Orlando Real Estate

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2010-03-19T13:44:00.001-04:00

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Rents at 2005 Levels

2009-08-03T13:36:00.001-04:00

Orlando's multifamily-housing market had a 10 percent vacancy rate in June, up slightly from the end of last year, according to a report by CB Richard Ellis. The average rent for the market through the second quarter was $803, close to 2005 levels, reported M/PF and Torto Wheaton Research. Those rates are expected to remain flat through the end of the year.Most properties are offering a month's free rent to attract tenants, according to the CBRE report.The addition of new apartments is expected to slow further next year, with only 700 units expected to be added in four-county Metro Orlando in 2010. CB Richard Ellis projects an increase of 159,000 jobs in the area during the next five years, which should drive the vacancy rate down to about 3 percent. It also forecasts about a 4 percent annual increase in rents from 2012 until 2014, at which point the average rent would be $933, according to the M/PF and Torto Wheaton summer 2009 report.

Biggest misconception in Bank Foreclosures…

2009-07-30T14:23:00.000-04:00

Most buyers think that bank foreclosures are all priced below market value…think again….and don’t bother to check the records for how much was owed on the mortgage…that does not matter either.

A house with a current market value at $300,000 will be re-possessed by the bank if the owner is not paying…. they could owe $345,000 on it or a mere $5,000 it does not matter. No pay; no stay.

Consumers think that the bank will only want to cover the debt owed so the less that is owed the smaller the new asking price…not so either. The bank with get a couple of appraisals and market the property accordingly; they are in the business to make money so will try to get as much as they can.

“Bank Foreclosed” is a hot button for too many buyers. Evaluate carefully…this bank deal may not be as sweet as you think.

For an expert opinion of value and a straight answer, call me.

Eve

Kudos to TOLL BROTHERS…THE BUILDER!

2009-07-14T15:14:00.000-04:00

I recently went to contract with my client to purchase a new build with Toll Brothers in East Orlando and was pleasantly surprised.

In today’s world of every builder trying to squeeze the last nickel out of the buyer, Toll Brothers had an approach that I found refreshing. They offered incentives, $30,000 in fact, that was NOT tied to using their affiliate companies; those that the builder owns or has a relationship with or derives additional profit from…like the mortgage or title company.

This is the first time, I have seen a builder contract that does not twist the buyers arm to use certain vendors and as a result, my buyer did not feel pressured.

In this case the $30,000 was a real incentive…to be used for upgrades, options, or closing costs or mix and match…it was not the usual “only if your use our lender” or “only if you use our title company”.

NO STRINGS ATTACHED…I loved it.

Call me for further info…

Eve
407-539-1053

What is an EBA?

2009-07-09T07:53:00.001-04:00

An EBA is an Exclusive Buyers Agent: a real estate agent that represents only buyers, never sellers, and works in an office that ONLY represents buyers.

FACTS:

1. An EBA is a buyer representation expert…less than .006% of realtors
Nationwide have this niche specialty.

2. An EBA provides undivided loyalty for the buyer; you will always have a
Real Estate partner on your side.

3. An EBA will tell you everything about the property; positive or negative.

4. An EBA will keep all pertinent information about you confidential; never
giving up your bargaining position.

5. An EBA will show you all properties available without having any
conflict of interest.

6. An EBA has access to all properties plus more…any MLS listed
Property, For-sale-by-owner, New construction and Custom build.

Hiring an EBA to represent you on your next home purchase is a smart decision, recommended and endorsed by:

Consumer Reports
Money Magazine
Orlando Sentinel
US News and World Report
Kiplinger’s
Smart Money
OC Register
Agency Law Quarterly
Mobility Magazine

Rules for BIDDING ON SHORT SALES...

2009-07-07T10:45:00.003-04:00

Put on your gambling hat, because that is what you are doing…rolling the dice. You are throwing out an offer, in the hopes that your number comes up, so that the seller signs the contract and the bank (who needs to approve the price) thinks your price is also acceptable.
If the property looks great, chances are that there will
be other offers on it within days. There is no time to think
about it or over-analyze…take your best shot, as you
may not have a second chance.
If the property is well priced and in a desirable area, chances are the offers will be above full price…sometimes waaayyy above listed price, higher than you would have thought to bid. If you do not get the winning bid, will you wish you bet higher?
Stay unemotional and do not get anxious… This is not Wal Mart where you can just walk in, pay for something and use it tomorrow. Waiting for the bank to respond may take months of time and drain every ounce of your patience

Last but not least, buckle up…it may be the ride of your life, with many twists, turns and lots of bumps. If you can hang in there, you just may end up with a bargain of a lifetime.

To receive more info on short sales, e-mail us a request to Info@OrlandoBuyersBroker.com.

Top Foreclosure States

2009-07-01T14:23:00.008-04:00

Here are the top filing rates for the country.

Top Foreclosures States:

1) Nevada 1 of every 27

2) Arizona 1 of every 54

3) California 1 of every 58

4) Florida 1 of every 73

Bottom Foreclosure States:

47) Montana 1 of every 2,847

48) Nebraska 1 of every 3,517

49) South Dakota 1 of every 3,721

50) Vermont l of every 14,830

Jack-of-all-trades…..master of …err…ah…

2009-07-01T12:54:00.000-04:00

Have you ever met a realtor that claims to do it all? They can be your buyer’s agent while finding your home, then do your financing as your mortgage broker, then be your property manager, your leasing agent and then change hats to become a marketing specialist while they list your home to sell….

That is too many hats for me. Personally, if I needed a heart specialist I would not go to a general surgeon. Likewise, if I need a mortgage, I would not go to a real estate agent that is not knee deep in mortgages on a daily basis.

I like to do business with those who are focused on a specialty, as that assures me that they are the experts and will know more than someone will that dabbles in a little bit if everything. I deserve to work with the best.

If I am going to buy a house, I want to use someone that knows the areas, can talk intelligently about property values, understands all my rights as a homebuyer, views the transaction only from my point of view and is comfortable in advocating for me. I don’t want a middle man that dabbles.

Buyers Broker of Florida specializes only in Buyer Agency and focus ONLY ON REPRESENTING THE BEST INTEREST OF THE HOMEBUYER. They have been in business over 18 years. You deserve the best too…so call us to answer all your questions.

East Meets West in Real Estate

2009-06-30T09:45:00.008-04:00

There has been alot of news media in the last year about the Chinese investing in US real estate. Many of these investors are coming from Beijing and many more American Real Estate companies are doing more trade shows and marketing to this target group. On November 20-22, 2009 will be Chinas largest investment conference, check out this website for more details Money Fair China.

Chinese buyers were the 4th largest group of foreign investors in 2008. The buyers median purchase price was $450,000 and purchases occured in California and Florida. Chinese generally like the bank owned and short sales, but prefer more move in ready properties for those in real estate industry know this does not come hand and hand. Culturally Chinese are not the do-it-yourself, like Americans are, so inclusive renovation packages on homes would be useful. Additionally Chinese buyers will purchase where the best education is available for their children, and believe this is additional reason to purchase in the US. Overall the Chinese are still learning about the process of US Real Estate and this segment will continue to grow bringing the east closer to the west.

Real Estate Sales Increase in Florida

2009-02-25T12:29:00.002-05:00

Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.Read Full Story.

Orlando Online Home Search Up 47%

2009-01-30T11:12:00.001-05:00

Orlando ranked among the top four most popular places in the nation that people would like to move to, if they could, according to one national poll this week, and now another report shows that more people are checking out metro Orlando home-for-sale listings.

Realtor.com, the largest online web site of listings by real estate agencies, reports this week that in December the volume of hits for Orlando property listings surged 47 percent from the same month a year ago.

Orlando was the 17th most searched market in the country at the end of the year. Los Angeles was the top market overall, and Tampa-St. Petersburg was No. 1 in Florida, ranking 7th nationwide.Miami came in 14th nationally and Fort Lauderdale 15th. West Palm Beach was 19th and Fort Myers was 33rd. In terms of actual single-family home sales closed in recent months, metro Orlando has easily surpassed every market in Florida except the larger Tampa Bay region.

Are Real Estate Sales Picking Up?

2008-12-18T14:18:00.001-05:00

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say. The housing market in deflated states - like Arizona, California, Florida and Nebraska - show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again. "The buyers are returning," says Lawrence Yun, National Association of Realtors (NAR) chief economist. "And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high." Christian Science Monitor

Orlando Home Buying Best Condition since 2004

2008-12-16T12:14:00.002-05:00

First time homebuyers have the best conditions since March 2004 to purchase a home in the Orlando area, as a decrease in the median sales price of homes sold in November pushed the first time homebuyer affordability index up to 96.09 percent. In addition, inventory of houses on the market is stocked with more than 6,030 homes in the average first time buyer’s price range of $136,422 or less read more

Orlando Ranks 13th City for Singles

2008-12-02T11:17:00.001-05:00

Orlando is one of the top metro areas in the U.S. for singles who relocate, according to an industry survey of 100 cities.

The survey focused on criteria most relevant to singles: cost of living, rents and availability of apartments, demographic diversity, educational costs and job growth.

But the survey by Worldwide ERC, an association of corporate and government relocation managers, real-estate companies, movers and service firms, also delved deeper into "quality of life" issues that can contribute to the "ease of transition" for a single person moving into a new community.

For example, the prevalence of restaurants, bars, health clubs, sporting events and concerts was a key measure helping Orlando take 13th place out of the nation's 100 largest metropolitan areas.

