Why Buyers are Choosing Lake Nona

September 14, 2015 by · Leave a Comment 

Lake Nona is a thriving master planned community located in the city of Orlando. It is located right next to Orlando International Airport. You will find apartments, homes, parks, schools, and research centers. There are tons of restaurants and shops located within the town. The best part of Lake Nona is that it is still growing, making it a great choice for buyers to settle down.

Lake Nona’s central location makes it easily accessible by all other parts of the city. And if you think about it, it’s pretty accessible to the rest of the world as well, because of its proximity to Orlando International Airport. No paying for expensive cabs or car services since the airport is located right next to this all-inclusive Orlando neighborhood.

There are tons of educational opportunities located within this bustling neighborhood. It is home to a Medical City, the University of Central Florida’s College of Medicine, and the University of Florida Research and Academic Center. In addition, you will find Valencia College, Primose School, Lake Nona’s Middle and High Schools. And located on the southeast side of town, is Veteran’s Memorial, found right next to the VA Medical Center.

Profits from Flipped Homes in Orlando Improved During 2013

Profits from Flipped Homes in Orlando Improved During 2013

February 13, 2014 by · 5 Comments 

Profits from Flipped Homes in Orlando Improved During 2013A new report shows that flipping houses may be the way to go in the Orlando metropolitan area. The gross profit from the average flipped listing grew to $37,615 last year– compared to $36,518 in 2012. The report has certainly peaked the interest of many savvy real estate investors in the Southwest.

The average selling price for a home in the Orlando housing market increased by 20 percent over the course of 2013. Investors that were able to purchase and re-sell listings within a sixth month window realized significant profits, based on studies conducted by the real estate research group, RealtyTrac.

(Quick Fact: Reported profits from these flipped homes do not reflect the cost for improvements and repairs incurred by investors.)

“Strong home price appreciation in many markets boosted profits for flippers in 2013 despite a shrinking inventory of lower-priced foreclosure homes to purchase,” explained Daren Blomquist, RealtyTrac’s VP.

The average flipped home in Orlando was sold within six months for a sales price of $153,849.

The reported number of Orlando properties changing owners within six months has been growing over the last three years:

  • 924 homes in 2011
  • 1,831 homes in 2012

The Equity Crises in Orlando’s Housing Market

The Equity Crises in Orlando’s Housing Market

January 11, 2014 by · Leave a Comment 

Orlando Homes UnderwaterThe housing market in Orlando saw it’s fair share of positive trends during 2013. Home values have made big strides in returning to their historical averages, but it’s not been all positive. The Orlando area also had one of the largest concentrations of underwater properties in the country.

Nearly 36 percent of homes in the four counties that comprise the Orlando metro area are buried in home loans exceeding the present home value by 25 percent or more. The rate of underwater residential properties in Orlando outpaced the statewide number of 34 percent.

(Investor Fact: The highest rate of financially troubled properties was 38 percent which was reported for the state of Nevada.)

The Long Road to Financial Stability

Over the last year, the average prices for homes throughout the Orlando metro area increased by nearly 28 percent! This has certainly helped build equity for homeowners– but many of them still have a long climb to become financially stable.

Just remember that this is only one side of the coin. There is a significant percentage of homeowners who are equity-rich. Reports show that it is nearing a point where more and more will be expected to list their Orlando home for sale. This is expected to provide a nice boost for the Central Florida housing market during this year.

Experts Predict Slower Housing Market Growth in 2014

Experts Predict Slower Housing Market Growth in 2014

December 17, 2013 by · Leave a Comment 

Reduced Growth in Housing Market 2014Economists and real estate experts made predictions for the housing market in 2014 at a recent summit in Orlando. The current forecast is that prices will continue to increase by 4 to 6 percent– a markedly decreased rate compared to this year. It looks like 2013 could be a tough act to follow…

Frank Nothaft– Chief Economist for Freddie Mac– doesn’t expect home prices to grow at the rate they did this year. He was one of the influential speakers at the annual summit held for Florida Realtors. Price growth is expected to be more moderate.

Please don’t take this as a bad sign. The overall outlook for the 2014 Florida housing market is definitely positive, especially for those looking to sell their home. Here are just some of the specs for next year:

  • Stable home sales
  • Increased mortgage rates
  • Higher average sales prices

(Pessimistic view: some forecast that home ownership rates will drop to a 20-year low.)

Prices for single family homes in metropolitan Orlando outpaced the rest of Florida during this year. The median price in Central Florida was just under 175,000 for October– 28 percent higher than the prior year. Home prices jumped up by 17 percent across the Sunshine State during that same time.

Real Estate Invsting in Central Florida

April 6, 2010 by · Leave a Comment 

With its gorgeous year-round weather, world-famous theme park attractions, an eclectic array of restaurants and clothing boutiques, nearby beaches, and sizzling nightlife, Central Florida is one the nation's most prized residential gems. When you add award-winning grade schools and universities, booming high-tech industries, and no state income tax to the equation, investing in the Central Florida real estate seems like a no brainer.

Properties for sale in the area include single family homes, apartments, condominiums, townhomes, multiple family dwellings, and much more. Currently, the real estate market favors the buyer's pocketbook. As a result, investors with long-term goals couldn’t ask for more favorable market conditions.

If you're considering investing in Central Florida real estate, consider the following:

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

January 17, 2010 by · Leave a Comment 

The HUD Secretary announced Friday afternoon a temporary lift on the 90 day FHA seasoning rule.

