Category: Agentes inmobiliarios de Orlando

Why Do Some Lenders Take Longer Than Others To Sell Foreclosed Homes?

Publicado el por Jenny Zamora

A community’s chances of a speedy recovery from a hung-over Florida housing market not only depend on how many foreclosed homes they have in the neighborhood but even more importantly on which lenders own those properties.

Working as a short sale realtor in Orlando, I can tell you exactly what banks are the best ones for doing short sales as well as which ones make me cringe as soon as I hear their name in a conversation. Now, things tend to change a bit when are talking about bank-owned homes. This is when the lender takes a home through the foreclosure process and ultimately ends up owning the property after it goes to public auction. Once they own the property, it becomes an REO [real estate owned] which they will then list with a local realtor to try and get it sold.

You would think that lenders would try and get the property sold as soon as possible to avoid any further losses that they’ve already suffered. However, this is not always the case. Many times a bank-owned property will sit vacantly and abandoned with no sign at all of an attempt on the bank’s part to market it and get it sold.

Some realtors believe that it’s a strategy by the lenders to avoid flooding the market with properties again which would cause a dip in prices so they only release a certain amount of properties over a pre-determined amount of time. Others will tell you that it’s because the banks expect the Florida real estate market to continue improving and they want to hold out in order to try and capitalize on higher sales prices.

If that truly is the case then I believe that lenders are taking a huge risk in holding out to sell in a hotter market. For one thing, you should never ever depend on the appreciation. This is something that I learned a long time ago when I first started investing in Orlando real estate. Getting into a real estate investment for the sole purpose of expecting the market to get hot then cashing out is what got a whole lot of folks into trouble in 2007.

Not only that but houses that just sit vacant will continue to rack up homeowners association fees, property taxes, risk of vandalism, as well as code enforcement fines if the home is in some way in violation of county code enforcement or safety issues. Also, the longer a house sits unattended the deeper it will fall into disrepair.

For some reason, the smaller lending institutions appear to be a bit more nimble when they deal with foreclosures. It’s probably because they’re only dealing with a fraction of the number of properties that the big lenders are.

 

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Median Orlando Home Prices in Shoot 24 Percent Up at the Close of 2013

Publicado el por Jenny Zamora

 Wednesday reinforced positive sentiments among Orlando realtors as the Orlando Regional Realtor Association released its yearly report about the Orlando real estate market. The report revealed that the average Orlando Home price for properties in the city saw a 24 percent hike in the previous year. This 2013 rise in median home prices marks an all-time high since the economic downturn of early 2006 that took the housing market down with it.

Key takeaways from the report

 The median home price in the core Bienes raíces en Orlando market was $149,625, in 2013. Back in 2012, the corresponding figure stood $28,000 below, at $121,000. The last time Agentes inmobiliarios en Orlando had seen such a hike was just before the housing bubble in 2005.

Median house prices rose by more than 33 percent that year. The same upturn of events was seen in 2013. The report holds that 2013 saw the sale of 6.54 percent more homes, than the previous year. Compared to the 28,765 homes that were sold in 2012, 30,645 were sold in 2013, showing just where top Orlando realtors had been busy the year.

Comparing the statistics for December alone, aggregate median home prices were up by 20.87 percent compared to the previous year. In the December of 2012, the aggregate for Orlando was $132,500. The 20.87 percent boost brought up aggregate median house prices for all of Orlando to $160,150 in the December of 2013.

The Christmas month also saw a 3.32 percent hike in the median home price of Orlando real estate properties from the previous month. Compared to the median price of $155,000 in November 2013, December registered the median price of $160,150. Real estate agents in Orlando sold 2367 homes in December – 11.55 percent more than their November tally.

Prime reasons attributed to the up-turn

 Orlando Regional Realtor Association’s chairman, Zola Szerencses remarked that the competition between investors and buyers helped reverse the sunken-mortgaged conditions for many property owners.

Industry experts list low inventory during the first two quarters as a positive influence. The second and third quarters presented prospects with low-interest rates – boosting confidence and increasing sales.

Despite the promising upturns, the median prices in the Bienes raíces en Orlando industry remain considerably low compared to the peak Orlando realtors saw in July 2007. The real estate bubble was about to burst and median prices for the Orlando neighborhood homes peaked at $264,000. For 2014, economists have predicted a flattening up of the sales and price increase to about five percent.

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Orlando Among the 10 Hot Technological Hubs of 2014 – Job Seekers and Realtors Excited

Publicado el por Jenny Zamora

2014 brings in new hope for Bienes raíces en Orlando agents as the city marks its presence on Techie.com’s list of most promising technological hubs in 2014. The online magazine looked at multiple factors like the presence of universities, cities with extensive physical infrastructure, and support from the government authorities as well as certain intangible factors like the presence of start-up culture in the cities.

The editorial staff looked for the number of informal meetups that young techies have in the cities on weekends and after office hours as an indication of the city’s growth potential. And the results of its extensive survey have brought a smile to the Orlando real estate community, particularly the listing agents in Orlando.

Techie.com’s list of 10 tech hubs with the most promising technological scene in 2014

The top ten cities, chosen from a pool of nearly a hundred are:

1-Atlanta

2-Burlington

3-Urbana/Champaign

4- Detroit

5-  Ft. Collins

6-  Hunstville

7-  Kansas City

8-  Orlando

9-  Sioux Falls

10-St. Paul/Minneapolis

Orlando has more to offer than just Disney and retirement/hospitality communities

For years, other aspects of the City of Orlando have been overshadowed by its retirement communities, the hospitality industry, and of course the Disney Land. Now that it has the seal of Techie.com as one of the technological hotspots in the US. In 2014, real estate agents in Orlando now expect a wider demographic in the real estate marketplace of the city.

