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Versailles Wellington Fl Homes For Sale
This is a market report for Versailles in Wellington, Florida, brought to you by Mark Baker CDPE and www.BuyingPalmBeachHomes.com. This article will cover the current market and type of listings on the market, current market prices for the single family homes for sale in Versailles. This information will also include the metrics on ninety day sold properties including property types and financing terms.
Let’s start with a summary of the properties that are currently on the market. Currently, there are thirty- two properties on the market in Versailles, Wellington FL. Three properties are under contract marked as contingent and four properties are under contract marked as pending. I often get the question: “What’s the difference between the two?” and the difference is this: if the property is still under contract marked contingent means that there are still some contingencies left in the contract that need to be fulfilled, common types are inspections and appraisals. Once those items are fulfilled, the listing should then become pending in the MLS. That leaves twenty-five properties that are currently available to be purchased in Versailles.
For this market report, there are nineteen traditional sales, one short sale and five corporate/REO owned. I have been following this community for quite some time and this is a sign of a healthy community, when there are this many traditional sales, very little short sales or corporate/REO owned. The lowest asking prices for a home in the Versailles, is $439,900 for a 5 beds, 4 baths with 3,819 sq. ft. under air. The highest asking price is $1.5 million for 5 beds, 6 baths with 5,787 sq. ft. under air. The median price for homes for sale in Versailles is around $584,500.
In the last three months, eight properties have been sold in Versailles. The average sales price for the eight properties is $546,000 and average sales price per square foot is $141. The range in the price per square foot is from the low end of $130 and high end of $162. I provide this range, so that buyers can understand the market dynamic going on in this community. Bank foreclosures are typically discounted because of deferred maintenance and repairs that are required, so just naturally the price per square foot is going to be lower than a traditional sale where the owners have maintained the property up until the day of sale. So when buyers are making an offer for a property or when a home is being listed in Versailles, this is something that should be taken into account on the price per square foot range.
In review of the eight sold properties, six were traditional sales, there were no short sales and two were bank or REO/corporate owned. As far as financing four were for cash, three were conventional mortgage which is normal at less a 20% or more down-payment, no FHA/VA and one was seller financed. It is important to understanding the financial terms within this community; buyers need to be aware of what their offers are going up against. With more than 50% of the deals closing in cash, you can be rest assured that most properties will have a cash offer and it may be below the current market price unless there is a property that the bank has purposely undercut to drum up interest and competition.
Out of the eight properties only one sold above its asking price, it was a bank foreclosure and sold way above the asking price. The low asking price from the bank created a lot of competition. The remaining sale prices were for 97% of the list price, 2-3% discount to the current list price is another way to look at it. When buyers understand the financing term of the previously sold properties they will understand the market in general. For example it would be very difficult for a FHA/VA buyer to get a home.
The average days the homes for sale have been on the market were 109 days however the bank foreclosures were a lot less. Bank foreclosures are typically on the market for 10 days before the bank starts to collect the bids, and then go immediately under contract if it’s a sought after aggressively priced property. Once under contract it is typically 35 to 40 days to closing depending on the financial terms. On the other hand, the traditional sales tend to last longer on the market because they Owners are asking a premium and they can in this market since the properties are in better conditions.
If you are looking to buy or sell a home, let me put my experience in Versailles to work for you. I have extensive knowledge of the homes for sale within Versailles and video tours of different models within Black Diamond. I only work with experience agents that know the current market and can help you assess your options. Thank you for watching the market report for Versailles in Wellington, FL. Thank you for watching this market report for Versailles in Wellington, Florida. You can contact me at 561-768-7968 or you can visit me online at www.BuyingPalmBeachHomes.com.
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