First-time buyers looking for a Windermere address at bargain basement prices: you heard it here first: you're likely too late!! Seriously. If what just happened yesterday is any indication, prices are headed up. A bank-owned home in Summerport just closed yesterday for $230,000. It had been listed for $208,900 but went pending in 7 days. One down the street, same model, absolutely perfect, went on the market for $204,900- I showed it to two clients the first three days it was on the market- one of which put in an offer, and we entered a “multiple offer” scenario and my buyers did not get it. This was just last week so I won't know until it closes how much it's going for. But the week before I showed another house down the street the same day it was listed and in 45 minutes, it had 4 showings and went pending the next day. I haven't seen this kind of activity since the craziness back in 2005/2006. Clearly we've seen a bottoming out of certain neighborhoods like Summerport. And surely the banks and BPOs (broker price opinions) will use these new comps to raise the prices of new listings which will raise the bottom of the neighborhood. Don't get me wrong: this doesn't mean all prices are going up. As of this writing, there are 57 single family homes for sale in Summerport (down from 63 just last week), so there is still a huge backlog of homes for sale and those prices may likely still come down. But at least we now know how low they will go.