This is HUGE!!!

In an effort to speed sales of distressed properties and homes
that have been rehabbed by investors buying and selling for a profit,
FHA will no longer require that the property be owned by the seller for 90 days!

This rule waiver is scheduled for one year and designed to “stabilize
home values and improve conditions in communities where
foreclosure activity is high”, according to the announcement.

This is going to reduce hold times for investors and increase investor activity. It also
means FHA will insure REO’s for buyers!! Did I mention how BIG this is? This will definitely
stimulate some sales!!

Here’s why this is so great….

For investor resales, FHA is the only way to go right now because they
require only 3.5% down and the seller can contribute up to 6% to
the buyers closing costs, getting them in very, very light when
necessary. Problem was, FHA wouldn’t underwrite any home being
sold within 90 days of the purchase. This rule has squelched many
investors activities and kept them from buying, because they were
being forced to hold the properties longer, increasing their expenses.

Orlando ranked 3rd best Real Estate Market’s by CNN Money

January 4, 2010 by · 1 Comment 

Here is some interesting data put out by the folks at CNN Money. It’s interesting to see that homes have risen 132% since the boom started, and have only come down 40% since the peak. Something to keep an eye on, is that they predict the bottom out to occur in Q2 of 2011! The Central Florida Real Estate Market has held up pretty well compared to most of the country, I anticipate that trend to hold moving forward. It’s definitely a great time to find the right home to flip in this new year! Best of luck!!

Home price forecast: -24.5% (one year, forecast through March 2010)

City Stats

Population: (2006) 1,984,855
Median family income: (2008) $59,200

Home Prices

Median home price: (2008) $218,000
Affordability index: (2008 median home price/family income) 3.7
Prices peaked in: 2006:Q2
Total climb during the boom: (2000 to peak) 132.3%
Total decline so far: (Peak through 2008) -40.4%
One-year change: (Q4 2007 to Q4 2008) -30.5%

Forecast

Price change : (from peak to bottom) -65.3%
When they’ll hit bottom: 2011:Q2
At bottom, prices will drop to levels last seen in: 1990:Q3

Investor’s Confidence Growing

October 13, 2009 by · Leave a Comment 

Inventory is down and bidding wars are increasing on the hot properties. I am putting in twice as many offers to get the same amount of properties as last year. Investors including myself are finding it a lot easier to move properties than the last few years. This is creating a buzz that is getting investors excited again. Just in the past couple of months I have received calls from several of my buyers that have taken the last couple of years off. New investors are calling everyday from all over the world. Today’s market is exciting to say the least.

I still receive negative emails from negative people about the next wave of foreclosures. I have been hearing this for the last couple of years and inventory continues to shrink. I feel this is a result of the banks working with homeowners to keep them in their homes. Loan modification is one way banks and homeowners have found common ground to help slow down the foreclosure process. This fear of the next big wave of foreclosures is based on the amount of newly filed Lis Pendens and the ability of homeowners to withstand their adjustable mortgages. A portion of these pre foreclosures get resolved, therefore, the foreclosure predictions are less then predicted. There are new foreclosures coming as there always will be. The big difference now is we have confident buyers and declining inventory. A few years ago we had a long way to go before hitting bottom. Today we have homes selling for the land value. It simply can’t go any lower!

Orlando housing market nears a balance between buyers and sellers

July 31, 2009 by · Leave a Comment 

(July 10, 2009 – Orlando, FL) A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.

Members of the Orlando Regional REALTOR® Association in June sold 43.12 percent more homes than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent. There were 2,131 closings in June, which brings the year’s total to 9,993, while a total of 6,951 homes had changed by this time last year. Of those June sales, 45.99 percent of the homes were either bank-owned (832) or distressed (148). The remaining (1,151) “normal” sales made up 54.01 percent.

ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., explains that the increase in sale activity can be attributed in part to first-time homebuyers taking advantage of the $8,000 federal tax credit. “The first-time tax credit should be expanded to all buyers of primary homes regardless of income,” he says. “And, extending the credit into 2010 would allow more time for the market to catch up with underlying demand and maximize the potential for a housing recovery.”

Orlando Real Estate Market pulse for July 2009

July 28, 2009 by · Leave a Comment 

Members of the Orlando Regional REALTOR® Association in July sold 45.45 percent more homes than in July of last year, contributing to the area’s year-to-date sales increase of 45.11 percent. There were 2,141 closings in July, which brings the year’s total to 12,223, while a total of 8,423 homes had changed by this time last year. Of those July sales, 41.99 percent of the homes were either bank-owned (737) or distressed (162). The remaining (1,242) “normal” sales made up 58.01 percent.   > Read the Media Release > Read the Talking Points

For a printable version of this report, please click here (.pdf)
ORRA Originated Sales
July 2008
6.40%
24,742
4,388
1,947
3,258
566
1,661
1,657
1,472*
116*
August 2008
6.39%
24,834
4,064
1,669
3,220
545
1,697
1,566
1,280*
113*
Sept. 2008
6.00%
24,690
4,099
1,908
3,256
594
1,683
1,578
1,394*
112*
October 2008
6.30%
24,657
4,289
1,959
3,316
607
1,691
1,675
1,228*
110*
Nov. 2008
6.00%
24,408
3,594
1,644
3,326
566
1,453
1,575
1,110*
108*
Dec. 2008
5.40%
22,524
3,460
1,871
3,265
597
2,707
1,579
1,445*
107*