Downtown Orlando Redevelopment

Downtown Orlando skyline is still changing and will be announcing $100 million project that would add hotel, office space, shops, and condo tower. This will be on 2.2 acres site located corner of Rosaling Avenue and Pine Street. Orlando is the most vibrant downtown in the country with 57,000 people working downtown. Courtesy Orlando Sentinel 4/26/06.

Nation Home Sales

Nationwide the record of unsold homes has hit record, even though sales last month reached .03%. National average price of a new home rose to $218,000 last month which is 7.4% gain from a year ago. February and March increase in sales, after a 5 month decline, offer signs to analyst the market is stablizing. Courtesy of Orlando Sentinel 4/25/06.

Orlando Condo Sales Up, Home Sales Down

Condo sales have increased 158% compared to March 2005, while single family homes were down by 9%. The first quarter of 2006 sales overall were up by 9.1%. Single family homes were down by 7.8% and condos were up by 145.7%. Condos are an affordable option for home buyers and downtown condos remain solid as it is a popular place to live. Single family homes have slowed for several reasons, now there is approximately 15,000 homes on the market, which means competition amongest sellers are strong. Sellers are becoming more flexible with negotiating repairs and allow contingencies on contracts. Courtesy of Orlando Sentinel 4/20/06.

Fake Lakes A Draw for Home Buyers and Developers

Orlando builders are finding it difficult to buy land on natural lakes. To fix that problem, builders are creating their own lakes. These fake lakes have deemed a viable solution for this shortage problem and it has not stop residents in well known Winderemere and Keenes Pointe to take interest as well as prominent business people and celebrities. Savona a new luxury, a conceierge community, development boasts it man made lake, but lends itself to the view and non-mortorized boats. Another community being developed is The Gardens at Village of Windermere a 120 home development built around 2 man made lakes. The draw for buyers is the view of course, and the privacy it allows without backing up to another home. Courtsey of Orlando Sentinel 4/18/06.

Orlando Home Value Weathering Better Than Some

Orlando home values have a better chance of riding out the real estate bubble compared to 50 biggest metro cities nationwide, and far better than Tampa, Ft. Lauderdale, and Miami. Orlando will do well because of its tourism and population growth, which is unique aspect compare to other cities. The nations price decline is expected in the second home and vacation home market, even though Orlando has seen some dips, vacation home definitions do not match nationwide wide statistics. Baby Boomers will keep the vacation market strong in Orlando, but the investment market will expect to decline. Courtesy of Orlando Sentinel 4/14/06.

Winter Park Downtown Project on Hold

Winter Park Florida one of the desireable city to live in Central Florida has been battling redevelopment projects in down town Winter Park. Recently, Central Park Station Partner who is redeveloping the area where the post office remains, is in dispute with the City that they have complied with all of the their requirments and want the City to sign off on their contract. In addition, the non-profit opposition group suited Central Park Station Partner and got thrown out of court as their complaints were not supported and premature. Courtesy of Orlando Sentinel 4/13/06.

What Up with Orlando Million Dollar Homes

During the past 3 years ales of single family home priced $1 million + has increased to 270% in metro Orlando. These million + priced homes account for less than 1 precent of all existing homes sales in the region. In Orange, Seminole, Osceola, and Lake County a total of 448 homes sold for $1 million +, which was up 34% compared to 2003. Courtesy of Orlando Sentinel 4/11/06.

Revitalization of 17-92

Much of new growth of Orlando is being built out and now the focus is the older areas. On main road that passes along many metro Orlando cities is US Highway 17-92. US highway 17-92 is a major road extending from Orlando to Sanford is seeing a "face lift" a after time the government has been trying to clean out the undesireable businesses. This revitalization is to create more appeal in the metro area. Some of the projects are 20 story condominium building along Lake Monroe in Sanford, a proposed high density project in Seminole County just beyond Maitland, widen side walks along Winter Park to become more pedestrian friendly. Downtown centers being proposed in city cores of Maitland and Casselberry. A mixed use development is planned with condos, rentail, and office space at the intersection of Mills and Nebraska Lumber yard. Other changes new off Ramp to Maitland Blvd, Longwood seeing 6 lanes, driving overpass between 17-92 and SR 436, new street lights and brick paved side walks along Fern Park. Courtesy of Orlando Sentinel 4/10/06.

Insurers Seeing Increases After Hurricanes

Home owners insurance rates increases are a statewide problem as a result of several hurricanes that devastated many areas in Florida. As a result, insurance companies are passing along the high cost along to home owners in their premiums. On Tuesday Govenor Jeb Bush tack on 2.8 percent surcharge to every home owner policy statewide, to help pay for the billion dollars in damage. Last year a surcharge of 6.8 percent was added because of a state wide insurer of last resort, to help with their losses. And 11 percent is proposed again for 2006. Bush is proposing to help with skyrocketing premiums by using $6 billion surplus.

Do I Rebuild or Buy?

