Forest Ridge Sales January – June 2010

There have been 13 home sales in Forest Ridge in the past 6 months.  This represents an 8% turn-over in the community.  The Average list price was $400,943.00 and the average sales price was $373,333.00.  Homes that were on the market for 0-30 days sold at 97.01% of their list price, while properties on the market for 30-60 days sold for 91.36% of their list price. 

SOLD

2864 W. Orchard Circle (North Orchard).  Sales Price $355,250.  Listed by Patti Reid, EWM Realtors , Sold by Patti Reid, EWM Realtors.

4 bedrooms/2 baths/covered patio.

9625 E. Tree Tops Court (The Ridge on Nob Hill).  Sales Price $485,000.  Listed by Patti Reid, EWM Realtors.

4 bedrooms plus den/3 full baths/pool and covered patio /ridge lot.

9664 E. Tree Tops Court (The Ridge on Nob Hill). Sales Price $485,000.  Listed by Patti Reid, EWM Realtors.

4 bedrooms plus den/3 full baths/pool and screened patio/lake lot with ridge view.

Fireworks for Forest Ridge Residents

Another great thing about living in Forest Ridge is the having the Fourth of July fireworks pratically in your own backyard.  The town of Davie annual Independence Day Craft Show and Fireworks Show takes place on Sunday, July 4th from 6 – 10:  p.m.  Pine Island Park is just around the corner from Forest Ridge at 3801 S. Pine Island Road, Davie, FL 33328. 

At 6 p.m. at Ballfield #2 “Shadow Creek” will perform on the Main Stage.  You can also enjoy a display of Arts and Crafts, free Bounce House and Climbing Wall for the kiddies, along with a Petting Farm.  Girl Scout Troop #1102 will provide face painting and tatoos for a small fee and there will be food concessions available.  Free Cake for all residents while supplies last.

Fireworks begin at 9:00 p.m.  No alcoholic beverages or personal fireworkds of any kind, including sparklers, are permitted during the event or inside the park.

For a view of several area fireworks you can go to Davie’s Vista View Park, the highest man made point in Broward County. There you will be able to see a panoramic view of various fireworks from across the county.  Marvel at the light shows of Davie, Miramar and Pembroke Pines, as well as Hollywood and Fort Lauderdale.

Have a safe and fun holiday.

Forest Ridge Road Closing

The Forest Ridge Master Homeowners Association has announced that on or around July 12, 2010, the front entrance to Forest Ridge at Pine Island Road will be closed for entry repairs.  No one will be able to enter the community via this entrance.  All traffic must take Nova Drive to the Grove Road entrance to enter the community. Residents and their visitors will have complete access to the tennis courts and parking lot there.  The repairs are expected to start July 12,2010 (weather permitting) and finish (weather permitting) July 23, 2010.

Shadow Inventory is a Cause for Concern

You have probably heard a lot about Shadow Inventory lately; it’s another one of those phrases that makes its way into our language when an unusual situation arises demanding an explanation.  If you live in South Florida you probably never heard the phrase “cone of error” until a few years ago.  (BTW, it means the area where a hurricane is most likely to hit or miss!)

So, what is Shadow Inventory exactly:

It consists of homes that are not yet on the market but fall into one of these categories:

* Houses that have not come to market because the homeowners didn’t put their homes up for sale in the last few years hoping that by waiting they will get a higher price.

* Homes that have already been reposed by the banks but not yet on the market (REO).

* Homes that are already in the foreclosure proces but have not yet reposed by the banks.

* Homes that are 90+days behind on their mortgage payments (less than one percent will ever catch up, 99% will become a short sale.)

Zillow  released a survey on the category of “pent up selling demand”.  The question asked was, “If you saw signs of a real estate market turnaround in the next 12 months, how likely would you be to put your home up for sale?”   5.3 million homeowners said they would be “very likely” to put their home up for sale, 6.1 million would be very likely and 10.6 million would be “somewhat likely”. 

In comparison, 5.2 million existing homes were sold during 2009. 

Many organizations have tried to quantify the other category (delinquencies, homes in the foreclosure process and bank owned properties and these are their findings:

The Mortgage Bankers’ Association believes that there are 4.3 million homes in this category.

Barclay’s Capital puts the number at 4.7 million. 

Capital Economics says 5.5 millon

Morgan Stanley’s recent study claims 8 million.

If we take the lowest number in each category (5.3 homeowners being very likely to put their homes up for sale and 4.3 million in default)  there would be an additional 9.4 million homes entering the market.  If 5.2 million were sold in 2009,  and the same number is expected in 2010,  it isn’t hard to see that there will be an excess of homes on the market.  With Inventory at a high and demand at the same pace as last year it can only mean one thing….downward pricing. 

Statistics show it will take another 13 years for prices to climb back to where they were at the height of the market in South Florida.  For homeowners who plan to sell their home in the next few years,  it is time to take a look at these statistics and consider your options.  If you are lucky enough to have a home that you can enjoy and afford for the next 13 years then your patience will pay off.  For others, and that means most of us, 13 years is a long time to wait.