Category: News and Information

Outer Edges of Orlando Enjoys Strongest Recovery in Home Prices

Posted on by Jenny Zamora

Residential property prices at the edge of central Orlando have revived the most, according to listing agents in Orlando. Pockets of growth are being seen in Paisley, Montverde, and Eustis. All three come under Lake County and have exhibited price gains of up to 30 percent since February 2013. A few localities of St. Cloud and rural regions of the southern part of Osceola County also showed an uptick in prices.

Maximum gains in a few areas

The total increase in value of all the four counties in the metropolitan area of Orlando was 20 percent in the same period. Lawrence Bellido, an agent of Keller Williams, one of Orlando’s real estate companies, said that the above-mentioned areas are showing the maximum recovery since they were hit the hardest. He specifically mentioned Montverde’s Bella Collina and Harmony, where not a single property was sold at one point in time.

Gains not equal

Orlando has exhibited unequal gains in price when one community is compared with another. To give an example, the growth areas located in the southern borders of St. Cloud have exhibited gains of approximately 30 percent in 2013. In contrast, prices have risen only half of that number in older localities of St. Cloud, where a few homes were constructed in the 1920s.

Similarly, older localities of Kissimmee, Oviedo, and Casselberry saw an appreciation in price by approximately 15 percent in 2013. The numbers reveal an excellent recovery by a majority of standards but are still trailing behind the region’s other parts. Prices in Apopka and Mount Dora areas escalated by 11 percent. In contrast, home values in the Winter Park locality rose 8 percent in the same period.

Foreclosures

A possible reason for prices getting increased quicker in a few neighborhoods might be foreclosures. The foreclosure phenomena hit hardest in areas that are newly developed as the house owners in 2007 had negligible or no home equity. These owners were more prone to enduring short sales. Lenders incur short sales when they give their assent to sales prices that are lower than the mortgage. Values plunged to the maximum in these foreclosure-scarred neighborhoods, so they bounce-backed quite rapidly.

According to Mike Timmeran, President, MJT Realty Economic Advisers, the markets where prices rose the most were also those that fell severely. Buyers, however, can be very confused about these wide swings, presently. It will be very difficult for them to assess the correct market value of a property.

 

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How To Find The Best Realtor In Your Area

Posted on by Jenny Zamora

Finding the best realtor locally doesn’t have to be confusing. Here are some tips to help you find the best real estate broker in your area.


Firstly, jumping in the car and touring the area can be a great indication of the best realtors in the area. Check out the houses that are for sale and who they are listed with. This is a great way to find the most popular local real estate brokerages in the area.

After finding the most popular companies, you can then take your research further online.

Every realtor should have a web presence this will help you find out more about their company background, the properties they list, the areas they work in, and ultimately any ratings and reviews they have online.

Be sure to check out independent review sites where possible to get a more rounded look at the brokerage you have your eye on. All realtors will generally be open to sitting down and discussing your needs before you have decided on the company you want to help list sell your property.

Most realtors will be more than happy to offer help and advice should you need it so don’t be afraid of picking up the phone and discussing the different options available to you.

Selling your property should be stress-free and finding the right realtor for you doesn’t have to be confusing.


Just be sure to do your research well and ask questions.


For more help and advice on selling your property give us a call at 407-902-7750 or check out our website at https://orlandorealtyconsultants.com/ in more detail to find out more about what we can do for you.


How To Find The Best Realtor 407-902-7750

 

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Orlando Housing Spurs as Consumer Confidence Pick Up Speed

Posted on by Jenny Zamora

2014 was a significantly sluggish year for the Orlando real estate market. Consumer activity, as well as confidence in the industry, proved to be rather low. But things are changing nationwide and the top Orlando Realtors say “The City Beautiful” will see more consumer activity in the months that lie ahead.

Momentum expected to increase in housing

A report by the Commerce Department showed that the number of new housing projects in the nation jumped by 13.2 percent, far exceeding the forecasts made by the analysts previously. Further, permits filed for buildings nationwide rose eight percent and stood at a figure of 0.7 million more than what was previously expected.

Locally, real estate agents in Orlando explain that demands for new construction work rose because of banks easing up on borrowing costs and their strict credit conditions. Increasing job growth across the nation and the aid of federal stock markets has resulted in improving consumer confidence. All factors together, realtors say, have spurred up the housing market.

In Orlando alone, realtors say they have seen more prospective buyers enter the market in April than in the months before, further increasing the demand for builders. So, the next few months are going to be marked by increased housing momentum.

Factors responsible for the effect

An increase in housing inventory may just be one of the biggest reasons why more buyers are venturing into the market. With the U.S. housing inventory reaching a near two-month high, affordability conditions have improved for many buyers.

Listing agents in Orlando reveal that April witnessed a 16.8 percent increase in the number of previously-owned houses, up for sale. Further, improving jobs and the overall economy as well as lower costs of borrowing has enabled more people to become buyers. The rates of standard 30-year fixed mortgage averaged 4.14 percent – the lowest in close to nine months.

In April, sellers received 5.2 percent more for their existing homes, in comparison with figures from 2013. The median price of such houses was recorded as $210,700 in April 2014. Of the total number of sales closed, 17.5 percent were from properties valued under $100,000. 44 percent of the properties sold ranged from $100,000 to $250,000.

Retailers like Lowe’s Cos. and Home Depot Inc. are in fact forecasting in favor of improved sales after more consumers began making use of the spring buying season. It’s a great time for buyers as well as sellers, realtors add.

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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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