Category: News and Information

Developers Say the I-Drive Project Will Not be Named Orlando Eye 360

Posted on by Jenny Zamora

As the work on constructing a giant observation wheel at the International Drive is going on in full swing, the tourist corridor of Orlando has a lot of things to look forward to. The word was, that the overall project, that the observation wheel is a part of, is to be named the Orlando Eye 360 by its developers. The news was, however, brushed off by developers as they prepare to make an official announcement soon.

Other Than Orlando Eye 360 What is in the pipeline of Merlin Entertainments?

Merlin Entertainments Ltd. is working on a couple of attractions for the state and come 2015, the second-largest operator of visitor attractions in the world will unveil three attractions – the Orlando chapter of Madame Tussaud’s wax museum, the Orlando Eye and the Sea Life Orlando Aquarium.

The three attractions are part of a massive Orlando real estate project – the construction of a towering complex for shopping, dining and entertainment, that is being developed by NY-based Circle Entertainment Inc. and Orlando’s own Unicorp National Developments Inc. The multimillion-dollar Orlando Eye project on the International Drive (projected to cost over $200 million) is planned to be completed in phases – work in certain phases is already over.

For instance, the real estate agents in Orlando reveal that the International Drive will see Orlando’s first Yard House open for business on April 24. The popular restaurant adds to I-Drive’s impressive line of new and upcoming restaurants including Cooper’s Hawk Winery & Restaurant, BJ’s Brewhouse and the Red Robin. Local real estate agents believe that the Yard House alone would bring around 200 jobs to the I-Drive area in the form of servers, hosts, hostesses, line cooks and bar tenders to name a few.  Not to mention, new and better dining options for the area’s tourist corridor.

The project was developed with Orlando’s tourism industry in mind. International Drive’s convention area will get some much-needed entertainment, wining-dining and leisure options after the project ends. It will boost the tourism industry of the area that is currently valued at about $50 billion. The entire project will also boost employment in the area as it is expected to brings thousands of new jobs.

Merlin Entertainments is planning for a press event, to be hosted later this month, during which developer Unicorp plans to unveil the new name of the project. While speculations were high in the Orlando real estate scene that the project would be named the “Icon Park”, Chuck Whittall, the President of Unicorp denied, saying the firm would announce a different name.

The name has become a special area of interest, particularly because of the frequent changes made to it. Previously it had names like the I-Drive Live and I-Walk Orlando associated with it. Only Unicorp can tell what new moniker the project will adopt.

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Orlando Short Sales Decrease Due To Tax Implications

Posted on by Jenny Zamora

The debt relief act of 2007 has officially expired as of January 1st 2014. This situation creates huge tax burdens for Florida homeowners that are upside down and that have or will receive any kind of mortgage forgiveness such as a short sale.

This means that the IRS will consider any capital that was forgiven by a lender either in a short sale or even a foreclosure to be recorded as income to the homeowner and will tax that income accordingly. The “Mortgage Forgiveness Debt Relief Act” [MFDRA] of 2007 was established to allow homeowners with certain criteria to exclude this type of income from their tax returns. This act only applied to debts associated with someone’s primary residence.

Orlando Short Sale Realtors Concerned Over Tax Relief Expiring

Orlando realtors that specialize in doing short short sales are very concerned about homeowners no longer having the tax break incentive. Why would someone go through with a short sale if they knew that they would be taxed on the deficiency? It’s like jumping from the frying pan into the fire, you’re going to get burned either way.

We’re already seeing a sizable decline in Orlando short sales since the 1st of the year. I think that we’ll see even fewer short sales, fewer principal reducing modifications, and an increase in foreclosures as we get further into 2014. Homeowners aren’t seeing the upside to doing a short sale in many cases.

The truth is that without the assurance of tax being exempt on a short sale there’s much less incentive for distressed homeowners to agree to the voluntary sale of their home.

Lenders Are Foreclosing Faster Than Ever Before

There was a time shortly after the RE market crashed in 2007 where lenders were extremely overwhelmed with the amount of homeowners defaulting on their loans. This resulted in a foreclosure taking up to 2 years or more to complete in some cases.

Several Orlando homeowners that I’ve spoken to say that they’ll just stay in the house until the bank forecloses believing that it will take their lender years to foreclose on them because of the stories that they’ve heard in recent years.

This couldn’t be further from the truth and homeowners that feel this way will be in store for a rude awakening. Lenders have come a long way in streamlining there process for dealing with mortgage holders that fall behind. They now have systems in place that help to expedite the amount of time that it takes to process foreclosures, short sales, loan mods, etc. Certain lenders will foreclose within a matter of 3 to 4 months if the homeowner doesn’t take action.

What Are Other Alternatives To Foreclosure?

Homeowners are still offered the same alternatives from their lenders; short sales, loan modifications, deed-in-lieu, etc. It’s important to note that it’s not the lenders who want to tax homeowners on the deficiency amount, it’s the IRS. And, although congress is actively looking at several bills that would extend tax relief through the next year or two, it hasn’t happened yet and there’s no guarantee that it will.

 

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This Spring May Just be the Best Time to Buy a Home in Orlando

Posted on by Jenny Zamora

The Federal Home Loan Mortgage Corporation has some good news for all real estate buyers. Results from a new survey conducted by the Virginia-based government-sponsored enterprise, point toward a slight dip in the mortgage rates across all of America.

The spring buying season has commenced and decreased mortgage rates may be just the extra push that home buyers need to kick-start their spring purchases. The average rate of interest on a standard 30-year home loan reached 4.34 percent in the week beginning April 7. Only a week ago, the rates stood at 4.41 percent.

