Affordability of Orlando Real Estate

Orlando has, as well as the rest of the nation experienced problems with housing affordability. Many people are finding themselves locked out of the real estate market. Especially for middle class such as teachers, firefighters, police officers, teachers, service workers, and colleges graduates. The mayor Richard Crotty announced a task force to tackle the housing affordability. The average family income is $57,400 while the average home price is $259,700. Broward county with average home price is $400,000 is urging Orlando to tackle this problem as soon as possible. In Broward developers cannot afford to build apartment because land is so expensive. Courtesy of Orlando Sentinel 5/6/06.

Advantages of Home Ownership

• To deduct property taxes and the interest paid on your mortgage, you must itemize deductions rather than take the standard deduction. For many homeowners, the combined deductions for mortgage interest and property taxes easily exceed the standard deduction.
• Freedom to live the way you want to. You can customize your home without having to worry about the landlord’s rules.
• You can accumulate home equity. You can borrow against the equity built up in your home to finance necessities such as a college education, vacation, new car, etc. Since the interest on a mortgage is usually low, borrowing money against your home can be very sound. The interest on home equity loans is usually tax deductible, too.
• Stable monthly payments rather than rent payments which typically increase each year. The principal and interest portion of most mortgage payments remains unchanged for the entire repayment period so you know exactly what you’ll need in the way of finances.
  Home improvements that may increase the value of your home. And your home improvement costs may be used to reduce your capital gains tax when you sell.
• Houses typically increase in value over time. Courtesy of National Association of Realtors

New 50 Year Loan in California

Would you own your home for 50 years and expect to pay it off? California the first state to offer the supersize loan. Yes, a 50 year loan and has drawn alot of phone calls. This is an alternative to the interest only or ARM loans as payments are lower and payments will be applied to principal, as opposed to interest only loans carry negative amortization. The 50 year loan has its critics, while it will offer lower payments than an interest only loan, it will cost more in interest than a typical 30 year loan, by tacking on 2 more decades of interest. This has been attractive to buyers in California because many people are buying too much of home, with half the homes costing over $500,000. This maybe an alternative for you to keep payments as low as possible. Courtesy of PlanetRealtor.com

Orlando Condo Hotels Third Largest

Orlando is the third largest condo hotel market in the nation. Because of all the condo hotels being built nationwide a new website called www.nacho.us was launched Monday to capture the condo hotel market for consumers giving them market conditions, property ratings, and calculator to learn about expenses associated with a hotel's rental management. Courtesy of Orlando Sentinel 5/2/06.

Downtown Orlando Free Wi-Fi Acess

Downtown Orlando will be offering free Wi-Fi in the 9 square miles of the city and installation will begin in 5/06 with a 6 month completion time. You will be able to order a pizza or look up movie tickets through advertisement venues. This is start of offering Orlando Downtown as a progressive city with much to offer along with all the other amenties in the luxury condominiums. If you would like broadband service, this will cost users an additional expense. You will be able to sit in the park, restaurant, home or condo and use the wireless capabilities.
Courtesy of Orlando Sentinel 4/29/06.

Downtown Orlando Redevelopment

Downtown Orlando skyline is still changing and will be announcing $100 million project that would add hotel, office space, shops, and condo tower. This will be on 2.2 acres site located corner of Rosaling Avenue and Pine Street. Orlando is the most vibrant downtown in the country with 57,000 people working downtown. Courtesy Orlando Sentinel 4/26/06.

Nation Home Sales

Nationwide the record of unsold homes has hit record, even though sales last month reached .03%. National average price of a new home rose to $218,000 last month which is 7.4% gain from a year ago. February and March increase in sales, after a 5 month decline, offer signs to analyst the market is stablizing. Courtesy of Orlando Sentinel 4/25/06.

Orlando Condo Sales Up, Home Sales Down

Condo sales have increased 158% compared to March 2005, while single family homes were down by 9%. The first quarter of 2006 sales overall were up by 9.1%. Single family homes were down by 7.8% and condos were up by 145.7%. Condos are an affordable option for home buyers and downtown condos remain solid as it is a popular place to live. Single family homes have slowed for several reasons, now there is approximately 15,000 homes on the market, which means competition amongest sellers are strong. Sellers are becoming more flexible with negotiating repairs and allow contingencies on contracts. Courtesy of Orlando Sentinel 4/20/06.

Fake Lakes A Draw for Home Buyers and Developers

Orlando builders are finding it difficult to buy land on natural lakes. To fix that problem, builders are creating their own lakes. These fake lakes have deemed a viable solution for this shortage problem and it has not stop residents in well known Winderemere and Keenes Pointe to take interest as well as prominent business people and celebrities. Savona a new luxury, a conceierge community, development boasts it man made lake, but lends itself to the view and non-mortorized boats. Another community being developed is The Gardens at Village of Windermere a 120 home development built around 2 man made lakes. The draw for buyers is the view of course, and the privacy it allows without backing up to another home. Courtsey of Orlando Sentinel 4/18/06.

Orlando Home Value Weathering Better Than Some

Orlando home values have a better chance of riding out the real estate bubble compared to 50 biggest metro cities nationwide, and far better than Tampa, Ft. Lauderdale, and Miami. Orlando will do well because of its tourism and population growth, which is unique aspect compare to other cities. The nations price decline is expected in the second home and vacation home market, even though Orlando has seen some dips, vacation home definitions do not match nationwide wide statistics. Baby Boomers will keep the vacation market strong in Orlando, but the investment market will expect to decline. Courtesy of Orlando Sentinel 4/14/06.

Winter Park Downtown Project on Hold

Winter Park Florida one of the desireable city to live in Central Florida has been battling redevelopment projects in down town Winter Park. Recently, Central Park Station Partner who is redeveloping the area where the post office remains, is in dispute with the City that they have complied with all of the their requirments and want the City to sign off on their contract. In addition, the non-profit opposition group suited Central Park Station Partner and got thrown out of court as their complaints were not supported and premature. Courtesy of Orlando Sentinel 4/13/06.

What Up with Orlando Million Dollar Homes

During the past 3 years ales of single family home priced $1 million + has increased to 270% in metro Orlando. These million + priced homes account for less than 1 precent of all existing homes sales in the region. In Orange, Seminole, Osceola, and Lake County a total of 448 homes sold for $1 million +, which was up 34% compared to 2003. Courtesy of Orlando Sentinel 4/11/06.

Revitalization of 17-92

Much of new growth of Orlando is being built out and now the focus is the older areas. On main road that passes along many metro Orlando cities is US Highway 17-92. US highway 17-92 is a major road extending from Orlando to Sanford is seeing a "face lift" a after time the government has been trying to clean out the undesireable businesses. This revitalization is to create more appeal in the metro area. Some of the projects are 20 story condominium building along Lake Monroe in Sanford, a proposed high density project in Seminole County just beyond Maitland, widen side walks along Winter Park to become more pedestrian friendly. Downtown centers being proposed in city cores of Maitland and Casselberry. A mixed use development is planned with condos, rentail, and office space at the intersection of Mills and Nebraska Lumber yard. Other changes new off Ramp to Maitland Blvd, Longwood seeing 6 lanes, driving overpass between 17-92 and SR 436, new street lights and brick paved side walks along Fern Park. Courtesy of Orlando Sentinel 4/10/06.

Insurers Seeing Increases After Hurricanes

Home owners insurance rates increases are a statewide problem as a result of several hurricanes that devastated many areas in Florida. As a result, insurance companies are passing along the high cost along to home owners in their premiums. On Tuesday Govenor Jeb Bush tack on 2.8 percent surcharge to every home owner policy statewide, to help pay for the billion dollars in damage. Last year a surcharge of 6.8 percent was added because of a state wide insurer of last resort, to help with their losses. And 11 percent is proposed again for 2006. Bush is proposing to help with skyrocketing premiums by using $6 billion surplus.

Do I Rebuild or Buy?

Orlando housing prices have increased significantly that home owners are finding it diffcult to buy within Orlando. Many home owners could not afford to buy the same home in the neighborhood they live in today. Not only have sales prices of home increased, but taxes as well. Each time title changing from a seller to new home owner, the property becomes reassessed to for new property taxes. The trend of tearing down homes and building or remodeling has been occurred for a decade in Winter Park is spreading to Winderemere and other desireable neighborhoods. You may find you may not want to buy but to built the home you have always wanted.

Orlando Condo-Hotel: A New Type of Housing

With Orlando being the number one tourist destination in the world its no wonder Orlando is seeing the emergence of condo-hotels being constructed. Orlando is projected to have 38,000 hotel-condo units and 5,600 are on the drawing board. These condo units are sold like a normal condo purchase, but act as a hotel. The time you are not a resident it can be rented like a hotel room. This income may offset your expenses. If a potential buyer is doing financing most lenders require 20-30% down payment.

Baldwin Park Condos under $200K

Baldwin Park the master planned community with 1940's style architechture located in down town Orlando will have its first condo conversion. Baldwin Park Apartments, 2 years new, just got sold for $50 million to a condo conversion developer. This will be an affordable choice for buyers, with one bedrooms starting less than $200K through prices of $400K.

Florida Foreclosures Down

Despite the surge in homes purchases with different types of financing to get buyers into homes, Florida foreclosures are down. Property foreclosures soared 68 percent nationwide to 117,259 last month from 69,940 in February 2005, reports RealtyTrac, though the number of eclosures in Florida went down. "This is the third straight month the U.S. foreclosure rate has moved higher, and it's the second straight month new foreclosures have topped 100,000,"
according to a statement from RealtyTrac CEO James Saccacio. Georgia was hit the hardest, with 9,421 foreclosures in February -- more than twice the number a year earlier -- while Rust Belt states like Michigan and Ohio also had high foreclosure figures. However, Florida, with 10,019 foreclosures compared to 11,211 last February, combined California, Texas and New York in recording a decline in foreclosures.

