Bomb Range Narrative
I did a refi townhome in early February. I think some of your most recent info could be found at The Orlando Sentinel site and by searching for the neighborhood names or bomb range. I was able to include couple of maps in may report that I pulled from the Sentinel's site.
Also, when I did my inspection, the homeowner was able to give me a copy of the latest homeowner's association newsletter which showed a recent map of the areas being looked at. Of course, this has change since February.
Here is the narrative I included in my report. Feel free to copy/use as you wish. I quoted my sources. Obviously the housing stats came from MLS. Just a side note - I got stipped on this report because the lender wanted a quote stating the discovery of the old bombing range directly affected the drop in sale prices. I also referenced the number of foreclosure, pre-foclosure and short sales in my report.
Good Luck!
Sunny
My Narrative:
On July 25, 2007, The Orlando Sentinel announced that live WWII bombs, explosives, shrapnel and harmful chemicals leaking from old munitions were discovered near Odyssey Middle School. The school is at or near a site where Army generals and officials would watch bombing practices on the former Pinecastle Jeep Range in southeast Orange County.
The Army Corps of Engineers began testing for WWII era bombs in January 2007 and released findings beginning in July 2007. The 12,843 acre area of the former Pinecastle Jeep Range affects the Vista Lakes, Crowntree Lakes and Tivoli Gardens neighborhoods. As reported by the Orlando Sentinel, these neighborhoods were built on the edge of the Pinecastle Jeep Range, and public records show that fill dirt taken from the range was used throughout the developments.
Maps have been provided in this report showing the area pre- and post-construction. Additionally, the most recent Vista Lakes homeowners newsletter has been provided which discusses the issue at the present time and provides a map of the area which the Army Corp of Engineers are focusing their attention. Please note, the subject is located OUTSIDE the Bomb Target Study Area.
For the most up to date information from the Army Corps of Engineers, please go to:
http://www.saj.usace.army.mil/support/fuds/pinecastle/index.html
Reports, soil samples, and findings are presented here.
Housing Market Response to Army Corps of Engineers Findings
From January 1 to July 25, 2007, MLS indicates that 9 townhomes between 1600 and 2000 square feet sold for an average of $251,000. There were 15 active sale listings on July 25, 2007.
From July 26, 2007 to February 8, 2007, MLS indicates that 4 townhomes sold, between 1600 and 200 square feet in size, for an average sale price of $227,000. There are currently 14 active listings within these size parameters.
Further MLS statistics show that similar townhomes sold from 11/8/2006 to 2/8/2007 had an average sale price of $234,000. Sale increased to an average sale price of $245,000 from 2/9/2007 to 7/25/2007. During the present quarter of 11/8/2007 to 2/8/2008, the average townhome sold for $216,000. This is a 8% average decline from the same quarter last year, and translates to a .6% monthly decline in sale prices for similar size homes in subject's neighborhood.
MLS statistics indicates that sellers in subject’s neighborhood are receiving 93% of listing price with an average marketing time of 235 days. Seller concessions are typical but have no effect on market value.
The current market is in over supply with 15 active listings in subject's neighborhood and development is continuing.