Orlando housing prices have increased significantly that home owners are finding it diffcult to buy within Orlando. Many home owners could not afford to buy the same home in the neighborhood they live in today. Not only have sales prices of home increased, but taxes as well. Each time title changing from a seller to new home owner, the property becomes reassessed to for new property taxes. The trend of tearing down homes and building or remodeling has been occurred for a decade in Winter Park is spreading to Winderemere and other desireable neighborhoods. You may find you may not want to buy but to built the home you have always wanted.

Orlando Condo-Hotel: A New Type of Housing

With Orlando being the number one tourist destination in the world its no wonder Orlando is seeing the emergence of condo-hotels being constructed. Orlando is projected to have 38,000 hotel-condo units and 5,600 are on the drawing board. These condo units are sold like a normal condo purchase, but act as a hotel. The time you are not a resident it can be rented like a hotel room. This income may offset your expenses. If a potential buyer is doing financing most lenders require 20-30% down payment.

Baldwin Park Condos under $200K

Baldwin Park the master planned community with 1940's style architechture located in down town Orlando will have its first condo conversion. Baldwin Park Apartments, 2 years new, just got sold for $50 million to a condo conversion developer. This will be an affordable choice for buyers, with one bedrooms starting less than $200K through prices of $400K.

Florida Foreclosures Down

Despite the surge in homes purchases with different types of financing to get buyers into homes, Florida foreclosures are down. Property foreclosures soared 68 percent nationwide to 117,259 last month from 69,940 in February 2005, reports RealtyTrac, though the number of eclosures in Florida went down. "This is the third straight month the U.S. foreclosure rate has moved higher, and it's the second straight month new foreclosures have topped 100,000,"
according to a statement from RealtyTrac CEO James Saccacio. Georgia was hit the hardest, with 9,421 foreclosures in February -- more than twice the number a year earlier -- while Rust Belt states like Michigan and Ohio also had high foreclosure figures. However, Florida, with 10,019 foreclosures compared to 11,211 last February, combined California, Texas and New York in recording a decline in foreclosures.

Orlando Home Resales Reach Record

Orlando homes volume has tripled from a year ago reaching 12,966. Sellers are accepting lower offers than expected to close the deal. This is a sign of a more balance market. Orlando sales remain strong despite, slight increase in interest rates of 6.07. Lake county on the otherhand, experiencing a sales decline.

Hidden Home Flaws Buyer Beware

Many buyers fall in love with the decor and home furnishing as well as floor plan of a home, but often overlook the small items that can be costly for the home buyer. These non-critical items can be cracks in the wall, sloping floors, attic ventilation, drainage issues with the pitch of driveway or walkway just to name a few. It is important to ask your home inspector about both the critical items of repair and non-critical items. As non-critical items maybe costly to repair.

Orlando Voters on Heels of Anti-Growth

Orlando voters are looking for elected leader to control the growth of Orlando as Orange County reached its 1 million for residents for the first time. Activist in College Park and Winter Park are against condo projects along main streets. Many residents in Lake county are concerned about new home growth, traffic, school crowding and demands on heavy services. Courtesy of Orlando Sentinel 3/16/06.

Floridians Doing Well with Equity

Florida real estate has experienced tremendous growth with appreciation and home owners have the equity to show for it. 80% of the home owners have more than 15% equity in the home. In states such as Colorado and Tennessee, 50% of homes have 15% or less equity in their home.

Buyers Closing Costs Part the Real Estate Transaction

Closing costs are charges to both the buyer and seller pay as a result of the real estate transaction, that occur just prior to the buyer being handed over the keys to their new home, and just prior to title of the property changing from seller to buyer.-

The lender must disclose a good faith estimate of all settlement costs, always make sure you receive this. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:

• Downpayment.
• Loan origination fees.
• Points, or loan discount fees you pay to receive a lower interest rate.
• Appraisal fee.
• Credit report.
• Private mortgage insurance premium.
  Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
  Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording fees.
• Title insurance policy premiums.
• Survey.
• Inspection fees—building inspection, termites, etc.
• Notary fees.
• Prorations for your share of costs such as utility bills and property taxes.

Courtesy of National Association of Realtors

Why Should You Own a Home?

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. Courtesy of National Association of Realtors.

5 Reasons to Use a Realtor in Buying or Selling a Home

1. A Real Estate transcation is complicated with all the forms needed. You need someone to guide you through the complexity, analysis and explain the forms and documents for accuracy.
2. Selling or buying a home is time consuming. Transaction can take along time from putting your home on the market to closing of a transaction. A realtor ensures things are progressing quickly for home buyer or seller.
3. Real estate has its own language. It is important to work with someone that speaks that language and can explain its content.
4. Realtors have done it before. Most people buy and sell homes a few times in their life. Realtors do it on a daily basis. Use the experience of a realtor to get you through the process.
5. Realtors provide objectivity. Buying or selling a home can be an emotional business. Realtors offer the business objectivity to see you through the process.