Tag: John Conde realtor

Is It The End Of Orlando Short Sales?

Posted on by Jenny Zamora

There’s been a lot of buzz about the current housing recovery in Orlando, many real estate agents feel that these developments mean the end of Orlando short sales.  Speaking as a realtor that specializes in doing short sales, I completely disagree with that, and I’ll tell you why:

 Has The Orlando Real Estate Market Fully Recovered?

It’s true that we are now facing a housing market that’s less heated and moving towards normalcy. Home price increases are driven by market demand as well as inventory shortages. And as far as pricing goes, according to CoreLogic, there was a nearly 12% growth in 2013. However, halfway through 2014, we’re already experiencing a cooling trend overall in Orlando with lower-priced properties in the lead with just 2% growth. All these things can be attributed to rising interest rates, a drop in investor participation, ever-changing short sale rules, as well as increased inventory.

Any active real estate agent can tell you that decreased inventory will lead to higher prices. Then when housing prices increase, it gets people feeling good about the market again which helps to convince homeowners that were on the fence about selling, to put their house back on the market. However, while price increases are encouraging, we still have a long way to get to erasing equity losses from the last decade.

In my opinion, the restart of any housing market is directly related to inventory and that’s why I feel that the current rebirth of the Orlando real estate market is an illusion. If you haven’t heard the term “shadow inventory”, it basically means real estate inventory that’s not yet reflected on the market.

There are several reasons why shadow inventory exists. Here are the most common:

Loan modifications- This is a foreclosure workout program that’s designed to modify the terms of the loan making it more affordable to the homeowner

Homeowners in litigation- These homeowners are in actively litigating foreclosures with their lenders causing the property to be tied up for up to several years in some cases.

Short Sales that have fallen short- Those people that have just given up trying to short sale their home because of an incompetent agent that couldn’t get the job done or a lender that just won’t budge.

Foreclosed properties- This is when a property has gone to foreclosure and taken back by the lender. I believe that this is the biggest reason for shadow inventory. When the lenders take back these properties it can sometimes take up to several years for the property to be put back on the market. Once it’s put back on the market for sale, it’s then considered an REO [real estate owned] property.

 

 

Unrealistic Property Values Not Helping Things

Another major factor that affects housing recovery is the perception of property values. Dealing with hundreds of BPO agents and appraisers [sometimes known as Deal Killers”] I know how much someone’s price opinion can vary from someone Else’s.  It’s not uncommon to find very high and very low comps for most properties. This can be problematic because, with a short sale side, buyers will always try to use the lowest comps to justify buying a distressed property. Unfortunately, in the real estate industry, you just don’t know how things will play out in any transaction which is why you have to be prepared for everything.

 

 Orlando Short Sales Will Be Around For A While

All of the things mentioned previously in this article all play a role in why I think that short sales are here to stay…at least for the next year or two. 91% of our clients are short sale clients and I can truly say that a short sale represents a way out for people, a way to get out of a bad situation and help people to move on with their lives. I also believe that lenders will start to wake up and smell the coffee when it comes to short sales vs foreclosure. Lenders benefit far more from a short sale as opposed to spending valuable time and money on a foreclosure. By allowing more homeowners to short sell their homes, they won’t have to deal with the hassle of getting the property back on the market and hoping to recoup a portion of their money.

 

 

 

Orlando short sale expert

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West Manatee Development Inspired By Two Orlando Communities

Posted on by Jenny Zamora

West Manatee’s new residential development draws heavy inspiration from at least two different residential developments of the Orlando real estate community – the Avalon Park and the Baldwin Park residential communities. The Crossroads development has been projected to stretch over 1,322 acres in its first phase of development, on the property of Manatee Fruit Farm in West Manatee.

 

Developer Whiting Preston Leaves No Stone Unturned

The development of the Crossroads residential community is being undertaken by Whiting Preston. To ensure that the West Bradenton community gets enough press even before residential leasing begins it is being pitched as a “hybrid” of Baldwin Park and Avalon Park.


Further, Whiting Preston is known to have hired the designers of Avalon Park for the first phase of development. The Crossroads development will thus sport a design code drafted by Cannin Associates, the urban planning consultants responsible for Avalon Park.

