Rents at 2005 Levels

Orlando's multifamily-housing market had a 10 percent vacancy rate in June, up slightly from the end of last year, according to a report by CB Richard Ellis. The average rent for the market through the second quarter was $803, close to 2005 levels, reported M/PF and Torto Wheaton Research. Those rates are expected to remain flat through the end of the year.Most properties are offering a month's free rent to attract tenants, according to the CBRE report.The addition of new apartments is expected to slow further next year, with only 700 units expected to be added in four-county Metro Orlando in 2010. CB Richard Ellis projects an increase of 159,000 jobs in the area during the next five years, which should drive the vacancy rate down to about 3 percent. It also forecasts about a 4 percent annual increase in rents from 2012 until 2014, at which point the average rent would be $933, according to the M/PF and Torto Wheaton summer 2009 report.

Biggest misconception in Bank Foreclosures…

Most buyers think that bank foreclosures are all priced below market value…think again….and don’t bother to check the records for how much was owed on the mortgage…that does not matter either.

A house with a current market value at $300,000 will be re-possessed by the bank if the owner is not paying…. they could owe $345,000 on it or a mere $5,000 it does not matter. No pay; no stay.

Consumers think that the bank will only want to cover the debt owed so the less that is owed the smaller the new asking price…not so either. The bank with get a couple of appraisals and market the property accordingly; they are in the business to make money so will try to get as much as they can.

“Bank Foreclosed” is a hot button for too many buyers. Evaluate carefully…this bank deal may not be as sweet as you think.

For an expert opinion of value and a straight answer, call me.

Eve

Kudos to TOLL BROTHERS…THE BUILDER!

I recently went to contract with my client to purchase a new build with Toll Brothers in East Orlando and was pleasantly surprised.

In today’s world of every builder trying to squeeze the last nickel out of the buyer, Toll Brothers had an approach that I found refreshing. They offered incentives, $30,000 in fact, that was NOT tied to using their affiliate companies; those that the builder owns or has a relationship with or derives additional profit from…like the mortgage or title company.

This is the first time, I have seen a builder contract that does not twist the buyers arm to use certain vendors and as a result, my buyer did not feel pressured.

In this case the $30,000 was a real incentive…to be used for upgrades, options, or closing costs or mix and match…it was not the usual “only if your use our lender” or “only if you use our title company”.

NO STRINGS ATTACHED…I loved it.

Call me for further info…

Eve
407-539-1053

What is an EBA?

An EBA is an Exclusive Buyers Agent: a real estate agent that represents only buyers, never sellers, and works in an office that ONLY represents buyers.

FACTS:

1. An EBA is a buyer representation expert…less than .006% of realtors
Nationwide have this niche specialty.

2. An EBA provides undivided loyalty for the buyer; you will always have a
Real Estate partner on your side.

3. An EBA will tell you everything about the property; positive or negative.

4. An EBA will keep all pertinent information about you confidential; never
giving up your bargaining position.

5. An EBA will show you all properties available without having any
conflict of interest.

6. An EBA has access to all properties plus more…any MLS listed
Property, For-sale-by-owner, New construction and Custom build.

Hiring an EBA to represent you on your next home purchase is a smart decision, recommended and endorsed by:

Consumer Reports
Money Magazine
Orlando Sentinel
US News and World Report
Kiplinger’s
Smart Money
OC Register
Agency Law Quarterly
Mobility Magazine

Rules for BIDDING ON SHORT SALES...

1. Put on your gambling hat, because that is what you are doing…rolling the dice. You are throwing out an offer, in the hopes that your number comes up, so that the seller signs the contract and the bank (who needs to approve the price) thinks your price is also acceptable.
2. If the property looks great, chances are that there will
   be other offers on it within days. There is no time to think
   about it or over-analyze…take your best shot, as you
   may not have a second chance.
3. If the property is well priced and in a desirable area, chances are the offers will be above full price…sometimes waaayyy above listed price, higher than you would have thought to bid. If you do not get the winning bid, will you wish you bet higher?
4. Stay unemotional and do not get anxious… This is not Wal Mart where you can just walk in, pay for something and use it tomorrow. Waiting for the bank to respond may take months of time and drain every ounce of your patience

Last but not least, buckle up…it may be the ride of your life, with many twists, turns and lots of bumps. If you can hang in there, you just may end up with a bargain of a lifetime.

To receive more info on short sales, e-mail us a request to Info@OrlandoBuyersBroker.com.

Top Foreclosure States

Here are the top filing rates for the country.


Top Foreclosures States:


1) Nevada 1 of every 27

2) Arizona 1 of every 54

3) California 1 of every 58

4) Florida 1 of every 73


Bottom Foreclosure States:


47) Montana 1 of every 2,847

48) Nebraska 1 of every 3,517

49) South Dakota 1 of every 3,721

50) Vermont l of every 14,830

Jack-of-all-trades…..master of …err…ah…

Have you ever met a realtor that claims to do it all? They can be your buyer’s agent while finding your home, then do your financing as your mortgage broker, then be your property manager, your leasing agent and then change hats to become a marketing specialist while they list your home to sell….