The Creative Village, for example, is being projected as Orlando’s prime “urban infill” neighborhood, housing the big players in the higher education industry. Situated in Downtown Orlando, where the Amway Arena previously stood, the Creative Village spreads over 68 acres and will be a transit-oriented facility for multipurpose use by neighboring facilities.

The city’s technological scene has also been facilitated by Florida’s gaming boom. The development of video games is especially hot in Orlando recently. Giant players like the Iron Galaxy have set up firms in Orlando – to bring local job opportunities for citizens.

Low overhead costs, in comparison to popular development cities like LA, San Francisco, or Chicago as well as high density of tech support and talented youth are two of the primary reasons why several major firms are bringing their operations to Orlando. And even though the State of Florida recently retracted its incentives to companies for relocating or setting up new offices, Orlando will continue to gain momentum as a technological hotspot through the New Year.

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Summer Home: How to Keep Your Property Protected

Publicado el por Jenny Zamora

Summer homes are fantastic getaways while you’re using them, but they can be a constant source of anxiety and expense when you aren’t. Any number of little problems can turn into very big ones if you aren’t there to catch them, so being able to protect your vacation property is of paramount importance.

Protect Your Property from Thieves

One of the biggest concerns for vacation homeowners is protecting their properties from burglars and vandals. In this case, a security system can be a smart investment. It’s also helpful to choose a vacation property that is near-permanent residents, with a neighborhood watch program, or in a vacation community with its own security. While it might be tempting to choose a vacation home that lets you get away from it all, it also means it’ll take longer for police or security to respond to an emergency.

Protect Your Property from Fires

Fires are absolutely devastating, but they can often be prevented. Unplug appliances that won’t be in use while you’re away. Turn off energy vampires like water heaters, and you’ll even save money on your electric bill. Lastly, make sure that your furnaces or other heaters are properly serviced and maintained. Just because a heater is only used during vacation, doesn’t mean that it’s okay to neglect it; even underused furnaces need some love to keep them operating safely and efficiently.

Protect Your Property from Floods

Many people associate flooding with beach, or lake-front vacation homes, but they aren’t the only victims. Any area with below-freezing temperatures can suffer from leaking or burst pipes. Tree roots can also damage pipes and lead to leaks, blockages, and flooding. Don’t set yourself up for a nasty surprise– turn off the main water supply to the house before you leave to return to your regular home, and have a good plumber to call in case of emergencies.

You can’t foresee every emergency, but many of the worst ones are preventable. A good security system can prevent break-ins. If your vacation home is in Orlando, AC repair companies in Orlando can help keep your heating system safe and running smoothly all year round. Orlando service companies can help you keep your vacation home dry and your water flowing. By properly closing up your vacation home at the end of the season, and knowing who to call when things go wrong, you’ll be able to keep your vacation home problem-free.

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Four of the Biggest Investment Sales of 2013 in Central Florida

Publicado el por Jenny Zamora

2013 has ended and realtors all over Florida, including Orlando realtors, are looking forward to a stronger market in 2014. The previous year saw some very reassuring investment purchases by major private equity firms. Apart from bringing immediate dollars to the Orlando real estate market, these sales also helped boost the confidence of investors and top Orlando realtors believe Florida can expect more investment in 2014.

Here’s a look at four of the hottest deals in the Central -Florida real estate sector that shone brighter than the others in 2013.

Hyatt Hotels Corp. shells out nearly $600 million to purchase Peabody Orlando

The biggest deal of 2013 was signed on October 1, when the Peabody Exchange LLC bought the Peabody Orlando off UST Hotel Joint Venture Ltd.’s hands for an impressive $591.7 million.

The 1,641-room sporting luxury hotel located on the International Drive changed hands and flags in 2013 from the Memphis, Tennessee owner to one of Chicago’s biggest hotel brands – the Hyatt Hotels Corp. 

Peabody Orlando is especially famous for its Peabody ducks and though the ducks remain, the hotel’s name doesn’t anymore. It was renamed and is now known as the Hyatt Regency Orlando Convention Center.

  DDR Corp. purchases Winter Garden Village for around $200 million

 

The DDR Corp has already carved a niche for itself in property acquisition and July 2013 saw the Ohio-based property investment trust shell out $196 million in favor of Phoenix’s real estate investment firm – the Cole Real Estate Investment agency.

 Winter Garden Village located in Beachwood, at the Flower Groves lifestyle center is generously spread across 1.1 million square feet and this retail development, signature of West Orange County has now been put up for lease.

  Downtown Orlando’s relatively new apartment complex changes hands for close to $60 million

This deal was finalized three days prior to the sale of Winter Garden Village. Mesirow Financial Holdings Inc. purchased the newly constructed SteelHouse Orlando apartment on July 16.

The Chicago-based private equity firm paid $59 million to the developer, Pollack Shores and became the owner of downtown Orlando’s new 326-unit apartment complex, which was only about 60 percent occupied at that time.

Post Properties Inc. becomes the new owner of an apartment complex near Disney World

 

The 300-unit apartment complex, Crosswater, at the Lakeside Village saw a shift of hands-on on May 29 and its eventual renaming to Post Lakeside. Post Properties – a real estate investment trust based in Atlanta paid $48.4 million to developers Boyd Development Corp, and Greenfield Partners LLC, based in Orlando and South Norwalk respectively.

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