 1603 on Marbletree...$345,000
6) A 1603 on Squirewood...$365,000

You can see, just from this 60 day history sample, how short sales tend to sell at a discount to non short sales. When there are a lot of short sales in a neighborhood it can certainly impact property values and appraisals. Take a look at the post above this one to get a feel for what the upcoming closed sales may be...

The Most Recent Sales in Smith Farm, Lake Worth Florida...

Going back 30 days...there have been 4 reported sales:

• Oak Grove, 4/2.5/2, 2428 sq ft, $225,000...Short Sale
• Oak Grove, 739 model, 3/3/2, 2225 sq ft, $255,000
• Marbletree, 5/3/3, pool, 1603, 3397 sq ft, $345,000
• Squirewood, 5/3/3, pool, 1603, 3397 sq ft, $365,000

If you extrapolate the numbers of 4-in-30 days out to an annualized figure, you have 48 home sales projected in a 12 month period...with the current Smith Farm inventory of 19 homes on the market, that gives us about a five month absorbtion rate...which is not high at all.

Six of the 19 are being marketed as short sales...Three are bank owned sales...

Hopefully, the expanded and extended homebuyer tax credit will keep a finger in the dyke long enough to give sellers who are not yet under water who want/need to sell to a chance to get out. But looking forward, as the tax credit expires, and if the Fed follows through on its plans to scale back its purchases of mortgage-backed securities (MBS), which will signal the end of these historically low interest rates, I sincerely believe that we will see a resumption of the decline in home values here in South Florida.

Sellers and those thinking of selling take heed…your window of opportunity is the next 6 months…