Colonial Oaks Sales – Short Sales Dominate

(Sarasota, November 12, 2011)   Colonial Oaks is an extreme example of what happens to a subdivision when there are a high percentaColonial Oaks Parkge of short sales.  The closed sale numbers are down in all categories this year.  Due to the make up of the community, there is a disproportionate number of short sale homes under contract as compared to the rest of the market.  Nine of the twelve homes now under contract are short sales awaiting bank approval.  There are only two “normal” sales under contract right now.  The remainder appears to be a lease-option contract that has been pending since last year.

There is an earlier post regarding the short sales in the Sarasota Real Estate Market and how these sales effect the market. 
  2010  2011   % Change
Units Sold     27   17  -37%
 Avg. Sq. Ft.   1,719  1,684 -2% 
 Avg. Sales Price $181,256 $161,996 -11%
 Avg List Price / sq. ft.  $110.31 $101.40 -8% 

 Avg. Sold Price / sq. ft.

 $106.19

 $96.87

-9% 

Median List Price   $179,500 $174,900  -3% 
 Median Sales Price  $179,500 $167,000 -7%
 Median List Price / sq. ft.   $110.71  $101.38 -8%
 Median Sold Price / sq. ft.   $107.83  $96.30 -11%
 

Most likely, only a fraction of the under contract short sales will close.  Hypothetically, if they werColonial Oaks Homee to close, Colonial Oaks would be flat in terms of units sold which would be a clear positive for the neighborhood.

Colonial Oaks is a modest well-maintained community located in Central Sarasota with an active Home Owners Asosociation.  Similar Neighborhoods include Sherwood Forest and Tamaron.  All are within 15 minutes by car to Siesta Key, Lido Key, St. Armand’s Circle and the Sarasota Downtown Area.  Shopping of all kinds is just minutes away as is the interstate and golf.

John Woodward is one of the top selling agents in Colonial Oaks since 2000.  When it comes to finding that special Colonial Oaks area home, give John Woodward and his team is ready to go to work for you at 941-922-8400.

Thinking about selling?  Be sure to check out our up to the hour real estate report for Colonial Oaks.