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.
Monday, October 30, 2006
Tuesday, October 17, 2006
Downtown Orlando Entertainment Complex
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.
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.
Tuesday, October 10, 2006
Vacation Home Market Orlando, Florida
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.
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.
Wednesday, October 04, 2006
Signs Real Estate Market Stabilizing
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.
Tuesday, October 03, 2006
Addresses Changing in Central Florida
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.
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