Category: News and Information

Hiring The Right Realtor – Video

Posted on by Jenny Zamora

If you’re looking to buy or sell a home in the Orlando area, it can be overwhelming in these tough and confusing economic times.

Finding the right Orlando real estate agent to help you through the maze is critical.

Look no further! Our proven track record, experience, a record of excellence, and knowledge are your keys to a great buying or selling experience.

We will be with you every step of the way guiding you on this journey, and we’ll do it on your schedule.

We will be your advocate and adviser,  and our strong negotiating skills will take the stress out of what can be an uncomfortable part of the purchase experience call us today and give us the opportunity to earn your trust and your business.

Our company specializes in getting homes sold for the most amount of money in the least amount of time. Our team consists of some of the most successful real estate agents in Orlando. We are equipped to handle any type of real estate transaction… any price, condition, or situation.

Not ready to speak to a realtor yet?  No problem, check out our Home Valuation Tool to find out how much your house is worth.  And if you’re looking to buy a home, then try our home search tool and see all the available properties that are actively for sale in Florida.

Hiring The Right Realtor – Video

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How Realtors Get Paid On A Short Sale- Video

Posted on by Jenny Zamora

How Realtors Get Paid On A Short Sale 407-902-7750

The way realtors get paid in a short sale scenario which is very different from a traditional listing. In a short sale situation the seller is typically upside down on their mortgage which means that there is more money owed on the property than the property is actually worth.

A short sale is a pre-foreclosure arrangement between the homeowner and the lender in which the lender is agreeing to the sale of a property for less than what’s owed on the mortgage in order to re-cooperate some of their money rather than foreclosing on the property.

This usually means that the seller is financially unable to bring any money at all to the table and In this case the short sale lender pays the entire amount of the real estate commission when the transaction closes.

Banks will usually approve a commission of 5% to 6% which is then to be split 50/50 by both brokerages involved at the closing of the transaction.

It’s important to know that it’s illegal for a real estate agent to charge a homeowner an upfront fee to do a short sale on their home. Only real estate attorneys are legally allowed to charge an upfront fee for processing a short sale.

Some realtors will charge the seller a processing fee at the closing and it’s usually around 2 or 3 hundred dollars.

This is something that the agent is supposed to tell you about when they go over the listing agreement with you.

When the transaction goes to closing, each brokerage will receive its commission from the title company. Each brokerage is then responsible for paying its agent.
For Free short sale help in Orlando visit us at https://orlandorealtyconsultants.com/ or call 407-902-7750

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Average Home Price in Orlando Rises to $165K

Posted on by Jenny Zamora

The average price of houses in Orlando rose in May, making it the fourth successive month to touch $165,000. According to Orlando realtors, this has been a peak period since 2008.

According to reports published by Orlando Regional Realtors Association, prices inched up about 1.5 percent in April and about 13.7 percent in May compared to the rates of last year. The report of the association mainly reflects the sales which occurred in Seminole and Orange counties.

The previous time prices of homes were this high, was in December 2008. At that time the prices were $167,500 – a sharp dip from a high of $264,436 achieved in July 2007.

The statistics

Members of the Orlando Regional Realtors Association closed approximately 2,651 sales in the month of May. Sales were down approximately 1 percent in the period starting from April, standing at approximately 11 percent. The available inventory rose from about 3.9 months during April to about 4.1 months during May. This is quite below the six-month level but is adjudged normally.

Probable causes

Zola Szerences, the Association Chairman, said that sales decline can be partly attributed to investor decline. The investors went away from Orlando real estate market as the prices increased. While foreclosures add sorely required inventory injections, they are responsible for slowing the sales. Like Orlando’s short sales, transactions due to foreclosures take more time to process compared to standard transactions.

After many years of shrinking proportions, foreclosures rose about 15 percent in May this year compared to the same period of 2013. Normal sale of homes lowered a little but still comprised approximately two-thirds of total sales. Orlando short sales went down by 62 percent in the period between May 2013 and May 2014. The highest decrease was recorded in the sales of Orlando’s condo market, which fell by 24 percent from last year.