Boston claimed the top spot, followed by Nassau/Suffolk, N.Y.; New Haven, Conn.; New York; and Edison, N.J.San Francisco was the highest-rated California community, at No. 8, and Tampa-St. Petersburg ranked No. 11, the highest-ranked Florida city. In addition to Orlando and Tampa, three other Florida metro areas were rated among the top 50: Jacksonville at No. 22, Fort Lauderdale at No. 24 and Miami at No. 26.

Orlando 3rd Quarter Real Estate Sale Strong

2008-11-20T11:01:00.002-05:00

Existing-home sales in Metro Orlando continued to outpace sales in most of the rest of Florida during the third quarter, with Orlando Realtors closing on 4,689 single-family homes, or 14 percent of the statewide total.

Orlando sold almost four times as many homes as the Miami metro area during the period, almost three times as many as Fort Lauderdale and almost twice as many as Jacksonville, according to the report released Tuesday by the Florida Association of Realtors. Read More

Orlando Real Estate First Improvement in Two Years

2008-10-09T13:18:00.001-04:00

Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.

The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.

The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.

The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.

Slim Pickins for Tricker or Treats

2008-10-08T10:21:00.001-04:00

The First Internet Foreclosure Auction

2008-10-08T09:26:00.001-04:00

Will the Internet replace public foreclosure auctions?

Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.

Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.

If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.Some real estate professionals think it is a bad idea.

“There are things about the title that you just can’t find on the Internet,” says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. “They can’t tell you whether you’re buying a first mortgage or a second mortgage. If you’re buying a second, then you don’t own the home free and clear.” Courtesy FloridaRealtors.org

NAR Disappointment Failed Bailout Package

2008-10-01T09:04:00.002-04:00

The National Association of Realtors® (NAR) issued a statement yesterday about the federal bailout bill.

“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.”

Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” he says. “Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market, and they know firsthand that buyers are finding it harder to get mortgages. A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly.

According to Gaylord, the bailout legislation, if passed, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.

“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” Gaylord says.

NAR will continue to advocate for financial aid legislation.

Florida Gets $541M for Housing Recovery

2008-09-29T11:15:00.001-04:00

Orlando, Orange County and Central Florida communities from Deltona to Kissimmee will get millions of federal dollars to help shore up their shaky housing markets, among the nation's hardest-hit in foreclosures and abandoned properties.

All told, city, county and state government in Florida will get $541 million, part of nearly $4 billion in "neighborhood stabilization grants" announced by the U.S. Department of Housing and Urban Development on Friday.

The state itself will get $91 million of the money to parcel out for buying foreclosed homes and taking other steps to help stabilize communities hit by the subprime mortgage meltdown. Orange County will get $27.9 million, the second-highest amount allotted to any county or community in the state.

Only the far-more-populous Miami-Dade County will get a larger share, $62.2 million; another $12 million was earmarked for the city of Miami.

Orlando, with a 7.3 percent foreclosure rate, will get $6.7 million as part of the program. Local officials called the announcement welcome news but said it's too early to describe specific uses or predict how much help it might be in a metro area that posts more than $300 million a month in private sales of homes and condominiums.

"It's certainly something we could find very useful," said Carson Chandler, spokesman for Orlando Mayor Buddy Dyer. "We've had some challenges with foreclosures."

Chandler said city staffers are just learning some of the details of the program and it will take time to develop spending plans.

Seminole County will get $7 million, Volusia $5.2 million, Brevard $5.2 million, Lake $3.1 million and Kissimmee $2.3 million. Osceola County was not listed.

The sprawling Volusia County community of Deltona, dogged by flooding from storms in recent weeks and already reeling from a 10.6 percent home-loan foreclosure rate, among the worst in the state, will get $6.6 million.

HUD Secretary Steve Preston said states and communities hit hardest by the housing crisis will get the most money, based on a government formula, and local officials will be urged to prepare proposals for spending the money as quickly as possible.

"Time is of the essence," he told reporters in a telephone news conference.

HUD will have to sign off on the spending plans to make sure they follow congressional guidelines, he said, but communities will be under time constraints to put the money to use within 18 months.

Specific details of the grant program will be outlined in meetings nationwide in October, he said, but recipients will have a range of basic options to use the money. Those include buying homes for affordable housing, demolishing abandoned homes, offering down-payment assistance to low-income families and creating "land banks" for affordable housing.

Abandonment of a home is one of the worst outcomes, with weedy yards and deteriorating structures depressing neighborhood values even more. The HUD report rated Deltona, Kissimmee and Orlando as communities in Central Florida with a "high" risk of home abandonment.

W.D. Morris, executive director of the Orange County Housing Finance Authority, which raises money for lower-income housing assistance through bond sales, said the real-estate collapse and credit crunch seem to have no end in sight.

Earlier this month, the authority was forced to cancel a planned $15 million bond sale when insurance giant American International Group Inc. teetered on the brink of collapse.

"The bottom dropped out of the [bond] market," Morris said. "There were no buyers." Courtesy of Orlando Sentinel 9/27/08.

Evidence Orlando Real Estate Market Turning

2008-07-17T10:12:00.003-04:00

For the fourth straight month the Orlando area's inventory of existing homes and condos for sale dipped slightly and prices strengthened a bit.

The local median sales price in June edged up 2.89 percent from May to $217,500, according to the Orlando Regional Realtor Association's preliminary report released this morning.

The median sales price – half sold for more and half for less – was still down 13.86 percent from a year ago, and the inventory of homes and condos listed by Realtors was still large by historical standards, at 24,575.

But that was down by 440 homes for the month, and on a year-over-year basis was off by 5.2 percent, a sign of stabilization or contraction in supply that Realtors hope will spur more demand and sales.

The inventory level equates to a 17.03-month supply at the current sales pace, the fifth straight month of reduction, or improvement, in that key category. A 6-month supply is considered the historic balance between a buyers' market and sellers' market.

Since January, when the region had a 31 month supply of homes and condos listed, the inventory has been pulled down by more than 46 percent, as more units left the sales market than entered. The decline is a combination of increased sales as well as more sellers pulling their homes of the market as prices declined and it took longer and longer to sell. Courtesy Orlando Sentinel 7/10/08.

First Time Home Buyers Should Be Ready to Buy

2008-05-30T10:29:00.003-04:00

First-time homebuyers squeezed out of the market by the 2004-06 housing-price surge may want to consider taking the plunge now.

Prices are down and still falling, interest rates are low and stable, and a huge inventory of houses and condominiums is for sale -- a mix that should spark more sales by year's end, Realtors say. For full story on why to buy click here.

Orlando Real Estate Signs of Improvement

2008-05-12T12:50:00.002-04:00

For the second straight month Orlando's home and condo resale market made small gains in key categories, whittling the inventory a tiny bit in April and posting a small increase in sales from March.

Improving affordability made it slightly easier for some buyers, as the median sales price of a home in the Orlando area decreased by 4.09 percent, or $9,000, from $220,000 in March 2008 to $211,000 in April 2008.

The median sales price for April 2008 was 12.85 percent, or $31,100, below that of April 2007 when it was $242,100, the Orlando Regional Realtor Association reported this morning.

There are stilly 25,436 homes and condos available for purchase through the local Realtors' Multiple Listing Service, but that was down by 36 homes. Compared to last year, the April 2008 inventory level is only 4.10 percent higher than it was in April 2007.

But the current inventory level still reflects a 22.18-month supply at the current pace of sales. That's a slight improvement from March 2008's 22.74-month supply and February's 27.32-month supply.

The number of sales in the Orlando area was still down by 25.03 percent compared to April of last year -- 1,147 vs 1,530 -- but the number of sales that took place in April 2008 did increase by 2.41 percent from March.

The Realtor association said that while the improving numbers are encouraging, the pace of the market "coming into balance between buyers and sellers" is still very slow.

Orlando Jobs Down, But Strongest Economy

2008-05-07T08:42:00.004-04:00

After having the lowest unemployment rate in the nation and in Florida, it is calculated Orlando lost jobs in 2007. Despite lower numbers Orlando has one of the strongest economies in Florida and economists say this strength balances out the weaker areas. We have strong tourism and healthcare economy and these areas are experiencing continued growth, not seen in northern cities. Despite the sluggish real estate market, it is a great time to buy in this strong economy while prices are still low. For more information, please click here.

Orlando Real Estate Report Shrinking Inventory

2008-04-21T17:51:00.004-04:00

The backlog of homes sold by Realtors in the Orlando area edged down slightly in March -- the first time in three years that the local inventory has declined at the start of the spring home-buying season.

"It's moving in the right direction," said Steven Moreira, president of the Orlando Regional Realtor Association, which released its March existing-home-sales report Monday. For full story, please click here.

Orlando Builder Advertising Overseas

2008-04-03T11:43:00.002-04:00

Another Central Florida builder is looking overseas for business.ABD Development Co., which builds luxury homes and villas at Providence in Polk County, Vizcaya and Windsor Landing at Wyndham Lakes Estates in Orlando, and Toscana in Palm Coast, is heading to England in search of potential home buyers.

David Kohn, president of ABD Development, said his company plans to participate in a major lifestyle trade show in London on April 24-27.The event, "A Place in the Sun, Exel London," is advertising to attract a significant number of qualified home buyers and investors, Kohn said. Currency exchange rates "make Florida luxury homes very affordable to British and European buyers" right now, he said, and ABD Development expects to book sales during the trade show.

Courtesy Orlando Sentinel 4/2/08.