Orlando Home Resales Reach Record

Orlando homes volume has tripled from a year ago reaching 12,966. Sellers are accepting lower offers than expected to close the deal. This is a sign of a more balance market. Orlando sales remain strong despite, slight increase in interest rates of 6.07. Lake county on the otherhand, experiencing a sales decline.

Hidden Home Flaws Buyer Beware

Many buyers fall in love with the decor and home furnishing as well as floor plan of a home, but often overlook the small items that can be costly for the home buyer. These non-critical items can be cracks in the wall, sloping floors, attic ventilation, drainage issues with the pitch of driveway or walkway just to name a few. It is important to ask your home inspector about both the critical items of repair and non-critical items. As non-critical items maybe costly to repair.

Orlando Voters on Heels of Anti-Growth

Orlando voters are looking for elected leader to control the growth of Orlando as Orange County reached its 1 million for residents for the first time. Activist in College Park and Winter Park are against condo projects along main streets. Many residents in Lake county are concerned about new home growth, traffic, school crowding and demands on heavy services. Courtesy of Orlando Sentinel 3/16/06.

Floridians Doing Well with Equity

Florida real estate has experienced tremendous growth with appreciation and home owners have the equity to show for it. 80% of the home owners have more than 15% equity in the home. In states such as Colorado and Tennessee, 50% of homes have 15% or less equity in their home.

Buyers Closing Costs Part the Real Estate Transaction

Closing costs are charges to both the buyer and seller pay as a result of the real estate transaction, that occur just prior to the buyer being handed over the keys to their new home, and just prior to title of the property changing from seller to buyer.-

The lender must disclose a good faith estimate of all settlement costs, always make sure you receive this. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:

• Downpayment.
• Loan origination fees.
• Points, or loan discount fees you pay to receive a lower interest rate.
• Appraisal fee.
• Credit report.
• Private mortgage insurance premium.
  Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
  Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording fees.
• Title insurance policy premiums.
• Survey.
• Inspection fees—building inspection, termites, etc.
• Notary fees.
• Prorations for your share of costs such as utility bills and property taxes.

Courtesy of National Association of Realtors

Why Should You Own a Home?

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. Courtesy of National Association of Realtors.

5 Reasons to Use a Realtor in Buying or Selling a Home

1. A Real Estate transcation is complicated with all the forms needed. You need someone to guide you through the complexity, analysis and explain the forms and documents for accuracy.
2. Selling or buying a home is time consuming. Transaction can take along time from putting your home on the market to closing of a transaction. A realtor ensures things are progressing quickly for home buyer or seller.
3. Real estate has its own language. It is important to work with someone that speaks that language and can explain its content.
4. Realtors have done it before. Most people buy and sell homes a few times in their life. Realtors do it on a daily basis. Use the experience of a realtor to get you through the process.
5. Realtors provide objectivity. Buying or selling a home can be an emotional business. Realtors offer the business objectivity to see you through the process.

St. Cloud Offers First Free Citywide Wi-Fi

St. Cloud, Florida is southeast of Orlando is the first city in the nation to offer free Wi-Fi within its 15 sq. mile city. This free wireless internet service will be free to anyone in the city that has a wireless modem. The city felt this will not only save residents money, but attract new businesses and higher-paying jobs. Many cities have hot spots, no one has a city wide service. Sanfransico has one in the metro area only. Other cities will be implementing wireless service, but will charge residents a fee.

Orlando Affordable Housing Declines

Statistics published by NAR (National Association of Realtors) indicates less people are able to purchase a home in 2005 as compared to 2003, even though home sale numbers were even for the past three years. Two issue facing buyers are market prices are rising faster than annual incomes, and rising mortgage rates. During the International Builders Show in Orlando and 2 research organization reported that local government regulations added as much as 30 percent to the cost of a newly built home. Courtesy of Orlando Sentinel 3/6/06.

Orlando Growth is Strong

Orlando is more dependent on job growth than retiree or international investort. Economist predict 67,000 new residents will move to the area next year.

Despite Condo Sale Slowing, Orlando Remains Strong

U.S. and Florida is experiencing a slowdown in residential homes sales, including condos. However, Orlando remain strong in the condo market. The condo market has experienced a 137% surge from the same time last year. The median price for an Orlando condo rose 42% to $185,100. Condos remain an affordable choice for home buyers. Courtesty of Orlando Sentinel 3/1/06.

Orange County Next for Revision of Flood Zones

Orange county is the next county for FEMA to redo the 100 year flood plain zone for commerical and residential properties. As a result of FEMA new updated mapping technology 2,500 properties in Seminole county will be in a flood-prone zone, and the revision has removed the equal number out of a flood zone. FEMA moving along county by county and after this has been completed, digital mapping will be access by everyone. Courtesy by Orlando Sentinel 2/19/06.

Orlando Home Prices

Orlando area's existing home inventory continued to build in January, but sales and the median price continued to rise as the market settles into "a very comfortable stride," the Orlando Regional Realtor Association reported today.Sales of existing homes in metro Orlando rose to 2,318 in January, up 6.2 percent from the same month a year ago, the Realtor association said.Reflecting the cooling market is the rising inventory, though, as the 12,015 existing homes for sale in January in the core Orlando area was nearly four times greater than in January 2005. Courtsey of Orlando Sentinel 2/20/06.

Orlando Homes Hit Record Number

In January, the volume of homes in the Orlando area rose 262% percent, compared to January 2005 with more than 12,000 homes, which is the highest in the last decade. As a result more real estate agents are being utilized by sellers to market and sell their home and less sellers are doing "for sale by owner". There will more choices for buyers and buying will pick in the Spring time. Courtesy of Orlando Sentinel 2/21/06.

A New Condo Development Champions Gate

Champions Gate convienently located a few miles from Disney off I-4. Champions Gate located southwest Orlando near Osceola-Polk county line will be building $42 million big mix use condo project. Champions Gate already has AAA four diamond Omni Orlando Resort. Courtsey of Orlando Sentinel 2/17/06.

Orlando Builders Offering Big Incentives to Lure Buyers

Would you like to receive 2 years of prepaid home owners association fees, cable TV and interet access worth approximately $300.00 per month, plus appliances, along with $6500.00 toward closing costs when you purchase a condo? Or receive a Valentines special of $50,000K off for a home purchase through Lennar? These buyer incentives are ways to lure buyers and are signs the Orlando housing market is cooling off. Courtsey of Orlando Sentinel 2/15/06.

Orlando Home Sales Finish Strong 2005

Setting 13th consecutive year level in total existing home sales in Orange, Seminole, Lake and Osceola counties totally $8.4 billion for 37,453 homes sold.

Homes for Sale: $1

By Teri Cettina • Bankrate.com


With real estate prices at record levels throughout much of the country, would you believe there are still some home bargains waiting to be found? How about a three-bedroom Kansas City, Mo., bungalow for $22,000? Or a two-story river-view Victorian in Jonesville, N.C., for $19,000?

Still too rich for your blood? Maybe you'd be interested in a traditional New England farmhouse for, say, $1. Yes, you read that right: A home that costs a single George Washington, one dollar. Click on link for full information. Clink of link for more information.

Vacation Homes Have Cooled

Four Corners rentals also down, experts say Kelly Griffith Sentinel Staff Writer February 8, 2006

FOUR CORNERS -- A year ago, if Shani Parkin delivered an eager buyer to a vacation-home builder in the red-hot Four Corners area, the Kissimmee real-estate consultant had little to show for her effort.Builders then had plenty of their own buyers, thank you very much. Today, they call. They send cards. They want her help unloading their new homes.The houses, popular with British vacationers, are getting harder to sell as the properties soar in price, grow in number, and more overseas investors cash in their equity, experts in the business say. Rentals of the homes also are down. Click on link for more information.

Existing Home Sales Remain High

February 5, 2006 Orlando Sentinel

While the average median price of existing homes sold in Central Florida dipped slightly from November to December, it was still 35 percent higher than a year earlier, with Seminole posting a median price of $291,334. Seminole County existing-home sales through the Orlando Regional Realtor Association rose nearly 17 percent in December compared with the same month a year earlier, from 531 to 621. For the year, 7,038 existing homes were sold in the county, up 5.8 percent from 2004. Click link for more information.

Send in Your Nomination for Ugliest Subdivision

Lauren Ritchie COMMENTARY January 22, 2006 Orlando Sentinel

Don't come home drunk.That's Rule No. 1 for living in a truly hideous BUD. BUD is an acronym that stands for Butt Ugly Development -- those cookie-cutter, treeless subdivisions that are taking over Lake County. If you come home three sheets to the wind (my mother's quaint phrase), chances are good that you'll blast through the wrong front door, stagger into the wrong bed, and oh-my-goodness! Think of the consequences!Stop BUDs! Click on this hilarious, but true details.

Experts Can See Clouds forming over Home Sales

Mike Thomas COMMENTARY January 22, 2006 Orlando Sentinel

I see where some home builders say 2006 is going to be an even better year than 2005 for housing.That is nonsense."

This is not the time to invest in real estate," says local economist Hank Fishkind.Adds Kevin Fritz of the Orlando Regional Realtor Association: "That time is over where it is a great option to buy for resale."

