On July 30, 2011 Frank Gregoire, a local expert appraiser,
discussed property values in Lakewood Estates
The area of Lakewood Estates was defined as 31st
Str east to Dr. MLK Jr. Str S, Lake Maggoire blvd on the north side to 54th
The focus was on detached single family home. As of July 30th
there were only 35 homes listed in this neighborhood ranging in price from $57,000
to $359,000 and a median price of $140,000.
Of the 35 homes on the market, 12 were pending sale and 8
active with contract. The neighborhood illustrates the trend we are seeing in
most areas with 60% of 35 homes are ‘distressed sales’. Distressed sales are defined as a short sale
or REO/bank-owned sale. Almost 90% of the homes under contract or
active-with-contract are short sales or bank owned.
In the past year there have been 33 sales ranging from $35,000
– $268,000 and 57% were distressed sales. The median sales price $88,000 over
past 12 months.
Encouraging news –the inventory is down 24% over past
quarter and the median sales price is actually up 4% in the past Quarter. From
June 2010 – Dec 2010 the median sales price was only $70,000K. Median sales price in last quarter was $96,000!
Our next URBN Pitch will be on July 7th at 10:00. We meet on the first level at Baywalk in downtown St. Petersburg. Each networking session focuses on new listings, buyer needs and upcoming open houses. This week Frank will discuss property values in the Pink Streets.