New Condo Project in Lake Mary

2008-04-01T09:57:00.001-04:00

A high-density development in Lake Mary got approval from the County Commission on Tuesday, but only after developer Bob Horian agreed to significantly reduce building height.

The development is on Sun Drive near Greenwood Lakes Boulevard.

Horian asked to modify an original development agreement from several years ago that would let him build condos on land previously approved for offices and town homes. Horian had proposed a 75-foot condo building on one tract. Commissioner Carlton Henley, whose district includes the Sun Drive development, balked at the height. Now the building height limit is just a little more than 55 feet.

Horian said he needed to adjust the project, particularly because town homes are not selling well.

Nothing's selling particularly well in this real-estate market, but Horian said he thinks he can make condos work in the area, where there's not much available land left.

People seem to have turned against town homes because they don't want to deal with the stairs, he said. "I couldn't in good conscience break ground on town homes." Instead, residents will use high-speed elevators.

Orlando Ranked in Top 100 for Businesses

2008-03-28T11:53:00.002-04:00

Fortune Magazine ranked being 73 out of 100 best places to launch a business. This was based on ecomonic diversity, tax rates, economic strength, natural beauty, affordable housing, small- business eco-system, and input from economy experts. Click Here for Fully Story

Program to Help Home Owner in Foreclosure

2008-03-25T11:32:00.002-04:00

Consumer Credit Counseling is has joined forces with other non-profit organization sto offer counseling sessions for home owners facing foreclosure of their home. The non-profit organization is getting 4,500 calls per day, and their contact information is 1-888-995-HOPE. For full story, please click here.

Central Florida $1 Million Home Being Raffled

2008-03-18T09:53:00.004-04:00

A Central Florida Builder is raffling off $1 Million home in Howey-In-the Hills to raise money for a charity. The drawing will continue through September, and the winner will need to pay $350K for income tax, and $17K in property tax. See Article for full details.

Don't Wait to Buy Orlando Real Estate

2008-03-10T12:00:00.002-04:00

Headlines have stated that if recession occurs mortgage rates will increase. Orlando, a number one tourist destination, and strong ecomony is a great place to invest. It's a buyers market, prices have come down, and plenty of choices for buyers. Money Manager Peter Lynch discusses to invest in the downturn. It will cost the same today, if you bought 12 months at reduced price from now with higher interest rate. Why wait?

Detroit Highest Foreclosure Rate 2007

2008-02-18T11:24:00.002-05:00

While every city is facing an increase in foreclosures, Detroit reported the highest amount in 2007. The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows. Click Here for Full Story

Centerline Building More Communities

2008-02-05T13:29:00.000-05:00

Centerline Homes, a 15-year-old Coral Springs-based home builder that has been more active than ever in the Orlando area in recent years, is preparing to open two more communities in west Orange County.

One is called Preston Square, in Windermere. The other is Summerlake, in the big master-planned development near Winter Garden known as Horizon West. Click here for more information

Tax Break for taking a Mortgage

2008-01-17T10:20:00.000-05:00

The break, called the qualified mortgage insurance deduction, lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance. Folks who earn less than $109,000 can take a write-off for part of it.
Full Articles, please click here.

Morrison New Build Incentives

2007-12-26T11:30:00.000-05:00

New-home sales are slower than builders would like, but discounts and deals and heavy marketing are beginning to show results, some builders report.

Taylor Morrison, the home builder and community developer created from the merger of Morrison Homes and Taylor Woodrow, for example, reports that its Central Florida sales in October and November were stronger than expected as incentives tap into pent-up demand.

Taylor Morrison builds single-family and town homes in 15 Orlando-area communities.
The various incentive packages now include a "Home for the Holidays" bonus worth $2,500 off the price of any new Taylor Morrison built home in any of the builder's Orlando-area subdivisions.

Maitland is the company's regional headquarters. Morrison had been considering making Maitland its national headquarters, with a move from the Atlanta area, until the merger took place and Taylor gained control.

Nemours Children's Hospital Moving

2007-12-04T11:14:00.000-05:00

Nemour Children's Hospital was to be with the cluster of hospital to make up "Medical City" in Orlando near Lake Nona, has decided to purchase 118 acre tract of land near Boggy Creek Road instead. The CEO decide that this new location will give them much more needed land, than the 37 acre land at Lake Nona.

New Developement in Minneola

2007-11-28T14:51:00.000-05:00

Minneola, a small town located just north of Clermont, and about 45-50 minutes from downtown Orlando is getting a new 700 home community spread called Minneola Ridge, to go along with other new development of Hills of Minneola a 4,000 home community next to Sugar Loaf Mountain a 2,000 home community. Commercial growth, and schools will occur with the residential developments.

Orlando Real Estate Comparison with Florida

2007-11-26T11:29:00.000-05:00

Orlando recorded more single-family existing-home sales during the third quarter than any of Florida's other metropolitan areas except the far-larger Tampa-St. Petersburg market, an industry report showed Wednesday.

Sales in Orlando's four-county metro area were still down 39 percent from a year ago, when the market was cooling but still far hotter than it is now, the Florida Association of Realtors reported. But the 4,005 homes sold by Realtors in Metro Orlando bested all other metro areas except Tampa-St. Petersburg, which recorded 5,913 resales of single-family homes. Click Here for full story. http://www.orlandosentinel.com/business/orl-homesales2207nov22,0,3513721.story

Blue Rose Condo-Hotel

2007-11-26T11:21:00.001-05:00

Construction was supposed to begin this year on the Blue Rose, a massive condominium hotel planned for Universal Boulevard near the Orange County Convention Center. But plans are on hold for now. The developers are no longer writing sales contracts for units, priced at $350,000 or more. Instead, they are taking reservations that can be converted into contracts in the future. The project doesn't have a date for breaking ground, either. A project sales executive acknowledges the slump in the condo-hotel market but says the delays are largely due to internal issues and changing plans. She said pre-sales activity would resume when a firmer schedule is approved. The 1,600-room, three-tower project won't open until late 2011 at the earliest -- two years later than originally announced. Orlando is noted to have the 3 largest condo-hotel market.

Star Tower Condomimum

2007-11-14T11:08:00.001-05:00

Star Towner Condominum another completed addition to Downtown Orlando Real Estate. This 100 unit condo tower is 80% sold out and ready for closing and resident move in. This building is located at 260 Osceola Avenue, and developers believe it well positioned for success with location and amount of residential and job growth increasing.

New Movie Theater In Downtown Orlando

2007-11-09T10:46:00.000-05:00

As part of downtown Orlando's new multibillion dollar makeover, AMC Entertainment will be opening a new 12 screen movie theater on Orange Avenue, much needed thing for downtown's growing residential population. It goes along with the redevelopment of adding a Publix grocery store, new performing arts center, and renovated Citrus Bowl will make residential living an attractive option.

October Real Estate Market Statistics

2007-11-08T19:40:00.000-05:00

Orlando Regional Realtor Association complied the latest October 2007 statistics.

Average mortgage rate 6.21%
Inventory: 26,330
New Listings: 4,958
New Contracts: 1,304
Under Contract: 1,923
Back on the Market: 310 Days
Expired: 1,969
Withdrawn: 2,181
Sales Closed: 1,034
Average Days on Market: 112

For historical statistics please click here: http://www.orlrealtor.com/Pages/marketpulse/MarketPulse1107.pdf

Florida Economic Forecasts

2007-11-05T16:04:00.000-05:00

Florida Econmist came together to discuss forecasts although no hard numbers were presented.

Econmist indicates they do not expect the housing market to further weaken, but will take time into 2009 for full recovery.

State toursim industry indicates that tourism has been flat during 2007, and steady due to the strong value for Europeans and Canadians. High oil prices have held back domestic tourism.

Governor Charlie Crist predict the homestead portability proposal change will stimulate the housing market. Although other experts predict it to have a marginal positive impact.

Mercedes Homes Offering New Concept

2007-10-30T10:28:00.000-04:00

Mercedes homes is building a new townhome community off Airport Blvd. in Sanford called Windsor Lakes will be opening a new swimming pool, cabana, and pushing an amenities center which will be featured in all town home communities throughout Central Florida. Windsor Lakes will be 203 townhome community.

Orlando Real Estate Doing Better than Others

2007-10-27T12:37:00.000-04:00

Despite the slow down in real estate sales Orlando is still attactive to buyers. Based on number of sales Orlando is second best behind Tampa in September. Orlando sold twice as many homes in September than Miami and Ft. Lauderdale.

40 Million American Moved in 2006

2007-10-24T10:40:00.000-04:00

The Census Bureau is reporting 14% of the popluation or 39.8 million people moved between 2005-2006. Here are some of the results:

18.4 Million or nearly half moved because they wanted a bigger or smaller home
West US had the highest moving rate at 16%, followed by South at 15%, the Midwest at 13% and Northeast at 10%
30% of renters moved from another rental and 7% of owner occupied moved
62% moved within the same county, and 20% moved to a different county, 14% moved to a different state, and 3% moved abroad

Orlando Unemployment Rate

2007-10-19T17:31:00.000-04:00

Orlando's Unemployment Rate is 4.0 percent in September, holding steady from August at 4.0 percent. This means 373,000 more jobless out of 9,270,000 work force. The nations unemployment rate is 4.7 percent. Orlando added 22,700 jobs in the past year. Florida has one of the lowest unemployment rates.

Lake Nona Room to Grow & Growing

2007-10-01T15:05:00.000-04:00

The Lake Nona development in southeast Orlando is on solid ground financially, owned as it is by British billionaire Joe Lewis and controlled by his Tavistock Group Inc. in Windermere.