We have gone from a housing market considered undervalued only a short while ago to one that now is edging into the risky category. Click link for more information.

Get over it

Our position: The widespread use of Windermere's name is a compliment, not a problem.

January 19, 2006 Orlando Sentinel

So a Windermere official is so concerned about nearby enclaves horning in on the town's prestigious name that he inquired about getting a trademark to restrict its use.

Come on. People in Orange County lay claim to Orlando, but the city doesn't try to stop them.

Certainly, Windermere residents have much to be proud of with the town's sparkling lakes, quaint unpaved roads and soaring property values. That people down the road claim that they, too, live there takes nothing away.It's wrong for real-estate agents to falsely claim an area is in Windermere just to make a buck, but misled buyers aren't the only ones complaining. Windermere residents are, and it smacks of elitism.

Why not consider the name usage a compliment and just enjoy the flattery?

Orlando Real Estate Outlook is Optimistic for 2006

Jack SnyderSentinel Staff Writer January 16, 2006 Orlando Sentinel

Think 2005 was a great year for residential and commercial real estate? This year will be even better, according to the real experts -- not economists, but the folks managing the businesses that help make the Central Florida economy hum.

David Barley, president of The Palm Beach Land Trust and the force behind development of the former Pizzuti block in downtown Orlando, promises lots of excitement.

"We're the catalyst for change in downtown Orlando," Barley said. The development, still evolving, takes a new approach: Making maximum use of public spaces.

"We've introduced place making to the developers' vocabulary," Barley said.

The developer also has the Eight Seconds property on Livingston Street under contract and Barley said he has development plans for that 2.96 acres.

Additional proof of Barley's optimism: He is buying land on Morse Boulevard in Winter Park for an office condo project and five acres at Heathrow in Seminole County for another office condo. Palm Beach Land Trust earlier did an office condo project near Heathrow that sold out quickly. Please click link for full story.

Resale or Renovation?

Experts say you should consider how changes will affect your home's value before you get your heart set on specific home-improvement projects.

Jennifer Lisle Special to the Sentinel January 15, 2006 Orlando Sentinel

When Christy Cleveland and her family outgrew their 1,800-square-foot ranch house in Long Beach, Calif., two years ago, they first considered trading up. Additional expense: $400,000 to $500,000.They next looked at adding a second floor. Estimated cost: $200,000.Ultimately, they decided to add a recreation room and an extra bath at the back of the garage. Cost: $40,000. Please click on link for full details.

Orlando Full House

Economists forecast healthy home sales unless speculators bail out

Jack SnyderSentinel Staff Writer January 12, 2006 Orlando Sentinel

The nation's housing markets should remain quite healthy this year, if a bit off last year's record-setting pace -- though that could depend on how investors and speculators behave in coming months, experts in Orlando said Wednesday.

A trio of economists at the International Builders' Show warned that, if investors who have flooded the U.S. market in recent years begin selling off their properties as appreciation rates decline or investments such as stocks become more attractive, it could lead to problems in certain parts of the country. Click link for full story.

Mortgage Preapproval Letters Not Worth the Paper

By Pat Curry • Bankrate.com


Start shopping for a house and inevitably someone will suggest you visit a lender and find out how much house you can afford.

That visit generally results in a preapproval letter from the lender. It's an important document because in hot real estate markets, many agents won't even show a house without some indication that the buyer can get financing to close the deal. Click on link for full story.

What Home Buyers Really Want

By Dana Dratch • Bankrate.com


Home buyers want the basics. But they also demand the best. Or at least the best their money can buy.

The features most in-demand by buyers? According to the National Association of Realtors, or NAR, the top five are:

Centralized air conditioning
Walk-in closet in the master bedroom
Bedroom on the main floor
Patio
Oversized garage

Click on link for full details.

Metro Orlando is Hot for New Jobs

But experts would like to see region add more than just service workers

Jay HamburgSentinel Staff Writer January 9, 2006 Orlando Sentinel

While no economist claims a perfect crystal ball, those who track and study employment trends generally agree that 2006 should be another good year for jobs in Central Florida.

Florida led the nation in job growth last year and, within the state, Orlando had the top growth rate among the state's six big metro areas. Click on link for full details.

East Orlando is Growing

Schools, shopping outweigh bad trafficJack

SnyderSentinel Staff Writer January 1, 2006 Orlando Sentinel

East Orange County is peppered with rapidly growing communities such as Waterford Lakes and Stoneybrook. And Ivy Moore has sampled many of them.

Since she and her family moved to the area five years ago from San Diego, they have owned homes in Avalon Park, Waterford Lakes and, most recently, Lake Nona, moving into a nicer house each time.

Moore has seen housing prices soar -- 67 percent in the past two years -- as ever-increasing numbers of people are drawn to the area. Click link for full story.

Cooling trend forecast after another year of record sales

Jack SnyderSentinel Staff Writer January 2, 2006 Orlando Sentinel

This past year was the fifth consecutive record for housing sales and the experts, while expecting some cooling, see 2006 as shaping up as the second-best year ever.

Everyone from home builders to real-estate sales people are pumped, ready for another year of strong sales.

However, David Lereah, chief economist for the National Association of Realtors, says there was evidence this year of "a tapping of the brakes on a hot market."

Back to the Big Easy

Good news for New Orleans: Realtors say they're proceeding with their annual convention as scheduled Nov. 8-13 in the Big Easy. That will mean more than 25,000 visitors and an economic impact exceeding $30 million.

Record year

Locally, look for announcements of record years in housing. Beazer Homes' Orlando Division said it sold 600 houses last year for more than $186 million, a record. Nicholson Homes posted 400 new-home sales last year and is getting in position for a strong 2006. The company has contracted to buy more than 500 building lots at Cara Estates in Haines City in Polk County. Construction on homes is expected by this summer.

Breaking up

After 10 years of affiliation, Brentwood Custom Homes of Altamonte Springs is ending its relationship with Arthur Rutenberg Homes. Brentwood has been one of the largest Rutenberg franchise builders, but Chairman Frank Pizzica said the company is moving into new territory. When Brentwood started as a Rutenberg builder, it did $3 million in the first year. In 2005, sales exceeded $100 million. Pizzica said Brentwood now builds one-of-a-kind luxury homes.

Home Prices Enjoy Record 2-Year Run

Jay HamburgSentinel Staff Writer Orlando Sentinel January 1, 2006

Home prices in the Orlando area have rocketed to dizzying heights these past two years, taking homeowners, real-estate agents and developers on a wild ride that has left them breathless -- but hoping the momentum will send prices even higher. Click link for full details.

Existing-home sales surge in Orlando

From Staff reports December 29, 2005, 4:34 PM EST

WASHINGTON -- In Central Florida, the number of homes available for resale surged again in November to reach its highest level in more than nine years. Still, existing-home sales through November remained on pace in Metropolitan Orlando to set a 13th consecutive annual record, according to the Orlando Regional Realtor Association.

November existing-home sales in the four-county area were up more than 20 percent, the Realtors said, compared with November 2004, when the area was still recovering from a series of hurricanes in August and September.

Inventory in the metro area's core market (primarily Orange and Seminole counties) totaled 9,685 homes at the close of November -- its highest level since July 1996, the local association said.

The median price of the homes sold in November rose to $249,900 -- up more than 37 percent from a year earlier but only 1.3 percent higher than in October.

The Orlando area's median home price, on a tear from December through July, has risen just 2 percent since then.

Growth angers some residents of College Park

Condo projects lead to the formation of a group pushing for sensible development.

Nancy N. GlickSpecial to the Sentinel December 29, 2005 Orlando Sentinel

The growth of College Park is changing the appearance of Edgewater Drive. Side streets are now cut-throughs, traffic has increased, parking is a problem and another condo high-rise is proposed for the Orlando community's retail strip.

Many residents and merchants are banding together to try to preserve the quiet neighborhood as a close, sleepy 80-year-old residential and commercial mini-suburb of Orlando. Please click link for full story.

Ski-High Returns

Commercial real-estate sales post impressive gains

Jack SnyderSentinel Staff Writer December 28, 2005 Orlando Sentinel

Impressed by the rising value of your home in Central Florida's red-hot housing market? This has also been a dream year for many commercial developers, real-estate investors, and the brokers who help them select the right properties. Click Link for full details.

Cadillac prize is sign of a braking market


Jack SnyderSentinel Staff Writer December 26, 2005 Orlando Sentinel

Want more signs of a cooling Central Florida housing market besides growing inventory, longer times to sell properties and scattered price reductions?

How about incentives?

Realtors say new home builders didn't have much need for them when the market was super hot and waiting lists and lotteries were common in new communities.

Things have changed. Builders are again actively courting Realtors to bring their clients by to shop their properties. And some developers are sweetening the pot beyond sales commissions.

Paramount Cos. of Florida is offering a 2006 Cadillac CTS to the salesperson or broker who completes the most condominium sales at Regency Park Lake by March 31. The developer said the retail value of the bonus prize is $33,800. The condominiums are at 733 Secret Harbor Lane in Lake Mary.

Orlando Condos at April 2005 Prices

Live in or invest in Keywest Style Condominum today with April 2005 prices. These 3 condos are located in Casselberry, Florida. All new appliances, flooring, kitchen cabinets, bath vanity, plumbing, air conditioning. Newly painted buildings in gated community with new landscaping, renovated pool, fitness, and club house area. Onsite property management in the near future to manage the rental properties and community. This community is in a top school district. This community nearly sold out. Click on the link to contact us or write at info@orlandobuyersbroker.com.

