By Lloyd Sherman, December 1, 2019
Let me first remind readers that this report ONLY reports results inside the gates of Hot Springs Village and data will not match up with figures obtained from Zillow or Realtor.com as they report on zip codes. Additionally, any information obtained through Zillow or Realtor.com should be tempered with the understanding that data may be outdated. This report comes directly from the MLS. It also does not include lots sold out of the POA inventory.
Single Family Residences
Sales of single-family properties continue to outpace results from 2018. A total of 64 more properties have sold in YTD 2019 than YTD 2018. If the pace continues in December, over 600 units will have been turned over in 2019. Average selling price is up 3.8%, while average per square foot price is up 4.4%.
Dependent upon how you interpret the data, one could look at these trends and believe that we have had more activity in 2019 than in 2018 and this is probably the best way to interpret the sales figures as our inventory remains low at 166 single-family properties currently available for sale and that is considered on the low side.
Opinion
I also often hear from, or about residents that they are considering a move before values decline. Based on the continuing favorable results we get month-over-month, I would like to suggest that the numbers DO NOT reflect those concerns. However, we also cannot bury our heads in the sand and not recognize that more people are listing their homes and selling them fairly quickly. We can easily conclude that seasoned residents are leaving and being replaced with more residents who know less about our history and the charged environment that has been created within the Village. I personally hate to see seasoned property owners leaving, but at the same time, we have to realize it is happening. What we CANNOT conclude from the activity is that future residents are being driven off and not buying. Thus far I have seen no data that would indicate that is valid.
Condos/Townhomes
This sector of the market continues to show improvement in average selling price and price per square foot. There are fewer of these units available in general compared to single-family housing units and inventory is low which results in fewer sales in 2019 than we experienced in 2018.
Lots
Lot sales for 2019 continue to run slightly behind 2018, however, not significantly lower than last year and are currently at over 100 lot sales for 2019. However, new building permits are running behind last year, so the challenge seems to be how do we motivate these lot sales to turn into rooftops? As information on POA lot sales is not readily published, we rely on the CEO report who reported at the last board meeting that 11 POA owned lots had been sold (most likely to builders) and that another 19 are under contract. What I can report is that at least 18 of the 19 reported to have been closed on November 15, remain in the name of the POA and have not been transferred to the builder of the Siega project.
Attached is this month’s report and feel free to share with those you think would be interested. Should there be any further items you would like to see added to this monthly report, do not hesitate to contact me. I am also happy to provide you any specific information you may be interested in.
Hot Springs Village Property Activities Comp for 11 Months of 2018 vs 11 Months of 2019
First-Eleven-Months-Comp-2019By Lloyd Sherman, December 1, 2019
Anonymous
12/01/2019 — 2:48 pm
Vote for Lloyd.
Anonymous
12/01/2019 — 3:07 pm
Why?
steve bylow
12/02/2019 — 8:34 pm
Based on his clear and concise posts I’d vote for him because of his business acumen, candor, and transparency.
Frank Shears aka Bubba
12/01/2019 — 6:08 pm
Lloyd, Thank you for the report. Myself and several of my friends track this information and your reports are very valuable to us. Keep up the good work.
Andy Kramek
12/02/2019 — 8:09 am
I agree with Frank, this is a valuable resource for us all. Your efforts are much appreciated.
Kathy
12/02/2019 — 10:00 am
Thank you for your report.
Lloyd Sherman
12/03/2019 — 6:48 am
UPDATE – As an update to my report to keep the record accurate, effective 12/2/2019, the 18 POA owned lots have been officially transferred to Renaissance Homes at what appears to be a total purchase price of $86,000.00.
Anonymous
12/07/2019 — 8:39 pm
“LET’S MAKE A DEAL”, (under the table) and in executive session, with the HSV POA member’s money. Like the Elders at the church gambling with the member’s donations.
