Category: News and Information

Orlando Real Estate Joint Venture to Bring 800 Luxury Apartments to Central Florida

Posted on by Jenny Zamora

  Orlando real estate developers, the Del American Real Estate Group Inc, have ventured into a partnership with the BentleyForbes LLC from California to build around 800 new apartments in Central Florida. Their development partnership goes by the name BentleyForbes Del American.

The BentleyForbes Del American Projects

BentleyForbes Del American was created to build high-end apartment communities in California, Florida and Texas. These apartment communities would constitute of luxury, resort site multifamily apartments.

Chairman and CEO of the Del American Real Estate Group, Chris DelGuidice revealed that a letter of intent of their first project as a partnership had already been submitted for two Central Florida sites that the state had approved and zoned for housing construction.

These two potential sites include one in the Winter Park or Maitland sub-market and another in Orange County. DelGuidice also reveled that, if approved, the apartment communities on both sides would be constructed like the Pure Living apartment complex in Heathrow.

Constructed by the Del American Group in 2008, Pure Living Heathrow complex was put up for sale in 2010 and has since, become the symbol of luxury living.

According to DelGuidice, both deals can be expected to come through, by the second or third week of February. If approved, the BentleyForbes Del American would begin the design and engineering work by March and the actual construction work is to begin in the fall of this year.

Apart from the construction of Pure Living apartments on these two sites, the joint venture is also working on sealing other deals the details of which haven’t been revealed by CEO DelGuidice yet, because of the lack of any “definite agreements” as he puts it.

Support to nearby businesses

Construction on the first, two-site project is projected to cost anything between $108 million to $132 million for the joint venture. Real estate agents in Orlando and Central Florida have welcomed the news since the project has opened up several opportunities for them. The project would bring new high-end apartments – boosting the growth of the Central Floridian sub-markets. Additionally, local businesses – shops, restaurants and so on would see higher traffic and the possibility of the emergence of new businesses.

Additionally, the project is expected to create temporary construction jobs for over a thousand workers as well as subcontracting opportunities for other Orlando real estate developers.

Considering other new projects that have been creeping up all over Central Florida, like the 330-unit apartment community near Orlando International Airport, Orlando Realtors are convinced that 2014 is going to be good year for the housing market.

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Beach Party: Best Locations for a Summer Home

Posted on by Jenny Zamora

Picking out the perfect summer home starts with an important decision, where that home should be located. There are a number of amazing summer spots to choose from, but consider some of these top beach locales to get your gears turning.

Tybee Island

Tybee Island is an often overlooked gem that is ideal for a relaxing beach house right on the shore. Located off the coast of Georgia, near the historic city of Savannah, it is not the spot people always think of for a beach property. The island boasts beautiful homes on idyllic beaches, and is perfect for families or couples looking for a romantic getaway.Vero Beach

Like Tybee Island, Vero Beach offers a calmer alternative than its neighbors in south Florida. This beautiful beach area is located in the center of the sunshine state, and has some incredibly impressive homes to offer, many that are right on the water. Nearby restaurants and shopping also make it an attractive vacation spot.

Malibu

Everyone knows Malibu is a stunning beach spot, it has been showcased in countless films and TV series. But this area is actually a reasonable spot to invest in for the summer, particularly if you are interested in beach rentals. You get all the luxury and beauty of this beach city, for an affordable rental price.

Fort Lauderdale

Fort Lauderdale is a time tested standby for a reason, it delivers the goods with prime, luxury real estate. Rental properties and beach houses in this sunny city put you in the center of the action, so you can have a summer spent in the middle of all the south Florida scene can boast. They don’t call it vacation heaven for nothing.

Jersey Shore

If you are looking for more than respite and relaxation for your holiday in the sun, you can’t do much better than the Jersey Shore. This area is famous for large rentals and vacation properties that let you take advantage of the amazing beaches by day, and the exciting nightlife once the sun sets. It’s a party from dusk till dawn, plus you are close enough to the city to take in hot bars at the Crosby and other boutique hotels.

A summer at the beach is the stuff of dreams, and a beach home makes that dream a reality. Look into these awesome beach spots and start planning your holiday away from it all. And make sure to pack your sunscreen!

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New Consumer Protection Rule Requires Lenders to Disclose Appraisals and Valuation Data to Mortgage Applicants

Posted on by Jenny Zamora

January 18th saw the kicking in of new appraisal disclosure regulations – strengthening the sentiment of prospective property buyers and sellers alike. This new consumer protection law may help the Orlando real estate market to bloom further and listing agents in Orlando and other emerging US real estate and property markets are looking forward to witnessing the change.

Under the new rule, prospective buyers have the right to demand and receive a free copy of the appraisals, reviews, and details of computer valuations used for their mortgage applications from their lenders.

And what does this mean for consumers? They can make use of increased information and insight about the processing of their mortgage applications to their advantage. For instance, homebuyers who feel they were unjustly denied an appraisal would now have better proof, more time, and stronger ammunition to challenge the erroneous appraisal.

Key aspects of the new disclosure rules

The new rules currently apply only to first loans. Home equity loans or second mortgages are not covered under the appraisal disclosure rule but reverse mortgages and construction loans fall in its jurisdiction.

Central Florida and Orlando realtors are hopeful the new rule will help buyers contest wrongful processing of mortgage applications and increase their purchase power.

