PIERCE REALTY

Mount Dora Commercial Office Building For Sale $425,000

Denise & Larry Pierce — Sat, 28 Jan 2012 11:41:00 GMT

Mount Dora, FL - This modern Professional Office building is located just one block from the major intersection of US Hwy 441 and Donnelly Street at 131 Waterman Avenue. It is adjacent to the Waterman Village Retirement and Assistant Living community. It has 3,351 square feet of office space and plenty of parking. Now MLS® $425,000 - For information on this or other Mount Dora Commercial Property Listings contact Real Estate Broker Larry Pierce at 352-267-7621 .

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Mortgage rates rebound from all-time lows

Denise & Larry Pierce — Thu, 19 Jan 2012 18:56:00 GMT

Mortgage rates rebound from all-time lows

Cost of borrowing still well below historic norms

By Inman News, Thursday, December 29, 2011.

Inman News®

Image via Reji/Shutterstock

Mortgage rates surveyed by Freddie Mac bounced back from historic lows this week, but aren't expected to soar in the New Year.

Rates on 30-year fixed-rate mortgages averaged 3.95 percent with an average 0.7 point for the week ending Dec. 29. That's up from 3.91 percent last week -- an all-time low in records dating to 1971 -- but still well below the 2011 high of 5.05 percent seen in February.

The 30-year fixed-rate loan has averaged at or below 4 percent for the past nine consecutive weeks, Freddie Mac noted in releasing the results of its Primary Mortgage Market Survey.

Rates for 15-year fixed-rate mortgages averaged 3.24 percent with an average 0.8 point. That's up from 3.21 percent last week, an all-time low in records dating to 1991, but down from the 2011 high of 4.29 percent registered in February.

For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.88 percent with an average 0.6 point. That's up from 2.85 percent last week, an all-time low in records dating to 2005, but down more than 1 percentage point from the 2011 high of 3.92 percent seen in February.

Rates on 1-year Treasury-indexed ARM loans averaged 2.78 percent with an average 0.6 point. That's up from 2.77 percent last week, an all-time low in records dating to 1984, but down from a 2011 high of 3.4 percent in February.

Freddie Mac's rate survey is based on loans offered to borrowers with good credit scores who will be making down payments of at least 20 percent. Borrowers with damaged credit or making smaller down payments can expect to pay higher rates.

Mortgage rates are largely determined by demand for mortgage-backed securities (MBS), bonds that fund the vast majority of home loans.

The Federal Reserve helped push mortgage rates down in 2009 and 2010 by buying $1.25 trillion in MBS. Since then, the European debt crisis has helped keep mortgage rates down, as investors seek the relative safety of government-backed mortgage bonds, whose payments are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

In a Dec. 20 forecast, economists at Fannie Mae project that rates for fixed-rate mortgages will average 4.0 percent in 2012 and 4.3 percent in 2013, down from 4.5 percent this year and 5 percent in 2009.

The Mortgage Bankers Association predicts rates on 30-year fixed-rate loans will average 4.2 percent in 2012 before rising to 4.7 percent in 2013. The National Association of Realtors projects rates on 30-year fixed-rate loans will hold steady at 4.5 percent in 2012.

Price Reduced on 1812 Crestview Drive in Mount Dora, Fl, 32757

Denise & Larry Pierce — Sun, 15 Jan 2012 15:33:00 GMT

Mount Dora, Fla Home Price Reduced - Announcing a price reduction on 1812 Crestview Drive, a 1,490 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $198,000 - REDUCED.