That is too many hats for me. Personally, if I needed a heart specialist I would not go to a general surgeon. Likewise, if I need a mortgage, I would not go to a real estate agent that is not knee deep in mortgages on a daily basis.

I like to do business with those who are focused on a specialty, as that assures me that they are the experts and will know more than someone will that dabbles in a little bit if everything. I deserve to work with the best.

If I am going to buy a house, I want to use someone that knows the areas, can talk intelligently about property values, understands all my rights as a homebuyer, views the transaction only from my point of view and is comfortable in advocating for me. I don’t want a middle man that dabbles.

Buyers Broker of Florida specializes only in Buyer Agency and focus ONLY ON REPRESENTING THE BEST INTEREST OF THE HOMEBUYER. They have been in business over 18 years. You deserve the best too…so call us to answer all your questions.

East Meets West in Real Estate

There has been alot of news media in the last year about the Chinese investing in US real estate. Many of these investors are coming from Beijing and many more American Real Estate companies are doing more trade shows and marketing to this target group. On November 20-22, 2009 will be Chinas largest investment conference, check out this website for more details Money Fair China.

Chinese buyers were the 4th largest group of foreign investors in 2008. The buyers median purchase price was $450,000 and purchases occured in California and Florida. Chinese generally like the bank owned and short sales, but prefer more move in ready properties for those in real estate industry know this does not come hand and hand. Culturally Chinese are not the do-it-yourself, like Americans are, so inclusive renovation packages on homes would be useful. Additionally Chinese buyers will purchase where the best education is available for their children, and believe this is additional reason to purchase in the US. Overall the Chinese are still learning about the process of US Real Estate and this segment will continue to grow bringing the east closer to the west.

Real Estate Sales Increase in Florida

Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.Read Full Story.

Orlando Online Home Search Up 47%

Orlando ranked among the top four most popular places in the nation that people would like to move to, if they could, according to one national poll this week, and now another report shows that more people are checking out metro Orlando home-for-sale listings.

Realtor.com, the largest online web site of listings by real estate agencies, reports this week that in December the volume of hits for Orlando property listings surged 47 percent from the same month a year ago.

Orlando was the 17th most searched market in the country at the end of the year. Los Angeles was the top market overall, and Tampa-St. Petersburg was No. 1 in Florida, ranking 7th nationwide.Miami came in 14th nationally and Fort Lauderdale 15th. West Palm Beach was 19th and Fort Myers was 33rd. In terms of actual single-family home sales closed in recent months, metro Orlando has easily surpassed every market in Florida except the larger Tampa Bay region.

Are Real Estate Sales Picking Up?

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say. The housing market in deflated states - like Arizona, California, Florida and Nebraska - show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again. "The buyers are returning," says Lawrence Yun, National Association of Realtors (NAR) chief economist. "And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high." Christian Science Monitor

Orlando Home Buying Best Condition since 2004

First time homebuyers have the best conditions since March 2004 to purchase a home in the Orlando area, as a decrease in the median sales price of homes sold in November pushed the first time homebuyer affordability index up to 96.09 percent. In addition, inventory of houses on the market is stocked with more than 6,030 homes in the average first time buyer’s price range of $136,422 or less read more

Orlando Ranks 13th City for Singles

Orlando is one of the top metro areas in the U.S. for singles who relocate, according to an industry survey of 100 cities.

The survey focused on criteria most relevant to singles: cost of living, rents and availability of apartments, demographic diversity, educational costs and job growth.

But the survey by Worldwide ERC, an association of corporate and government relocation managers, real-estate companies, movers and service firms, also delved deeper into "quality of life" issues that can contribute to the "ease of transition" for a single person moving into a new community.

For example, the prevalence of restaurants, bars, health clubs, sporting events and concerts was a key measure helping Orlando take 13th place out of the nation's 100 largest metropolitan areas.

Boston claimed the top spot, followed by Nassau/Suffolk, N.Y.; New Haven, Conn.; New York; and Edison, N.J.San Francisco was the highest-rated California community, at No. 8, and Tampa-St. Petersburg ranked No. 11, the highest-ranked Florida city. In addition to Orlando and Tampa, three other Florida metro areas were rated among the top 50: Jacksonville at No. 22, Fort Lauderdale at No. 24 and Miami at No. 26.

Orlando 3rd Quarter Real Estate Sale Strong

Existing-home sales in Metro Orlando continued to outpace sales in most of the rest of Florida during the third quarter, with Orlando Realtors closing on 4,689 single-family homes, or 14 percent of the statewide total.

Orlando sold almost four times as many homes as the Miami metro area during the period, almost three times as many as Fort Lauderdale and almost twice as many as Jacksonville, according to the report released Tuesday by the Florida Association of Realtors. Read More

Orlando Real Estate First Improvement in Two Years

Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.

