Upscale Bella Collina Apopka Florida

Bella Collina, a development by the Ginn Corporation, located just west of downtown Orlando in the small town of Montverde, is starting to build mammoth homes along Lake Apopka. Lake Apopka has had a massive clean up effort for its polluted waters will be home for several millions dollar homes slated to be built. Bella Collina sold most of the its lots during 2004 to international investors with big pockets with the hope of flipping the property. Although, the Lake County property appraiser indicates the housing market is on a down turn, Patrik Kelly VP of sales for Bella Collina believe during the slow down the amenities will draw people to the area and home building will pick up. The homes being built are around 9,500 sq. ft. priced at $7 million. These homes have raised property values in Montverde in the millions. Builders are building 8 model homes estimating prices from $4 million to $7 million. 1,900 acres have been cleared for a Nick Faldo designed golf course and 800 homes. They are also building two club houses, 50,000 sq. ft. Italian inspired design with 3 resturants, spa and pool. Also a 10,000 sq. ft. sports and esquestrian center which will include a sports field and indoor dressage arena. Bella Collina will be part of the street of dreams October 14, to November 26, 2006. Courtesy of Orlando Sentinel 7/29/06.

Cost Interrupt Road Plans for Innovation Way

Innovation way a technological corridor in Southeast Orlando is the fastest growing region in Orlando. This area will be home also to UCF new medical schools and potential VA hospital. 52,000 residents will be part of this area by 2025. Because of escalating construction cost the Expressway authority has cut back on projects two of them being the interchange at State Road 528 and State Road 417 which is need to accomodate growth. Developers comments this delay will not too bad as the final designs have not been approved. The agency is looking at funding alternatives. Other projects that cannot be started because of lack of funding is an interchange at Moss Park Road and State Road 417, widening of State Road 408 both east and west ends, Maitland Blvd extension to U.S. Highway 441, and interchange State Road 417 at Boggy Creek and Florida Turnpike. Orange county schools are also caught up in high land, labor, and construction cost to build 68 new schools by 2016 to accomodate Orlando's growth. Courtesy Orlando Sentinel 7/27/06.

Consumer Confidence Rising

For second month in a row, consumer confidence index rose to 106.5 in July from 105.4 in June. It is a economic sign of higher incomes and more jobs increase consumer confidence, despite slowing home sales. In Florida home sales fell 29% after pressures of rising mortgage rates, inventory levels and increase insurance premiums. Approximately 18,000 Florida homes have been sold compared to 25,000 one year ago. All 20 Florida metro cities have seen a decrease, and Jacksonville has only seen the lowest at 3% drop. Orlando Real Estate sales are down 21%, but median price of a home up 10% to 266,300 from last year. Courtesy of Orlando Sentinel 7/26/06.

Orlando New Construction Impact Fees Increasing

Impact fees are new construction costs to the city for fire, sewer, water, and road resources as a result of growth. Builders are charged these impact fees which are directly passed to the buyers. Just to note closing costs on new construction homes are higher, as these extra fees are not associated with a resale home. Over the next 15 months the City of Orlando preliminary planned to raise impact fees by 18.8%. This increase would raise the current feee from $1,192 to $2,400 on 1/0/07, then to $3,600 on 10/1/07. This is lower than $6,147 which was initially recommended by consultants. Affordable housing developments are exempt. The Orlando Mayor and developers were please with a compromise and reduced increase. The Executive Director of the Orlando-based Coalition for Property Rights oppose the impact fee indicating this will continue to make Orlando Real Estate unaffordable. There is a committee implemented to review whether fees will increase again for 2008. Courtesy of Orlando Sentinel 7/25/06.

VA Hospital Coming to Lake Nona in Orlando

A new VA hospital is coming to Central Florida and will be its biggest Federal project ever. The final decision by key congressional committee to approve the site to be located in Lake Nona. Lake Nona is south of Beach Line Expressway SR 528 and just southeast of Orlando International Airport. This was good news to the UCF administration as they announced several months ago, plans to build a medical school in the same area. In Lake Nona and surrounding areas 37,000 homes are expected to be built by 2020, also a result of housing need for the creation of innovation way a technological sector for corporation. For those moving to the area and need more information, please contact http://www.orlandobuyersbroker.com/.

June Facts on Orlando Real Estate

• June Housing Inventory still at an all time high at 18,437
• Average Home on the Market 57 days
• 2,680 Homes Sold in June
• Orlando Unemployment Rate 2.8%
• Average Mortgage Rate in June 6.45%
• Foreclosures down, even Orange County one of the regions worst rates

FHA Loans Are Changing for the Better

FHA loans are government backed loans which are good for buyers with less than perfect credit and allow low down payment requirements, but they did not come without stringent requirements compared to conventional loans. As a result, these loans have negative appeal amongst real estate industry, because it almost requires a home to be in great condition and requires more work on behalf of the seller to bring the home up to FHA standards. FHA has taken several steps to move into the 21st century by making significant changes.

• To keep up with increasing home prices, the new maximum amount allowed to borrow is up to $362,790 which was a $50,000 increase. There is another proposal to increase the amount to $417,000 in certain high cost areas.
• Certain items on inspection reports were required to be fixed prior to closing even cosmetic issues. Now only structural or safety issues are require to be fixed.
• Obtain a FHA 203k loan will allow the borrower to borrow up to $35,000 in repairs to be completed after the closing. Borrowers can now replace worn-out appliances and carpet without the need for a second more costly mortgage.