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2011 SALES STATISTICS FOR MOUNT DORA FLORIDA REAL ESTATE SALES

Denise & Larry Pierce — Sun, 08 Jan 2012 19:09:00 GMT

PIERCE REALTY is pleased to provide the following Annual Home Sales Statistics for Mount Dora, Florida Real Estate Sales during the year 2011. These sales were derived using the My Florida Realtors Multiple Listing Service and include Residential & Condominium Sales in the zip code 32757. There were a total of 387 in the 32757 Mount Dora zip code during 2011 with an Average Sales Price of $160,507. 43% of these sales were distressed (Short Sales or Bank Owned). Also included are Sales Stats for the communities of The Country Club of Mount Dora, The Lakes of Mount Dora and Loch Leven. Please feel free to contact us if you would like sales statistics for your particular neighborhood. We'll be pleased to provide them. 352-735-4040

Total Sales Mount Dora Zip Code 32757
Type of Sale	# of Sales	Average Sales Price	Sold Price Per Sq Ft	% of Total Sales
Normal Sales	222	189,236	91.62	57%
Short Sales	66	136,144	62.30	17%	43%
Bank Owned Sales	99	112,324	53.08	26%	43%

Total 2011 Sales	387	160,507	76.76
Country Club of Mount Dora
Type of Sale	# of Sales	Average Sales Price	Sold Price Per Sq Ft	% of Total Sales
Normal Sales	34	206,424	97.86	81%
Short Sales	3	192,000	76.29	7%	19%
Bank Owned Sales	5	138,600	64.82	12%	19%

Total CCMD Sales	42	197,319	92.39
Lakes of Mount Dora
Type of Sale	# of Sales	Average Sales Price	Sold Price Per Sq Ft	% of Total Sales
Normal Sales	11	179,991	100.68	55%
Short Sales	4	123,500	82.84	20%	45%
Bank Owned Sales	5	121,580	75.33	25%	45%

Total LoMD Sales	20	154,090	90.77
Loch Leven
Type of Sale	# of Sales	Average Sales Price	Sold Price Per Sq Ft	% of Total Sales
Normal Sales	6	369,583	121.95	60%
Short Sales	3	298,680	93.81	30%	40%
Bank Owned Sales	1	260,000	84.55	10%	40%

Total Loch Leven Sales	10	337,354	109.77

Victorian Lakefront Home for Sale in Mount Dora, Florida

Denise & Larry Pierce — Tue, 03 Jan 2012 21:40:00 GMT

Victorian Lakefront Home

• 2,481 sq. ft., 4 bath, 4 bdrm 2 story "Victorian" - MLS® $450,000

Lake Dora, Mount Dora, FL - This gorgeous Victorian home is located on Lake Dora in Mount Dora, Florida just 1 short mile from the center of downtown Mount Dora's historic district. You'll appreciate the newer construction, ca.1996, and modern amenities while enjoying the charm of the Victorian Era architecture; the stately turret, gingerbread peaks and front wrap around porch. On the main living level is an entry foyer, the formal living parlour with fireplace, formal dining room, family room, master bedroom suite, breakfast room, kitchen, laundry and a powder room. All formal rooms have beautiful wood flooring, chair rails, high ceilings and crown moldings. The kitchen has solid wood cabinets and granite counters. Upstairs is a formal landing, a second master suite with private bath and two additional bedrooms sharing a jack-n-jill bath. The two car garage is attached via a portico for weather protection. The 1/2 acre lot features 90 feet of lake frontage on Lake Dora with your private dock and covered boat lift. From this premier Mount Dora lakefront location you can view Mount Dora's city skyline, annual firework displays, boat parades, sailing regattas, antique boat shows, hot air balloons and seaplane landings.

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1019 Nantucket Sound in Lakes of Mount Dora is Sold!

Denise & Larry Pierce — Thu, 29 Dec 2011 20:35:00 GMT

Lakes of Mount Dora, Mount Dora, Fl 32756 - The waterfront home located at 1019 Nantucket Sound in the "over 55" community of The Lakes of Mount Dora has been sold by Denise Pierce, Real Estate Broker of Pierce Realty in Mount Dora. For more detailed information on What's Selling in Mount Dora please contact us at Pierce Realty, 352-735-4040. All of the Realtors at Pierce Realty embrace Honesty, Integrity and a vast knowledge of the market they serve!

