Ellis Park is a relatively new neighborhood being developed by Robinshore, located in Gainesville, FL in Alachua County. Phase1 is completed and phase2 under construction, with plans for phase3 ready when the time is right. Most of the homes are built in 2004 or later, and many of the home sales are still original construction.
- Homes for sale in Ellis Park
Homes on the Market
There are 9 homes for sale in Ellis Park. The average stats are:
|
Size
|
2,300 sqft
|
|
Bedrooms
|
4 |
|
Baths
|
3
|
|
Original list price
|
$302,000 ($133/sqft) |
|
Current list price
|
$286,000 ($126/sqft)
|
|
Market Time
|
100 days
|
To see all the specifics on the homes for sale now just click on the house photo.
Recent Activity
There are no homes sold yet this year. 4 homes are showing up as under contact, all of them appear to be new construction.
It looks like two of them are new homes that the builder completed as spec homes. They originally asked -these numbers are averaged together – $325,000 ($151/sqft) when they first went on the market 10 months ago and were asking $290,000 ($135/sqft) when they went under contract this month.
The other two look like they were contracted to be built about a year ago, so we might assume that they are under construction now and the buyers didn’t want the homes right away. Next time I am in Ellis Park I’ll take a look at the sites to see what things look like, if you are out there please give us all an update -Lot 98 on 19th Road & Lot 121 on 110th Drive.
Ellis Park Market Stats – click to view larger graph
Prices for resale homes
Prices peaked in 2007 at an average of $321,000 ($136/sqft) and have come down in 2008 to $227,000 ($121/sqft).
During that time 9 homes were marketed that didn’t sell. They averaged an asking price of $319,000 ($136/sqft) when they first came onto the market and $303,000 ($129/sqft) when they came off the market. These homes were almost 500 sqft larger than the 4 homes that sold. It seems the buyers were more comfortable paying less money for a smaller house at the time.
Time to Market a resale home
When a home sells in Ellis Park it happens, on average, between 3 and 4 months after it was listed for sale. (That doesn’t mean that all homes sell in that length of time, many that never sell are on the market much longer before they are removed.) The homes listed in 2008 that didn’t sell were on the market an average of almost 10 months.
Number of Sales
In Ellis Park there have usually been only a handful of resale homes closing each year – 6 or fewer. New construction in the neighborhood has slowed down quite a lot, to only about 20% of the activity we saw during the boom years.
New and Resale Market Stats – click to view larger graph
Forecast
Robinshore has been offering some excellent incentives to buyers, and keeping the neighborhood on track with new sales. While this is important for maintaining a base for neighborhood vitality the competition causes pressure on the prices of resale homes. The reverse happened when demand was high – you can see where the price per square foot for resale homes peaked above new homes in 2005 and 2005. So now with lowered demand, prices for resale homes have to be competitive with what the builder is willing to offer buyers on a brand-new home.
Homes for Sale in Ellis Park
[search_listings id=’7847′]
We can help you find more properties like this