Jan
12/03/2019 — 8:15 am
And what will be the total cost to us, the POA property owners, for putting in the roads and utilities, for those 18 lots? Will Renaissance be paying $35ish per month per lot, ad infinitum, until each lot is actually built upon & purchased by someone else/or do they have a reduced rate (would be nice if that contract were made public; I doubt that even all the board members were consulted, before the agreement with Renaissance was announced to the public). Did the Remax realtor/or Remax have to “pay to play”, to be the realtor on record for all 18 Renaissance lots? Were all lots sold to Renaissance/or what deals were worked out to trade for elsewhere & what were those tradeoffs? Are just homes planned for ALL 18 lots, in that Siega neighborhood? Will they already have internet service availability?
It’s obvious they chose this new development to be near the Ponce Center. It’s too bad they didn’t pick an area where roads and utilities were already in place and would not have cost each one of us to put in their infrastructure. Soooo many questions…so little transparency…so little TRUST.
Linda Anderson
12/03/2019 — 9:27 am
Thank You Lloyd.
Jan had some good questions, notably what is it going to cost to put in utilities and roads? If the POA decided to pay for this, it would be an unfair business practice and advantage to favored Builders. That would mean an infrastructure project which has not in the budget. This would be a very special deal ( Pay for Play ). Did the POA become part of the deal as a developer? Did the Board vote on this?
Anonymous
12/03/2019 — 11:29 am
I think the developer pays for the roads. Ernie Deaton said CCI pays for the roads at Maderas Gardens.
Anonymous
12/07/2019 — 8:48 pm
You are correct, the developer CCI, already paid for the road in this Seiga neighborhood years ago. CCI as always also pays for the new roads being created at Maderas Gardens.
Anonymous
12/10/2019 — 10:55 pm
Linda, you know that in the original by-laws, it has always been the POA’s responsibility to pay for sewer infrastructure and since 2011 and the sweet deal John Cooper made with the POA all roads on streets with platted lots have to be paid for by the POA. Your insinuations against our POA are unfair. CCI has to pay for the roads in Maderas Gardens because the lots had not been platted in 2011 when John Cooper made the deal with the POA. He left that property as reserved property because it worked to his advantage in that he didn’t have to pay assessments on it.
Anonymous
12/11/2019 — 9:01 pm
If your Father gave you your home free and clear title and then you complained about your having to maintain it, it would be the same as these miserable lazy freeloaders who complain about maintaining every road that you are traveling on in HSV that was bought, platted, cleared, built and Paid for by CCI before he GAVE it to the POA.
TomBlakeman
12/12/2019 — 8:08 am
Siega, Madras, all good ideas, except. Both have been in the works for at least six months or a year but I don’t see one stick of actual housing being built yet. Why might that be?
My take is simply a continued lack of significant demand. As Lloyd’s report above shows the Days on Market (DOM) for home sales here in our Village is 67.7. Contrary to what many may want to believe, that is not a “seller’s market”. It is not a “hot” market. In fact it is just Mediocre.
Sure, some folks get multiple offers in a day or two on the market. The “plum” listings that are priced right usually do. But what about the rest? It takes just as many 130+ DOM sales to have an average of 67.7.
What we need here is a climate where resale homes are flying off the market; where the average DOM is more like 10. People need to be standing in line outside the ReMax office, checkbook in hand and bidding for those new Siega homes. Maybe I’m wrong but I don’t think that is happening.
The question is why not? The answer I’m afraid is that we still don’t have the “better mousetrap” such that “the world is (NOT) beating a path to our door”. Yes, yes, I think we have a lot to offer, otherwise I wouldn’t be here. Unfortunately though it isn’t enough and hasn’t been working – for a long long time.
So how do we fix it? Complex problem, no easy answers. We have a new marketing guy on board. That appears to be a step in the right direction – finally! But we still have too many issues going on, simple maintenance ignored, arrogant board members, lawsuits, wasting money on dreams (can you say (CMP?), and a “that’s the way we have always done it” attitude – to name a few.
I, and others, have written and spoken about what needs to be done – at great length – but nobody in power appears to be listening.
Hello Board of Directors. . . Are you out there?
Anonymous
12/23/2019 — 10:55 pm
Yes, the three new Directors are out there and listening. With a 4-3 vote, old Directors who have violated their oath to follow bylaws will be removed and replaced one at a time and with a unanimous vote the ceo will be terminated for violating terms of contract without pay.