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The Mount Dora Area Chamber of Commerce honors Pierce Realty in Mount Dora, FL

Denise & Larry Pierce — Thu, 29 Dec 2011 16:09:00 GMT

THE BUSINESS SPOTLIGHT IS ON PIERCE REALTY IN MOUNT DORA!

Pierce Realty has treasured being a downtown Mount Dora Real Estate Company for years, but in July 2011, when the company relocated to its new location at 605 N Donnelly Street, Mount Dora, it achieved its long term goals of having the best Real Estate Office in the Mount Dora vicinity. The buildings with their architecture, the site, the parking lot, and the location epitomize the total Mount Dora experience of quaintness and quality that people associate with downtown Mount Dora.

The Owner/Brokers of Pierce Realty are Denise and Larry Pierce. Together they have 20 years of Mt. Dora real estate experience and both are among Lake County's Top Real Estate Sales Producers year after year. Both of the Pierces have owned previous successful businesses and they bring that successful business background to their current real estate business. When Pierce Realty moved into their new location in July, 2011 they obtained the perfect setting to expand their operation.

Immediately they hired Multi-Million Dollar Producer/Realtor Terry Ward as Office Manager to compliment Multi-Million Dollar Producers Karen Mair and Chuck and Bettye Cox. Every Realtor at Pierce Realty is a seasoned, experienced, successful Realtor thoroughly familiar with the area. In addition, each has owned and operated his/her own individual successful business in prior years.

In November, 2011 a very familiar name to the area has returned to Mount Dora and joined Pierce Realty. Sandy Trzaska had been the Sales Leader in The Country Club of Mount Dora for years. Sandy will enhance the team as Pierce Realty continues to grow and expand in the Golden Triangle area of Lake County.

All of the Realtors of Pierce Realty embrace honesty, integrity, and a vast knowledge of the market they serve.

When to List and Sell Your Home

Denise & Larry Pierce — Thu, 15 Dec 2011 14:37:00 GMT

Homes Listed in Winter Sell Best!

Recently we decided to dig into the reports and marketing data to see if it supported our feeling that winter is the best time to buy, and the worst time to sell. However, when we got the results we discovered that our assumptions were dead wrong.

As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn't.

We pulled a year's worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here's what we found:

Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home

Homes listed in winter sell best.
Yup, you read that right: Overall, homes listed in winter sell best. 5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median---that's $4,900 on a $350,000 home.

Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).

Why do you think most sellers are afraid to list their homes in winter? Don’t be shy about sharing this data with your clients who continue to twiddle their thumbs and "wait for better times." As the data shows, there’s no time like right now to list a property. (Thanks to REDFIN blog for publishing this information so we could share it with you and don't be shy about sharing this with your clients!)

The Team at Blackwater Consulting Group

Today's market once-in-lifetime opportunity!

Denise & Larry Pierce — Wed, 30 Nov 2011 21:40:00 GMT

– Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.

Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.

In 12 out of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.

In Atlanta, owning was the most favorable compared to renting. The monthly payment on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.

Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)

October Existing-Home Sales Rise, Unsold Inventory Continues to Decline

Denise & Larry Pierce — Wed, 23 Nov 2011 15:48:00 GMT

Washington, DC, November 21, 2011

Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

Lawrence Yun, NAR chief economist, said the market has been fairly steady but at a lower than desired level. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” he said.

“A higher rate of contract failures has held back a sales recovery. Contract failures² reported by NAR members jumped to 33 percent in October from 18 percent in September, and were only 8 percent a year ago, so we should be seeing stronger sales,” Yun added.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses. “Other recent factors include disruption in the National Flood Insurance Program, and lower loan limits for conventional mortgages, which paradoxically force some of the most creditworthy consumers to pay unnecessarily higher interest rates,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.07 percent in October from 4.11 percent in September; the rate was 4.23 percent in October 2010.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said consumers can increase their odds of obtaining a mortgage by being aware of how credit scores are determined. “If you want to get a mortgage, don’t buy a car or take on new installment debt or credit cards,” he said.

