2010 Wesley Chapel Home Prices

The following chart depicts the sold prices of MLS reported Wesley Chapel single family homes sold from January 1, 2010 through June 30, 2010.* The majority of single family homes sold between $126,000 and $175,000.  Additionally, 35% of the homes reported sold were identified as Short Sales, 11% as REO/Bank Owned, and the 54% majority were not distressed sales.

*6 month reported home sales were from various participants in our MLS.  Information deemed reliable but not guaranteed.

More on toxic Chinese drywall...

More local information is provided on the toxic Chinese drywall issues in this video from ABCactionNews.com:

Meadow Pointe Market Update

18 single family Meadow Pointe homes were reported sold in our MLS in the past month,* with reported sold prices ranging from $125,000  for a four bedroom, 2 bathroom home to $300,000 for a four bedroom, 3 bathroom, pool home, with a three car garage.  Presently single family homes listed for sale in Meadow Pointe have list prices starting in the low $100,000's with an average list price per square foot of $88.00.

*Homes sold by various participants in our MLS.  Information deemed reliable but not guaranteed.

Wesley Chapel Short Sales

You've all heard about Short Sales / Pre-foreclosures which require the Seller's lender(s) approval of the Purchase Contract terms and price.  Here's a recent analysis of year to date sales reported in our MLS for single family homes in Wesley Chapel*:

• 220 Single Family Homes were reported sold (year to date) in Wesley Chapel
• Of the 220 single family homes reported sold only 37% were identified in our MLS as Short Sale / Pre-foreclosures.

Currently there are 245 single family Wesley Chapel homes in our MLS reported under contract.  70% of those are identified as "Short Sale" contracts.  A large number of those short sale contracts will end up not closing for a variety of reasons such as:

• Seller's lender(s) won't accept sales price
• Counter offer by Seller's lender not accepted by Buyer
• Seller's lender doesn't respond to offer within designated time period of contract and Buyer chooses not to wait indefinitely
• Seller's lender deems that Seller does not qualify for a "short sale" based on hardship package presented by Seller

31 of the Wesley Chapel single family homes currently under contract and identified as Short Sales have been under contract since 2009 (and 2 since 2008)  and have not yet closed!

Typical time from contract to closing is 4 to 6 weeks when the home is not a short sale/pre-foreclosure.
*Information deemed reliable but not guaranteed.  Required National Association of Realtors Disclaimer:  No, I did not sell all the homes reported sold in Wesley Chapel year to date!  These reported sold homes were listed and sold by a variety of participants in our MLS.

Market update for Seven Oaks in Wesley Chapel

Our MLS reported four single family homes sold in Seven Oaks in the last month.  Sold prices ranged from $150,000 to $292,068.  The sold price per square foot ranged from $65.85 for a "short sale" resale which went under contract back in November, 2009 and just recently closed, to a high for a new home at a sales price of $94.89/Sq. Ft.   Seven Oaks single family 3 or more bedroom homes currently for sale range in asking prices from a low of $171,000 for a three bedroom "short sale" to a high of $699,000 for a four bedroom, 4 bathroom pool home with over 4,000 square feet.

Bridgewater still troubled with high pre-foreclosures

Bridgewater has been perhaps one of the Wesley Chapel communities hardest hit with distressed properties for sale.  Of the 47 Bridgewater homes shown under contract in our local MLS, 40 are classified as "Short Sales" and awaiting the approval or rejection by the seller's lender, with several waiting for an answer since as far back as August and September of 2009.  Currently there are 27 Bridgewater homes listed for sale in our local MLS; 24 are Short Sales, and one is bank owned.  This is a community where the HOA has actively tried to turn things around by enforcing covenants and last year they even hired a public relations firm to help improve the image of the community.  See recent article in The Tampa Tribune:  Bridgewater Community Still In Financial Distress

Tips from Bernice Ross for those possibly facing foreclosure

Short Sale specialist accused of fraud

The St. Pete Times reports today that a man who presented himself as a short sale specialist drove around Pasco County finding abandoned/vacant homes. He then supposedly changed locks and rented them out saying they were his, according to the Pasco County Sheriff's office. I don't know why this type of activity took so long to detect. Similar planned schemes were reported back in October, 2009! There are a lot of scams and cons going on out there in real estate right now.
Full Story from today's St. Petersburg Times

Water treatment facility in Wesley Chapel

Construction on the new water treatment facility on Overpass Rd. in Wesley Chapel advances.  Based on reader comments on my previous blog post about the facility since last September, the project remains unpopular with nearby residents.

Pasco votes on Sportsplex USA project in Trinity & multiple use facility in Wesley Chapel

Well sports fans......Sportsplex USA informed the county that it had reconsidered its decision last month to withdraw from managing the proposed complex in Trinity and that it had found "common ground" to work with the county on the project.  Given this new information,  commissioners voted  4-1 for Sportsplex USA  to design and build a $11.5 million softball and baseball sports complex on county owned land in Trinity. County commissioners also voted to negotiate with Sportsplex USA to manage the facility.

Additionally, Commissioners  voted 5-0 to call for proposals to develop a multi-use athletics events center on Wesley Chapel acreage on the site previously designated for the (defunct)  Pasco National Tennis Center.  This site "could" be used for lacrosse tournaments and exhibition games by the Tampa Bay Rowdies soccer team.

