Parkland Golf and Country Club Homes Sold in 2010

Pictured above is a Home located at 7442 Stonegate Blvd. in Parkland Golf and Country Club that was purchased on January 25, 2010 for $1,767,000. It’s a custom Home built in 2009 that has a Pool, 6 Bedrooms, 6 Full Baths, 2 half Baths, a 4-Car Garage, and 8,136 Square Feet of Living Area

Homes Purchased

Within the first 7 months of 2010 (through July 31, 2010), 37 Single Family Homes in Parkland Golf and Country Club have been purchased.

Their purchase price range was $252,000 – $1,767,000.

4 Homes were purchased under $300,000
9 Homes were purchased in a range of $300,000 – $399,000
10 Homes were purchased in a range of $414,000 – $480,000
7 Homes were purchased in a range of $500,000 – $595,000
6 Homes were purchased in a range of $730,000 – $975,000
1 Home was purchased for $1,767,000

Of the 37 Homes purchased, only 16 have a Swimming Pool (I mentioned in a recent post that less than half of Homes for Sale in South Florida have Swimming Pools).

Short Sales and Foreclosures

Of the 37 Homes sold, 14 were Bank Owned Foreclosures, 14 were Short Sales, and 9 were regular sales. The Homes that were purchased were built between 2005 – 2009, so many Sellers purchased their Homes during the peak of the Market several years ago and a number of them lost their Homes to Foreclosure or sold them as Short Sales. There are also Sellers who sold at a loss and had a Mortgage, but at the time of Closing and selling to a new Buyer, personally funded the difference between the higher Mortgage and today’s reduced purchase price in order to avoid a Short Sale and the accompanying decrease in Credit Score. Other Sellers didn’t purchase with a Mortgage or made an amount of down payment that was large enough to create a Mortgage Balance that’s LOWER than today’s values.

Short Sales continue to languish on the market, even though many are under Contract for purchase. The very lengthy Bank approval process that’s required for Short Sales, coupled with Buyers’ impatience, and other factors often leads to Short Sale listings becoming Bank Owned instead of being purchased by a new Buyer. Although the same number of Bank Owned Foreclosures and Short Sales were purchased in the Community (14 of each were purchased), the significant difference is that for the Short Sales, their average number of days on the market was 316 days compared to 26 days for the Bank Owned Foreclosures.

Bank Owned Foreclosures in the Community are being purchased very quickly, so they aren’t sitting empty and this is great for the stability of the Community. Of the Bank Owned Foreclosures purchased, their average number of days on the Market was 26 days and I sold a Bank owned Foreclosure in the Community to a Buyer in August.

Defective Drywall aka Chinese Drywall

Another issue that has impacted market conditions in the Community is the existence of Defective Drywall aka Chinese Drywall in some of the Homes, however, many of the Homes with Defective Drywall have been purchased by new Owners (both Investors and Primary Homeowners) and some of the original Owners have completed Drywall Remediation and remained in their Homes. Several of the 37 Homes that were purchased were listed as having Defective Drywall. Buyers who are interested in purchasing Homes in Parkland Golf and Country Club are responsible for including a Defective Drywall Inspection as part of their Home Inspection when they are under Contract to purchase property.

Development Completion at Parkland Golf and Country Club

“Word on the streets” is that the very well-established Toll Brothers Company, which manages Golf Courses and has been Building and Developing Communities for more than 40 years, will possibly be taking over completion of the Development of the Community from WCI. Currently, there are still vacant Lots where additional properties are planned to be built.

PGCC Homes for Sale

Currently, there are 23 Parkland Golf and Country Club Homes listed for sale. Their price range is $299,900 – $999,000.

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