“Pay all your bills on time, maintain old credit lines and don’t use more than 30 percent of your credit limit. Realtors® can help you understand the issues surrounding access to affordable credit, in addition to helping you find the right home and negotiate terms,” Veissi said.

An ongoing positive trend is a steady decline in the number of homes on the market. Total housing inventory at the end of October fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply³ at the current sales pace, down from an 8.3-month supply in September. Inventories have been trending gradually down since setting a record of 4.58 million in July 2008.

The national median existing-home price⁴ for all housing types was $162,500 in October, which is 4.7 percent below October 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – slipped to 28 percent of sales in October from 30 percent in September (17 percent were foreclosures and 11 percent were short sales); they were 34 percent in October 2010.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers. In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance.”

All-cash sales accounted for 29 percent of purchases in October, little changed from 30 percent in September and 29 percent in October 2010; investors make up the bulk of cash transactions.

Investors purchased 18 percent of homes in October, compared with 19 percent in September and 19 percent in October 2010. First-time buyers accounted for 34 percent of transactions in October, up from 32 percent in September; they were 32 percent in October 2010.

Single-family home sales increased 1.6 percent to a seasonally adjusted annual rate of 4.38 million in October from 4.31 million in September, and are 13.8 percent higher than the 3.85 million-unit pace one year ago. The median existing single-family home price was $161,600 in October, which is 5.8 percent below October 2010.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 590,000 in October but are 10.5 percent above the 534,000-unit level in October 2010. The median existing condo price⁵ was $160,300 in October, down 1.5 percent from a year ago.

Regionally, existing-home sales in the Northeast fell 5.1 percent to an annual level of 750,000 in October but are 1.4 percent above October 2010. The median price in the Northeast was $224,400, down 5.5 percent from a year ago.

Existing-home sales in the Midwest rose 2.8 percent in October to a pace of 1.10 million and are 19.6 percent higher than October 2010. The median price in the Midwest was $132,800, which is 4.7 percent below a year ago.

In the South, existing-home sales increased 2.1 percent to an annual level of 1.94 million in October and are 14.1 percent above a year ago. The median price in the South was $145,700, down 1.6 percent from October 2010.

Existing-home sales in the West rose 4.4 percent to an annual pace of 1.19 million in October and are 15.5 percent higher than October 2010. The median price in the West was $207,500, which is 1.6 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Price Reduced on 34124 Parkview Ave in Park Place on Lake Joanna

Denise & Larry Pierce — Mon, 21 Nov 2011 18:24:00 GMT

Park Place on Lake Joanna, Eustis - Announcing a price reduction on 34124 Parkview Ave, a 3,494 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $350,000 - Reduced.

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Single Story For Sale in Downtown Mount Dora

Denise & Larry Pierce — Wed, 16 Nov 2011 19:56:00 GMT

Walk to Historic Downtown Mt Dora

• 1,302 sq. ft., 2 bath, 2 bdrm single story - MLS® $165,000 - Great Downtown Price

Downtown Mount Dora, Mount Dora - Great in town, walk to Downtown Mt Dora and all amenities. Home has been updated, full bath in one bedroom, guest bath in hall updated. Home has vintage cottage feel with original knotty pine and built ins, hardwood floors and wood burning fireplace. Kitchen has been totally redone and re-configured with stainless steel appliances, farmers sink and wood butcher block counters. Spiral wood staircase leads to the loft area that has been transformed into a large bonus area that could be used as a bedroom or den with separate A/C unit. Owner has added canopies over both doors and totally transformed the yard, front and back. Not to be forgotten is the large basement area and separate workshop with washer/dryer. If you are looking for charm, near the Historic Downtown Mount Dora, this is a must see.