Both sites would be funded with Pasco County tourist tax dollars.

Work advances on new facility for Meadow Pointe I

Work on the new Meadow Pointe I facility in Wesley Chapel started at the end of October and has an estimated March, 2010 completion date.  The new building will house a new 800 square ft. fitness center, clubhouse, meeting/party room, office, and an indoor raquetball court.  The facility is located at the site of the former raquetball courts and has an estimated cost of $500,000.  Additional info:  http://www.meadowpointecdd.com/ .

Pulte Homes pulls out of Wiregrass

Years ago and in a much better residential real estate market, this sign announced the first of homes to be built in Wiregrass Ranch with "coming soon".  Well partners, James Thorner, real estate expert for the St. Pete Times reports that Pulte Homes sold off its 800 acres in Wiregrass Ranch to developer Bob Sierra at the end of December.  Thorner reports that Pulte paid $12.8 million for the 800 acres in 2004 with plans to build 2,000 homes in the massive planned 5,000 acre community of Wiregrass.  No homes were built on the land and Pulte reportedly sold it for $5 million.  No information was provided on when and if Sierra may choose to start development of this ranch land.

Meadow Pointe December real estate update

Seventeen single family detached homes were reported sold in Meadow Pointe in Wesley Chapel in December.  Reported sold prices ranged from a low of $105,000 for a 3 bedroom, 2 bathroom Short Sale home built in 1996 (with 277 days to closed), to $340,000 for a 4 bedroom, 3 bathroom, 3 car garage,  pool home on conservation (with 37 days to closed).

Additionally, there are about 62 single family homes showing "pending" (under contract).  50 of those are SHORT SALES or pre-foreclosures waiting to close.  A few of these short sale Meadow Pointe homes under contract have been under contract since March and April and have not closed and one "approved short sale" went under contract in July and still has not closed!  Remember, "short sale" does not mean that it is a short period of time to close!

Lastly, there are over 40 single family Meadow Pointe homes for sale.

Bridgewater homeowners association enforcing covenants

The homeowners association of Bridgewater in Wesley Chapel is enforcing its HOA covenants and restrictions in an attempt to turn around the community which has been tarnished by high foreclosures and rentals. By doing so, some Bridgewater homeowners feel that the efforts are extreme. HOA covenants are generally designed to protect the "standards" of a community; so why is enforcement considered bad by some homeowners? See the following: Bay News 9 Video link and the Tampa Tribune article by Kevin Wiatrowski published on November 22, 2009.

Home inspections on Short Sale homes short circuited

So, after waiting months for the Seller's lender(s) to respond to your offer to purchase that Short Sale home, you finally have an approved contract and are ready to start the home inspections on the vacant home.   Right? 

Maybe not if the power company is Withlacoochee River Electric Cooperative!  According to the Tampa Tribune, WREC has been refusing to temporarily turn on the power at vacant homes for inspections if there is an unpaid balance remaining from the "previous" owner.  You can't properly inspect the HVAC, major appliances, etc. without power, and the owner who is "short selling" the home with an unpaid electricity bill balance may not have the money to pay to get the power turned on. Buyers aren't too eager to pay unpaid balances on electricity bills just for a home inspection.  This impasse is frustrating many in the short sale process which is already riddled with delays.

The situation has now received the attention of State Sen. Mike Fasano who is attempting to work out a compromise.

Palm Cove in Wesley Chapel

Five homes were reported sold in Palm Cove in the past month with prices ranging from $155,000 to $189,900.  Additionally, 19 homes are under contract with most of those identified as short sales or pre-foreclosures.  Homes for sale in Palm Cove currently range from $139,000 to $251,442.*
 *Information deemed reliable but not guaranteed.

Squatters in Bridgewater?

According to Fox 13 news, The Florida Community Preservation Corporation recently posted over 100 notices on homes in Bridgewater. The local fox news station reports that the company plans to "take over" some vacant homes in Bridgewater without title to the homes. Huh? Outrageous!  Watch the video below (after the commercial) for details:



Link to written article

Pasco Zoning/Code Administrator to speak at October PACA meeting

Debra Zampetti, Pasco County Zoning/Code Compliance Administrator will speak at the next Pasco Alliance of Community Associations' (PACA) meeting on October 8, 2009. Many residents and communities are facing issues with distressed properties such as lawns and pools that are not being maintained. Zampetti also will answer questions at the end of the meeting. Where? The Land O Lakes Community Center, 5401 Land O Lakes Blvd. When? October 8th at 7 p.m. The public is invited!

PR for Bridgewater

The Tampa Tribune reports that the Wesley Chapel community of Bridgewater has hired a public relations firm to help turn around the image of the community and increase property values. Hit with high foreclosures, (TBO slide show) other issues and list home prices starting at $110,000., Bridgewater is trying this new approach with focusing on the positives of the community. Full Story St. Petersburg Times October 13th piece on Bridgewater: Link

Pasco County continues to grow

Bay News 9 reports that Pasco County continues to grow in spite of a recession while neighboring counties such as Hillsborough and Pinellas show population declines. Pasco, the fastest growing Bay area county for 20 years, expects to have a population increase of 14% over the next two years. Full story and Video