Category: News and Information

Downtown Orlando To Have More Than 1,000 New Residential Units

Posted on by Jenny Zamora

The month of May in the Orlando real estate industry is all set to be marked by a plethora of new housing programs. Orlando Realtors can count on builders adding more than 1,000 new residential real-estate constructions in the downtown area alone.

On Monday, May 12, “The City Beautiful” reviewed plans for two new residential units. Further, work on a third apartment complex is all set to begin in a week or two. Top Orlando Realtors say several interested investors and first-time buyers have started showing a lot of interest in the projects.

 

Orlando City Council reviews plans for two complexes

The city council met to review the phase-one plans of the proposed “Citi Towers” and “Elan at Audubon Park”. Citi Towers, proposed to be erected on the north-eastern corner of Lake Avenue and East Church Street, will be built by the Summa Development Group if everything goes as planned.

The group had filed an appeal before the city council to replace what is currently known as the Lutheran Towers planned district with the Citi Towers apartment complex. The complex is expected to have 22-story and house 223 individual housing units. The site spreads over 0.7 acres and the complex would include commercial space spanning over 22,300 square feet as well. Developers also requested the council to extend the maximum allowance and let Summa Group raise 710 units in total.

Plans for the Elan at Audubon Park were also reviewed by the council on Monday. Orlando Heights LLC, which owns property on the site, appealed to the council to rezone or reassign a planned development community that currently exists near the Orlando Fashion Square mall. If approved, developer Greystar would be roped in to raise an apartment complex featuring 450 individual units, at the site. The site stretches over close to 20 acres and would be filled with four-story apartments including garage space.

Work on a new residential complex in Thornton Park, Downtown Orlando to begin in May

While the future of the two proposed apartment complexes remains in the hands of the city council, work on a third apartment complex is set to begin this month. The complex would be raised in Church Street of the Thornton Park area and house 299 units. The complex will also house close to 9,000 free spaces for commercial leasing and have 10 individual live-work units.

According to some Orlando listing agents familiar with the plans, a part of the commercial space is to be leased out by one large and two mini art galleries. New artists will be able to display their work and keep the community abuzz with several activities.

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SunRail Fuels Housing Development in Central Florida

Posted on by Jenny Zamora

More than 3600 housing projects get underway

In the month of May, we saw the $1.3 billion SunRail commuter system run its first lap and if the first couple of days of service is any indication, the new commuter rail system is going to be a Central-Florida favorite! With close to 10,000 commuters onboard each day, in the first few days, the ride exceeded expected traffic (average of 4,300 commuters a day) by epic proportions.

While a lot of it could be all the buzz about the new inauguration or the free rides that SunRail has been providing since Day 1, market watchers believe there is more to the enthusiasm than just the attraction of the new system. Local businesses, jobs, construction activity, and real-estate activity are expected to surge around the 12 stations and their neighborhoods.

Realtors In Orlando Eye Transit-Oriented Development

Transit-Oriented Development, popularly known as TOD is expected to dominate Central Florida and become the key driver of the Orlando real estate and construction industry. Enthusiasm can be seen in the market as Central Florida moves towards being deemed as a “rail city of North America” and Orlando realtors couldn’t be happier. Why?

Because TODs are associated with increased buying and selling activity. Between 2016 to 2018, industry hubs and TOD districts are going to spring up in large numbers but real estate agents will be able to see increased activity much before that, in the form of anticipatory purchases and real estate investments.

Neighborhoods around transit systems are typically good places to live and work. Savvy real estate buyers begin purchasing properties in advance – a decision that makes good financial sense since prices shoot up once the neighborhoods develop into hubs in full swing.

Does it mean it’s a good time for investors and first-time buyers to consider buying a property? According to most industry watchers, it is. Central Florida also has a lot underway for residential and commercial buyers, as well as local businesses and job-seekers.

Orlando home buyers to be served with a host of new opportunities

14 new construction starts, worth a total of $785 million are up and coming within a ten-minute walk from the 12 SunRail stations of the first phase. According to listing agents in Orlando, these include 1,150 residential units that Orlando buyers have already started investigating.

Further work on another 13 projects worth $765 million in total is expected to begin soon, including the construction of 2,680 residential units. Industry insiders suggest interested parties or first-time buyers who have been waiting for an opportunity to invest to begin contacting realtors since the units are expected to get sold fast.

