Category: Orlando Realtors

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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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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