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.

First Time Home Buyers Should Be Ready to Buy

First-time homebuyers squeezed out of the market by the 2004-06 housing-price surge may want to consider taking the plunge now.

Prices are down and still falling, interest rates are low and stable, and a huge inventory of houses and condominiums is for sale -- a mix that should spark more sales by year's end, Realtors say. For full story on why to buy click here.

Orlando Real Estate Signs of Improvement

For the second straight month Orlando's home and condo resale market made small gains in key categories, whittling the inventory a tiny bit in April and posting a small increase in sales from March.

Improving affordability made it slightly easier for some buyers, as the median sales price of a home in the Orlando area decreased by 4.09 percent, or $9,000, from $220,000 in March 2008 to $211,000 in April 2008.

The median sales price for April 2008 was 12.85 percent, or $31,100, below that of April 2007 when it was $242,100, the Orlando Regional Realtor Association reported this morning.

There are stilly 25,436 homes and condos available for purchase through the local Realtors' Multiple Listing Service, but that was down by 36 homes. Compared to last year, the April 2008 inventory level is only 4.10 percent higher than it was in April 2007.

But the current inventory level still reflects a 22.18-month supply at the current pace of sales. That's a slight improvement from March 2008's 22.74-month supply and February's 27.32-month supply.

The number of sales in the Orlando area was still down by 25.03 percent compared to April of last year -- 1,147 vs 1,530 -- but the number of sales that took place in April 2008 did increase by 2.41 percent from March.

The Realtor association said that while the improving numbers are encouraging, the pace of the market "coming into balance between buyers and sellers" is still very slow.

Orlando Jobs Down, But Strongest Economy

After having the lowest unemployment rate in the nation and in Florida, it is calculated Orlando lost jobs in 2007. Despite lower numbers Orlando has one of the strongest economies in Florida and economists say this strength balances out the weaker areas. We have strong tourism and healthcare economy and these areas are experiencing continued growth, not seen in northern cities. Despite the sluggish real estate market, it is a great time to buy in this strong economy while prices are still low. For more information, please click here.

Orlando Real Estate Report Shrinking Inventory

The backlog of homes sold by Realtors in the Orlando area edged down slightly in March -- the first time in three years that the local inventory has declined at the start of the spring home-buying season.

"It's moving in the right direction," said Steven Moreira, president of the Orlando Regional Realtor Association, which released its March existing-home-sales report Monday. For full story, please click here.

Orlando Builder Advertising Overseas

Another Central Florida builder is looking overseas for business.ABD Development Co., which builds luxury homes and villas at Providence in Polk County, Vizcaya and Windsor Landing at Wyndham Lakes Estates in Orlando, and Toscana in Palm Coast, is heading to England in search of potential home buyers.

David Kohn, president of ABD Development, said his company plans to participate in a major lifestyle trade show in London on April 24-27.The event, "A Place in the Sun, Exel London," is advertising to attract a significant number of qualified home buyers and investors, Kohn said. Currency exchange rates "make Florida luxury homes very affordable to British and European buyers" right now, he said, and ABD Development expects to book sales during the trade show.

Courtesy Orlando Sentinel 4/2/08.

New Condo Project in Lake Mary

A high-density development in Lake Mary got approval from the County Commission on Tuesday, but only after developer Bob Horian agreed to significantly reduce building height.

The development is on Sun Drive near Greenwood Lakes Boulevard.

Horian asked to modify an original development agreement from several years ago that would let him build condos on land previously approved for offices and town homes. Horian had proposed a 75-foot condo building on one tract. Commissioner Carlton Henley, whose district includes the Sun Drive development, balked at the height. Now the building height limit is just a little more than 55 feet.

Horian said he needed to adjust the project, particularly because town homes are not selling well.

Nothing's selling particularly well in this real-estate market, but Horian said he thinks he can make condos work in the area, where there's not much available land left.

People seem to have turned against town homes because they don't want to deal with the stairs, he said. "I couldn't in good conscience break ground on town homes." Instead, residents will use high-speed elevators.

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.