Immediate future

According to Moe Musleem of Re/MAX Legacy, the reason for such an occurrence is that a number of foreclosures are now appearing in the market as the loans are being acquired by a number of loan servicers. He added that the construction of residences has quenched a little of the demand, but not their prices. Musleem is hopeful that a greater number of foreclosures will appear in the market. Since a lot of construction projects are coming up in Seminole and Orange, a large number of properties will sit out in the market.

 

 

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Sale of 203 Condo Units In Orlando

Posted on by Jenny Zamora

A Madison Capital Management affiliate has been advised by Cushman & Wakefield in the context of the sale of 203 condominium units within 272 Heritage Estates, a Class A community in Orlando. The firm has also garnered about $15.7 million in debt and has organized equity financing by a joint venture from Centersquare Investment Management. Center square is BNY Mellon’s investment boutique for real estate deals. This was done on behalf of the buyer. Five-year financing was provided by Key Bank.

Fractured nature is not a concern

According to Dave Karson, the Executive Managing Director of Cushman & Wakefield, this kind of excellently located community attracts capital from those who seek comparatively lower returns than they were accustomed to for the past several years. The condominium’s fractured nature does not have an effect in such circumstances. He added that the improvement of the equity and debt markets has made such kind of capitalization possible.

Karson’s team members included Chris Moyer, Suraj Ravi, Sridha Vankayala, and Steve Kohn in the Debt & Structured Finance group of Cushman &Wakefield.

Heritage Estates was constructed in 2003 and is sandwiched between Orlando International Airport and the University of Central Florida. It is situated in the University of Central Florida/East Orange submarket. The property has been invested by Madison as either direct owner or lender since 2005. The company has established a stellar record of first acquiring units and then converting those to rentals.

In real estate, relationships are the key

The business of real estate depends on relationships. It is about service as well as trust. Clients do not trust entities that they do not know. For any real estate buyer, it is not simply about searching and then getting home. It is actually the first step in a methodical process from starting the contract to closing the contract. A large number of steps take place after a home is found, and the function of a good Orlando real estate agent becomes apparent at that stage. The task of meeting appraisers, ensuring that the inspector arrives as scheduled, does an adequate job, and sends his or her reports on time.

A realtor juggles communications between the title company, contractors, and sellers and keeps things on schedule as previously planned. Agents have to anticipate and have the requisite knowledge and skill to adjust to situations that even a frequent buyer of homes may have not endured through.

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Downtown Orlando to Get New Apartment Complex

Posted on by Jenny Zamora

Work is scheduled to start during the third week of June on a nine-story apartment building complex in uptown Orlando. The area close to Lake Eola has been subjected to minimal development after the crash in Orlando real estate about seven years ago.

Development by Jefferson Apartment Group

Two acres of land were purchased at South Osceola Avenue and East Church Street by Jefferson Apartment Group during the first week of June this year. The seller was an investor based in Ohio. According to the Jefferson Apartment Group spokesperson, work on the complex is expected to begin immediately with the placeholder name 420 Church. The complex is expected to have 299 units.

The southern flank of Lake Eola saw a number of apartment and condominium buildings come up before the real estate market took a turn for the worse in 2007. Since then, the area has seen three complexes being constructed.

The 420 Church construction plan includes about 9,000 square feet, destined for retail at the ground level. About one-third of the total area is to be transformed into an art gallery on a lease basis. It will also include10 studios at the ground level which can be used by the artists.

According to Mike Mulhalli, Regional Partner, Jefferson Apartment Group, the company strives to create an arts district near Eola. The property, in addition to the proposed art gallery, will consist of three secured parking levels with the fifth-floor housing a pool deck.

Built for renters

According to Mulhali, notwithstanding the fact that the urban core of Orlando is predominantly rentals, the uptown area of the city continues to attract renters who have the ability to pay in the region of $1,200 per month for kinds of apartments that have more than adequate amenities. The concept envisioned by Jefferson Apartment Group changed after it started planning for the project about five years ago.

Mulhali said that the Orlando Realtor is also developing a different site located to the south of the city. He confirmed that the company has a contract nearer to South Street. He was reluctant to give out more details. According to Susan Morris of Colliers International, a real estate firm, Jefferson is one of many apartment complexes in the final planning phases for uptown Orlando.

Another uptown project in the process of taking shape is The Sevens. It is scheduled to be set up on a property located at North Orange Avenue.

 

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