Here is the latest Fusion Market Update 090211 since the beginning of the year.
Many Fusion homeowners who are trying to refinance current loans contact me for comps to provide their lenders. Use the market updates I provide here if you are in the process. Most times I hear that either the homeowner isn’t able to refi for two reasons: 1) lack of closed sales in the complex (insufficient comps), 2) pending litigation with the builder. What I would recommend you to try is a Loan Modification. If you go this route, let me know how it goes so I can share it with other Fusion homeowners.
When a property is in escrow, appraisers will look at the last few months of CLOSED sales to help determine value. As you can see, there has been only one closed sale in Fusion this year. That was a CASH buyer who bought the property for a low price at $335,000. That same unit was immediately re-listed for a higher price and is now pending (meaning: an accepted contract between buyer & seller). Stay tuned to see if the 2 pending units will close escrow anytime soon!
With seven ACTIVE listings, if you do not have to sell at this time, but are thinking of selling in the future, I recommend waiting to list until the pending litigation with the home builder gets resolved. Lenders do not loan on properties with litigation, so you would have to hope for a cash buyer.
Hang in there Fusion Neighbors! Once the pending litigation is resolved, we will hope to see some of these active listings move into pending and then sold units.
As always, contact me if you have any questions about the Fusion Real Estate Market.