Key features of the new rule include:

* Lenders must inform mortgage applicants that they would promptly receive a copy of any appraisal that is valued for them, within three days of receiving the mortgage application from the consumer.

* Consequently, lenders must provide free copies of such appraisals and valuations.

* They have until three days before the closure of the loan, to provide the free copies of appraisal reports, valuations, and other proceedings. The Consumer Financial Protection Bureau however suggests reports to be sent as soon as they are completed, or three days before the loan is due to close, whichever comes earlier.

* This essentially means, home buyers are entitled to receiving their copy of the valuation and appraisal report, even if lenders fail to close their loans.

The Bureau provides lenders the option of asking a consumer to opt-out of the 3-day deadline. A consumer who agrees would thus receive his copy of the report at the time of closing of the mortgage. On the other hand, a customer who does not waive the deadline must be provided with his copy, within the stipulated time.

Orlando real estate agents feel the new law will help Orlando residents review the data used by the appraiser and contest faulty appraisals – increasing their confidence in seeking mortgages to purchase the property.

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Florida Water and Land Conservation Bill to be Put up for Voting on November Ballot

Posted on by Jenny Zamora

Voters from Florida are now going to decide whether or not the Water and Land Conservation constitutional amendment should be passed, during the November 2014 ballot.

On January 16, the Water and Land Legacy of Florida – the group seeking to push through the proposed amendment, announced that it had received the number of signatures required to put the amendment proposal up for voting on the November ballot.
About the Water and Land Conservation constitutional amendment

The amendment seeks to set aside $10 billion from Florida’s state funds for the purpose of land and water conservation, over a period of 20 years. Conservationists began pushing for the amendment after the government slashed funding reserved for the Florida Forever program.

The program, which aims to purchase and manage critical pieces of land that are environmentally endangered, received most of its funding from taxes on real estate purchases and leases before the slashing of funds. The proposed amendment makes no attempts to increase the real estate spending tax and has revived the approval of a majority of the real estate agents in Orlando and Florida.

Florida’s Division of Elections website mentioned that the Water and Land Legacy had in fact overshot the required number of signatures by 2,822 by submitting an impressive 685,971 signatures on Thursday morning.
Improving land and water quality will have various positive implications

Water and land quality issues impact multiple areas of Florida’s economy, including the real estate market. In booming markets like that of central Florida and Orlando, environment-friendly campaigns like the protection of natural areas and water sources go on to boost consumer sentiments in real estate investments.

These programs also attract prospective home buyers to the neighborhood, and Orlando realtors expect to see increased activity in the Orlando real estate market. With the Water and Land Legacy group surpassing signature thresholds in 15 of the 27 Congressional districts of the state of Florida, it is clear that residents are growing increasingly concerned about the water quality issues in the state.

Will Abberger, Chairman of the campaign launched by the organization said the amendment would focus on spending funds to acquire new pieces of conservation or recreation lands, manage the existing ones and protect land and water sources that were critical for freshwater supply, in a bid to restore degrading natural systems in and around the state.

The Senate has already started working on a $220 million funding package that would be used to improve the water quality of the Lake Okeechobee and Everglades. There also exist several other spending programs in the pipeline and come November 2014, the people of Florida will put the Water and Land Conservation Amendment in action if 60 percent of the total voters pitch their votes in favor of the bill. https://orlandorealtyconsultants.com/

 

Orlando Real Estate Broker

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Five Great Tips For Reducing The Burden Of Buying a Home

Posted on by Jenny Zamora

Purchasing a home is a goal that many people have, and to do so is quite an accomplishment, especially in very expensive areas of the country. However, no matter how much money you have, buying a home tends to be at least a little bit of a burden. How can you reduce that stress?

Give Yourself Time

Some people start looking for houses right as their apartment lease is about to be up or as soon as they are going to start a new job. Purchasing a home is a process that takes time. The actual process of getting the house will eat up a lot of time, and so will going around to look at potential homes. Trying to squeeze all of this into a short time frame is only going to stress you out.

Choose Affordable Areas

You also do not want to get yourself in too deep with the mortgage. Do not feel as though you need to purchase the biggest home in the most regal area right away. Plenty of real estate in upstate New York is affordable and in nice areas. Remember, you need to feel comfortable in the town and house; other peoples’ opinions of them do not matter. Many live in a starter house and then upgrade later.

Don’t Max Out On The Mortgage

Before you are actually able to buy a house, you are going to get approved for a mortgage. No magic number exists for determining how much you’ll be approved for; however, many estimates do put the figure at about 3.5 times your total salary or salaries. Still, though, this doesn’t mean that you should spend that much on a home. Factor in utilities, groceries, car payments, etc., and you’ll quickly see why.

Don’t Do It Alone

Trying to find a house without a real estate agent can be a little bit overwhelming. Some do feel that they are able to procure a home without assistance, but others make the decision to select another company. These agents can help you to find the perfect home and ensure a cohesive process.

Remember Closing Costs

When you are closing on the house, you are going to have to pay money out of pocket. Some people forget this, and then they find themselves in an unpleasant situation. Find out how much closing costs are going to be right away so you can plan accordingly.

When you enter your home, you’ll be thrilled to have a place to call your own. These five steps will help the process to run more smoothly.

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