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1 bedroom and 1 bath, 647 square feet, $122,400, interior location

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Orlando Home sales still setting records

Jack SnyderSentinel Staff Writer December 21, 2005, 11:07 AM EST Orlando Sentinel

Orlando-area existing-home sales continued on a record setting pace in November, though the month-to-month increase in the median price has slowed considerably and inventory is now the highest in more than nine years, the Orlando Regional Realtor Association reported today.

The median price of homes sold in November was $249,000, up only 1.3 percent from October but a 37 percent increase from November 2004.

The pool of homes for sale last month reached 9,685, a 163 percent increase over November of last year and the highest level since July 1996. Brokers say the market is entering a slower paced phase, thus the growing inventory, but sales are still strong.

The 2,336 homes sold last month were a 23.1 percent increase over November of last year. Sales for the year are expected to set a record for the 13th consecutive year.

10 biggest mistakes of novice investors

By Pat Curry • Bankrate.com

Real estate has become the tech stock of the 2000s, the darling investment that everyone seems to think will be his ticket to easy wealth. And why shouldn't investors be snapping up cute little cottages? After all, mortgage rates are low and the housing market is hot. How hard could it be? Slap on a new coat of paint, put some flowers in pots by the front door, put a "For Rent" sign in the yard, and start counting the cash. Click on link for full details.

As prices soar, so does amount you can borrow

Forget jumbo loans: The conventional limit rises to $417,000 next year, matching the 16 percent increase in home values across the country.

Jim DebothSpecial to the Sentinel December 18, 2005 Orlando Sentinel

The 2006 conventional loan limit, which is the most mortgage money you can borrow without having to get a higher-cost jumbo loan, will take a giant hike to $417,000 -- up 15.9 percent from this year.

This is the largest single increase in the ceiling since the Office of Federal Housing Enterprise Oversight, the federal agency that keeps track of home prices, established an annual limit in 1980.

Whether the increase will affect your plans or finances depends on the sort of home you want to buy and where it is.

Sometimes referred to as a conforming loan, a conventional loan is the sort that most of us get when we buy a house. It also is the type of loan that most lenders link to their "best" interest rate. A lender advertising a 6 percent interest rate, for example, is normally referring to a standard 30-year, fixed-rate mortgage.

The 2005 conventional loan limit on a single-family home was $359,650, and anyone borrowing more than that would have to pay an extra quarter point or more in interest for a jumbo loan. As of Jan. 1, however, home buyers can borrow up to $417,000 without triggering the higher rates charged for jumbo loan amounts.

Though the new limits are important to the mortgage industry, the only buyers who benefit are those shopping at the upper end of the limits spectrum. Fannie Mae and Freddie Mac, the two biggest mortgage buyers in the country, estimate that this will help roughly 500,000 families in high-priced areas and hot real estate markets such as New York City, Los Angeles, Chicago and Seattle.

In some areas, a $417,000 mortgage, coupled with a good down payment, can get you a starter house or a fixer upper without a jumbo mortgage rate.

"The 2006 limit is based on the average price of homes across the nation," says Frank Nothaft, vice president and chief economist for Freddie Mac, "and is consistent with house-price appreciation.''

A National Association of Realtors study found the median price for an existing home rose 16 percent from October 2004 to October 2005. So the loan limit increase reflects that rise in the median, or middle, and the average price of houses nationwide.

"So, just as house prices grow year after year, so do the loan limits. We've had five years of very strong house prices," and the annual price increases show that. "It certainly helps make mortgages and home ownership that much more affordable."

The 15.9 percent increase applies to multifamily units, too. The new limit for a duplex is $533,850. It's $645,300 for a triplex and $801,950 for a four-plex. The new limit also affects second mortgages, putting the new limit at $208,500.

The limits are 50 percent higher in Alaska, Hawaii, the Virgin Islands and Guam, which are designated "high-cost areas." This means that if your credit and income are good enough, you can get a $1.2 million mortgage for a four-plex in Hawaii, for instance, and have it treated as a "conventional" loan.

Nothaft says that the difference between a conventional and a jumbo loan can be half a percent in a 30-year conventional loan, or even more depending upon your credit, the size of your down payment and the type of loan you get. At $417,000, even a half-percentage point can make a major difference.

If your credit is less than perfect, or if you don't have a big enough down payment, you could wind up with a nonconforming loan and have to pay more in interest because these types of loans are considered riskier. Typically, the riskier the loan is for the lender, the more expensive it is for the borrower.

10 Biggest Home Buying Mistakes

David Weekley, CEO of Houston-based David Weekley Homes, is one of the country's largest home builders and also the author of a new book, "How to Buy a Home Without Getting Hammered." Click link for full details.

When home sellers lie

From a leaky faucet to a big remodel without a permit, uncompleted repairs or undisclosed problems can mean big headaches for home buyers. Please click link for full details.

Vacation Homes: Not Just for the Rich and Famous

You, too, can own a vacation home, even if you're not rich. The trick is in avoiding the property-management middleman. Click the link for full details on how.

Hot Properties: High Tech Condos

Before buying a new condominium, prospective buyers should check into their high-tech amenities to ensure a high resale value. Click link for more details.

Homebuyers What's In & What's Out 2006

What's In

• Smaller square footage homes. After years of sprawl, new construction buyers want less space with better finishes.
• Quality kitchen cabinets. With the kitchen/greatroom the center of family living, buyers today are looking at furniture style cabinets.
  Bamboo wood floors. It could overtake maple as the favorite light-colored wood flooring in 2006.
• Wall space for flat screen TV's. Specify power and cable boxes close to locations where homebuyers want to place the latest in visual technology. The popular location for installation in new construction is over the fireplace.
• Multiple and high-powered phone lines. With modems, dsl, wi-fi moving into mainstream use, tech-savvy homebuyers want "wired" homes.
• Separate shower stalls and bathtubs in master bathrooms. The growing divide among "soakers" and "showers" is increasing. Not having one of each in a master bath could quelch a purchase.
• Built-in home stereo systems are a must-have for many audiophiles. Wireless hasn't quite made the pre-wired audio system home obsolete, at least not in 2006.
• Balconies and decks wider than 3 feet. Homebuyers want usable outdoor space. Big enough for a bistro table and chairs and a couple of pots for container gardening.
• Guest parking. With the rise in condominiums, lofts and zero-lot line subdivisions, homebuyers want their guests to have a hassle-free experience when they arrive at their new home. Buy or lease an extra space for family or friends.
• Dog Parks. Dogs and home ownership go hand-in-hand. The new way to meet neighbors in the hood is to interact with them at the dog park. Before buying a home, check out the nearest one.
• Ranch or one level homes. The baby-boomers are discovering their utility in droves.
  Second Homes. The baby-boomers are also keeping this market segment strong. Demand for second homes was still on the upside in 2005, but if primary home demand weakens, the second home market will historically follow.
• Seller give-backs. With a more balanced market in most metro markets, requests by buyers to pay closing costs have increased, and some sellers are paying them.
  Carbon Monoxide detectors. Home inspectors red flag homes that have only smoke detectors. Inexpensive and lifesaving, install one on every floor of a home before opening to homebuyers.
  

What's Out

• The real estate bubble. It's a correction with a soft decline in prices.
  Ebony-stained hardwood floors. You're better off tearing it out than trying to sand the ebony out to refinish.
• Single-rod closets. Buyers want the most storage in the least amount of space. Organizers accomplish this.
• Dark rooms with small windows. Natural light can overrule a lot of other problems in a home.
• Wallpaper. Buyers never have the same taste as decorators. Take it down (carefully) and paint.
• Builder grade light fixtures and interior fixtures used outside. The right fixtures say quality to buyers.
• Mid-century awnings on exterior windows and doors. Buyers want to let the sun shine in.
  Mirrored backsplash's in kitchens and everywhere else. Mirrored walls and ceilings say 1980's hedonism.
• Commitment (strong, bold trendy) colors. They look great in magazines, but as one buyer said to me "I don't live in a magazine".
• Gas grills that need their own tank. Buyers prefer the gas piped from the house so they don't have to replace tanks.
• Dropped ceilings. It might have updated a bungalow in the 1950's, but buyers want as much vertical space as possible.
• Flipping. Increasing inventories of unsold homes is increasing, signaling weakening demand by all buyers. If you are holding properties to flip, prepare to place them on market after the holidays.

On the Way Out

• Stainless steel appliances. Word-of-mouth says the cleaning requirements aren't for everyone.
• Laminate flooring that looks like hardwood. Not only can buyers tell it's not wood, the noise it makes with high-heel shoes is the deal killer during property showings.
  
  About the Author: Mark Nash's fourth real estate book "1001 Tips for Buying and Selling a Home" (2005) and a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on CBS The Early Show, Bloomberg TV, Fidelity Investor’s Weekly, Dow Jones Market Watch, MSNBC.com, The New York Times, Universal Press Syndicate and USA Today.

Osceola County Home to Disney is Booming

Osceola County led the four-county Metro Orlando area in the growth for existing homes sales in October-a 52 percent increase over the same month one year ago. Please click link for the full story.

New Vacation Hot Spot on the Horizon in Kissimmee

A developer will break ground today on a $4 billion resort development in Osceola County. Legacy Resort will include hotels, retail, condos, vacation rentals and a golf course. Please click on link for details.