Just as importantly, it has plenty of real ground.

"We have more land mass than Winter Park," said Robert Adams, vice president of marketing for Lake Nona Golf & Country Club. The club is the crown jewel of the 7,000-acre spread, but it's just a tiny piece in the treasure chest of Lake Nona, now 21 years old.

These are slower times for local builders and developers, so the backing of a billionaire helps ensure Lake Nona's long-term success.

Many residential developers are scrambling for customers, cutting home prices and giving away cruises to get people to tour their empty models. Lake Nona, by contrast, is preparing the ground for a medical school, a veterans hospital, the Burnham Institute for Medical Research, a town center, and a 500-acre science-and-technology office park. Plus lots of homes.

There's room for about 20,000 people, in addition to the 1,000 homes already occupied, most of them since Tavistock took control in 1997.

The company-owned community has so much land, it recently donated 334 acres to Orlando for a city park.

That's eight times bigger than Lake Eola Park, at 43 acres, and 11 percent larger than the city's previous largest public playground, the 300-acre Turkey Lake Park on the southwest side of town."

All roads lead to Lake Nona," said Adams, speaking last week at the National Association of Industrial & Office Properties' monthly meeting at the Sheraton Downtown Orlando. "That's because all roads lead to the [Orlando International] Airport. And we're right next to the airport."

That doesn't hurt.

Adams said Tavistock Managing Director Rasesh Thakkar, Lewis' right-hand man in Orlando, had been scheduled to speak at the association meeting but was asked at the last minute by University of Central Florida President John Hitt to accompany him to the state capital to meet with lawmakers about UCF projects at Lake Nona. Courtesy Orlando Sentinel 10/1/07.

New Development by Mercedes Homes

2007-09-25T11:39:00.000-04:00

In the Orlando area, Shingle Creek is known as the small, southerly stream where hotelier Harris Rosen recently opened his lavish Rosen Shingle Creek Resort. Elsewhere in Florida, Shingle Creek is recognized as part of the northernmost headwaters for rainwater flowing south from Orange and Osceola counties to the Everglades.

Now Central Florida-based Mercedes Homes has started work on a 104-home subdivision near the slow-moving creek. Shingle Creek Reserve at The Oaks is located off John Young Parkway and Pleasant Hill Road in Kissimmee.

This morning, Cristina Quintana, the recently appointed president of the Brevard County-based builder's Orlando division, said that a Jacqueline Bay model home has been built and is now open for public inspection.

She said two more models will be opened by mid-October.Homes in the development will range from 1,978 square feet to 4,295 square feet, and will be priced from the $290,000s, which is well below the region's average sale price for production-built subdivisions last year, according to industry surveys. Merecedes Home is the nations 28th largest builder. Courtesy of Orlando Sentinel 9/20/07.

Brokerage Firm Auction off $100 million in Real Estate

2007-09-20T09:19:00.000-04:00

Orlando-based brokerage IDX Realty will auction off an estimated $100 million in property early next month in one of the largest local auctions of its kind in the slumping real estate sales market.

This auction, scheduled for Oct. 6, will be conducted both in person at an Orlando hotel as well as online for potential buyers who cannot attend in person or perhaps prefer the newer technique involving a few clicks of a computer keyboard.

IDX broker Christopher Sampson said he has lined up sellers from Florida and four other states who want to unload their properties fast in a mega-sized, one-day sale.

The event will take place from 11 a.m. to 6 p.m. in the Double Tree Suites Hotel in Orlando, and online at the same time at idxpa.com.

Sampson said there have been lots of real estate auctions in the past and more announced every day because of the anemic sales environment, "but very few, if any, to this degree and magnitude involving so many properties at one time." The properties for sale run from vacant land and commercial buildings to multimillion-dollar estate homes.

The more than 60 properties in Florida, Georgia, North Carolina and New Jersey are being sold by investors, builders with too much inventory, lenders with foreclosed property, Realtors and regular homeowners who need to liquidate assets.

The IDX web site lists many of the properties so buyers can perform their due diligence analysis in advance. Most properties have a video, virtual tour or a slide show, as well as satellite map imaging to show the home's exact location. All listed properties have been appraised and the various home and termite inspections have been completed.

All registered bidders will be eligible to bid during the auction. Typical auction purchase contracts limit the contingencies a seller allows a buyer, although many sellers are providing incentives such as paying closing costs. Buyers are required to pay a deposit of 10 percent of the final sale price at the end of the auction, with closings generally set 30 to 45 days after the auction. Courtesy of Orlando Sentinel 9/20/07.

Subrime Lenders Yank Popular Loan

2007-09-19T11:07:00.000-04:00

Lenders have abruptly stopped offering the most popular type of subprime mortgage. Credit-challenged borrowers suddenly have fewer options.

"Many borrowers are not going to be able to refinance," says Deborah Goldstein, executive vice president of the Center for Responsible Lending. The consumer watchdog group has criticized loose standards for subprime mortgages, which are home loans for people with problem credit -- generally, with credit scores below 620.

Over the past few years, the most common type of subprime loan has been an adjustable-rate mortgage known as the 2/28 ARM. Since mid-July, five of the six biggest subprime mortgage lenders stopped offering 2/28 ARMs. Suddenly, there's a shortage of the type of mortgage preferred by about 60 percent of subprime borrowers.

For more details and information on refinancing options for subprime loans, click http://www.bankrate.com/baw/news/mortgages/subprime_20070726_a1.asp

Builders Offering New Incentives to Buy

2007-09-11T11:40:00.000-04:00

One of the holdups for many new-home sales these days is that the buyers may be stuck trying to sell their current homes. Now one major local builder is trying to get around that with a "no-payment-for-six-months plan."Mercedes Homes, through its mortgage subsidiary MHi Mortgage, will pay a home buyer's new mortgage for as long as six months while the buyer completes the sale of an existing property. The program differs from more limited ones in that Mercedes Homes, based in Melbourne, will pay all four parts: principal, interest, taxes and insurance.Loan amounts can range as high as $417,000, and for owner-occupied deals as much as 95 percent financing is available, along with other seller incentives, according to Sue Stewart, president of MHi Mortgage.Buyers must have a minimum credit score of 660 to be eligible. Courtesy of Orlando Sentinel.

Orlando Real Estate July Statistics

2007-08-14T10:54:00.000-04:00

Orlando Regional Realtor Association real estate market statistics are:

Average Mortgage Rate: 6.5%
Inventory of Homes: 26,018
New Listings: 5,404,
New Contracts: 1,717
Under Contract: 2,571
Back on Market: 329
Expired Listings: 1,786
Withdrawn Listings: 2,206
Sales Closed: 1,354
Average Days on Market: 100

To view previous months, please click: http://www.orlrealtor.com/Pages/marketpulse/Market-Pulse-8-07.pdf

Condo Hotels

2007-08-07T14:40:00.000-04:00

Orlando ranked the third largest in condo hotel market is fading out, after a sizzling real estate market just one year ago. Lexington at Orlando City Place in downtown Orlando just claim bankruptcy and sales are dismal for other condo hotels that have yet to break ground. Developers are wondering how long the market will adjust back to normal sales pace. Condo Hotels are units that someone owns, but operate like hotel with hotel services, the owner can opt to rent it out to other vacationers. Condo hotels have been deemed a risky product, and lenders think the same as borrowers financing requirements are much different as opposed to buying a traditional condo unit.

Orlando Median Price of Homes Up

2007-07-13T09:48:00.000-04:00

The median price of a home purchased in the Orlando area in June increased to $253,000, up 1.61 percent from June 2006, but sales fell nearly 50 percent from the same month a year ago, the Orlando regional Realtor Association said this morning.One sign of some stability though: The inventory of homes for sale through the local Multiple Listing Service rose by only 460 homes in June, compared with the heftier 1,028 increase in May.The total inventory of 25,923 is yet another record, though, and a 40.6 percent increase over June 2006's total of 18,437 homes for sale. It would take 18.12 months to sell all those homes and condos at the current, sluggish sales pace.

Orlando's Fastest Growing Area

2007-06-21T11:54:00.000-04:00

Just east of the airport and considered Southeast Orlando, now home to Lake Nona area, is one of the fastest growing areas of Orlando. This area soon to be the next bio tech hub of the nation and technological sector built along "innovation way". By 2020, this area is expected to house 37,000 residents, but right now there is much land and developments underway along 417 and 528 Expressway. To learn more about the business growth in this area see, http://www.orlandosentinel.com/business/orl-biomed2107jun21,0,119751,print.story?coll=orl_tab03_layout. Courtesy Orlando Sentinel 6/21/07.

Florida FCAT Scores

2007-06-19T16:14:00.000-04:00

Florida FCAT score determine school grades and what parents look for in evaluating schools and buying properties in certain school districts. These school grades will be released next week for 2008-2009 school year.

Buyers Market in Orlando

2007-05-29T11:19:00.000-04:00

Existing-home sales in Florida and across the nation continued to fall in April, and industry analysts said the subprime-mortgage market meltdown could foreshadow further weakness.

Florida's home sales plunged 26 percent to 12,016, and the median sales price slipped 3 percent from the same time a year ago to $237,800, the Florida Association of Realtors reported Friday.

Metro Orlando sales were off 35 percent and the median price dipped 5 percent to $250,300. Condo sales for the four-county region plummeted 57 percent to 207, and the median price slipped 7 percent to $166,100.

