Category: Orlando Realtors

EDC of Metro Orlando Brings Seven Projects and 2100 Construction Jobs to Central Florida

Posted on by Jenny Zamora

 

The Metro Orlando Economic Development Commission started its Brand Orlando campaign with a lot of vigor and the results of the effort have been positive. The EDC has managed to rope in seven new construction projects at various sites in Orlando.

Hard work of the EDC has finally paid off. The Commission has been striving hard to make this happen, from several high-level meetings with site consultants to pick up lucrative sites to discussions with brand executives to pitch these sites as favorable to the real estate business community; it has been a tough ride. But, it all seems to be worth the effort, states Holly Weidman, the executive vice president of the Commission.

Orlando Realtors work together with backing from EDC

Orlando real estate agents have been pitching the cause independently, but with them coming together as a team and with the backing of the EDC, the region has finally gained the interest it deserved. The EDC has marketed Orlando as a region of opportunity for the infrastructure sector, highlighting prospects other than the well-known tourism industry. They have focused on local businesses, traditional architecture, the rapport between the University of Florida and the business community, and the sense of communion with local communities.

 New jobs will boost the economy

The developments have spread cheer among realtors and buyers alike. Everyone is now anticipating a flurry of activities that will give way to about 2100 new construction jobs, giving the economy of the region a big boost. Existing businesses are also likely to spread their base in the region. Apart from pumping money into the markets through construction activities, a lot of local businesses, allied infrastructure, and manufacturing services are likely to find the requisite kick start, bringing in more cash flow and making the region a prospective hot spot for high-profile investments.

The EDC, although happy with the turn of events, is not complacent with its recent success. It is continuing with its crusade and giving out tips to real estate agents in Orlando on how to pick the right sites, how to market them and how to retain their USP – the tourism industry as their stronghold. They are very clear with their vision on making the region the hottest market for real estate business. They are keeping a tab on competition and fluctuations in the volatile real estate market, to stay on top of the tide.

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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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Central Florida’s Real-Estate Bust May Just be Over

Posted on by Jenny Zamora

Word is around the Orlando real estate market that Central Florida’s real estate bust has come to its end. There are not one or two, but three different sources that are ready to vouch for the positive turn of events in Central Florida. The three different sources and data contained in their industry reports  – all of which were released within a week’s time, point toward a growing industry.

Three sources, three reports, and several reasons to revel

Industry reports focusing on the real estate and construction market of the US as a whole as well as the states individually show signs of recovery and a rosy future. The sources include the US Bureau of Labor Statistics, the Urban Land Institute, and Economic and Demographic Research’s Florida Office.

The US Bureau of Labor Statistics ranks Florida number one in the nation in terms of state construction growth. The state’s Office of Economic and Demographic Research cited buildings as the reason Florida’s economy was recovering. Further, reports from the Urban Land Institute project a rosy, bubble-free future for Florida’s real estate industry.

While the dark clouds of foreclosures still loom large – Florida sporting the highest percentage of foreclosures in the nation – real estate agents in Orlando and industry experts alike, agree that the numbers are merely recession leftovers.

What Orlando Real Estate Experts Have to Say

What’s more, is that several industry experts are in agreement with the views expressed in the three reports. According to Cecelia Bonifay, who chairs the Urban Land Institute (Central Florida), the real estate industry has gained momentum throughout the nation, and Florida is no exception. She notes how all factors were aligning themselves for an extremely “positive marketplace” and adds that the positive sentiments were shared by almost all sectors of the US economy. Bonifay also points out that the recently released reports were essentially different because the recovery has become broader and spread across pretty much all economic sectors.

Leo Nimkoff, the Chair of the Commercial Council of the Orlando Regional Realtor Association is another expert who agrees that Florida’s real estate bust has approached its end. He reasons that people moving into Florida have helped the state grow – something top Orlando Realtors will agree with. Orlando itself has seen its fair share of new constructions, many of which are multimillion-dollar projects like the $56 million Crescent Central Station complex.

According to Nimkoff, people moving to Florida to settle permanently or the ones moving temporarily for work, generate jobs that go well beyond real estate and construction. Retails, restaurants, and malls spring up to meet the demands of a growing Floridian population and jobs get generated for the locals in such retails, restaurants, and malls.

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Orlando Foreclosure Activity #1 in the Nation – Real Estate Business Stays Unaffected

Posted on by Jenny Zamora

A new industry report places Orlando first in its list of cities and metropolitan areas with maximum foreclosure activity for the month of March. The number of foreclosure filings in the Orlando real estate marketplace increased by 13 percent in comparison to the figures from one month earlier (February 2014).

