The real estate market in the 32836 zip code in Dr. Phillips has fared better than the rest of the Orlando market.
Popular communities in this zip code include Phillips Landing, Vizcaya, Turtle Creek, Emerald Forest, Diamond Cove, Sand Lake Pointe, Sand Lake Cove, Lake Sheen Reserve, Granada Villas, Bay Vista Estates, Bay Lakes at Granada, Cypress Point, Reserve at Cypress Point, Bristol Park, Brentwood Club among others. The area starts on Sand Lake Road at about Granada Villas and Vizcaya and runs north just past Lake Sheen Reserve.
Currently there’s 7.1 months of inventory with 23 out of the 163 homes being sold. The average price per square foot is $161. The sales price to list price ratio has ranged from 78% to 92% throughout the past year. The median price is currently $378,000. On average, approximately 44 homes come on the market each month and 14% get absorbed.
As far as bank owned or foreclosure properties, 14 properties are currently available fore sale here and approximately 5 sell every month. The average price per square foot is $109. The sold to list price ratio is often more than 100% since this market has become competitive with bargain hunters creating multiple offer situations where properties often sell for more than the list price.
All in all, the area is kind of hinting at a stable market but we’ll have to wait and see. We’ll keep out fingers crossed that things turn out for the good in 2011.
Also, I realize there’s other zip codes in Dr. Phillips so stay tuned.
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