Statewide, condo sales were off 19 percent. But the median sales price showed some firming, rising 3 percent to $215,500.Nationally, existing-home sales in April fell 2.6 percent from March to a seasonally adjusted annual rate of 5.99 million, the National Association of Realtors said in a separate report. That was a 10.7 percent drop from April 2006.

Median prices dipped 0.8 percent from the same time a year ago to $220,900, the ninth straight decline.Real estate analyst Mike Larson, with Weiss Research Inc. in Jupiter in South Florida, said the state, which saw "spectacular gains in sales and prices on the way up," is now seeing prices and sales fall faster than the nation overall.

Larson said excess supply, overextended borrowers and rising foreclosures are some of the reasons for slack demand. But Larson and National Association of Realtors Senior Economist Lawrence Yun pointed to tighter lending standards as a factor.

Mortgage lenders, prodded by federal regulators, are making it harder for borrowers with weak credit to get a home loan.Subprime loans are higher-interest loans for borrowers who cannot get the best rates for various reasons, typically younger families, first-time buyers and people with past credit problems.Many borrowers who took out those loans in recent years are now defaulting, dumping homes on the market or losing them to foreclosure.

The core Orlando area's April sales -- mainly in Orange and Seminole counties -- were reported earlier this month, and showed the median price for homes and condos falling 3.1 percent, the first year-over-year decline since February 2002. Sales were down more than 40 percent from a year earlier.

The Orlando Regional Realtor Association, which for decades has tracked sales in the core market, includes condos and town homes in its figures. The three Realtor groups -- national, state and local -- all use different methods for reporting sales and median prices. Courtesy Orlando Sentinel 5/26/07.

If you are buyer it is a great time to buy with many choices and better contractual terms.

Inventory Up; Its a Buyers Market

2007-05-15T11:32:00.000-04:00

The growth in the number of homes listed by Realtors in the Orlando area slowed in April, but the median price dipped from the same month a year ago.

The Orlando Regional Realtor Association said the decrease put the median price of homes sold at $241,000, down 3.11 percent from April 2006 when the market was still hot. But that was up from $240,000 in March, when the median fell sharply.

For sellers, the growth in the inventory to a record 24,435 homes, up by another 888 listings in April, means more competition. But the dip in the median price and the large selection gives buyers even more bargaining power and reduces the pressure "to make quick decisions," said Randy Martin, president of the Orlando Realtor trade group.

Martin said the local housing market appears to be "seeking a middle ground" between buyers and sellers and noted that the growth in inventory slowed from March, when another 1,492 homes and condos posted for-sale signs.

The 30-year mortgage loan rate average also remained below 6 percent during the month, at 5.93 percent, another helpful factor, Martin said.

The number of homes sold in metro Orlando ? Lake, Orange, Osceola and Seminole ? fell 41.4 percent from April, 2006, and year-to-date sales were down 35.1 percent. Orange County sales were off 44.4 percent, Seminole's fell 36.6 percent, Lake was down 30.3 percent and Osceola fell the most, at 47 percent. Courtesy of Orlando Sentinel 5/10/07.

17-92 Way Down the Road to Be Wider

2007-04-23T13:24:00.000-04:00

Preliminary studies on widening 17-92 from Lake Mary Blvd to Airport Blvd will take a long time to plan and execute. Widening is expected for 3.65 to begin 2010 and completed 2014. Initial planning will cover concerns of environmental impact, rising costs of construction materials and real estate. This highway will be more user friendly by offering better look to the area and bicycle lanes as well.

Young Home Buyer with Money

2007-03-21T10:36:00.000-04:00

Keep an eye on the young-with-money set — 18-to-35-year-olds with household incomes of $100,000 or more. They’ll be good prospects, particularly for upscale homes, says Bob Jordan, president of International Demographics.

The demographic represents 26.6 percent (6.2 million) of the 23.2 million adults with household incomes over $100,000 in the 87 metros regularly surveyed by The Media Audit, part of International Demographics.

The number of young with money also eclipses the age 55 and over bracket. “There are more — by both percent and actual number — adults with six-figure incomes under the age of 35 than there are over the age of 54,” says Jordan.

An analysis of Federal Reserve data by the National Association of Home builders bears this out: Median income for 55-plus households is somewhat lower than it is for younger households.

Better educated women, wealthier men

Fifty-six percent of the women in the young-with-money group have one or more degrees, compared with 46 percent of the men. Although younger women tend to have more degrees, more younger men, 60.9 percent, have six-figure incomes compared with 39.1 percent of women. And men get to the $100,000 income level more quickly, with 19.4 percent of 18- to 20-year-old men at or above this income compared with 15.6 percent of women.

Still, education level is key to wealth for this group, and Jordan anticipates that young adults with money, particularly those with an education, will continue to be a growing part of the marketplace.

Homeownership trends

Younger women aren’t only more likely to buy a house, but they’re also more likely to own a larger or more expensive home compared with men in the same demographic.

• 46.5 percent of women age 18 to 35 have homes valued at $300,000 or more.
• 42.2 percent of men have homes valued at $300,000 or more.
• 80.7 percent of women in this group own their home, compared with 74.3 percent of men.

Other young-with-money stats

• 63.2 percent of the “young with money” are 25-34
• 58.3 percent are Caucasian
• 9.7 percent are African-American
• 15.3 percent are Hispanic
• 12.7 percent are Asian
Courtesy www.FloridaRealtors.org

Church Street Station Brings Out Buyers

2007-03-20T12:07:00.000-04:00

Church Street Station an Entertainment Complex and i-con to downtown Orlando is facing bankruptcy. The anticipated auction will be held on 4/5/07 and drawing nationwide interest. For minimum bid of $34 million, comes with 64,000 sq. ft. of commercial real estate, eight buildings at intersection of Pine and Church Street, and between I-4 and CSX rail lines. Downtown Orlando is exploding with changes from new high rise condos, office space, and retail. And new stadium and entertainment complex in discussion West of I-4. Church Station is in a great area, with lots of possibilities for new owners.

Inflation and Housing Market

2007-03-19T11:50:00.000-04:00

A fresh batch of data Thursday signaling rising inflation, combined with ongoing concerns about the nationwide slump in home sales, has sharpened the debate over whether the weakness in housing will spill into the broader economy and spark a recession.

The U.S. Labor Department's Producer Price Index for February jumped by 1.3 percent, above the market estimate of 0.5 percent, with a big increase in energy prices and the largest rise in food costs in more than three years.

Even excluding food and energy, the core wholesale index rose 0.4 percent, double what analysts were predicting.

Worries about the ripple effect of problems in the subprime-mortgage market also are adding to fears. The subprime-lending market is the sector serving higher-risk borrowers, with higher interest rates and far higher chances of forclosures.

"Everything is kicking the housing market while it's down," said Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida.

Weakness in new-home sales and the record backlog of existing homes for sale in the Orlando area and others parts of the country are problems that could now linger into 2008, Snaith said, rather than dissipate by late 2007.

But with mortgage-interest rates still low, continuing job growth, and unemployment rates that are "incredibly low," he said, "all the underpinnings for the economy are still on solid ground."
Metro Orlando also continues to look particularly healthy relative to some markets, he said.

In his latest forecast, for example, Snaith projects that employment growth in the Orlando area will slow only slightly during the third and fourth quarters, in terms of year-over-year percentage change, then begin accelerating in the first quarter of 2008 and be back to 2006 levels by the end of next year. Single-family home starts are projected to continue falling until the second quarter of 2008. Courtesy Orlando Sentinel 3/16/07.

Burnham Institute Breaks Ground Soon

2007-03-06T10:12:00.000-05:00

The Burnham Institute plans to break ground on a state-of-the-art facility in southeast Orlando as soon as October after winning approval of the largest financial incentive package in Central Florida history Monday.The La Jolla, Calif.-based nonprofit biomedical-research institute is already recruiting scientists to work in Orlando. They will move into temporary laboratories at Florida's Blood Centers in June until a permanent facility opens in 2009.

Members of the Orlando City Council called it a historic day when they approved the city's share of the $367.2 million incentive package. Burnham agreed to bring at least 303 high-paying jobs here during the next 10 years, in exchange for incentives that amount to roughly one job for every $1.2 million.

This area will be the catalyst for other companies moving to the area, such as Neimours Childrens Hospital, UCF Medical School, and VA Hospital. Courtesy 3/6/07 Orlando Sentinel.

Maitland Condos

2007-03-05T11:27:00.000-05:00

Maitland at 17-92 and Horatio is being revitalized with new store fronts and new downtown center look and more projects expected to start construction. Just north of this area along 17-92 will be the new condo community called The Trevi, with pricing starting at $350K for these luxury condos. And sales have begun at 711 N. Orange Ave. in Maitland for its luxury condo development at U.S. Highways 17-92 and Sybelia Parkway in Maitland. First phase will offer 59 condos. Look for future updates on this areas improvements.

Consumer Real Estate Survey

2007-01-10T11:14:00.000-05:00

National Association of Realtor surveyed 7,500 buyers and sellers around the country and the results indicated about the home search & purchase:

85% of home buyers used a real estate agent during thier home search
64% of buyers who use a agent utilize the services of a buyers agent
75% of buyers viewed the internet as very useful too in their home search
A majority of buyers searched for eight week before purchasing a home
1 in 5 homes purchased were newly built home
75% of buyers purchase a single family detached home
Neighborhood quality was the most important factor for buyers selection a location
The typical buyer purchased a home slightly larger than 1,800 sq. ft.