Study says Orlando Condo Conversion the Busiest

According to Orlando Sentinel, "Orlando turned out to be the busiest of the 20 big condo-conversion markets studied by the company -- bigger than Miami, bigger than Manhattan." See link for full story details.

http://www.orlandosentinel.com/orl-condos0205dec02,0,2785745,print.story?coll=orl-sports-headlines-knights

Irish investor snaps up lots in Parramore

The buyer isn't discussing plans, but officials say he wants to mix retail, office or residential space.

Mark SchluebSentinel Staff Writer December 1, 2005 Orlando Sentinel

An Irish hotelier and real-estate investor has been quietly buying land in Parramore, another indication that the troubled neighborhood is becoming the next frontier in downtown development.Sean McElvaney of County Kildare, Ireland, bought 20 mostly residential lots scattered throughout Parramore three weeks ago for a combined $3.2 million, records show. That follows six months of purchases totaling $1.7 million in 2003 and 2004 that left McElvaney the owner of nearly an entire block.McElvaney isn't talking about his plans, but city officials say he envisions a mix of retail and office or residential space. And like others, he may be banking on the possibility that Parramore's land values and development opportunities will climb, just as they have on the other side of Interstate 4 in downtown Orlando's central business district."It's location, location, location. We are downtown," Parramore landowner David Van Gelder said. "Everybody knows it is going to be worth a lot of money."The 1-square-mile community is Orlando's poorest, mired in crime, poverty and low rates of homeownership. Parramore has long resisted City Hall's efforts at rejuvenation, but Mayor Buddy Dyer has repeatedly said the success of his administration should be measured by the success of Parramore.Though many see Parramore's redevelopment as inevitable, it has lagged behind the booming pace just to the east. At the same time, some residents worry about the neighborhood's eventual gentrification -- and whether there will still be a place for them as land values rise.McElvaney, who owns commercial buildings in Jacksonville and Atlanta and a hotel west of Dublin, Ireland, bought the residential property, including some with run-down houses, from two corporations controlled by Parramore landlord K.D. Lewis.Because they are mostly scattered, the residential lots don't lend themselves to new development of significant size. McElvaney's attorney, Terry Delahunty of Orlando, said his client is taking a "long-term view" of his land holdings and has no plans to eject tenants."Sean is very concerned about the availability of affordable housing," Delahunty said. "Anything he does there will take that into consideration."McElvaney's commercial purchases cover most of the block bounded by Central Boulevard, Pine Street, Terry Avenue and Parramore Avenue. That land is presumably large enough to accommodate a mixed-use building, though high-rise development such as that found in downtown's core wouldn't be allowed under the zoning that covers most of Parramore."He's talked about a mixed-use development there, but there is nothing firm in the works that I'm aware of," Downtown Development Board Director Frank Billingsley said.The future of that project may also come down to location. The land is just across Central Boulevard from the Coalition for the Homeless shelter."That is a major stumbling block toward redevelopment," Billingsley said.City officials for years have pushed the coalition to move its campus out of Parramore, saying the homeless people who congregate there discourage developers from investing in the neighborhood. In 1999, the City Council adopted a policy that prohibits new social-service agencies from moving to Parramore and bars existing ones from expanding.Homeless-coalition leaders say they are willing to move, but only to a site close to the area's homeless population and the charitable services they use. The search for a new location has often left the homeless coalition at odds with City Hall and the community. Most recently, black politicians blasted an idea to move it near Jones High School.This week, five members of a real-estate advisory group who have expertise in homeless issues have come to Orlando to study the coalition's needs and identify potential sites. The Counselors of Real Estate is expected to issue a recommendation to the city and the coalition in a few weeks.Van Gelder, the Parramore landowner, said development won't take off in Parramore unless problems with the homeless and crime are solved."Until they get rid of the coalition and enforce the law and get rid of the crackheads and drug dealers and prostitutes, nothing is going to happen," he said.McElvaney met with Dyer months ago and is expected to discuss his plans Friday with city Commissioner Daisy Lynum, who represents Parramore. But he hasn't submitted any development plans.Hughes Supply, a Fortune 500 building-supply company with headquarters in Parramore since the 1920s, has also made big land purchases in the neighborhood recently. A block southeast of the homeless shelter, a Hughes holding company bought two adjacent parcels for a combined $2.5 million in May and July. The company spent an additional $3.21 million in July to buy two large tracts on Mercy Drive.City officials said the company has discussed expanding its operations in Parramore. A Hughes representative did not return a call seeking comment Wednesday.

Real-estate market cools in October

Sales decline more than expected as a backlog of unsold homes multiplies.

From Wire and Staff Reports November 29, 2005, Orlando Sentinel

WASHINGTON -- Sales of existing homes fell a bigger-than-expected 2.7 percent in October, a fresh sign that the red-hot housing market is cooling. The decline would have been worse without increased demand from displaced hurricane victims.

Though prices rose at the fastest clip in more than a quarter-century, the number of unsold homes rose to the highest level in 19 years. Analysts forecast that this backlog will dampen future price gains.

The findings build on a report last week on Florida's housing market. Signs of cooling are showing up throughout the state, though sales are still good and median prices continued to rise in October.

Statewide, October sales fell 5 percent from October 2004, though Florida Association of Realtor officials attributed most of the decline to disruptions from Hurricane Wilma. The statewide median price in October was $241,000, up 28 percent from $188,800 a year ago.

And in Metro Orlando, a ballooning inventory that hit the highest level in eight years was a clear indication of a cooling market.

Sales in the Orlando market slipped in October from September, the second consecutive monthly decrease, though sales were up from October 2004 and activity for the year is ahead of last year's record pace. Orlando's existing-home median price in October rose to a record $246,790, after falling in September for the first time in a year.

In its report Monday, the National Association of Realtors said that sales of existing homes and condominiums fell by 2.7 percent in October. Analysts expected a 1.1 percent decline. It left sales at a seasonally adjusted annual rate of 7.09 million, down from a sales rate of 7.29 million units in September, which was the second-fastest pace on record.

The decline in sales pushed the number of unsold homes to 2.87 million, the highest level in more than 19 years. It would take 4.9 months to deplete that inventory level at the current sales pace. The median, or midpoint, price of an existing home sold last month rose by 16.6 percent to $218,000, compared with October 2004.

Economists said Monday's report appeared to be a signal that the booming housing market was beginning to slow under the impact of rising mortgage rates.

"The housing sector has likely passed its peak. The boom is winding down," said David Lereah, chief economist for the Realtors. "I expect continued softening in housing if rates remain at these levels or go higher."

Economists predicted the buildup in unsold homes would help dampen the surge in home prices that saw 69 cities report double-digit gains in prices this summer.

Condo craze is headed for crash and burn

Mike ThomasCOMMENTARY November 29, 2005, Orlando Sentinel

Call it "condo-mania" uncontrolled condominium construction and high prices. It hit the Tampa Bay area in the early 1980s. The area is just beginning to recover from that condo glut . . . If you're shopping for a condo, the best deals are to be found in foreclosures or resales by investors.

This history lesson is from a 1987 story in the St. Petersburg Times.

I bring it up as I drive around Orlando, looking at the increasing number of "For Sale" signs in front yards, taking note of those that have had their "Price reduced.

"The number of homes on the market is at an eight-year high. We are shifting from a seller's market to a buyer's market. The speed at which this is happening is remarkable, given that interest rates remain low.

But despite all these warning signs about a slowdown in housing, downtown condo builders remain bullish.

We've got thousands of inquiries!

We can't build them fast enough!

The empty nesters all want to move downtown!

The young, single crowd wants to move downtown!

It all sounds good. But what is it that makes condos immune from market forces affecting the rest of the housing market? My guess is that as we saw during the dot-com bust, speculators hate to let go of a good thing.

And speculators remain active in the condo market.

Downtowns in neighboring St. Petersburg and Tampa have more than 50 condo projects planned. Even cities such as Sarasota and Jacksonville are planning for thousands of condos.

Miami-Dade has a staggering 70,000 units in the works.

Add to this the coastal condo craze and the condo-conversion craze.

Are there really enough empty nesters, second-home buyers and young professionals to go around in the next few years?

There is an army of speculators and investors who think so.

Buying Florida condos at "pre-construction" prices has become a national phenomenon. Try typing "preconstruction" and "condos" and "Florida" into an Internet search engine and see all the Web sites devoted to helping you get rich.

Condo-flipping is the new day-trading. History says that this creates an artificial demand and jacks up prices.

As inflated as the cost of traditional housing has become, at least that market has one toe dipped in the waters of Lake Reality. A much larger percentage of buyers plan to actually move into their purchase and stay awhile. Or they plan to put big bucks into restoration before flipping the property. This requires a commitment and more thoughtful analysis.

This is why you see the traditional housing market begin to cool while the frenzied condo market booms on. A lot of people who put down contracts on condos have no intention of ever making the first payment.

If that day comes because they can't flip the units, they're in big trouble. So are the developers and lenders.

The longer it takes for a correction to occur, the more painful it becomes. And we have been through painful condo corrections before.

"When I came here in 1975, they gave you a Cadillac if you would buy a condo in Pompano Beach," says economist Hank Fishkind.

If Orlando's market is out of whack, it will correct itself in the normal manner -- when growth and price adjustments produce enough buyers actually looking for a place to live.

When getting a mortgage, steer clear of 7 mistakes

Don't focus just on the home you want -- consider how you will pay for it.

Jim DebothSpecial to the Sentinel November 27, 2005 Orlando Sentinel

Buying a home is probably the biggest financial decision any of us ever makes, especially if it's our first house. Though you might focus on finding the perfect house, you also should spend time thinking about how you will pay for it.

