In the Orlando area, Shingle Creek is known as the small, southerly stream where hotelier Harris Rosen recently opened his lavish Rosen Shingle Creek Resort. Elsewhere in Florida, Shingle Creek is recognized as part of the northernmost headwaters for rainwater flowing south from Orange and Osceola counties to the Everglades.
Now Central Florida-based Mercedes Homes has started work on a 104-home subdivision near the slow-moving creek. Shingle Creek Reserve at The Oaks is located off John Young Parkway and Pleasant Hill Road in Kissimmee.
This morning, Cristina Quintana, the recently appointed president of the Brevard County-based builder's Orlando division, said that a Jacqueline Bay model home has been built and is now open for public inspection.
She said two more models will be opened by mid-October.Homes in the development will range from 1,978 square feet to 4,295 square feet, and will be priced from the $290,000s, which is well below the region's average sale price for production-built subdivisions last year, according to industry surveys. Merecedes Home is the nations 28th largest builder. Courtesy of Orlando Sentinel 9/20/07.
Tuesday, September 25, 2007
Thursday, September 20, 2007
Brokerage Firm Auction off $100 million in Real Estate
Orlando-based brokerage IDX Realty will auction off an estimated $100 million in property early next month in one of the largest local auctions of its kind in the slumping real estate sales market.
This auction, scheduled for Oct. 6, will be conducted both in person at an Orlando hotel as well as online for potential buyers who cannot attend in person or perhaps prefer the newer technique involving a few clicks of a computer keyboard.
IDX broker Christopher Sampson said he has lined up sellers from Florida and four other states who want to unload their properties fast in a mega-sized, one-day sale.
The event will take place from 11 a.m. to 6 p.m. in the Double Tree Suites Hotel in Orlando, and online at the same time at idxpa.com.
Sampson said there have been lots of real estate auctions in the past and more announced every day because of the anemic sales environment, "but very few, if any, to this degree and magnitude involving so many properties at one time." The properties for sale run from vacant land and commercial buildings to multimillion-dollar estate homes.
The more than 60 properties in Florida, Georgia, North Carolina and New Jersey are being sold by investors, builders with too much inventory, lenders with foreclosed property, Realtors and regular homeowners who need to liquidate assets.
The IDX web site lists many of the properties so buyers can perform their due diligence analysis in advance. Most properties have a video, virtual tour or a slide show, as well as satellite map imaging to show the home's exact location. All listed properties have been appraised and the various home and termite inspections have been completed.
All registered bidders will be eligible to bid during the auction. Typical auction purchase contracts limit the contingencies a seller allows a buyer, although many sellers are providing incentives such as paying closing costs. Buyers are required to pay a deposit of 10 percent of the final sale price at the end of the auction, with closings generally set 30 to 45 days after the auction. Courtesy of Orlando Sentinel 9/20/07.
This auction, scheduled for Oct. 6, will be conducted both in person at an Orlando hotel as well as online for potential buyers who cannot attend in person or perhaps prefer the newer technique involving a few clicks of a computer keyboard.
IDX broker Christopher Sampson said he has lined up sellers from Florida and four other states who want to unload their properties fast in a mega-sized, one-day sale.
The event will take place from 11 a.m. to 6 p.m. in the Double Tree Suites Hotel in Orlando, and online at the same time at idxpa.com.
Sampson said there have been lots of real estate auctions in the past and more announced every day because of the anemic sales environment, "but very few, if any, to this degree and magnitude involving so many properties at one time." The properties for sale run from vacant land and commercial buildings to multimillion-dollar estate homes.
The more than 60 properties in Florida, Georgia, North Carolina and New Jersey are being sold by investors, builders with too much inventory, lenders with foreclosed property, Realtors and regular homeowners who need to liquidate assets.
The IDX web site lists many of the properties so buyers can perform their due diligence analysis in advance. Most properties have a video, virtual tour or a slide show, as well as satellite map imaging to show the home's exact location. All listed properties have been appraised and the various home and termite inspections have been completed.
All registered bidders will be eligible to bid during the auction. Typical auction purchase contracts limit the contingencies a seller allows a buyer, although many sellers are providing incentives such as paying closing costs. Buyers are required to pay a deposit of 10 percent of the final sale price at the end of the auction, with closings generally set 30 to 45 days after the auction. Courtesy of Orlando Sentinel 9/20/07.
Wednesday, September 19, 2007
Subrime Lenders Yank Popular Loan
Lenders have abruptly stopped offering the most popular type of subprime mortgage. Credit-challenged borrowers suddenly have fewer options.
"Many borrowers are not going to be able to refinance," says Deborah Goldstein, executive vice president of the Center for Responsible Lending. The consumer watchdog group has criticized loose standards for subprime mortgages, which are home loans for people with problem credit -- generally, with credit scores below 620.
Over the past few years, the most common type of subprime loan has been an adjustable-rate mortgage known as the 2/28 ARM. Since mid-July, five of the six biggest subprime mortgage lenders stopped offering 2/28 ARMs. Suddenly, there's a shortage of the type of mortgage preferred by about 60 percent of subprime borrowers.
For more details and information on refinancing options for subprime loans, click http://www.bankrate.com/baw/news/mortgages/subprime_20070726_a1.asp
"Many borrowers are not going to be able to refinance," says Deborah Goldstein, executive vice president of the Center for Responsible Lending. The consumer watchdog group has criticized loose standards for subprime mortgages, which are home loans for people with problem credit -- generally, with credit scores below 620.
Over the past few years, the most common type of subprime loan has been an adjustable-rate mortgage known as the 2/28 ARM. Since mid-July, five of the six biggest subprime mortgage lenders stopped offering 2/28 ARMs. Suddenly, there's a shortage of the type of mortgage preferred by about 60 percent of subprime borrowers.
For more details and information on refinancing options for subprime loans, click http://www.bankrate.com/baw/news/mortgages/subprime_20070726_a1.asp
Tuesday, September 11, 2007
Builders Offering New Incentives to Buy
One of the holdups for many new-home sales these days is that the buyers may be stuck trying to sell their current homes. Now one major local builder is trying to get around that with a "no-payment-for-six-months plan."Mercedes Homes, through its mortgage subsidiary MHi Mortgage, will pay a home buyer's new mortgage for as long as six months while the buyer completes the sale of an existing property. The program differs from more limited ones in that Mercedes Homes, based in Melbourne, will pay all four parts: principal, interest, taxes and insurance.Loan amounts can range as high as $417,000, and for owner-occupied deals as much as 95 percent financing is available, along with other seller incentives, according to Sue Stewart, president of MHi Mortgage.Buyers must have a minimum credit score of 660 to be eligible. Courtesy of Orlando Sentinel.
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