Courtesy of Orlando Realtor Publication.

Martha Stewart Home Community In Orlando

2007-01-08T13:35:00.000-05:00

New Martha Stewart inspired community is coming to Central Florida. This community called Avellino will be located in southwest Windermere over 31 acres. The architectual style of homes will be themed after Martha Stewarts own homes.

KB homes expects homes to be sold out in 12-14 months based her reputation. These homes will be different from the first Stewart community in North Carolina, as this will have local landscape and tastes. These homes will feature front porches, rear access garages, smaller lots with community spaces and side walks to encourage people to mingle. This community will not have retail space or town center.

Stewart has 4 other communities on the horizon in Texas, California, Georgia, and another in North Carolina. Courtesy of Orlando Sentinel 1/5/07.

The Carisle Project May Not Happen

2006-12-19T11:37:00.000-05:00

The Carisle Project is projected condo, retail, and new post office location west of Central park covering a few acres, was approved by the city, then disapproved, and brought much controversy amongst Winter Park residents. Recently, Mayor of Winter Park has had private discussions with the Carisle developer to reach an agreement. It is proposed the Mayor would buy out the development project for $18 million. Financing this would be very strategic. The Mayor would contribute $100,000 from his own pocket and raise 1/3 more. In addition, the Winter Park Library would be sold for around $13 million and be moved to alternative location. Because the post office was part of the Carisle project it would have to bought for $5.5 million and the post office has verbally agreed and would be moved to west of Winter Park Village. The current location of the Carisle project will remain an extension of Central Park. The commissioners are scheduled to review this proposal next month. Local down town Winter Park residents are pleased with the compromise, and plan to contribute to the cause. Courtesy of Orlando Sentinel 12/19/06

Orlando Real Estate for November 2006

2006-12-13T14:13:00.000-05:00

25,371 homes and condos have sold in metro Orlando this year, which is the second best year on record after 2005 totaled 31,230.
Resales for the month of November has slipped 34% in Orlando core area compared to Novemeber 2005, while condo sales have slipped 44%
Median price of home still hovering around $250K
Novembers inventory of homes at historical high sit 21,122 for November representing 13 months of inventory. A local realtor indicates 6 months is ideal.
Average number of days a home sits on the market is 74 and slowly increasing
Demand is still strong due to interest rates are still historical low and Orlando job market is strong and could be strong if property taxes and insurance rates did rise so sharply.
In November Seminole county market has held the best with 3.6% decline compared to Orange county 8.7%, Osceola couty 12.7%, and Lake county 21.4%
A local realtor indicates that market correction is coming to an end and price reductions will be slowing down.
Orlando is doing better than other metro Florida cities.
Courtesy of Orlando Sentinel 12/13/06.

Orlando Real Estate Values Remain Strong

2006-12-05T11:41:00.000-05:00

Despite record-high inventory and slowing sales, home prices in Metro Orlando are not collapsing under the pressure so far, a University of Central Florida economics professor says.

In his latest analysis for the Mortgage Bankers Association of Central Florida, professor Stanley D. Smith concludes that "the current numbers suggest that in general Central Florida housing markets are currently experiencing the soft landing that many had hoped for."

But his December report, released this week, repeats the cautionary language of his previous studies, noting that, "as we watch the effects of higher inventories and discounts on new homes, it is possible that the situation may change."

Smith examined the most recent numbers from the Orlando Regional Realtor Association, reflecting its members' October existing-home sales, as well as statewide Realtor sales and a housing-price index favored by many economists. That index, by the Office of Federal Housing Oversight, is based on repeat sales of the same single-family homes over time, all financed or refinanced with conventional loans. That approach removes some of the variables that make Realtor sales reports more volatile.

The federal index showed that, in the third quarter, Metro Orlando's home prices still rose 1.6 percent -- down sharply from the 8.5 percent appreciation rate of last year's third quarter, just after the market peaked, but still in positive territory.Metro Orlando's third-quarter rate was slightly better than the statewide growth rate of 1.2 percent. Also, the index revised upward Orlando's price appreciation rate for the second quarter from 3.7 percent to 3.8 percent, and the state's from 2.5 percent to 2.6 percent.

But east Central Florida's coastal metro areas were far weaker in the third quarter. The index showed that the Brevard County metro area posted no home-price appreciation during the three months that ended Sept. 30, while Volusia's resale prices rose just 0.8 percent. Metro Orlando comprises Orange, Seminole, Lake and Osceola counties. Courtesy Orlando Sentinel 12/2/06.

Orlando Real Estate

2006-11-21T11:43:00.000-05:00

Although Orlando homes sales have dropped 24% since last year, the median price of a home rose 5.3% to $259,900 and the average price of a home just topped $320,000 for the first time in October. With the large inventory of homes climbing to 21,134 sellers are getting desperate to sell, and new home construction are delivering lots of incentives which is putting competition on the resale market. With November and December historically slow months, experts believe the cooling of sales will occur for another year. Forclosures are expected to rise as adjustable interest rates increase. Local realtors indicate the value in Central Florida is strong and expected to rebound sooner that other areas of the country. Year to date sales of 23,581 for both Seminole and Orange County has been the second best year ever. Courtesy of Orlando Sentinel 11/18/06.

Orlando Apartment Vacancy rate Low

2006-11-16T11:13:00.000-05:00

The Orlando apartment vacancy rate fell to 4.7 percent in the third quarter, a level not seen since year-end 2000, according to Marcus & Millichap Real Estate Investment Brokerage Co.'s Orlando Apartment Research Report.

Marcus & Millichap attributes the decline to a significant inventory reduction, strong tenant demand due to job and population growth, and declining housing affordability.

Condo converters took 17,000 apartment units out of Orlando's inventory over the last 12 months, but some of these units could return to the market as rentals if the housing market keeps weakening, the report says.

Meanwhile, the area expanded by 54,000 jobs last year and will add another 34,000 jobs in 2006, a 3.2 percent increase. Courtesy Planet Realtor.

The decline in vacancy rates has allowed owners to raise rents, says Gregory Matus, regional manager of Encino, Calif.-based Marcus & Millichap's Orlando office, in a release.

Asking rents will rise 6.8 percent this year to an average of $875 per month over 2005, the report says.

The report further predicts that apartment completions will fall to 1,200 units this year, down from 2,500 units in 2005.In addition, the report says the vacancy rate will fall 20 basis points to 4.6 percent by year-end 2006 from 4.8 percent at year-end 2005. Courtesy of Planet Realtor.

Orlando Real Estate Home Values

2006-11-13T12:00:00.000-05:00

Home values in Metro Orlando and two other Florida markets were among the nation's fastest growing in the third quarter, according to an analysis by an online real estate research company. Zillow.com estimated that Orlando-area existing-home values in the quarter rose 17.6 percent from the previous year, trailing only Jacksonville, at 19.1 percent, and Portland-Salem, Ore., at 17.9 percent. The Richmond-Petersburg, Va., area was fourth at 16.2 percent and Tampa-St. Petersburg fifth at 15.9 percent. Zillow.com uses a proprietary method for its analysis. The Seattle-based company said that despite a decline in values in many regions during the quarter, home values were up 4.8 percent year-over-year in the 36 regions it studies. Declines were noted for Boston; Hartford, Conn.; Cincinnati; Minneapolis; San Diego; and Sacramento, Calif. Courtesy of Orlando Sentinel 11/8/06.

Curb Appeal Needed to Attract Buyers

2006-11-09T12:40:00.000-05:00

With many properties on the market and sellers care coming up short when making changes to their home and ready for sale. Curb appeal is one item being overlooked, it the property is not maintained from the outside, buyers are immediately turned off from the property. This can include of landscape to condition of the roof. Depending on the condition of the home, a seller may spend a few hundred dollars to a few thousand dollars to bring the exterior up to competitive appearence. Other homes may need significant investment to overcome eyesores that might give buyers cold feet are new windows, siding, or roof which accounts for 40-60% of the exterior of the home. Here are some other ideas.

Paint. Especially important if your home color is dated or out of style. Don't forget fresh coats on trim and around windows.
Clean. Power wash walls, driveways and sidewalks to remove debris and cobwebs. Clean windows.
Clean up the landscape. Trim bushes below window height. Tidy up flowers and keep the lawn mowed and edged. Store toys and equipment out of sight.
Repair. Fix lighting, fill cracks in driveways, secure screen doors and railings, replace cracked window panes. Remove and replace loose shingles. Reattach sagging gutters and downspouts.
Add color. Potted plants, fresh flowers are inviting and add visual appeal

Courtesy of Planet Realtor.

Winter Park Langford Property up for Sale

2006-11-08T11:56:00.000-05:00

Downtown Winter Park has been growing with luxury condos around Park Avenue. Investors of recent built luxury condos owns 3.5 acres next door. These investors were going to build a 5 star hotel and allow residents of Residences at Interlachen access to hotel services. However, negotiation with a hotel operated did not work and the investors have decided to sell this 3.5 acres as this land had appreciated and this is not their business. This parcel is zoned for a hotel up to 230 rooms. Courtesy of Orlando Sentinel 11/7/06.

