Orlando Real Estate

Although Orlando homes sales have dropped 24% since last year, the median price of a home rose 5.3% to $259,900 and the average price of a home just topped $320,000 for the first time in October. With the large inventory of homes climbing to 21,134 sellers are getting desperate to sell, and new home construction are delivering lots of incentives which is putting competition on the resale market. With November and December historically slow months, experts believe the cooling of sales will occur for another year. Forclosures are expected to rise as adjustable interest rates increase. Local realtors indicate the value in Central Florida is strong and expected to rebound sooner that other areas of the country. Year to date sales of 23,581 for both Seminole and Orange County has been the second best year ever. Courtesy of Orlando Sentinel 11/18/06.

Orlando Apartment Vacancy rate Low

The Orlando apartment vacancy rate fell to 4.7 percent in the third quarter, a level not seen since year-end 2000, according to Marcus & Millichap Real Estate Investment Brokerage Co.'s Orlando Apartment Research Report.

Marcus & Millichap attributes the decline to a significant inventory reduction, strong tenant demand due to job and population growth, and declining housing affordability.

Condo converters took 17,000 apartment units out of Orlando's inventory over the last 12 months, but some of these units could return to the market as rentals if the housing market keeps weakening, the report says.

Meanwhile, the area expanded by 54,000 jobs last year and will add another 34,000 jobs in 2006, a 3.2 percent increase. Courtesy Planet Realtor.

The decline in vacancy rates has allowed owners to raise rents, says Gregory Matus, regional manager of Encino, Calif.-based Marcus & Millichap's Orlando office, in a release.

Asking rents will rise 6.8 percent this year to an average of $875 per month over 2005, the report says.

The report further predicts that apartment completions will fall to 1,200 units this year, down from 2,500 units in 2005.In addition, the report says the vacancy rate will fall 20 basis points to 4.6 percent by year-end 2006 from 4.8 percent at year-end 2005. Courtesy of Planet Realtor.

Orlando Real Estate Home Values

Home values in Metro Orlando and two other Florida markets were among the nation's fastest growing in the third quarter, according to an analysis by an online real estate research company. Zillow.com estimated that Orlando-area existing-home values in the quarter rose 17.6 percent from the previous year, trailing only Jacksonville, at 19.1 percent, and Portland-Salem, Ore., at 17.9 percent. The Richmond-Petersburg, Va., area was fourth at 16.2 percent and Tampa-St. Petersburg fifth at 15.9 percent. Zillow.com uses a proprietary method for its analysis. The Seattle-based company said that despite a decline in values in many regions during the quarter, home values were up 4.8 percent year-over-year in the 36 regions it studies. Declines were noted for Boston; Hartford, Conn.; Cincinnati; Minneapolis; San Diego; and Sacramento, Calif. Courtesy of Orlando Sentinel 11/8/06.

Curb Appeal Needed to Attract Buyers

With many properties on the market and sellers care coming up short when making changes to their home and ready for sale. Curb appeal is one item being overlooked, it the property is not maintained from the outside, buyers are immediately turned off from the property. This can include of landscape to condition of the roof. Depending on the condition of the home, a seller may spend a few hundred dollars to a few thousand dollars to bring the exterior up to competitive appearence. Other homes may need significant investment to overcome eyesores that might give buyers cold feet are new windows, siding, or roof which accounts for 40-60% of the exterior of the home. Here are some other ideas.

• Paint. Especially important if your home color is dated or out of style. Don't forget fresh coats on trim and around windows.
• Clean. Power wash walls, driveways and sidewalks to remove debris and cobwebs. Clean windows.
• Clean up the landscape. Trim bushes below window height. Tidy up flowers and keep the lawn mowed and edged. Store toys and equipment out of sight.
• Repair. Fix lighting, fill cracks in driveways, secure screen doors and railings, replace cracked window panes. Remove and replace loose shingles. Reattach sagging gutters and downspouts.
• Add color. Potted plants, fresh flowers are inviting and add visual appeal

Courtesy of Planet Realtor.

Winter Park Langford Property up for Sale

Downtown Winter Park has been growing with luxury condos around Park Avenue. Investors of recent built luxury condos owns 3.5 acres next door. These investors were going to build a 5 star hotel and allow residents of Residences at Interlachen access to hotel services. However, negotiation with a hotel operated did not work and the investors have decided to sell this 3.5 acres as this land had appreciated and this is not their business. This parcel is zoned for a hotel up to 230 rooms. Courtesy of Orlando Sentinel 11/7/06.

Modular Homes Increasing Popularity

Modular home are becoming more popular choice people looking to build a home, which has been a small part of the residential market. Traditionally, these homes have been purchased in the north, because of the winter weather, and short growing season. These modular homes are built in doors in climate controlled conditions, with adequate labor, and with popular designs. Modular homes come with high ceilings, wood flooring, and granite counter tops to get a custom look. Once built they require small amount of labor to connect, so onsite building does not take months and months. The construction quality competes with traditional construction. For these reasons they are becoming more popular in the Southern US, such as Florida. A recent Orlando resident purchased a half duplex 3 bedroom and 2.5 bath with 1,400 sq. ft. for $338,000 including all the interior upgrades.

Orlando New Construction Homes

Orlando, Florida a prospering city for real estate, has many new construction projects and home sales that have slowed down from last year. The orders for new home sales have slowed and new inventory homes remain vacant, pushing inventory numbers to 22,794 units. Despite slowdown, here are some developments that remain active during 2006:

• Solivita 743 homes
• Timber Springs 489 homes
• Lakes of Windermere 482 homes
• Spring Isle 476 homes
• Summerport 391 homes
• Avalon Park 385 homes
• Moss Park 350 homes
• Legacy Park 354 homes
• Plantation at Leesburg 324 homes
• Lake Ashton in Polk 304 homes

Many builders are offering various incentives to lure buyers to contracts. Such as TV, cash incentives, and home decor. Courtesy of Orlando Sentinel 11/1/06.