Category: Florida Real Estate

Value of Lake Properties Driven by Residential Construction

Posted on by Jenny Zamora

A substantial increase in residential and business construction rolled in 3.5 percent more to Lake County’s tax map. This is the second consecutive year of rising in values after a number of years when the economy was in depression.

Higher tax collections

According to Carey Baker, a property appraiser, this is the first instance when the values of single-family residential homes in Lake cities increased. Orlando realtors have calculated that new residential, as well as business construction, added an excess of $295 million when it comes to taxable values. This equals a variation of 89 percent compared to 2013. In 2014, the county witnessed a rise of 1,500 new properties earmarked for residential use.

The biggest single construction in the new category was the Chet Lemon commissioned by The Big House. The 162,000 square foot built-up area in Tavares was funded by the former baseball player and contributed a massive $7.6 million in taxes.

Gigi Lemon, the wife of Chet Lemon, said that the Lane Park Cutoff facility attracts a substantial number of visitors with tournaments and youth events. The Big House opened its gates in February 2013. Lemon is surprised by the response. She believes that people are impressed by the facility.

Near all-around growth

All the Lake cities with the exception of Leesburg saw a rise in their taxable values. Maximum growth was seen in the south Lake region. The group was led by Groveland, with a 14 percent rise, trailed by Minneola which rose 9 percent. Clermont followed third with 7 percent.

According to Orlando real estate agents, it is clear that, as was in the past, the south Lake leads the county when it comes to growth. The drivers of this growth are the people who are employed in Osceola and Polk. They are relocating to South Lake due to a number of attractive factors like a nice community and affordable housing. The icing on the cake is the quick accessibility to jobs in cities.

According to Orlando realtors, Leesburg suffered a slight drop in values-about 0.19 percent due to the relatively slower construction growth and weak values when it came to single-family homes.

There is, however, a glaring problem. Baker pointed to the $91.5 million reductions in taxable value of the tangible property which businesses pay related to equipment including machinery and computers. The county saw a tax reduction of $77.1 million due to such taxes.

 

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Overseas Demand for Central Florida Real Estate Remains Robust

Posted on by Jenny Zamora

Undeterred foreign demand in U.S. real estate has saved realtors from the worries of an under-performing real estate market. The U.S. residential real estate market, though amidst recovery, has been plagued with concerns over slowing rates of property-price hikes and flat sales. Residential properties projected a median value of $198,500 in 2014 – marking a 7.9 percent hike in price. The percentage seems rather small when compared to the previous year-over-year hike of 11.8 percent, a year ago. The sales of existing homes fell seven times in a period spanning eight months and the sales of new homes dropped by 14.5 percent in March 2014.

Market watchers, economists and experts predict improvement

Real estate agents across all U.S. markets agree that sales activity has been low for most of 2014. Experts however believe the market is going to pick up soon enough. According to real estate agents, the on-going creation of new jobs and shopping activity that was overdue to the bad winter weather are two key factors that will promote market pick-up.

Further, the realtors say, increasing inventory would fuel the pick-up. Industry leaders hold that if mortgage rates rise only modestly or continue to dip weekly, as they had for close to three weeks in the April of 2014, the market would witness increased activity.

Economists have added another factor to the pool of events that are expected to cause the U.S. housing market to improve – overseas sales. The strong overseas demand that has been largely undeterred by flat sales rates and low median-price hikes will help the market pick-up.

Orlando real estate industry’s overseas investors pumping the market up

Investment in the U.S. markets has been only growing as investors from different countries across the world continue to be charmed by the prospects of the American market. Asian investors have been particularly interested in investments in the American residential real estate market.

For Central Florida real estate alone, Realtors in Orlando were able to list robust investments from the Asians, Britons, Canadians, Germans, and South American investors apart from other smaller but significant contributions from UAE-based and Swiss buyers. A recent industry, in fact, cited a 350-percent increase in the activity of interested buyers from the UAE and Switzerland.

Further, with improving home equity, experts have projected that the backlog of distressed homes would clear significantly. By the end of 2014, distressed homes would form a single-digit market share. The demand is expected to increase further, during the spring home-buying seasons presenting a great opportunity for sellers to put their homes on the market, according to the top listing agents in Orlando. Motivated by overseas investors, indigenous buyers too can make the best of the spring buying season.

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Median Prices of Homes in the US Witness a 2-Year High

Posted on by Jenny Zamora

The median sales price of residential properties in the US, increased by one percent in March 2014, compared to the median price in February. The rise mounts up to 10 percent when compared to the median price same time last year.

The first signs of the US housing market snapping out of hibernation were seen at the beginning of March 2014, after six months of sluggish business. Top Realtors note that markets get typically sluggish during the fall and winter months. The one percent monthly increase in March occurred after the median sales price of residential real estate properties had been shifting between decreasing or remaining flat for six consecutive months.

On an annual basis, the increase represents the biggest hike in 24 months. Standing at $164,500 at the end of March 2014, the median price rose the highest since crashing at the bottom in the March of 2012.

Does This Mean Prospective Sellers Can Expect Better Rates?

According to some real estate agents in Orlando, it does. The spring buying season is being well received by residential real-estate buyers throughout the nation. With the decline in rates of unemployment, recovery of markets across the U.S., and cuts in the mortgage rates, buying sentiments have increased.