Modular Homes Increasing Popularity

2006-11-06T12:17:00.000-05:00

Modular home are becoming more popular choice people looking to build a home, which has been a small part of the residential market. Traditionally, these homes have been purchased in the north, because of the winter weather, and short growing season. These modular homes are built in doors in climate controlled conditions, with adequate labor, and with popular designs. Modular homes come with high ceilings, wood flooring, and granite counter tops to get a custom look. Once built they require small amount of labor to connect, so onsite building does not take months and months. The construction quality competes with traditional construction. For these reasons they are becoming more popular in the Southern US, such as Florida. A recent Orlando resident purchased a half duplex 3 bedroom and 2.5 bath with 1,400 sq. ft. for $338,000 including all the interior upgrades.

Orlando New Construction Homes

2006-11-03T09:40:00.000-05:00

Orlando, Florida a prospering city for real estate, has many new construction projects and home sales that have slowed down from last year. The orders for new home sales have slowed and new inventory homes remain vacant, pushing inventory numbers to 22,794 units. Despite slowdown, here are some developments that remain active during 2006:

Solivita 743 homes
Timber Springs 489 homes
Lakes of Windermere 482 homes
Spring Isle 476 homes
Summerport 391 homes
Avalon Park 385 homes
Moss Park 350 homes
Legacy Park 354 homes
Plantation at Leesburg 324 homes
Lake Ashton in Polk 304 homes

Many builders are offering various incentives to lure buyers to contracts. Such as TV, cash incentives, and home decor. Courtesy of Orlando Sentinel 11/1/06.

I-Drive Plans for Redevelopment

2006-10-30T11:22:00.000-05:00

International Drive, a popular tourist area, has had stiff competition from shops along Sandlake and Millenia Mall. Unicorp National Development, the company that created Baldwin Park Village Center, has accumulated about 30 acres on International Drive for a billion dollar project including hotels, restaurants, and upscale shops, that would be along the lines of Rodeo Drive in California.

The Goodings Plaza was just purchased for $22 million will incorporated into the original planned development adjacent to Mercado Mediterreanean Village shopping, which was previously purchased by Unicorp for $20 million. Gooding Plaza tenants include Ripleys Believe it or Not attraction, Charleys Steak House, Goodings Supermarket and the Crab House, will be incorporated into the new design, but Ripley would stay exactly the same. Orlando Sentinel 10/26/06.

Downtown Orlando Entertainment Complex

2006-10-17T10:53:00.000-04:00

Mayor Buddy Dyer and city commissioners have agreed to purchase a new location for the new Orlando Area and Entertainment complex for $35.5 million. This will be 9.4 acre site which runs south from the southwest corner of West Church Street and Hughey Avenue, and tucked in the corner of I-4 and East-West Expressway.

This is the largest project in Dyers career, which will encompass a new arena, performing arts center, and renovated citrus bowl with total project costing $1.04 billion. Dyer believes these venues will have an impact on the community not just 10 years, but for the next 50 years.

There is opposition to the project concerning not any public input, agreement with Orlando Magic, or sufficient information about the site. Courtesy of Orlando Sentinel 10/17/06.

Vacation Home Market Orlando, Florida

2006-10-10T13:02:00.000-04:00

Vacation homes have been a popular option for investors and vacationers alike in areas close to Disney such as Kissimmee, Davenport, and South Clermont.

Due to rising land and constructions costs builders are constucting high density developements such as condos and townhomes. This is a more affordable option and the trend is attached homes such as townhomes with lots of amenities and resort feel. KB homes is building a townhome community called Crestwynd Bay starting at $260K.

With rising prices with single family homes, rent owners are having difficulty covering mortgage and carrying costs. However, although demand is slowed single family home rentals with lots of amenities are still popular with British vacationers. For instance, Lexon homes is building two single family home developements priced $350,000 to $460,000. There will be onsite rental operation to help owners maximize rents and occupancy. KB Bella Toscana in Polk County single family homes start at $320K.

Real Estate agents feel the slowed vacation market will once again bounce back. Courtesy of Orlando Sentinel. 10/10/06.

Signs Real Estate Market Stabilizing

2006-10-04T10:33:00.000-04:00

Pending home sales are up according to National Association of Realtors (NAR). The Pending Home Sales Index in August rose 4.3% from July, but still low compared to August 2005. Pending index is sales of existing homes when a contract has been signed but the transaction has not closed, until finalized within one to two months of signing. David Lereah, NAR's chief economist indicates the index is a hopeful sign, that sales should stabilize over the next two months, although a minor decline is possible. With fewer new listings coming on the market we should see draw down on inventory early next year and prices will rise, but at a slower pace than historic norms. Courtesy of Planet Realtor 10/3/06.

Addresses Changing in Central Florida

2006-10-03T12:05:00.000-04:00

The US census indicates 60% of Central Florida Residents changed addresses since 2000. 460,000 residents moved into an apartment or home during the real estate boom. Home to work commutes exceed national averages in 26 minutes in Seminole County, 27.7 minutes in Lake County, and 31 minutes in Osceola County. One resident states he used to live in a condo in downtown Orlando with a 12 minute commute now traded to have 2,000 square feet in Winter Garden with a 30 minute commute. Real estate agents indicate buyers are willing to increase their commute for a bigger home if they have access to highways such as State Road 417 and 408. Buyers from New York and California are buying real estate in Ocoee and Winter Garden for half the cost with a larger home. Courtesy of Orlando Sentinel 10/3/06.

Oralndo Price of Homes Remain Strong

2006-09-27T11:45:00.000-04:00

Nationwide home sales have fell for 5th straight month, pushing median price down by 1.7%, which represents first decline in 11 yearts. Nationwide inventory of unsold homes to 3.92 million.

In Florida, single family home sales plunged by 34% in August compared to last year, but median price of home remains at $250K up 9% from last year.

Orlando Real Estate home sales fell by the same amount as State of Florida and the median prices of a home is $261K which is up 5% from August 2005. While Orlando median price of a home remains stable, other Florida cities have seen double digit declines such as Sarasota-Bradenton, Panama City, Melbourne, Titsville, and Fort Walton. Double digit median price increases are occuring in Gainsville, Ocala, Tampa, St. Petersburg, and Clearwater.

Sales have slowed sharply due to rising mortgage rates and slowing economy. It is still a great time to buy with volume of choices for buyers and more favorable terms for buyers. Courtesy of Orlando Sentinel 9/26/06.

Home Buyers Buying Young

2006-09-26T13:47:00.000-04:00

Tomorrows home buyers are under age 25, are tech savy and searching the internet for homes. Many these home buyers are purchasing homes at a younger age than their older brothers and sisters as well as their baby boomer parents. Many young home buyers see purchasing real estate as a good long-term investment and no longer waiting for a long term relationship or getting married to make a purchase. The percentage of young home buyers have increased from 11% in 2001 to 14% in 2005. The trend of single female home buyers has increased from 14% in 2001 to 21% in 2006. Courtesy of Planet Realtor 9/25/06.

Central Florida Plans for Future Growth

2006-09-25T11:03:00.000-04:00

At Daytona Beach community college 50 elected officials around the area came together with residents and representative from www.myregion.org to plan for Central Florida growth. It is estimated by 2050 Central Florida's population is expected to grow to 7.2 million. Ten years ago the average housing density was 1.5 acre per home, now it is 1 acre per home. Team got together to view Volusia county region via lap tops to divise ways to implement public services such as roads, water, emergency services, and public transportation to plan for the growth, while preserving land for wildlife. Courtesy of Orlando Sentinel 9/25/06.

Flipping Homes Not So Profitable

2006-09-22T11:01:00.000-04:00

The real estate boom has brought investors from all walks of life and occupation to purchase real estate in the hopes of making a profit since the past few years. Today with the market softened investors are faced with the possibility of having no or little profit from their venture. Nearly 1 in 5 flippers who sold from April to June lost money on the deal, which is the highest level in 2.5 years according to HomeSmartReports.com. This report will be released an show flipping activity in 147 metro areas. With speculators pulling out of the market, it is accelarating the decline in home sales this year. Life has become hard for sellers, while buyers have more choices and incentives, as sellers cut prices. However, there are sellers holding onto their high price tag, with dreams of making a profit. The four hottest real estate markets such as California, Florida, Arizona, and Nevada has hit the hardest with slow sales for flippers. Nationally, the level of real estate flipping declined to 4.7% in a quarter, down from a high 6.4% in first quarter of 2005. With the number of speculators bailing, the number of inventory of homes has hit an all time high in the US.

Orlando Flipping Statistics:

5.3% of homes flipped in past 5 years
6.0% of homes flipped in 2nd quarter 2006
$33,750 profit flipped homes in 2nd quarter 2006
11.7% flippers lost money 2nd quarter 2006
$17,150 lost money in 2nd quarter 2006

Courtesy of Planet Realtor and HomeSmartReport.

Historic Home Auctioned In Downtown Orlando

2006-09-21T10:54:00.000-04:00

A Victorian era home built in 1887, and called the O'Neal house, will be auctioned off on 10/7/06 to the highest bidder, which is located on Lake Cherokee in the heart of downtown Orlando. This home has been updated through the years an offers polished wood floors, fireplace with ornate carvings, upgraded kitchen, pool, 5 bedrooms, and 4.5 baths. This home is two of surviving six homes located on once called "Honeymoon Row" because prominent newly weds lived here at once called Lake Minnie rather than Lake Cherokee. This home is a historic landmark and comes with restrictions that require the owner to obtain permission to make any changes. Four of the original homes have been torn down, but regulations require as much preservation as possible.

There will be no minimum bid. The bidder must put down $25K in cash or cashiers check and 10% due on day of auction and remaining balance within 30 days. This property is estimating to be sold from $1-2 million. Courtesy of Orlando Sentinel 9/21/06.