We'll look at the seven costliest mistakes consumers make when shopping for a mortgage.

No. 1: Talking to lenders before checking your credit report for mistakes. If you find mistakes, give yourself time to get them corrected. You are entitled to one free credit report every year from each of the big three credit reporting agencies. To order, go online at annualcredit report.com.

No. 2: Dealing with the wrong lender. Ask friends and relatives about their mortgage lenders and whether they were satisfied with the service and the loan. Talk to at least three lenders and ask them the same questions about interest rates, points and the cost of the loan. Compare their answers. Compare their personalities. Do you like them? Do you trust them?

No. 3: Looking for a home before you look for a mortgage. In fact, you should get pre-approved for a mortgage and then go looking for a home that the mortgage can buy. Some real estate agents won't even take you house hunting until they see your letter of approval.Getting pre-approved, however, means a lender has examined your required paperwork and approved you for a loan for a specific amount of money. When you couple that amount with the down payment you plan to make, you will know how much house you can afford.

No. 4: Borrowing either too much or too little money. Just because you're approved for a loan of $250,000, for example, doesn't mean that you must borrow all $250,000. The approval amount simply is a ceiling limit.The key point to remember is that you determine how much -- or how little -- you want to spend for a house and how big a monthly payment you want to make. The lender wants to loan you as much money as possible, and the real estate agent wants to sell you the most expensive home possible.You, however, set the limits, so be realistic. Tell the real estate agent what price range you are interested in, and if you don't like what the agent shows you, find another agent.

No. 5: Failing to plan for the unexpected. Tornados and other natural disasters such as floods, tsunamis, earthquakes and wildfires, can strike without warning. So can illnesses and injuries, job lay-offs and other physical and fiscal disasters. One of the first questions you should ask yourself is how long you and your family could manage without a paycheck.How much money do you have in savings, stocks, bonds or bank certificates of deposits? Financial planners suggest you have at least enough money on reserve to cover you and your family's expenses for three full months if the paychecks suddenly stopped or you had to cover a medical or other emergency.

No. 6: Not knowing everything you should about your specific loan. That includes why you obtained this loan instead of another. For example, with a traditional 30-year fixed-rate conventional loan, your monthly payment will be the same for the life of the loan. You also can get similar loans for 15, 20 and even 40 years. Adjustable-rate mortgages start with a lower interest rate that later can adjust up or down.No one buys a home without examining it thoroughly, from top to bottom. You should do the same with your mortgage.

No. 7: Not knowing the full cost of home ownership. If you always have been a renter, you might be in for a few surprises. As a renter, the landlord is responsible for maintenance, upkeep and repairs. The landlord also pays the property taxes and special assessments. Once you sign the final papers, those responsibilities are all yours, and they can be expensive. So you should make a list and estimate these costs when you are figuring how much you can pay toward your home each month.

Housing inventory balloons

Number of homes for sale in Metro Orlando leaps 32.5%

Jack SnyderSentinel Staff Writer November 23, 2005, Orlando Sentinel

The number of homes for sale in the Orlando area ballooned by more than 2,200 properties last month to hit an eight-year high -- the clearest sign yet that the region's red-hot housing market might be about to cool off.

Orlando's existing-home sales remained strong in October, a local trade group reported Tuesday. Completed deals in the four-county metro area were up more than 27 percent from October 2004, and the median price of those sold in the market's core crept up for the first time in three months to set another record.

But the bidding wars are subsiding, and the inventory of available homes jumped from 6,786 at the end of September to 8,992 at the end of October, according to the Orlando Regional Realtor Association. That's the largest inventory since 9,129 homes were for sale in May 1997.

With the completion of 2,841 resales in October, the metro area was still running 12.4 percent ahead of last year's record sales pace. And after stalling in August and falling slightly in September for the first time in a year, the median home price in the market's core rose in October from $243,900 to $246,790.

That's an appreciation rate of nearly 36 percent since October 2004, when the median (the price at which half the homes sold for more and half for less) was $182,000.

But area real-estate brokers said Tuesday that they are seeing clear signs of an easing in the region's record home-buying activity, with some sellers now willing to reduce their asking prices as the available inventory grows.

Jack and Jancey Craig, who recently bought a home after moving here from Baltimore, were able to consider more than two dozen houses in the Oviedo area before settling on a prime candidate.

"We were choosy," Jack Craig said. "We looked at a lot of homes, and we knew right away we wanted the one we bought."

The home's seller reduced the price from $375,000 to $358,700 and agreed to pay for certain repairs to close the deal, said Troy Hensley, the Craigs' agent and a partner in ERA Breese Craft Hensley LLC.

"Even three months ago you couldn't do that," Hensley said. "The inventory just wasn't there then. It's still a very good market. It's just not a crazy market."

The September-to-October increase in available inventory of 2,206 properties, or 32.5 percent, was the biggest one-month leap in the local Realtors' Multiple Listing Service records, which go back to January 1997.

The group measures existing-home sales from throughout the metro area -- Orange, Seminole, Osceola and Lake counties -- but most of its other statistics, including inventory and median price, are for the core of the market only -- primarily Orange and Seminole counties.

The average time on the market for homes sold in October was 33 days, the second consecutive month in which that statistic has risen, leaving it at its highest level since March.

Some of the properties pumping up the inventory in recent months -- the month-end total also grew more than 20 percent in July, 23 percent in August and 22 percent in September -- is coming from condo conversions that have flooded the Orlando market, said Lydia Pisano, a broker with Keller Williams Realty and immediate past president of the local Realtor association.

Pisano noted another sign of a possible slowing in activity: New-home builders are back to actively courting Realtors to bring prospects to their subdivisions and developments."The waiting lists and the lotteries [for new homes] are gone," she said.

Still, buyers continue to compete for certain properties, said Ronald Mesplay, the broker at Exit Realty Preferred in Lake Mary.

Mesplay said one of his sales associates just sold a condo in Lake Mary after it drew nine offers. "The listing sold for $8,000 over the asking price," he said.

But brokers said that is happening less and less as the inventory continues to grow by double-digit percentage rates. A wider selection gives buyers "room for negotiation, as opposed to a bidding war," noted Beverly Pindling, president of the local Realtor association.

Frank Filippelli, president of Southern Realty Enterprises, said sellers are starting to realize that what their neighbors got for their houses as recently as three months ago doesn't necessarily mean much these days.

"They have to look at what the market is today," he said. "We're still strong, but it's not like it was."

Local existing-home sales set a record last year, despite disruptions brought on by the three hurricanes that raked Central Florida in August and September.

Home sales appear to be on track to set records locally and nationally again this year, even though mortgage rates have been edging steadily upward for weeks.

The national average for a 30-year home-loan rate last week was 6.37 percent -- still at historically low levels but up considerably from a year ago, when the average was 5.74 percent, according to national home-loan buyer Freddie Mac.

In the third quarter of this year, Orlando ranked second in the nation in existing-home price appreciation, with growth of nearly 45 percent from the third quarter of 2004. Only Phoenix did better. The Orlando area's third-quarter median price -- calculated by the National Association of Realtors using a broader database than the one used by the local Realtors -- was $261,300.

Windermere Real Estate

The home WOW factor

A 7,104-square-foot home built near Orlando to show off everything green and glam awaits peer approval.

Carrie Alexander Special to the Orlando Sentinel November 20, 2005

Wow. Orlando home builder Alex Hannigan did it. Fourteen months ago, when he was preparing to start on The New American Home '06, he said he wanted his showcase house to have the "wow factor."Despite the project's many challenges, this 7,104-square-foot home in southwest Orange County should easily elicit that response when it opens for tours early next year. The house, which is expected to have a price tag significantly higher than $3 million, boasts a view of Lake Burden from nearly every room. Amenities include five fireplaces, a second-story library and an outdoor living space with a vanishing-edge pool, a spa and gas-fired tiki torches.The demonstration home is expected -- no, required -- to be fabulous. Each year since 1984, the National Association of Home Builders has constructed a house at the site of its convention to showcase state-of-the-art materials and techniques.In January, Orlando hosted the International Builders' Show for the first time, and the show's centerpiece was a Mediterranean home in Baldwin Park built by Goehring & Morgan.This January, the show will return to Orlando, giving Hannigan, president of Hannigan Homes, the chance to show off a stellar Florida-style home to thousands of building professionals. About one-tenth of the more than 100,000 attendees typically tour the showcase home. After the show, the house will be open to the public.The mission of the builders group is to demonstrate design ideas, products and technologies that can be replicated in houses across the country at various prices."Nobody's going to replicate the entire house," but builders and homeowners can walk away with a few ideas for their own projects, says Bill Nolan, a past president of the Home Builders Association of Metro Orlando and co-chairman of the national builders' New American Home committee.Every home-building project has its challenges, but try constructing a demonstration home by a committee in less than a year with groups of manufacturers lobbying to have their products included.Add to that a set of circumstances particular to this home project, such as the lack of electricity, water and passable roads.The site chosen for the home is the first to be carved out of a new subdivision known as Lake Burden at the Lakes of Windermere. When Hannigan broke ground for the home, the land was raw, and generators had to be hauled to the site to power up tools. Water had to be pumped from the lake to mix the concrete."I knew going in, this was going to be difficult,'' Hannigan says. "We knew we'd have to start with generators, and we didn't have roads and there was no power. And power, water and roads are three key ingredients in starting a home."In June, Hannigan says, the constant rain produced so much mud that he would lose an entire week of work at one time."I couldn't get to the house. Nobody could," he says. "It was really a challenge. I said, 'Someday, we'll look back and laugh about this but not today.' I have never in my wildest dreams thought we could complete this house under these conditions."The crew expected to have power sometime in July, but it didn't happen until the first of this month -- about the same time running water arrived.Plus, Hannigan was expected to build the home to be "green," or environmentally friendly, which was breaking ground for The New American Home program and for him."I think it's [green building] the wave of the future,'' he says. "I think that we should all start looking at that and taking it seriously."The show house, which is Energy Star-rated through the U.S. Department of Energy's Building America program, will receive green certification that verifies the house is energy-efficient and uses environmentally sensitive materials and principles in its construction.Hannigan says the decision to build green is part of the reason for choosing WCI Architecture & Land Planning of Coral Springs to design the home. The company has been a state leader in green building.As homeowners catch on to the benefits of building green, more houses will be built with some of the same principles used in The New American Home '06, says John Orgren, WCI regional design manager and co-designer with Flavio Coronel on this project.The reason, Orgren says, is that the concepts just make sense. Using wood from sustainable forests, for example, means resources have been saved for the next generation. Placing the air-conditioning system in a semiconditioned space means "it doesn't have to cool as much, and there's less chance of mold," Orgren says.