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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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Home Prices Expected to Rise Through the Next Year

Posted on by Jenny Zamora

Market reports at the end of the first quarter of 2014 reveal the US real estate industry is inching toward increasing home prices. Almost 20 percent of the nation’s metro residential real estate markets have freed themselves from the pangs of declining home rates experienced during the recession. Further, the median prices of homes experienced a one percent hike nationwide.

Amidst the new information, is speculation that home prices would continue to grow through the four subsequent quarters. According to analysts, a 3.3 percent hike in home prices can be expected through March 2015.

Homes To Sell At Pre-recession Prices by March 2015

Compared to peak housing prices in 2007, before the market crashed and housing prices fell by 22.6 percent in 2011, the nationwide increase in 2014-Q1 is still low by 13.5 percent. However, compared to last year (fourth quarter of 2013), the value of homes saw a nationwide increase of 0.5 percent.

According to a recent industry report, 527 cities and towns out of the 6,781 that witnessed at least 10 percent decline in housing prices, have already recovered or will recover by March 2015. Further, in close to 60 metro housing areas, prices have already exceeded (or are predicted to exceed) the pre-recession values by 2015.

Affordability Not A Concern For Orlando Home Buyers

Orlando Home buyers need not be concerned about the steady appreciation in housing prices. Not yet at least, according to a majority of the real estate agents in Orlando. Top realtors hold that housing affordability will not be affected by the rise.

Affordability has been strong and will continue to be so in a majority of metro markets including the Orlando real estate market. In a couple of markets, however, San Diego, San Jose, and Los Angeles to name a few, the situation is a little different. According to the report, affordability is already a concern for these metros, with rents rising 2.7 percent from their value in the first quarter of 2013. Low affordability often causes home values to drop in certain places, especially when buyers are forced to look for affordable housing farther from the business hubs and urban job centers.

For metros, where affordability is not a concern, the first quarter presents some great home-buying opportunities. Rates of fixed and variable-rate mortgages have reduced significantly and banks have become more lenient in lending.

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It’s Time For The Final Walk-through!

Posted on by Jenny Zamora

A final walk-through is not at all like a home inspection or an appraisal. The final walk-through occurs after all the dust has settled from negotiating the price to scheduling inspections, getting the loan approved, etc.  A final walk-through is an inspection usually performed by the buyer and buyer’s agent anywhere from a couple of hours to several days before the closing. I like to schedule final walk-throughs for my buyers 5-7 days before the closing.  

The main purpose of this type of inspection is to make sure that the buyer is getting exactly what was agreed upon by both buyer and seller as well as to check on repairs, if any, that were supposed to have been made by the buyer. It’s the last opportunity for the buyer to walk through the house as the buyer and not as the new owner.  

The final walk-through shouldn’t be skipped by the buyer, it’s never a good idea to assume that things will be the way you expect without verifying, especially with something as important as purchasing a home.      

Here are some tips when it’s time for the Final Walk-through  

Finishing touches- paint

1- Bring a hard copy of this checklist with you so you don’t forget anything.  
2- Check the exterior of the home for new damage, especially if it’s been storming since your last visit.  
3- Turn on the sprinkler system, pool pump, and all exterior lights, and check outlets.  
4-Run all water faucets throughout entire house, check hot and cold. Look under sinks for water leaks.  
5- Test all appliances  
6- Make sure that the seller hasn’t removed any fixtures, chandeliers, etc. they agreed to leave behind.  
7-  Test air conditioning and heater.  
8- Flush every toilet.  
9- Open and close every single window and door.  
10- Check ceilings, walls, and floors for new water stains.  
11- Turn on garbage disposal and exhaust fans.  
12-Make sure any debris has been removed and the home has been cleaned.  
13-Make sure you test any remote controls such as the garage door.  

Take your time!

As an Orlando Realtor, I always stress to my clients that this is one time that you DO NOT want to rush. Spend a good hour or more going through the house that you will call home. The last thing you want to deal with when you move in is cleaning or repairing something that should’ve been done by the seller.

Be sure to take notes about anything you may have noticed that wasn’t the way it was supposed to be and inform your real estate agent. Remember, the final walk-through will be your last opportunity to mention anything that you’re not pleased with before the closing of the transaction.

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