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Price Reduced on 321 E 10th Ave in Downtown Mount Dora

Denise & Larry Pierce — Wed, 16 Nov 2011 19:56:00 GMT

Downtown Mount Dora, Mount Dora - Announcing a new listing on 321 E 10th Ave, a 1,302 sq. ft., 2 bath, 2 bdrm single story. MLS® $165,000 - Great Downtown Price.

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Housing Must Be A National Priority

Denise & Larry Pierce — Tue, 15 Nov 2011 17:35:00 GMT

Housing Must Be a National Priority

Anaheim, CA, November 13, 2011

The struggling housing market needs to be a priority on the nation’s public policy agenda, because housing and homeownership issues affect all Americans. That was the message from speakers at the Legislative and Political Forum yesterday at the 2011 Realtors® Conference & Expo here.

Realtors® at the National Association of Realtors® annual conference heard from Washington Post columnist Eugene Robinson and political media consultant Alex Castellanos, who both agreed the housing market is hurting and needs to be a top priority for the 2012 presidential candidates.

Both speakers said that while much of the debate focuses on the financial aspects of homeownership, there is no denying that owning a home has many social benefits and is important to the fabric of society.

“Owning a home represents the best of America, is a goal for many families and has many benefits beyond the financial. We build the economy on homeownership, however, and until the housing market is restored, the nation and economy can’t move forward,” said Castellanos. He said that instead of taking money from hardworking, middle-class Americans by reducing or eliminating the mortgage interest deduction, the government should to cut its spending and give back to the American people.

“Taking away the mortgage interest deduction would let even more air out of the balloon and be devastating to the housing market and economy. I don’t anticipate changes to mortgage interest deduction,” said Castellanos.

Rep. Gary Miller (R-Calif.) also spoke at the forum and urged Realtors® to reach out to their members of Congress and encourage them to get involved in stabilizing the housing market.

“A healthy housing industry helps everyone in the country. The housing market has led this nation out of every downturn we’ve had in the past. Congress needs to focus on stabilizing the market, and that must be dealt with today and in a comprehensive fashion that will serve home owners today and in the future,” said Miller.

He said that legislation and regulations to fix the housing market must do no further harm. Miller said reduced loan limits for conforming loans, proposals that would eliminate Fannie Mae and Freddie Mac, and calls to eliminate or reduce the mortgage interest deduction are having a negative impact on consumer confidence and the housing industry, and could lead to less liquidity and possibly more foreclosures.

Miller talked about the future of the secondary mortgage market and said that while private capital must be the dominate source of mortgage credit, government involvement is necessary to ensure investor confidence and mortgage liquidity.

NAR supports the principles of a bill introduced by Reps. Miller and Carolyn McCarthy (D-N.Y.) earlier this year, H.R. 2413, the “Secondary Market Facility for Residential Mortgages Act of 2011,” that offers a comprehensive strategy for reforming the secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions.

California Governor Jerry Brown was also a featured speaker at the forum and told attendees that while it’s important for consumers to live within their means it also critical that they invest in their futures, and one important way is through homeownership. He also said there needs to be more help for underwater homeowners through refinancing their mortgages or reducing their debt burden.

Brown hopes Congress can come together soon and develop solutions that will solve many of today’s housing and economic challenges. “The nation needs to have restored confidence in the housing market and economy,” he said.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

East Cooked Lake Home in Central Florida is Sold!

Denise & Larry Pierce — Sat, 05 Nov 2011 20:43:00 GMT

East Crooked Lake, Eustis - The 3 Bedroom/3 Bath home has 2241 SF of Interior Living Space and a new deck providing panoramic views of this premier recreational lake. This home located at 2326 Topping Place was listed and sold by Larry and Denise Pierce of Pierce Realty in Mount Dora Florida. Denise Pierce is currently the Top Producing Real Estate agent in the Eustis Florida zip code of 32726! Realtors Larry and Denise Pierce have sold 9 homes on this beautiful Central Florida Lake for a total production volumn of $5.5 million!

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