In the Orlando real estate market alone, realtors have seen growing enthusiasm from first-time buyers, second-home buyers as well as owners who have powered through the distress and can buy their properties back. They reveal that 34 percent of the total homes sold in the country in March were purchased by second-home buyers or investors.

An increase in sales volume is another proof of improving sentiments. Sales volume in March was up 0.4 percent from the volume in February 2014 and up by eight percent from the volume in March 2013. While still below the most recent peak reached in October 2013, the trend is largely positive.

More Owners are Now Selling Their Homes, Adding to the Inventory

The nationwide increase in annual sales volume is not without 21 of the country’s largest metros witnessing a decrease in their yearly sales volume. In Orlando, the volume in March was down 12 percent, compared to a year ago.

There are several silver linings though. One is the positive trend in housing inventory. The low-inventory situation has eased up in 38 states in total, which according to some real estate experts can be attributed to the increase in distressed sales. In comparison with the last quarter of 2013, the percentage of distressed sales increased nationwide in the first quarter of 2014. So has the percentage of non-distressed property owners who have regained enough equity to be able to relist their houses on the market.

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Hottest Housing Markets in Central Florida

Posted on by Jenny Zamora

If you are looking for a home in Central Florida, you cannot afford to miss this latest update on the C.F. real estate scenario. Winter Park has clawed its way up to become the most sought-after city for potential home buyers. However, four other Lake County cities such as Tavares, Leesburg, Mount Dora, and Lady Lake also now dominate the list of the most popular housing markets in the region. This has been a reason for cheer among Orlando real estate agents as well as buyers.

Reasons for Winter Park’s Popularity

These areas ranked high in popularity as people found them to be a lot more appealing as they were not the conventional Florida subdivisions. These areas have sunny houses with traditional architecture. A lot of local businesses are also known to thrive in these regions. The growth in popularity has been pretty rapid and is still soaring. As such, other counties in the region are finding it hard to compete and have shown a declining trend in sales. On the other hand, various market reports have rated these areas on a number of parameters like the time houses listed for sale (in consultation with Orlando listing agents), growth in consumer interest, price cuts, and the like. All these parameters have shown a positive tilt towards these areas.

Orlando EDC’s opinion on the developments

The Metro Orlando Economic Development Commission has seen this turn of events as a positive sign. It is of the opinion that the developments will bring about an upswing in the economy of the region, by creating a flurry of activities around the real estate business. It will create jobs, pump in liquidity and give a boost to the infrastructure, manufacturing, and services industries. It will encourage local businesses further, turning the area into a self-sufficient, attractive region for high investments. Gradually, the benefits will trickle down to help the area prosper, possibly bringing in tourism as well.

This has turned out to be a happy surprise for the Orlando realtors. They are making the best use of this opportunity and promoting Winter Park to the best of their capabilities. Make sure to keep yourself updated with the latest happenings in the hottest real estate market in this area.

Searching For Properties In Central Florida

Are you or someone you know interested in looking at all the homes that are for sale in Central Florida, but you don’t want to speak to a real estate agent just yet? Feel free to use our home search tool. Within a few clicks of your mouse, you’ll be surfing the MLS just like a pro! All from the comfort of your own home.

You will have the capability to find Florida homes for sale according to the criteria that you type in like; Square footage, price, # of bedrooms, bathrooms, neighborhoods, etc.

Orlando Housing

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Open House Tips for Sellers

Posted on by Jenny Zamora

Open houses are starting to become popular again. it seems that every weekend when I’m driving around in Orlando I see open house signs everywhere I go.  It’s become a great way to not only showcase a new listing for Orlando realtors but also to market those problem listings that have trouble selling for one reason or another.

Sometimes, however, there are sellers that want to be involved with the sale of their house like showing a potential buyer around or even worse…being at the open house. As an Orlando Realtor, I tell my clients that it’s never a good idea for the seller of a home to get involved with interacting with potential buyers, especially at the open house.

Here Are Some Open House Tips For Sellers

1- Getting your home ready for the Open House. The most important thing that you can do to get your home ready for the open house is to clean and de-clutter. Go through and clean every surface in the entire house leaving it looking and smelling fresh. Also, if you have some pieces of furniture that you could move into the garage that day that would make the house look bigger or more appealing, then do it. Putting out some cookies or fresh lemonade is fine but you shouldn’t go overboard like hiring a live band or a D.J. These things would be more of a distraction than an attraction.

2- Don’t be at the open house. As the seller, you should be anywhere else but home on the day of your open house. You have to realize that realtors with their qualified buyers will be there looking and having serious discussions about your home, both good and bad. It’s a heck of a lot less awkward for them and the seller if the seller wasn’t there. You want potential buyers to feel comfortable and at ease when they go through the property. Sellers have to trust their realtor to showcase their home in the best way possible.

open house

3- Make sure they can access every room. It’s called an open house for a reason. The goal is for potential buyers to enjoy free access to your entire home and visualize it as being theirs and hopefully fall in love. Don’t block rooms, closets, or yard gates unless it’s absolutely necessary. Don’t make the buyer have to come back another time to see it or you just might lose them.

4-Tell The Neighbors. It’s always a good idea to inform your neighbors about your open house. I can’t tell you how many listings we’ve had where a neighbor knew somebody who’s been wanting to buy in their neighborhood resulting in a sale.

I hope these tips were helpful. If you want to see how much your home is worth visit us at https://orlandorealtyconsultants.com/ 

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