Pre-approval for a loan isn't same as prequalified

Don't confuse the two. One gives you an estimate, the other guarantees the money.

Jim Deboth Special to the Orlando Sentinel November 13, 2005

Few things are more embarrassing or frustrating than picking out something you want to buy, taking it to the cashier and then discovering you don't have enough money -- or credit -- to pay for it. It's even worse when that "something" is a home.

One way to avoid the problem is to get pre-approved for your mortgage loan. This means your lender has verified all the information you provide -- salary, credit history, down payment amount, etc. -- and gives you a letter showing you are pre-approved for a loan up to a certain amount.

This is not the same as being prequalified, however, says Chantell Myers, a loan processor for Kimberly Financial Services, in Gurnee, Ill. Although some lenders hand out letters saying someone is prequalified, those letters usually are considered useless because they are based solely on the borrower's word rather than on verified fact.

No lender will loan you a dime until your information is verified. In fact, many real estate agents won't even show you a home until this is done because they don't want to waste their time showing houses they aren't sure you could afford to buy.

You might as well obtain the approval before you start house hunting.

To be pre-approved, you will have to back up everything you tell the lender: your credit history, pay stubs or W2 forms, bank statements, brokerage or investment accounts and other paperwork. If you are self-employed, the lender probably will want to see your past three tax returns.

If a large amount of money recently "appeared" in your bank account, the lender might want to know where it came from. If you say it was a gift from family, for example, you likely will have to provide a letter from the giver saying that it is a gift and not a loan.

If it was a loan, you will have to pay it back, which changes your debt load. Lenders also will want to know how large your down payment will be, how long you have been at your job, how long you have lived at your current residence, what your monthly bills are and so on.

The pre-approval "letter will state what the conditions are, or what's been verified," Myers adds.

The letter will say how much the lender is willing to loan you. But that doesn't mean you have to borrow the full amount. You should focus on the home you want to buy and the size of the monthly payment you comfortably can afford to make.

The letter also will tell you how long you have to access the money. With some companies, the letter is good for 120 days. For others, it is less.

"The biggest hang-up in getting pre-approved is usually the credit score -- the FICO. And that's based on the credit report," Myers says. If there are mistakes in your credit history, you have to ask for a correction. You have to deal with the credit-reporting agency and, sometimes, with the company that made the mistake. In any case, it can take 30 days to get a mistake corrected.

Because you can never be sure which of the three major credit reporting agencies a lender will use, it makes sense to check your reports with all three companies and make sure all three are accurate.

You are entitled to one free copy per year of your credit report from each of the reporting agencies. To order, visit annualcreditreport.com.

Once you are pre-approved, do not make any major purchases until after you sign the papers for the house, and try not to change jobs. Lenders sometimes will do a final credit check before the loan closes to see if you made any big-ticket purchases that would make a major change in your monthly bills. They also might check to see if your income has remained stable.

Orlando's median home hits $261,300

The past quarter's sales are the nation's 2nd-hottest, but the peak may be past.

Jack SnyderSentinel Staff Writer, November 16, 2005, Orlando Sentinel

If the nation's housing markets level off next year as expected after their record-setting run-ups in price, Metropolitan Orlando will be much closer to the front of the pack than when it started.

Orlando was the second-hottest market in the country for existing-home sales during the third quarter. The median price of a single-family home soared to $261,300, a jump of nearly 45 percent from a year earlier, a national trade group reported Tuesday.

Only the Phoenix metropolitan area outpaced Orlando during the three months that ended Sept. 30, with price appreciation of more than 55 percent compared with the same period in 2004, the National Association of Realtors said.

Metro Orlando was ranked fourth in the nation during the second quarter, when its median price rose more than 36 percent, and six of the top 10 markets were in Florida. In the latest report, Orlando moved up two notches -- and this time seven of the top 10 metro areas were in the Sunshine State, including Daytona Beach and Titusville-Melbourne.

Nationwide, existing-home prices surged an average of 14.7 percent in the third quarter -- their biggest year-over-year increase since the second quarter of 1979. But back then, inflation was running at more than 10 percent a year, while these days it's less than half that, which makes the current appreciation rate all the more astounding.

Can it last? Well, no. The party may soon be over for homeowners who have watched their properties soar in value for a half-decade or more.

"Get ready for a dose of reality," said David Scott, an economics professor at the University of Central Florida. Double-digit gains in home prices "are not sustainable," he said, noting that economic growth overall is running far below 10 percent.

Orlando's median price in the third quarter was up from $180,500 a year earlier. Nationally, the third-quarter median was $215,900, and the 14.7 percent year-over-year gain was the second-greatest on record for the Realtors association, a spokesman for the trade group said.

Strong population and job growth have fueled not only Orlando's new- and existing-home markets but also those of all the major metro areas in Florida.

But the state's third-quarter figures got an extra boost because they were competing with July through September of last year, when three hurricanes crisscrossed peninsular Florida and a fourth hit the western Panhandle, disrupting home-buying activity and real-estate closings.

David Lereah, the national Realtors' chief economist, noted that the historically high price gains in Orlando and in dozens of other markets throughout the country have been the result of historically low mortgage rates and of demand for homes outstripping supply.

The number of homes available for resale in the core of the Orlando market, for example, fell from 10,000 a decade ago to 5,000 a year and a half ago before hitting bottom this past April at 2,947 properties.

Since April, however, available inventory in the Orlando Regional Realtor Association's Multiple Listing Service has ballooned to more than 6,700 homes -- the most in two years.

"The good news is that inventory levels are improving, and housing supply will come close to buyer demand in 2006," Lereah said. "We expect a healthy and more balanced market next year."

The national Realtors president, Thomas M. Stevens, noted that the previous lack of inventory had spurred bidding wars for the most desirable properties, pushing prices up wildly.

Since 1968, home prices have generally risen 1 to 2 percentage points faster than the country's overall rate of inflation. In the future, Stevens said, sellers should expect annual price increases to be much closer to those historic levels.

Mortgage rates have been rising along with Realtors' inventories: The average 30-year, fixed-rate mortgage last week came with 6.36 percent interest, according to the giant home-loan buyer Freddie Mac -- the ninth week in a row that the average nationwide rate has risen.

"If we get interest rates above 7 percent, we'll see a significant pullback on housing valuations," said Scott, the UCF economist.

Suzy Sanderson, of Jackie Sanderson Real Estate in Orlando, said many home sellers are now willing to reduce their asking price to close a deal. Six months ago, that was not the case.

"We're definitely seeing more of that these days," she said.

The median price of existing homes sold through the Orlando Regional Realtor Association -- a geographically smaller database of resales than the one used by the national Realtors -- was unchanged at $245,000 in August and fell in September for the first time in a year to $243,000.

But signs of a slowdown nationally were hard to see in the third-quarter figures released Tuesday.

Existing-home sales nationwide reached a seasonally adjusted annual rate of 7.24 million units during the quarter, a record pace and a 6.5 percent increase from the third quarter of 2004.

Statewide, third-quarter resales were up 7 percent from last year. In Metro Orlando, third-quarter sales were up 23 percent, and the Orlando Regional Realtor Association anticipates setting a 13th-consecutive annual sales record this year.

Lereah, the national Realtors economist, said he's "fairly confident" the nation's third-quarter sales total will mark the peak of the five-year boom in housing.

Still, he's predicting that sales in 2006, while slower, will wind up being the second-best on record.

Winter Garden braces for growth explosion

One expert says the city needs to ramp up services to support a population that will double in 15 years.

Sandra MathersSentinel Staff Writer, November 13, 2005, Orlando Sentinel

WINTER GARDEN -- It took Linda and John Morris three years to find their perfect piece of paradise. It took another year to build on it.

The Morrises moved into their four-bedroom home in Fuller's Landing two months ago -- part of a housing boom expected to double the city's population within 15 years.

"We're as happy as pigs in slop," quips Linda Morris, who operates a concrete-pumping business with her husband. "We wanted a two-story with a two-car garage, and we didn't want to [be able] to spit into our neighbor's home."

Fuller's Landing, a development of 61 homes by Maronda Homes on spacious lots, fits the family's description of "home."

The Morrises aren't the only folks looking to move into "quiet and quaint" Winter Garden.