According to some Orlando realtors, the March foreclosure figures also bear another distinction. With a total of 2,886 foreclosure listings in the community, the March figures represent a nine-month high.
But Orlando real estate agents are not worried. The figures are still lower than they were at the same time, a year ago. Further, as noted by a majority of the top Orlando realtors, the business hasn’t slowed down for the residential real estate community of Orlando at least.

Foreclosure trends around Orlando

Orlando’s number one position in the foreclosure activity charts contributed to Florida’s status as the state with the highest density of foreclosures. While the national average lay at one foreclosure for every 1,126 homes, Florida saw one foreclosure in every 407 houses on an average.

Metropolitan Orlando led other cities and metropolitan areas in the state with one foreclosure action in every 326 homes. The numbers present a grim situation no doubt, but not when compared with statistics of previous quarters and years. Orlando’s March 2014 foreclosure rate is lower than the rates of March 2013. This also marks the third consecutive quarter when Florida’s foreclosure rates have decreased.

Cities and counties around Orlando have seen their own ups and downs in foreclosure activities. The biggest hike in foreclosure activities was experienced by Polk County. With 786 foreclosure filings in March 2014, the rates went 15 percent above those in February 2014 and 28 percent above those in 2013.

Realtors Not Worried About Increasing Foreclosure Activity

Several years ago, real estate agents in Orlando were soliciting business from property owners who were just beginning with the foreclosure process. However, the trend has changed of late and realtors no longer depend on “foreclosing owners” for business. Realtors have enough business in their hands, further proof that increasing foreclosure activity will not slow the market.

Residential real estate buyers have witnessed an increase in their home buying confidence. The inventory shortage has been softening since February 2013. Banks have become lenient with their mortgage lending and Americans have seen a reduction in their unemployment rates. Add to it the several new construction projects underway in Orlando and you have all the reasons why home buyers are undeterred in their purchasing.

The spring buying season has just begun. And if you’ve been waiting for an opportune moment to purchase property, now is the right time.

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Median Prices of Orlando Real Estate Rise amidst Higher Inventory

Posted on by Jenny Zamora

According to an Orlando real estate industry report, the housing inventory for the city saw a 42 percent hike in February, just ahead of the much-awaited spring selling season. The increase in inventory however is not without an increase in median prices of homes – a phenomenon that Orlando Realtors are attributing to increased demands for residential properties in Orlando.

Orlando Real Estate- high inventory – high demand – high median prices

The overall median price of homes in Orlando for February 2014 stood at $158,000 – 18.80 percent higher than the median price during the same time in 2013 when it was $133,000. With the increasing prices, there has also been a rise in the number of non-distressed property owners entering the Orlando real estate market, providing the inventory a much-needed boost.

The nearly 19 percent increase in median price, despite a 42 percent increase in inventory is because desirable homes in Orlando continue to attract multiple buyers. As a result, these homes disappear quickly from the open market, tightening the inventory.

Considering consecutive year-on-year growth rates, the city’s overall median price has increased 36.80 percent in 31 months, registering year-to-year gains throughout the period. Further, the median price for February 2014 was 5.69 percent higher than in January 2014.

According to Orlando short sale realtors, the median prices increased 18.30 percent for short sales and 12.23 percent for “normal” sales. Condos registered a 16.40 percent hike in their median price, compared to February 2013 while single-family homes registered a slightly higher increase of 17.69 percent.

Short Sales, Normal Sales, and Pending

In February 2014, foreclosures and short sales accounted for 34.27 percent of all home sales. Back in 2013, they amounted to 46.01 percent of the total sales. The number of sales closed in February 2014 was 17.26 percent lower than in February 2013; however, the figure exceeded the number of sales closed in January 2014 by 1.48 percent.

Realtors hold that the slower rate of closure is because prospective buyers, especially first-time buyers, had to face the challenges posed by tighter credits, increased rates of mortgages, and higher prices.

Compared to the corresponding value in February 2013, “normal” sales of residential properties saw a 0.72 percent hike in February 2014. The rate of closure for short sales, on the other hand, saw a massive decrease of 63.53 percent and the sales-closing of foreclosed properties decreased by 15.29 percent.

The number of pending sales in February 2014 decreased by 19.72 percent as compared to the same period in 2013. However, it was recorded to be 9.67 percent higher than the number of pending sales in January 2014. Further, the report also found that homes came under contract or closed, faster in 2014 than they did in 2013. Homes typically spent 76 days, listed on the market in February 2014 as against 84 days in February 2013.

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