Category: Orlando Realtors

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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Orlando Realty Ranks Second In The U.S. with Highest All-cash Sales

Posted on by Jenny Zamora

A recent report by the real estate brokerage firm, ORC, has left Orlando real estate agents reveling. The report, released Wednesday, March 26, listed Orlando second in the US in terms of non-financed sales of real estate in 2013.

ORC’s analysis of the state of all-cash sales in the US

For the analysis, ORC studied all of its real estate transactions over the two-year period, spanning from January 2012 to December 2013. It found that 26 percent of all real estate purchasing done through ORC had been completed via cash. Further, an impressive 25 percent of all residential properties purchased in 2013, through the same firm, had also been completed in cash.

According to the report, the top five metro areas with the highest concentration of all-cash real estate transactions are:

1.    Las Vegas – 48 percent all-cash sales
2.    Orlando – 43 percent all-cash sales
3.    Chicago – 33 percent all-cash sales
4.    Richmond, Va. – 32 percent all-cash sales
5.    Los Angeles – 29 percent all-cash sales

Dynamic market conditions facilitate all-cash purchasing

The trend of making all-cash purchases of real estate properties has been picking up pace over the last few years – a trend that top Orlando realtors have not only witnessed in the Orlando real estate market but also cherished.

Non-financed deals are typically faster to close and preferred by sellers. The Orlando-based firm lists two market conditions as primary triggers of increased all-cash purchases:

    Historically low levels of housing inventory
    Increased investments and investor activities in the housing market

True enough. Investors backed by large institutions possess the financial ability to write checks for homes. With several big-budget luxury residential apartments coming up in the metro area, Orlando real estate agents can expect to bank in all-cash deals in 2014 too.

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. If the trend of high all-cash sales in Orlando continues, 2014 will be a good year for them.

But all is not so well

ORC also found that one in every four sales of real estate properties made by the firm in the two-year period closed as an all-cash deal. Now 1-in-4 appears to be a rather good fraction. However, the fact is that All-cash sales are decreasing in magnitude. Back in 2010, the percentage of all-cash sales was 27. In 2011, it went down to 25.6 percent and has been decreasing every subsequent year.

 

 

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Real Estate Development near Orlando Fashion Square

Posted on by Jenny Zamora

Orlando is the hub for Hollywood-based theme parks, amazing nightlife, the world’s biggest multinational companies, and without a doubt, awesome shopping destinations.  The Orlando Fashion Square is one of the biggest and best shopping malls located in downtown Orlando and attracts many locals and tourists from around the world. It also has a cinema multiplex, owned by Premiere Cinemas which opened in 2005.

Orlando Apartment construction proposal near Fashion Square

Due to its prime location, real estate development near Orlando fashion square is on the rise. One Orlando real estate developer was interested in a site for the construction of a 450-unit apartment complex, situated near the mall. However, neighboring residents of Audubon Place condos raised concerns of accumulating traffic. Nearby residents, including city officials, said that traffic and congestion have to be taken into consideration before approval of any new construction, among other factors. Residents also fear that a four-story building will take away that neighborhood feel. Orlando is still deliberating on this subject.

Revamping of Orlando Fashion Square Mall

Orlando realtors are looking to establish a new building by Westin Hotel in the Orlando fashion square mall area, which is inviting a lot of speculation. The entire project, estimated at $25 million, and to be undertaken by UP Development Inc., includes revamping the entire property, relocating tenants, demolishing that area, and building the hotel lobby, restaurants, and a day spa, with the hotel rooms above that. Orlando industrial guru, John Crossman supports the addition of a reputed hotel inside the mall, as nowadays the trend of having boutique stores inside malls is slowly disappearing. Crossman gives three reasons why he believes a hotel inclusion is a smart move for the mall:

•    A hotel attracts more tourists who are willing to spend more money.
•    Hotel visitors are far less likely to return purchased items at the mall due to lack of time.
•    A hotel consumes a lot of retail space which is preferable since there is a lack of retailers.

With the revamp already in place, residents have already begun shifting. During the interior demolition of the mall, some tenants, like the Coliseum of Comics and Champs, were relocated into other spaces. The second story of the mall will now accommodate a new 17,049 square foot Strike Outs bowling arcade and a Hershey’s Shake Shoppe, owned by UP Development. The mall is also partners with Orlando Magic.

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Should Orlando Sellers Get Their Own Appraisals?

Posted on by Jenny Zamora

Should I get my home appraised before I get a buyer so that we can make sure it appraises for what we want?”  This is a question I get from Orlando Sellers sometimes and then I ask them… “Would you accept an appraisal that was provided by someone that owns the house that you want to buy?”  Their answer is always…”probably not”.  With all the horror stories about bad appraisals and bad inspections lately being the cause of deals falling apart, I don’t blame sellers for wanting to get their own appraisals or inspections done to make sure they get it right. I’ve been on the receiving end of that scenario quite a few times lately with some of my own clients getting bad appraisals causing deals to fall apart.

Unfortunately, if you’re a seller, getting your own appraisal or inspection done is usually a waste of money. Today’s educated buyer is skeptical of appraisals that are paid for by the seller.  Especially when pre-listing appraisals are ALWAYS above the listing price. You’ll see verbiage like “Appraisal value $350,000 price reduced to $280,000”. When I see things like that it makes me feel like I’m dealing with a used car salesman. The truth is that it’s reduced because the market or buyers don’t agree and claiming that it appraised higher than the true market value will just ruin your credibility.

No appraiser in the world can tell you precisely what a house will sell for when it’s listed. At the end of the day, Appraisals and inspections are opinions just like BPO’s [broker price opinion] when you’re dealing with a short sale.

Here are some things that immediately come to mind when a seller tries to provide their own appraisal.

* Does the seller or listing agent have a personal relationship to the appraiser?

* Is the appraiser credible? What’s his background?

* When EXACTLY was the appraisal done? Is it up to date?

* Who paid for the appraisal?

Orlando Sellers Should Let Realtors Do Their Job

Instead of paying several hundred dollars for an appraisal or an inspection that probably won’t be accepted anyway, why not let the realtor do their job. Orlando real estate agents should be able to give you a very good estimation of how much the house will sell/appraise for.  Realtors have all the tools and knowledge that they need to provide you with good solid figures of how much to list the house for. When doing a comparative market analysis [CMA] they take comparable properties that have been recently sold in the same area. Done properly, the CMA will get you very close to what the house should be listed for as well as what it should appraise for.

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