Orlando Real Estate

Orlando Real Estate Report Shrinking Inventory

Buyers Broker of Florida — Mon, 21 Apr 2008 21:51:00 +0000

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

Buyers Broker of Florida — Thu, 03 Apr 2008 15:43:00 +0000

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

Buyers Broker of Florida — Tue, 01 Apr 2008 13:57:00 +0000

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

Buyers Broker of Florida — Fri, 28 Mar 2008 15:53:00 +0000

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

Buyers Broker of Florida — Tue, 25 Mar 2008 15:32:00 +0000

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

Buyers Broker of Florida — Tue, 18 Mar 2008 13:53:00 +0000

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

Buyers Broker of Florida — Mon, 10 Mar 2008 16:00:00 +0000

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

Buyers Broker of Florida — Mon, 18 Feb 2008 16:24:00 +0000

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

Buyers Broker of Florida — Tue, 05 Feb 2008 18:29:00 +0000

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

Buyers Broker of Florida — Thu, 17 Jan 2008 15:20:00 +0000

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

Buyers Broker of Florida — Wed, 26 Dec 2007 16:30:00 +0000

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

Buyers Broker of Florida — Tue, 04 Dec 2007 16:14:00 +0000

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

Buyers Broker of Florida — Wed, 28 Nov 2007 19:51:00 +0000

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

Buyers Broker of Florida — Mon, 26 Nov 2007 16:29:00 +0000

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

Buyers Broker of Florida — Mon, 26 Nov 2007 16:21:00 +0000

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

Buyers Broker of Florida — Wed, 14 Nov 2007 16:08:00 +0000

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

Buyers Broker of Florida — Fri, 09 Nov 2007 15:46:00 +0000

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

Buyers Broker of Florida — Fri, 09 Nov 2007 00:40:00 +0000

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

Buyers Broker of Florida — Mon, 05 Nov 2007 21:04:00 +0000

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

Buyers Broker of Florida — Tue, 30 Oct 2007 14:28:00 +0000

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

Buyers Broker of Florida — Sat, 27 Oct 2007 16:37:00 +0000

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

Buyers Broker of Florida — Wed, 24 Oct 2007 14:40:00 +0000

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

Buyers Broker of Florida — Fri, 19 Oct 2007 21:31:00 +0000

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.

Lake Nona Room to Grow & Growing

Buyers Broker of Florida — Mon, 01 Oct 2007 19:05:00 +0000

The Lake Nona development in southeast Orlando is on solid ground financially, owned as it is by British billionaire Joe Lewis and controlled by his Tavistock Group Inc. in Windermere.

Just as importantly, it has plenty of real ground.

"We have more land mass than Winter Park," said Robert Adams, vice president of marketing for Lake Nona Golf & Country Club. The club is the crown jewel of the 7,000-acre spread, but it's just a tiny piece in the treasure chest of Lake Nona, now 21 years old.

These are slower times for local builders and developers, so the backing of a billionaire helps ensure Lake Nona's long-term success.

Many residential developers are scrambling for customers, cutting home prices and giving away cruises to get people to tour their empty models. Lake Nona, by contrast, is preparing the ground for a medical school, a veterans hospital, the Burnham Institute for Medical Research, a town center, and a 500-acre science-and-technology office park. Plus lots of homes.

There's room for about 20,000 people, in addition to the 1,000 homes already occupied, most of them since Tavistock took control in 1997.

The company-owned community has so much land, it recently donated 334 acres to Orlando for a city park.

That's eight times bigger than Lake Eola Park, at 43 acres, and 11 percent larger than the city's previous largest public playground, the 300-acre Turkey Lake Park on the southwest side of town."

All roads lead to Lake Nona," said Adams, speaking last week at the National Association of Industrial & Office Properties' monthly meeting at the Sheraton Downtown Orlando. "That's because all roads lead to the [Orlando International] Airport. And we're right next to the airport."

That doesn't hurt.

Adams said Tavistock Managing Director Rasesh Thakkar, Lewis' right-hand man in Orlando, had been scheduled to speak at the association meeting but was asked at the last minute by University of Central Florida President John Hitt to accompany him to the state capital to meet with lawmakers about UCF projects at Lake Nona. Courtesy Orlando Sentinel 10/1/07.

New Development by Mercedes Homes

Buyers Broker of Florida — Tue, 25 Sep 2007 15:39:00 +0000

In the Orlando area, Shingle Creek is known as the small, southerly stream where hotelier Harris Rosen recently opened his lavish Rosen Shingle Creek Resort. Elsewhere in Florida, Shingle Creek is recognized as part of the northernmost headwaters for rainwater flowing south from Orange and Osceola counties to the Everglades.

Now Central Florida-based Mercedes Homes has started work on a 104-home subdivision near the slow-moving creek. Shingle Creek Reserve at The Oaks is located off John Young Parkway and Pleasant Hill Road in Kissimmee.

This morning, Cristina Quintana, the recently appointed president of the Brevard County-based builder's Orlando division, said that a Jacqueline Bay model home has been built and is now open for public inspection.

She said two more models will be opened by mid-October.Homes in the development will range from 1,978 square feet to 4,295 square feet, and will be priced from the $290,000s, which is well below the region's average sale price for production-built subdivisions last year, according to industry surveys. Merecedes Home is the nations 28th largest builder. Courtesy of Orlando Sentinel 9/20/07.