 What does this mean for Orlando real estate buyers?

Have you been thinking about purchasing a property in Orlando? It would make good financial sense to get started now. According to top Orlando short sales experts, mortgage rates are decreasing overall sectors. The average rate on standard 15-year fixed loans also dipped from 3.47 percent to 3.38 percent, the same week. These dips, though not enormous, are substantial nevertheless and present a good opportunity to make a residential real estate investment.

Fixed mortgage rates are not the only dipping bunch. Hybrid ARMs (adjustable-rate mortgages) also spiraled downwards slightly when compared to their rates a week ago. The rate for single-year ARM reduced from 2.45 percent to 2.41 percent. Five-year ARMs followed the trend, slipping from 3.12 percent to 3.09 percent in the same week.

With the industry heavily divided in its mortgage predictions for subsequent weeks, many realtors are encouraging prospects to gear up on their residential property plans. Real estate agents in Orlando have numerous listings on their hands, owing to the wide selection of residential complexes being constructed in the metropolitan area. Luxury apartments typically find buyers fast and disappear from the hands of listers in a shorter span of time.

What could the future look like?

The Mortgage Rate Trend Index saw 38 percent of analysts predict a steady decline in the rate of fixed and adjustable-rate mortgages over the next week. Another 38 percent predicted steady rates over the next few weeks. A total of 24 percent of participating analysts predicted the rates to rise in the next week. Realtors in Hunters Creek speak of the high spring buying trend in the metropolitan area – something they have been witnessing for years. They expect the spring buying season to be the same, asking potential buyers to make the best of the downward spiraling mortgage rates in the spring buying season.

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Real Estate Development in Orlando

Posted on by Jenny Zamora

A recent and large-scale Orlando real estate development is the apartment complex that will soon come up in Altamonte Springs. A. Charlotte of N.C. development plans on converting an 80-acre area into one of the biggest apartment buildings in Orlando. Top Orlando real estate developers, Crescent Communities LLC, also plan on contributing a 300,000 square feet mixed-use center to the $20.3 million, 249-unit Crescent Gateway Apartments. The development of this center, which will have a  mix of offices, retail outlets, and, possibly, a hotel as well, has a whopping budget.

There is also another real estate development proposal to construct a 450-unit apartment complex near the Orlando Fashion Square mall. This project, however, has raised concerns about increased traffic and congestion in the area.

Benefits of real estate development

The huge increase in Orlando real estate development is sure to generate a good amount of construction jobs for many unemployed workers. The construction of these mega apartment complexes will require huge amounts of manpower, which will in turn, help reduce the unemployment percentage in Orlando, Florida.

Besides creating construction jobs, the 300,000 square feet project which will be initiated in Crescent Gateway Apartments, is sure to provide ample amounts of hotel management jobs, retail jobs and desk jobs at the office. Crescent Gateway will provide a solution to the increasing demand for office space in an under-supplied economy.

More residents will be able to move into luxurious and affordable homes, and facilitate greater community involvement. Other benefits include a higher economic growth rate, better investment, improved lifestyle, and increased home-ownership value.

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The Villages Shines as the Fastest Growing Metropolitan in the US

Posted on by Jenny Zamora

According to a report released by the US Census Bureau on Thursday, March 27, “The Villages” is the fastest-growing metropolitan area in the US. The population census report reveals that over the 12-month period spanning from July 2012 to July 2013 – The Villages registered an impressive population growth of 5.2 percent, the highest in the US.

 

The top 10 fastest-growing metropolitan areas

1.    The Villages, Florida
2.    Midland, Texas
3.    Odessa, Texas
4.    Bismarck, North Dakota
5.    Fargo, North Dakota
6.    Casper, Wyoming
7.    Myrtle Beach, South Carolina
8.    Austin, Texas
9.    Daphne, Alabama
10.  Fort Myers, Florida

Technically, The Villages is not a metropolitan city, but only an unincorporated community of retirement homes, stretching across the Sumter, Marion and Lake counties. It is, however, widely acknowledged as a city since it is home to more than 107,000 citizens. This is nearly twice as much as the benchmark population of cities (50,000 people).

 

The Villages Responsible for Six cities Experiencing high growth

According to top Orlando realtors, the 5.2 percent increase in population can be attributed to the community’s improving facilities for seniors. Real estate agents who have worked in The Villages have revealed that the community has been witnessing a surge in the number of seniors and retirees. Warm temperatures, selection of executive golf courses, parks, fitness trailers, and the increasing number of “Neighborhood” and “Regional Centers” are some of the factors influencing this trend.

Six areas around the Greater Plains and the metropolitan region near the Gulf Coast were included among the 10 fastest-growing cities. The cities include Odessa, Austin-Round Rock and Midland in Texas, Fargo in Minnesota, and Bismarck and Casper. Rich in oil and gas, these metros witnessed a rapid growth in population primarily because of the energy boom.

Promising future for the Orlando real estate market

The recent report has left Orlando realtors with fresh hopes and a positive outlook for the rest of 2014 with respect to the real estate market in Central Florida.

Baby boomers from all over the nation are flocking to Florida’s much-talked-about retirement homes just northwest of Orlando. Further, residential projects like the $56 million apartment complex at Crescent Central Station, the 800 luxury apartments to be constructed by BentleyForbes Del American, and the Winter Park Village projects, are expected to bring in a lot of business for Orlando realtors.

 

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