Orlando Luxury Market

Even though Orlando home inventory is at an all time high and turn over is slow, Orlando luxury home market remains brisk. A recent report from ORRA says homes priced over $ 1 million increased 270% over last 3 years. Real estate agents says they are having no trouble unloading homes and luxury builders say they cannot build fast enough. There for demand for luxury home industry experts say, people are cashing out of their northern homes before interest rates are too high, Orlando expanding job market relocating executives, and simply prices have just increased. Home priced over a million represent 3-4% of the Orlando market and are on the market an average of 60 days which is same average for a home in the state of Florida. A trend occuring in the luxury market is being seen outside of Metro Orlando. Luxury homes are now found in DeLand's Victoria Park located in Volusia County.

Orlando Real Estate Seeing Gains

Compared to the rest of Florida, Orlando real estate market remains strong with median price of homes at $267K which is a 22% increase from last year. Statewide sales slowed down by 24% while Orlando down by 21%. Orlando sales down 12.2%. Condo sales fell 31% statewide, but Metro Orlando condo sales are up 10%. Median price of Orlando condo is $163,300 compared statewide at $220,000. Nationally home sales have declined but new home sales rose 4.5%. Other areas that remain flat are Fort Lauderdale, Fort Myers-Cape Coral, Sarasota-Bradenton, and Naples. Courtesy of Orlando Sentinel 6/28/06.

Clermont Going to Expand?

Center Lake Properties wants the City of Clermont to annex 584 acres of land known as Black West located southwest of Florida's turnpike to built 1,300 homes and up tp 200,000 commercial space. This is the second time Center Lake Properties has visited this proposal as it was originally turned down by complaints of residents about crowded schools. Also Clermont is suppose to have joint planning review with Lake County on of any development outside the city. This would leave 140 acres within boundries of joint planning with the county. If approved the county could limit homes to 1,100 due to sewage capacity and schools and roads would need to be improved to handle increase in resident schools and traffic. This meeting is scheduled today to vote on this request.

Four Corners In Southwest Orlando

The Four Corners is located in southwest Orlando at the intesection of Highway 27 and I-4, just minutes from Disney. This area is unusual as it is the corner of Polk, Osceola, Lake, and Orange counties and fast growing region with more than 80 developers building homes, but what is homes without a community which is what residents are complaining of. Becuase 4 government entities make up this area, there is no clear planning and collaboration amongst the governments. There are not enough schools built, roads are not consistent (wide in one county but not the other) one county has a library to share, no parks exist, water is a shortage where north Polk county residents can only water their lawn once a week, emergency services are set up by who can get there the fastest. Residents are angry the Public Services are not more cooperative. A study by Urban Land Institute indicated that government cooperation is neither widespread or encourage despite 5 million residents moving to Florida by 2020. Courtesy Orlando Sentinel 6/26/06.

Mercedes Homes 96 Homes in 96 Hours

With the slow housing market nationwide a new home builder is trying something different. Merecedes homes is reducing the cost of their inventory to sell 96 homes in96 hours which would save a homebuyer an average of $73K per home. This event kicks off today through Sunday and occuring a Mercedes locations in Florida, Texas, North Carolina, and South Carolina. The family owned company came up with this idea after building the first Central Florida Home on Extreme Makeover TV show which took 96 hours to build the home. This home is actually located in Altamonte Springs. Builders and sellers alike are creating incentives to bring in buyers.

Metrowest Suburb of Orlando Due For Name Change

Metrowest a suburb located southwest of Downtown Orlando may get a name change. Metrowest like many other Central Florida cities is getting a new town center, retail, office and condo complex called Veranda Park. The developer of Veranda Park is the president of Metrowest Home Owners Association has gotten mixed reviews on whether to change the name or not. MetroWest to some people sounds like a industrial park where others feel Veranda Park sounds like a nursing home. The developer has improved and maintained parks and signs of MetroWest through increases in home owners dues. The developer also proposed to change the name of MetroWest Blvd. to Veranda Park Blvd. and feels the name change is needed for continued growth of the communities. For more information on housing prices and to view homes with great pictures click on the link.

Lake County More Condos to Come

Lake County Florida located West of Orlando is seeing more condos being built in Tavares, Mount Dora, and Eustis geared toward people downsizing in ages 50-60's. There are 3 builders meeting the demand which will be priced from high $300's to $500's. Lake County has had a surge of single family homes, but condos and townhomes were at short supply, but things are changing for Lake County.

Good Time to Buy Orlando Real Estate

Now is a great time for buyers to buy Orlando Real Estate compared to last year. With 18,000 properties on the market now, compared to 3,500 properties, buyers have more to choose from. Sellers are unwilling to lower their prices, lower than last years market, instead both sellers and builders are offering incentives or beefing up marketing on their home. But selling realtors advise sellers to drop their prices even if below thier expectations to move properties. Properties are staying on the market for twice as long as last year an average of 49 days, and negotiations are taking longer. The market has done a 360 turn compared to last year and moving to a buyers market. Median prices of homes are dropping in other areas such as South Florida, but Tampa and Orlando prices have remained stead, but prices did not rise degree as compared to other areas.

2006 FCAT Scores Just Released

FCAT scores for the State of Florida were released yesterday. 30 schools statewide must be restructed as they fail to meet federal academic standards. These schools are title 1 schools which receive certain federal funding, in addition, these school have failed the FCAT 5 years in row. Restructing consists of state taking over the schools with private firms running them, instead of the county. Among some Central Florida schools are Catalina, Ivey Lane, Palmetto Elementary schools in Orange county and Endeavour Elementary in Brevard. In addition, Jones Highschool in Orange county is being considered. No Orange county highschool received A rating. To see a school grades contact the counties website for more information.

Housing Market Demand Seen Again

With strong economy the housing market will rebound after excess inventory from speculators has been shaken out. The pent up demand for housing will be driven after the slow down has passed. This demand will be driven by buyers who are bidding their time waiting for better incentive or lower prices, a nation luxury home builder stated. Also, the second home market should remain strong. Courtesy of Orlando Sentinel 6/9/06.

New Multi Currency Loan for Foreign Buyers

Lloyds TSB, a banking giant in Britian and Asia has introduced its "mulit-currency mortgage" to several states in the US and countries across the world. Foreign buyers will now be able to buy and sell real estate in different currencies. Today 8,000 Britians own homes in Central Florida mostly in Polk and Osceola counties. By offering this option makes it easier for the British as well other foreign buyers to purchase real estate in Central Florida. Courtesy Orlando Sentinel 6/7/06.

Deland's Victoria Park Development

St. Joe the builder of Victoria Park is the largest residential development seen in Volusia county in past 4 decades. Deland is located 30-45 minute drive from Orlando conveniently located off Interstate 4. This master planned communities offers various types of homes for all ages from first time home buyers to retirees, although there are no assisted living on site there are facilities near by. This is the selling point is families can live in one community. It is projected to built out 4,000 homes which will be a population of 10,000. This community offers a 18 hole golf course, 55+ community, nature trails, schools, shops and retail space. The community is 25-30% sold and anticipates further growth now that road work along Interstate 4 and around community have been widened. St. Joe is building another successful development near Celebration close to Disney. Courtesy of Orlando Sentinel 6/5/06.