It is still wise for a buyer to try to obtain conventional mortgage if they can. To learn more about FHA financing options, please contact First Choice Financial at eric@specialtymortgage.com Courtesy Orlando Sentinel 7/9/06.

Real Estate Closing Costs

Closing costs are require costs by both the buyer and the seller at the end of a real estate transaction. When you purchase a home in Orlando, it is decided in the contract who will pay for title insurance. Whoever pays for title insurance, gets to pick the title company. Title insurance, is one of the many costs, and is approximately .6% of the purchase price. Orlando Sentinel Article, http://www.orlandosentinel.com/business/orl-title1606jul16,0,1163540.story discusses that consumers are choosing their title companies due to varying costs. Allan Michaels with Title USA has straight forward fees and competent title agents which takes care of all the issues for both sellers and buyers alike. If you need an Orlando based title company, contact Title USA http://titlesourceusa.com/

Winter Park Residences No Big Development

Winter Park residences have opposed big building development in down town Winter Park stating it will take away from the charm. As in with the case of the Carisle project, which is on hold for final approval. In a commissioner meeting it was voted to move forward on a moratorium which would halt development of buildings of 10,000 sq. ft. or more, except single family homes until the city can revisit/review their building guidelines. The final vote is expected to be later this month. Courtesy Orlando Sentinel 7/11/06.

Jumbo Loan Are Big and Pricey

With rising real estate prices across the country, jumbo loans are more common. Jumbo loans are loans starting at $417,000 and above. Jumbo loans are offer in fixed rate, interest only and adjustable rate types and, also in addition to a traditional 30 year loan, it comes in 40 and 50 year loan. Jumbo loans carry a higher interest rate than a conventional loan, such as a quarter of a point higher for someone with good credit history etc. Interest rates are dependent on your individual financial history. You have to take into consideration Interest Only loans, because at some point in time the monthly payment will increase. When considering a jumbo loan you need to ask can I afford a $3,000 monthly payment. What will happen if I become sick or lose my job. Jumbo loans are pricey and can become pricer depending on these above factors.
Courtesy Orlando Sentinel 7/2/06.

Florida Termite Contract Have New Rules

State's Commissioner of Agriculture and Consumer Services announced new rules for termite contracts which were effective June 1, 2006 which holds pest control companies more accountable and avoid loop holes. 50% of homes have termite protection in other words termite insurance in which they inspect your home usually annually or upon request and treat the problem if needed. Changes that in effect are contracts are specifiying the type of termite they cover, redo treatments to be done no longer than 90 days, and specifiying where treatment is a spot or full treatment. Now Florida home buyers will know if the home was "treated" whether spot of full treatment occurred. In addition, companies can no longer deny repair of structural damage from termite infestation. These new rules are the strictest and will be changing the pest control company nationwide. Courtesy Orlando Sentinel 7/7/06.

Modular Homes Coming to Orlando

An affordable home in Orange County, the home to the City of Orlando, is anything priced under $211,500. With the gap in wages from prices of homes people are looking at other affordable options such as Modular homes. Modular home have seen a 26% increase in sales since 1995. These homes are 80% built in the factory and come with all styles such as town homes and single family homes. With computer design the styles are updated and quality is better as workers are more specialized when building these homes. Other prebuilt homes include concrete, log, modular, and panelized homes. Art in Architecture and sponsorship by Orlando Regional Realtor Association are going to have modular 2000 sq. ft. townhomes built in Holden Heights area, selling for $175-195K. These profits will go back into the program to build more modular homes. These modular homes are most popular in Midwest and Northwest where building season is shorter. These homes can withstand wind gust of 120mph and some noted on the east coast of Florida are built to withstand 140mph winds. Courtesy of Orlando Sentinel 7/2/06.

Lake Mary Delay Downtown Development

Lake Mary Commissioner approved a plan to develop downtown Lake Mary 5 years ago, but little has happened since then. The location of the new downtown would be on 74 acres located around the city hall. This would consist of one and two story town homes, apartments and retail-residential buildings. There has been one viable developer to submit their plans. The big obstacle is developing a downtown around existing neighborhoods. Many residents are opposed saying it will take away the historic character. Some homeowners will sell their lots significantly over fair market value, while others are willing to sell joint lots with their neighbors. This would be an expensive and big job, and will have improve infrastructure. Right now everything is at a stand still. There is still projects in the works, such as, a new community center, park improvements, an interactive fountain and band shell. Recent renovations to City Hall include clock tower and gazebo. Courtesy of Orlando Sentinel 6/25/06.

Florida Foreclosure Trends

As many buyers took out interest only loans and other creative loans, their payments are likely to increase at some point in time. Industry experts indicate we may see more foreclosures as a result. Realty Trac, an online marketplace for foreclosed property, reported that foreclosure continue to increase in May, but appear to be leveling off nationwide. In May foreclosures were up 28% than May 2005. Florida ranks 8th for the busiest foreclosure filing with one filing out of 821 households. The national rate is one filing for every 1,247 households. Courtesy Orlando Sentinel 7/1/06.