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.

St. Cloud Offers First Free Citywide Wi-Fi

St. Cloud, Florida is southeast of Orlando is the first city in the nation to offer free Wi-Fi within its 15 sq. mile city. This free wireless internet service will be free to anyone in the city that has a wireless modem. The city felt this will not only save residents money, but attract new businesses and higher-paying jobs. Many cities have hot spots, no one has a city wide service. Sanfransico has one in the metro area only. Other cities will be implementing wireless service, but will charge residents a fee.

Orlando Affordable Housing Declines

Statistics published by NAR (National Association of Realtors) indicates less people are able to purchase a home in 2005 as compared to 2003, even though home sale numbers were even for the past three years. Two issue facing buyers are market prices are rising faster than annual incomes, and rising mortgage rates. During the International Builders Show in Orlando and 2 research organization reported that local government regulations added as much as 30 percent to the cost of a newly built home. Courtesy of Orlando Sentinel 3/6/06.

Orlando Growth is Strong

Orlando is more dependent on job growth than retiree or international investort. Economist predict 67,000 new residents will move to the area next year.

Despite Condo Sale Slowing, Orlando Remains Strong

U.S. and Florida is experiencing a slowdown in residential homes sales, including condos. However, Orlando remain strong in the condo market. The condo market has experienced a 137% surge from the same time last year. The median price for an Orlando condo rose 42% to $185,100. Condos remain an affordable choice for home buyers. Courtesty of Orlando Sentinel 3/1/06.