The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.

The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.

The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.

Slim Pickins for Tricker or Treats

The First Internet Foreclosure Auction

Will the Internet replace public foreclosure auctions?

Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.

Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.

If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.Some real estate professionals think it is a bad idea.

“There are things about the title that you just can’t find on the Internet,” says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. “They can’t tell you whether you’re buying a first mortgage or a second mortgage. If you’re buying a second, then you don’t own the home free and clear.” Courtesy FloridaRealtors.org

NAR Disappointment Failed Bailout Package

The National Association of Realtors® (NAR) issued a statement yesterday about the federal bailout bill.

“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.”

Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy,” he says. “Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market, and they know firsthand that buyers are finding it harder to get mortgages. A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly.

According to Gaylord, the bailout legislation, if passed, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.

“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences,” Gaylord says.

NAR will continue to advocate for financial aid legislation.

Florida Gets $541M for Housing Recovery

Orlando, Orange County and Central Florida communities from Deltona to Kissimmee will get millions of federal dollars to help shore up their shaky housing markets, among the nation's hardest-hit in foreclosures and abandoned properties.

All told, city, county and state government in Florida will get $541 million, part of nearly $4 billion in "neighborhood stabilization grants" announced by the U.S. Department of Housing and Urban Development on Friday.

The state itself will get $91 million of the money to parcel out for buying foreclosed homes and taking other steps to help stabilize communities hit by the subprime mortgage meltdown. Orange County will get $27.9 million, the second-highest amount allotted to any county or community in the state.

Only the far-more-populous Miami-Dade County will get a larger share, $62.2 million; another $12 million was earmarked for the city of Miami.

Orlando, with a 7.3 percent foreclosure rate, will get $6.7 million as part of the program. Local officials called the announcement welcome news but said it's too early to describe specific uses or predict how much help it might be in a metro area that posts more than $300 million a month in private sales of homes and condominiums.

"It's certainly something we could find very useful," said Carson Chandler, spokesman for Orlando Mayor Buddy Dyer. "We've had some challenges with foreclosures."

Chandler said city staffers are just learning some of the details of the program and it will take time to develop spending plans.

Seminole County will get $7 million, Volusia $5.2 million, Brevard $5.2 million, Lake $3.1 million and Kissimmee $2.3 million. Osceola County was not listed.

The sprawling Volusia County community of Deltona, dogged by flooding from storms in recent weeks and already reeling from a 10.6 percent home-loan foreclosure rate, among the worst in the state, will get $6.6 million.

HUD Secretary Steve Preston said states and communities hit hardest by the housing crisis will get the most money, based on a government formula, and local officials will be urged to prepare proposals for spending the money as quickly as possible.

"Time is of the essence," he told reporters in a telephone news conference.

HUD will have to sign off on the spending plans to make sure they follow congressional guidelines, he said, but communities will be under time constraints to put the money to use within 18 months.

Specific details of the grant program will be outlined in meetings nationwide in October, he said, but recipients will have a range of basic options to use the money. Those include buying homes for affordable housing, demolishing abandoned homes, offering down-payment assistance to low-income families and creating "land banks" for affordable housing.

Abandonment of a home is one of the worst outcomes, with weedy yards and deteriorating structures depressing neighborhood values even more. The HUD report rated Deltona, Kissimmee and Orlando as communities in Central Florida with a "high" risk of home abandonment.

W.D. Morris, executive director of the Orange County Housing Finance Authority, which raises money for lower-income housing assistance through bond sales, said the real-estate collapse and credit crunch seem to have no end in sight.

Earlier this month, the authority was forced to cancel a planned $15 million bond sale when insurance giant American International Group Inc. teetered on the brink of collapse.

"The bottom dropped out of the [bond] market," Morris said. "There were no buyers." Courtesy of Orlando Sentinel 9/27/08.

Evidence Orlando Real Estate Market Turning

For the fourth straight month the Orlando area's inventory of existing homes and condos for sale dipped slightly and prices strengthened a bit.

The local median sales price in June edged up 2.89 percent from May to $217,500, according to the Orlando Regional Realtor Association's preliminary report released this morning.

The median sales price – half sold for more and half for less – was still down 13.86 percent from a year ago, and the inventory of homes and condos listed by Realtors was still large by historical standards, at 24,575.

But that was down by 440 homes for the month, and on a year-over-year basis was off by 5.2 percent, a sign of stabilization or contraction in supply that Realtors hope will spur more demand and sales.

The inventory level equates to a 17.03-month supply at the current sales pace, the fifth straight month of reduction, or improvement, in that key category. A 6-month supply is considered the historic balance between a buyers' market and sellers' market.

Since January, when the region had a 31 month supply of homes and condos listed, the inventory has been pulled down by more than 46 percent, as more units left the sales market than entered. The decline is a combination of increased sales as well as more sellers pulling their homes of the market as prices declined and it took longer and longer to sell. Courtesy Orlando Sentinel 7/10/08.