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Ravaudage Residential Project Stops

Posted on by Jenny Zamora

The construction of the mixed-use Ravaudage project at US Highway 17-92 and Lee Road in Winter Park has stopped. It is being said that the 73-acre development was halted partly, as its property-tax agreement was not accepted by the city. The agreement, as the Orlando real estate developer Dan Bellows says, would finance the public road and utility improvements.

Requests denied

Bellows had publicly said that the project will, in all probability, not be completed without the approvals. Orlando city has consented to the request made by Bellows where he had asked for a distinct district of property tax that will be separate from the tax agreement he was not granted. According to Jeff Briggs, the Planning Manager of Winter Park, the city has given the proposal for reimbursing Bellows a $6 million amount as development fees concerned with the project.

In the meantime, Bellows said that he is considering choices to de-annex the Ravaudage. If this is done, approvals for the project would have to be given by Orange County and not Winter Park. The latter annexed the area in 2012.

Uncertainty over project

According to Bellows, he requires the government to support the project as a partner. Bellows is an old hand in such unique projects. He has redeveloped a number of properties at Hannibal Square located to the west of Winter Park. The city subsequently upgraded the area’s sewer service and roads in the area. Bellows is an Orlando real estate veteran and has decades of experience under his belt.

Ravaudage has slipped in taking advantage of getting a stadium for the baseball team of Rollins College. A Whole Foods Market has also bypassed the project. Both the projects are situated in other parts of Winter Park. Unicorp National Developments Inc. and David Weekly Homes have landed contracts to construct at Ravaudage, but in the opinion of Bellows, both contracts are most likely to expire.

In construction news, Terry’s Electric Inc is managing about $10 million value of work in Publix distribution in Orlando. The company has landed a contract with the Whiting-Turner Contracting Co. The project covers about one million square feet of area. It is scheduled to be completed this autumn. Terry’s has also finished approximately $15 million value of work at the Universal Orlando Resort under contract with the Balfour Beatty Construction.

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Orlando Realtors Expect More Buyer Activity in the Summer

Posted on by Jenny Zamora

According to a new industry report, sales of existing homes in the US, in the month of May, have been higher than previously anticipated. The nationwide phenomenon was confirmed by realtors from most of America’s big property markets leaving the real estate industry musing on better Summer prospects.

And why not? The sale of previously owned houses rose by 1.3 percent in May – marking the very first hike in 2014. On a per-year basis, sales of previously owned properties rose to 4.65 million nationwide. Further, the number of residential properties available for sale reached levels it hadn’t touched for nearly two years now.

The Orlando real estate market is not untouched by nationwide progress

The prospects couldn’t have been better for the Orlando real estate market too. According to some of the top listing agents in Orlando, prices of residential properties in Orlando have slowed down due to increased inventory. More properties were listed in the month of April, affordability improved in the process – allowing more citizens to become homeowners.

Nation-wide, 2.29 million homes were listed in April, depicting a rise of 16.8 percent and the highest levels since August 2012. Availability is typically viewed as a dependable indicator of future sales. Bigger inventory, more listings, and improved availability suggest more sales activity in the coming months, listing agents explain.

2.29 million homes, for example, would take close to six months to sell at the current pace. When the inventory accounts for under five months of sales, the market is considered to be tight.

The spectrum of the real estate market is not all rosy but certainly better

Realtors are banking on sustained gains in employment, to increase consumer confidence and boost housing. According to 75 economists, who were surveyed by market analyst Bloomberg, sales of previously owned homes are expected to maintain a pace of 4.69 million. In March, the median pace was 4.59 – the weakest in two years.

Orlando real estate agents also confirm another national observation made in the report – the strong influence of investors. Investors bought up condominiums in large numbers, fueling the April hike in sales.

And while the housing market still has a long way to go before hitting its stride, things are definitely improving. Compared to the sales closed in 2013, sales in 2014 were down by 7.3 percent. Further, many top Orlando realtors reveal that not many first-time buyers have been a part of the increased sales activities. There’s reason to remain hopeful however as the turnaround, though slow, is happening for sure.

 

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Testimonial For Jenny Zamora, Orlando RE Broker

Posted on by Jenny Zamora

This is the story of Irene Mazza. When she first came to see us, she had a rental property that was costing her $150 per month and was ready to just let it go to foreclosure. We sat down with Ms. Mazza and explained her options to her. After hearing about all of the options available to her, she decided on a loan modification.

We’re happy to report that not only did we help her get her home loan modified, but she is now instead of losing $150 every month, she’s making  $300 per month on her rental property.

