Orlando Ranked in Top 100 for Businesses

Fortune Magazine ranked being 73 out of 100 best places to launch a business. This was based on ecomonic diversity, tax rates, economic strength, natural beauty, affordable housing, small- business eco-system, and input from economy experts. Click Here for Fully Story

Program to Help Home Owner in Foreclosure

Consumer Credit Counseling is has joined forces with other non-profit organization sto offer counseling sessions for home owners facing foreclosure of their home. The non-profit organization is getting 4,500 calls per day, and their contact information is 1-888-995-HOPE. For full story, please click here.

Central Florida $1 Million Home Being Raffled

A Central Florida Builder is raffling off $1 Million home in Howey-In-the Hills to raise money for a charity. The drawing will continue through September, and the winner will need to pay $350K for income tax, and $17K in property tax. See Article for full details.

Don't Wait to Buy Orlando Real Estate

Headlines have stated that if recession occurs mortgage rates will increase. Orlando, a number one tourist destination, and strong ecomony is a great place to invest. It's a buyers market, prices have come down, and plenty of choices for buyers. Money Manager Peter Lynch discusses to invest in the downturn. It will cost the same today, if you bought 12 months at reduced price from now with higher interest rate. Why wait?

Detroit Highest Foreclosure Rate 2007

While every city is facing an increase in foreclosures, Detroit reported the highest amount in 2007. The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows. Click Here for Full Story

Centerline Building More Communities

Centerline Homes, a 15-year-old Coral Springs-based home builder that has been more active than ever in the Orlando area in recent years, is preparing to open two more communities in west Orange County.

One is called Preston Square, in Windermere. The other is Summerlake, in the big master-planned development near Winter Garden known as Horizon West. Click here for more information

Tax Break for taking a Mortgage

The break, called the qualified mortgage insurance deduction, lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance. Folks who earn less than $109,000 can take a write-off for part of it.
Full Articles, please click here.

Morrison New Build Incentives

New-home sales are slower than builders would like, but discounts and deals and heavy marketing are beginning to show results, some builders report.

Taylor Morrison, the home builder and community developer created from the merger of Morrison Homes and Taylor Woodrow, for example, reports that its Central Florida sales in October and November were stronger than expected as incentives tap into pent-up demand.

Taylor Morrison builds single-family and town homes in 15 Orlando-area communities.
The various incentive packages now include a "Home for the Holidays" bonus worth $2,500 off the price of any new Taylor Morrison built home in any of the builder's Orlando-area subdivisions.

Maitland is the company's regional headquarters. Morrison had been considering making Maitland its national headquarters, with a move from the Atlanta area, until the merger took place and Taylor gained control.

Nemours Children's Hospital Moving

Nemour Children's Hospital was to be with the cluster of hospital to make up "Medical City" in Orlando near Lake Nona, has decided to purchase 118 acre tract of land near Boggy Creek Road instead. The CEO decide that this new location will give them much more needed land, than the 37 acre land at Lake Nona.

New Developement in Minneola

Minneola, a small town located just north of Clermont, and about 45-50 minutes from downtown Orlando is getting a new 700 home community spread called Minneola Ridge, to go along with other new development of Hills of Minneola a 4,000 home community next to Sugar Loaf Mountain a 2,000 home community. Commercial growth, and schools will occur with the residential developments.

Orlando Real Estate Comparison with Florida

Orlando recorded more single-family existing-home sales during the third quarter than any of Florida's other metropolitan areas except the far-larger Tampa-St. Petersburg market, an industry report showed Wednesday.

Sales in Orlando's four-county metro area were still down 39 percent from a year ago, when the market was cooling but still far hotter than it is now, the Florida Association of Realtors reported. But the 4,005 homes sold by Realtors in Metro Orlando bested all other metro areas except Tampa-St. Petersburg, which recorded 5,913 resales of single-family homes. Click Here for full story. http://www.orlandosentinel.com/business/orl-homesales2207nov22,0,3513721.story

Blue Rose Condo-Hotel

Construction was supposed to begin this year on the Blue Rose, a massive condominium hotel planned for Universal Boulevard near the Orange County Convention Center. But plans are on hold for now. The developers are no longer writing sales contracts for units, priced at $350,000 or more. Instead, they are taking reservations that can be converted into contracts in the future. The project doesn't have a date for breaking ground, either. A project sales executive acknowledges the slump in the condo-hotel market but says the delays are largely due to internal issues and changing plans. She said pre-sales activity would resume when a firmer schedule is approved. The 1,600-room, three-tower project won't open until late 2011 at the earliest -- two years later than originally announced. Orlando is noted to have the 3 largest condo-hotel market.

Star Tower Condomimum

Star Towner Condominum another completed addition to Downtown Orlando Real Estate. This 100 unit condo tower is 80% sold out and ready for closing and resident move in. This building is located at 260 Osceola Avenue, and developers believe it well positioned for success with location and amount of residential and job growth increasing.

New Movie Theater In Downtown Orlando

As part of downtown Orlando's new multibillion dollar makeover, AMC Entertainment will be opening a new 12 screen movie theater on Orange Avenue, much needed thing for downtown's growing residential population. It goes along with the redevelopment of adding a Publix grocery store, new performing arts center, and renovated Citrus Bowl will make residential living an attractive option.

October Real Estate Market Statistics

Orlando Regional Realtor Association complied the latest October 2007 statistics.

• Average mortgage rate 6.21%
• Inventory: 26,330
• New Listings: 4,958
• New Contracts: 1,304
• Under Contract: 1,923
• Back on the Market: 310 Days
• Expired: 1,969
• Withdrawn: 2,181
• Sales Closed: 1,034
• Average Days on Market: 112

For historical statistics please click here: http://www.orlrealtor.com/Pages/marketpulse/MarketPulse1107.pdf

Florida Economic Forecasts

Florida Econmist came together to discuss forecasts although no hard numbers were presented.

Econmist indicates they do not expect the housing market to further weaken, but will take time into 2009 for full recovery.

State toursim industry indicates that tourism has been flat during 2007, and steady due to the strong value for Europeans and Canadians. High oil prices have held back domestic tourism.

Governor Charlie Crist predict the homestead portability proposal change will stimulate the housing market. Although other experts predict it to have a marginal positive impact.

Mercedes Homes Offering New Concept

Mercedes homes is building a new townhome community off Airport Blvd. in Sanford called Windsor Lakes will be opening a new swimming pool, cabana, and pushing an amenities center which will be featured in all town home communities throughout Central Florida. Windsor Lakes will be 203 townhome community.

Orlando Real Estate Doing Better than Others

Despite the slow down in real estate sales Orlando is still attactive to buyers. Based on number of sales Orlando is second best behind Tampa in September. Orlando sold twice as many homes in September than Miami and Ft. Lauderdale.

40 Million American Moved in 2006

The Census Bureau is reporting 14% of the popluation or 39.8 million people moved between 2005-2006. Here are some of the results:

• 18.4 Million or nearly half moved because they wanted a bigger or smaller home
• West US had the highest moving rate at 16%, followed by South at 15%, the Midwest at 13% and Northeast at 10%
• 30% of renters moved from another rental and 7% of owner occupied moved
• 62% moved within the same county, and 20% moved to a different county, 14% moved to a different state, and 3% moved abroad

Orlando Unemployment Rate

Orlando's Unemployment Rate is 4.0 percent in September, holding steady from August at 4.0 percent. This means 373,000 more jobless out of 9,270,000 work force. The nations unemployment rate is 4.7 percent. Orlando added 22,700 jobs in the past year. Florida has one of the lowest unemployment rates.