Status of Orlando Real Estate

2006-09-19T10:57:00.000-04:00

The number of homes sold in the core market of Orlando dropped 34% compared to August 2005. August 2005 noted to be the single busiest month in history of Orlando Regional Realtor Association. The median price of a home increased by 2% over August 2005 which is at $249,900. Buyers are holding back due to increasing insurance rates and taxes, leaving the number of inventory homes over 20,000. This represents a 10 month back log supply. In addition, the number of new construction homes being sold through the realtors are rising which has not been seen in the past. As a result of the slow down, sellers are having to slash prices, to get any activity. Surrounding Orlando counties are feeling the same slow down, but Brevard county and coastal communities have builder cutting back on construction and buyers walking away from their deposits. Mortgage rates have been steadily rising, but recently the average rate went from 6.53% to 6.20%. Courtesy of Orlando Sentinel 9/15/06.

College Park More Development to Come

2006-09-14T11:04:00.000-04:00

College Park located just on the west of Interstate 4 near downtown Orlando offers a quaint town center along with historic homes. A 50 year mobile home park located at the corner of Edgewater Drive and Maury Road home to many elderly residents has just delivered 6 month eviction notices. This mobile home park along with 9 acres south, which is still in negotiations with Orange County Public Schools, will be redeveloped with office, retail, and homes. Many elderly residents cannot afford to rent for $225/month. The builder indicates it will help residents to move their mobile up to $3000.00, if new enough and up to building codes, or compensate $1375.00 to $2750.00 depending on home size. Still residents do want to move 30 miles away or can afford to pay $10,000.00 needed to anchor the mobile down. Courtesy of Orlando Sentinel 9/13/06.

Good Luck Finding an Orlando Apartment

2006-09-11T14:35:00.001-04:00

Orlando occupancy rates of 97.5% the highest since 1987 combined with rising rent prices are causing difficulty in finding affordable apartments. Orlando ranked 8th in the nation for increased rent prices by 7.7% in past year. Short supply of apartments has occurred as because of the condo conversions (converting apartments to condos). Orlando has been the second leader in nation for condo conversions. New supply of apartment complexes will be built, but not fast enough because of rising construction costs and opposing from residential areas. Rent prices are starting to stablize. With low employment rate, generation of jobs, continue to draw people to the region. Courtesy of Orlando Sentinel 9/10/06.

Selling Your Orlando Condo in a Soften Market

2006-08-31T11:29:00.000-04:00

Orlando has been one of the busiest condo markets in the nation from newly built units to renovated condo conversions. With the soften market with slow sales and high volume of investors needing to sell, the amount of condos for sale are mounting. Selling condos are challenging when your competition has the same floor plan or same model. How to differientate yourself from other sellers. Here are some tips Mark Nash a real estate broker and author of "1001 Tips for Buying and Selling a Home".

Make sure the price is right: Do not overshoot the price if there are many units for sale and more condos available in immediate area.
Have more "brokers open": This is a time to gather broker for food and entertainment to get more showings.
Develop a "resource list": Materials or brochures of what is offered in the community to target a certain audience, whether shopping areas, day care centers etc.
Add glitz to the kitchen and bathrooms: Many condos have small galley style kitchen, consider spending a few thousand dollars to give it some pizzazz.
Consider incentives: Advertise giving away a TV or gift certificate.
Courtesy Planet Realtor 8/30/06.

Hurricane Construction Program Popular

2006-08-29T13:34:00.001-04:00

My Safe Florida Home Program launched 11 days has had an overwhelming response. This program is designed to lessen hurricane damage and help homeowners get lower insurance rates. State of Florida has been the first state to offer such a program. The State of Florida launched free home inspections to home steaded residents to offering a report to make their home hurricane resistant. Certain homes owners could qualify for grants to get their homes repaired. 61,000 homeowners have applied, mostly in the Tampa area and South Florida. There is $250 million for grants up to $5k per home will be allocated to 50,000 residents over a three year period. Low income homes will receive the money outright. It is unclear whether there will be enough grant money to cover 61,000 applicants. Inspections are expected to be completed by mid-November. They will reevaluate the program if they run out of money. Courtesy of Planet Realtor.

Burnham Institute Coming to Orlando

2006-08-24T11:11:00.000-04:00

Burnham Instititue Medical Research annouced yesterday its plan to have a bio tech research facility in Lake Nona area located southeast Orlando. The research facility will part of Innovation Way a technological center expected to bring corporations and along with anticpated 37,000 homes by 2020 to this area. This is huge accomplishment in Orlando economy after Lockheed Martin and Disney called Orlando their home. UCF Medical School, VA Hospital, and University of Florida Research facility will be built within this corridor, bringing many jobs to the area. Burnham choose Orlando or Port St. Lucie, because Orlando offered various lifestyles, public venues, arts, and sporting events. Burnham Institute and its scientist will granted $310 million in perks to bring them to the area, which will include money from State and local government, human tissue donation from Orlando Regional Healthcare System worth $30 million, $500K valued home for visiting scientists, interest free loans for employees, country club memberships to recruit scientists, and TV commercials during Tavistock golf tournment. The institute will be completed within 2 years. Courtesy of Orlando Sentinel 8/24/06.

Home Sales Drop Nationwide

2006-08-23T12:39:00.000-04:00

Nationwide July homes sales drop to the lowest level in 2.5 years, sign the market has softened. This latest statistics is weaker than economist predicted, which was sale to drop to 6.55 million. The median price of a home is up .9% to $230K. The inventory of unsold existing homes rose to 3.86 million which represents 7.3 months of back log homes on the market. This volume represents the largest inventory since the spring of 1993. Regionally sales dropped in teh Northeast by 5.4%, Midwest 5.9%, South 1.2%, and 6.4% in the West. Consumers have tighten their spending for homes due to rising mortgage rates and energy prices. The Federal Reserve is cautious about raising interest rates, but has to do so to keep hold off inflation. Home values are not going up as much now as double digit gains seen in past few years. With sellers feeling the pressure, prices are being reduced, buyers are getting better terms, and have more of a selection of homes. Courtesy Orlando Sentinel 8/23/06.

Downtown Orlando Condo Market

2006-08-22T12:11:00.000-04:00

Condominiums are changing Orlando's skyline with 30 announced or started, survival of these projects is the question with the lack of buyers and rising construction costs many construction projects have been halted or many have rethought about going forward with the projects. Two years ago developers would have no problems attracting buyers for contracts, but with rising mortgage rates and softened market have made viable projects take a different direction. Condos in the city center is been attractive to buyers across the nation, but without buyers many will not qualify for construction loans. Courtesy of Orlando Sentinel 8/20/06.

Orlando Real Estate Update

2006-08-17T17:26:00.000-04:00

July Statistics from Orlando Regional Realtor Association.

Orlando Unemployment Rate 3.1%
Average Mortgage Rate 6.53%
Inventory of Homes 19,827
New Listings 6,862
Pending Sales 2,505
Homes Back on the Market 364
Expired Listings 1,066
Homes Withdrawn off the Market 2,353
Homes Sold 2,113
Average Time on the Market 61 days

Nationwide Real Estate Sales Status

2006-08-16T11:56:00.000-04:00

According to National Association of Realtor home sales are down 7% for secondo quarter compared to second quarter 2005. 28 states have declines sales with the leading states that experienced the real estate boom last year.

State Sales decline: Arizona (26.9%), Florida(26.7%), California (25.3%), Virigina (23.9%), and Nevada (23.5%).
States that have seen gains this year are Arkansas (17.9%), Texas (11.3%) , North Carolina (11%), and Vermont (9.1%).
Cities that have seen gains are Baton Rouge, La (27.3%), Ocala, Fla (25.3%) and Virigina Beach (23.6%).Courtesy of Orlando Sentinel 8/15/06.

What's up with Condo Hotels?

2006-08-15T12:17:00.000-04:00

Condo hotels are the hottest thing in the hospitality industry right now, but a market study indicated investor demand may drop and many projects planned will not be built. Condo hotel are newly built or converted hotels. These buildings operate like hotels, but units are sold as condos but are rented out like hotel rooms, owners have the option not to rent it out. These condo hotels are in the hotel business, and will follow the supply and demands of hotel rooms. Orlando condo hotel market is expected to soften which means projects may not be executed. This study showed 103 condo hotels with 76 under construction. 56% of the condo hotels reside in 4 cities Las Vegas, Orlando, Miami, and Fort Lauderdale. Orlando has 47 condo hotel projects underway two located in tourist areas, and two in downtown Orlando. Right now the hotel business is looking good. Courtesy of Orlando Sentinel 8/15/06.

New Construction Homes in Orlando

2006-08-14T14:11:00.000-04:00

Orlando housing market still active compared to other areas of the country despite rising interest rates. Orlando strong job growth and low unemployments keeps real estate moving. New home inventory representing a 9 month supply of vacant built homes represents 23,539 units. Courtesy Orlando Sentinel 8/12/06.

Buyers Market on the Horizon

2006-08-10T11:38:00.000-04:00

Real estate sales of new and resale homes have slowed, but median prices of homes are still increasing. These gains have been smaller than previous years. As record level of unsold homes sit on the market is causing greater pressure on pricing in coming months. David Lereah, chief economist at National Association of Realtors predicts the sales slowdown has hit rock bottom. Stubborn home owners are starting to realize they need to lower the price to attract buyers. We are helding from a sellers market to a buyers market. It is a great time to buy with plenty of homes to chose from. Courtesy Orlando Sentinel 8/9/06.