Every builder in America, it seems, is throwing up concrete blocks on as many lakes as they can find in one of Orange County's last rural outposts.

Nearly 20 home builders and several local corporations have more than three dozen subdivisions in development. They are expected to yield 6,700 single-family homes and town homes at prices ranging from $280,000 to more than $500,000.

Those homes translate to 16,700 new residents for a city that already boasts 25,000 people -- a population jump of 67 percent.

And that's not all.

Winter Garden -- the fastest growing city in Orange -- is working with the county to annex another large tract of mostly undeveloped land from the city's western boundary south of Florida's Turnpike to the Lake County line.

Known as the Hartwood Marsh area, the pristine tract lies in the county between John's Lake and Lake Avalon.

It contains 1,300 developable acres that could add 3,600 homes and 9,800 residents to the subdivisions already in the works. That would more than double Winter Garden's population during the next 10 to 15 years, according to a 2002 planning study authorized by the McKinnon Corp., the majority property owner.

"It's definitely a flood [of people]," said Joyce Levine, assistant professor of urban and regional planning at Florida Atlantic University in Fort Lauderdale. "It's an awful lot of growth for a city this size."

But Levine said the issue is: Does the city have the resources to pay for the infrastructure upgrades needed to support all the growth? "The city has to ramp up services . . . more streets, police and firemen," she said. "Their new [property] tax base doesn't come in right away, so communities are always behind in doing things they need to do."

Officials weigh in

City officials, however, say they have all their growth bases covered. But one county commissioner says she isn't so sure.

Winter Garden City Manager Mike Bollhoefer said impact fees and property taxes will be adequate to fund the city's infrastructure needs, bolstered by a "good" city reserve fund of $9 million.

A new City Hall is planned, and a third fire station south of State Road 50 could eventually be built on land donated by M/I Homes, the developer of Stone Crest, Bollhoefer said.

Winter Garden, which has its own water plant and wells, is planning a bigger sewage-treatment plant. And the city has just renewed its water permit from the St. Johns Water Management District that will provide enough drinking and irrigation water to serve 35,000 people in 2013.

If the population increases to that level in less than eight years, the city can apply for a permit amendment as long as certain conditions are met, St. Johns officials said.

Still, there's an ominous caveat.

"We have a water plan that shows not enough groundwater for all the needs [in the 18-county district] in 2025," said James Hollingshead, a St. Johns hydrologist. "We've been telling people that for five years."

Improving roads

Another thorny problem for the city is finding adequate parkland in south Winter Garden, which has no parks.

But the biggest quandary in west Orange is how to pay for multimillion-dollar road improvements needed to support all the growth on the area's county and state roads.

The portion of S.R. 50 that runs through Winter Garden and Ocoee, for instance, isn't included in the state's five-year improvement plan, Bollhoefer said. It needs to be widened from four to six lanes to accommodate all the growth.

The cost of widening S.R. 50 is still $26 million short, Bollhoefer said.

Homes aren't the only source of clogged roads in west Orange. The downsized -- but still huge -- 1.15 million-square-foot shopping center known as Winter Garden Village at Fowler Groves will bring hundreds of outsiders to the south end of the city, where development is the heaviest, when it opens in July 2007.

"We're not keeping pace with demand," said Orange County Commissioner Teresa Jacobs, who has adopted traffic as one of her key issues.

She said the state has given County Road 535 -- also known as Winter Garden-Vineland Road -- a failing grade because traffic already exceeds its design capacity.

The north-south road, one of just two main arteries serving Winter Garden south of S.R. 50, will be redirected to cut through Fowler Groves as a six-lane extension of Daniels Road before the center is built. That extension is being paid for by the center's developer, The Sembler Co. of St. Petersburg, Bollhoefer said.

But the county has no plans to widen Winter Garden-Vineland, the current C.R. 535, which will remain a two-lane road hugging the shopping center, Jacobs said.

Residents of numerous subdivisions on the road across from Fowler Groves who lobbied to downsize the shopping center say traffic already is a rush-hour nightmare. More traffic will make northbound left turns impossible, they said.

Jacobs sees only two options for crowded county roads: Slow down growth when there's no gas-tax money to improve them, or shift the cost of improving them to developers.

"No one's challenging them," Jacobs said of developers. "There's no watchdog."

Region's housing market still hot

New-home starts are up 6%, but analysts expect a cooling trend

Jack SnyderSentinel Staff WriterN

November 12, 2005, Orlando Sentinel

Area home builders worked at a furious pace during the third quarter of the year, launching 8,347 single-family homes, or 6 percent more than during the third quarter of 2004, according to market data released Friday.

Population and job growth are feeding the market, along with second-home buyers, retirees and investors, said Anthony Crocco, Central Florida director for Metrostudy, a national housing research company based in Houston.

"The Central Florida housing market is still very strong," Crocco said, though the third-quarter growth rate was down markedly from just two years ago, when new-home starts for the same three months surged nearly 20 percent from a year earlier.

"Some signs of an overheated market are appearing, along with a good bit of speculation," Crocco said, "primarily in the condo arena, to a lesser extent in the area's town-home projects, and in the short-term rental/investor corridor near the attractions."

The market area surveyed includes Orange, Osceola, Lake, Seminole and northeast Polk counties.

Crocco said that, during the 12 months that ended Sept. 30, builders started 28,792 single-family homes, up 6.7 percent from the same year-earlier period.

Sales of single-family homes that closed during the third quarter totaled 6,541, or 8.1 percent higher than a year earlier. Closings during the 12 months that ended Sept. 30 totaled 24,935, or 8.2 percent higher than a year earlier.

Crocco said most builders have "significant" backlogs of houses sold but not yet built, and the pace of sales remains strong.

Mortgage rates have edged up steadily for weeks now to more than 6 percent. The giant home-loan buyer Freddie Mac said this week the national average rate for a 30-year loan was 6.31 percent -- still low by historical standards, however.

Existing-home sales in the Orlando area have shown clear signs of slowing down a bit. The median home price fell in October after remaining flat in September, and there are indications that homes are taking longer to sell and the some sellers are reducing their asking prices to close deals.

It's unclear if the pace of new-home sales is also on the verge of slowing.

"I have a sense things may start to slow a bit," said Sam Morrow, president of Florida's Preferred Homes Inc. in Orlando. "But at the moment, we're selling everything we can build."

Fred Schaub, president of Arlington Homes Inc., a Winter Park-based luxury builder, said he's seeing no slowdown at all.

"If anything is happening, I believe it's simply the market moving from white-hot to red-hot," he said.

Schaub said he has 18 houses under construction "on spec" -- meaning he started building them without having a buyer -- including nine priced at more than $1 million. He said he has been selling the houses before completion at full price.

"Sales are not a problem," he said. "The challenge is getting them built."

Schaub said labor and some materials are in short supply.

"I can't get roof tile, and there are other material headaches, too," he said.

Jack Snyder can be reached at jsnyder@orlandosentinel.com or 407-420-5094.
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New Condo Project College Park Orlando

According to the Orlando Sentinel a rise condo complex being project in the quaint neighborhood of College Park in Orlando. "Hoping to build on the success of The Wellesley, developer Jim Kersey has unveiled preliminary plans for a second mixed-use project in the heart of Orlando's College Park neighborhood.The project, called The Ivy, would go on about 1.5 acres between Yale and Harvard streets, opposite the Publix supermarket on Edgewater Drive.Tentative plans call for a six-story, L-shaped building and a four-story parking garage. The first floor would have about 12,000 square feet of retail space. The second would have about 15,000 square feet of condo-office space; the other floors would contain 82 condo lofts." College Park has some the most desireable real estate due the charm of the older homes and close proximity to downtown Orlando and downtown College Park.

Orlando Buyers Agent

We are exclusive buyers agent, which means we represent only home buyers 100% of the time. We go where the buyer wants to buy, which means we cover counties covering different lifestyles throughout Central Florida Real Estate. Click on the link for more information on Buyers Agent.

Central Florida Real Estate

Central Florida Real Estate incorporates the counties of Orange, Seminole, Lake, West Volusia, East Polk, Osceola. Each of the counties have unique characteristics. For instance, Lake County has more rural areas with hills not seen in this area. Seminole county is known for its natural resources with lots of vegetation and springs, as well as, west Volusia. Osceola County is home of Disney, while Orange is home to metro Orlando. East Polk is known for second/vacation homes for close proximity to Disney and the attractions.

Orlando Million Dollar Real Estate

Yesterday in Orlando Sentinel defined million dollar homes are no longer meaning golf frontage or water frontage, they mean big homes 4000+ sq. ft. There are more million dollar homes in the outer edges of Orlando such as East Orlando. More buyers are able to afford these homes due to various loan programs that offer smaller monthly payments and buyers are receiving inheritance and making more money.

Orlando Experiencing Growth Vacation Homes

Condo Hotels are on the rise in Orlando area near attractions. Condo Hotel are condos that rent out like hotels where you have a guest check in with access amenities, room service or onsite eateries. A management program is a seperate fee that will handle all the property management for you and your guest, from guest check in to maintenance. Loan requires are different and many lenders require 30% down.

Orlando Exclusive Buyers Agent

What is an exclusive buyers agent? An "EBA" is a licensed realtor in which their only business is to help home buyers find an Orlando home. Because they exclusively represent you through out the entire real estate transaction, they have no conflict of interest and will give you honest advice that will benefit only you. You may see ads say "buyers agent". These real estate agents flip flop between selling homes or buying homes, they are not specialized in the home buying market like an exclusive buyers agent.