Don’t take our word for it, watch the video and you can hear it right from her.

Testimonial for Jenny Zamora, Orlando RE Broker

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Orlando Homes Face Tougher Mortgages

Posted on by Jenny Zamora

Prospective home purchasers have observed a significant price shift in house prices in the metropolitan Orlando area. This is coupled with a rise in mortgage rates and tougher mortgage rules for customers who carried substantial debt all through 2013.

Painful increase

According to Orlando realtors, Orlando homes put up for sale in the market have seen a sudden 20 percent increase in their listed price. According to Orlando Regional Realtors Association, buyers who bought a home for the first time at the fag-end of 2013 within 85 percent of the median price, and with a 10 percent down payment, were liable for an approximate monthly mortgage payment of $626, excluding insurance and taxes. This can be compared with the 2012 first-time buyers who paid just $453. As per calculations by Orlando real estate agents, the increase in mortgage payments will saddle homeowners with an extra $2,000 a year when it comes to housing expenses.

This is evident in the words of Teresa Myers, a Cocoa resident who has been searching for an Orlando house to reduce her husband’s commute time. She has informed the realtors in Orlando about her $200,000 budget and is still looking for an ideal home.

Adding to the woes of the buyer is the fluctuation in Orlando mortgage rates. The mortgage rate in Orlando has fluctuated all through 2013 for the fixed-rate 30-year mortgage, climbing from 3.46 percent in December 2012 to 4.57 percent in December 2013. According to economists, the mortgage rates in Orlando and also in the rest of the country will rise to five percent by the turn of 2015.

New mortgages harder to get

According to the US Census Bureau, homeownership in the Orlando metro area has reduced from 71 percent in 2008 to 63 percent in third quarter of 2013. Thus, a number of residents are finding it more convenient to rent a home than to own one. This makes more sense for would-be home buyers due to the new restrictions on mortgage qualifications, which were made effective from January, 2014.

New rules were introduced by the Consumer Financial Protection Bureau, which disqualify buyers from getting a standard mortgage if their credit card, auto payments and other debts totals 43 percent or more of buyer’s monthly gross income. The debt to income ratios of prospective homebuyers could reach as high as 50 percent in previous years.

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Florida Real Estate and Housing Markets Revel as Late Mortgage-Payment Rates Drop

Posted on by Jenny Zamora

According to a recent report released by the credit bureau TransUnion, Americans are taking care of the timely payments of their mortgages so much so that the rate of late home mortgage payments has reached a record five-year low. The report, released Wednesday, February 12, reveals that compared to the 5.8 percent delinquency rate in the fourth quarter of 2012, rates improved to become only 3.85 percent in the fourth quarter of 2013.

Key takeaways from the report

 

Apart from being lower than the rate same time last year, the late mortgage-payment rates were also lower than the same year’s third-quarter rates, when 4.09 percent of homeowners were at least 2 months late in their mortgage payments.

TransUnion reveals that the last time mortgage-payment delinquency rates were lower than the current rates, was five years ago – in the second quarter of 2008. And even though the current rates are still twice as much as the rates in 2007, before the housing bubble burst, TransUnion holds that foreclosures will continue to thin down and delinquency rates reduce even further.

The growing job market, lower interest rates, and tight supply are reasons behind the improvement

 

The improving job market, state and federal government incentives to revamp home loans and make them more affordable as well as rising home values are at the core of this improvement.

Real estate agents in Orlando say that rise in property values has been a staple for most U.S. states over the past couple of months and struggling homeowners have also found comfort at the hands of increased job opportunities. The interest rates on home loans have reduced, lending a hand to the housing rebound which was primarily fueled by the tight availability of homes for sale.

Further, the U.S. unemployment rates have dropped and though slow, the growth of jobs has been steady. With several federal and state incentives like that by Florida, job prospects are only getting better.  Upcoming housing markets like those in Florida have greatly benefited from these incentives. Top Orlando realtors, for example, reveal the Orlando real estate industry found several buyers because of Florida’s incentive to entrepreneurs to set up offices and jobs in the state.

The low rates of late mortgage payments have another key driver – the discount on unhealthy home loans that were primarily issued before 2008. Most of these risky mortgages, that went unpaid for a long time were either sealed off and foreclosed by banks or sold to other wealthy buyers. Post the economic downturn of 2008, banks became more strict in lending. Only strong loans that banks were confident about have been passed since then – accounting for a major reason why late payments dropped sharply.

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