Manatee’s Crossroads development vs Orlando’s Baldwin Park and Avalon Park

Now, a “hybrid” community essentially means one that incorporates the best features of both Baldwin and Avalon, and Whiting Preston is leaving no stone unturned to achieve the same. At the outset, the three communities share a few similarities. They stretch over 1,000 acres and contain between 3,600 and 6,500 residential units.


The hybridization however begins on the streets. The streets of Crossroads will sport the hub-and-spoke distribution paradigm that Avalon Park is celebrated for with the traditional grid distribution that is characteristic of Baldwin Park.


Traffic has been a big problem for the residents of Avalon Park. Primarily because the six villages comprising the community are joined using a network of arterial roads in the hub-and-spoke model that has proven to be less than ideal during the rush hours. Whiting Preston may have to modify the hub-and-spoke model if it wants to prevent traffic problems at Crossroads.

Pricing at Avalon and Baldwin

According to the top Orlando realtors who have dealt with Baldwin Park, the community sells its cheapest condos for around $250,000. The traditional nuclear-family homes easily fetch over $1 million and leased-out apartments, though prevalent, start only in the higher-end range of $1,300.

In Orlando, Avalon Park typically turns out to be more affordable, when compared to Baldwin Park. Orlando real estate agents reveal that condos at Avalon Park sell for well under $200,000. Further, rental apartments are cheaper and attract many students from the neighboring colleges.

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Hottest Housing Markets in Central Florida

Posted on by Jenny Zamora

If you are looking for a home in Central Florida, you cannot afford to miss this latest update on the C.F. real estate scenario. Winter Park has clawed its way up to become the most sought-after city for potential home buyers. However, four other Lake County cities such as Tavares, Leesburg, Mount Dora, and Lady Lake also now dominate the list of the most popular housing markets in the region. This has been a reason for cheer among Orlando real estate agents as well as buyers.

Reasons for Winter Park’s Popularity

These areas ranked high in popularity as people found them to be a lot more appealing as they were not the conventional Florida subdivisions. These areas have sunny houses with traditional architecture. A lot of local businesses are also known to thrive in these regions. The growth in popularity has been pretty rapid and is still soaring. As such, other counties in the region are finding it hard to compete and have shown a declining trend in sales. On the other hand, various market reports have rated these areas on a number of parameters like the time houses listed for sale (in consultation with Orlando listing agents), growth in consumer interest, price cuts, and the like. All these parameters have shown a positive tilt towards these areas.

Orlando EDC’s opinion on the developments

The Metro Orlando Economic Development Commission has seen this turn of events as a positive sign. It is of the opinion that the developments will bring about an upswing in the economy of the region, by creating a flurry of activities around the real estate business. It will create jobs, pump in liquidity and give a boost to the infrastructure, manufacturing, and services industries. It will encourage local businesses further, turning the area into a self-sufficient, attractive region for high investments. Gradually, the benefits will trickle down to help the area prosper, possibly bringing in tourism as well.

This has turned out to be a happy surprise for the Orlando realtors. They are making the best use of this opportunity and promoting Winter Park to the best of their capabilities. Make sure to keep yourself updated with the latest happenings in the hottest real estate market in this area.

Searching For Properties In Central Florida

Are you or someone you know interested in looking at all the homes that are for sale in Central Florida, but you don’t want to speak to a real estate agent just yet? Feel free to use our home search tool. Within a few clicks of your mouse, you’ll be surfing the MLS just like a pro! All from the comfort of your own home.

You will have the capability to find Florida homes for sale according to the criteria that you type in like; Square footage, price, # of bedrooms, bathrooms, neighborhoods, etc.

Orlando Housing

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The Quiet Short Sale | By ORC

Posted on by Jenny Zamora

A short sale on your home can be frustrating, intrusive and sometimes even embarrassing. At Orlando Realty Consultants [ORC] we’ve developed a process for people who need to do a short sale, but don’t want the whole neighborhood knowing about it.  We like to call it…” The Quiet Short Sale”. The quite short sale works much different than an ordinary short sale. To begin with, there are no “for sale” signs or lock boxes anywhere on your property. This will save homeowners from having to explain to their neighbors why they’re selling their home.

The key is getting the lender’s authorization to leave the short sale listing off of the MLS. We’re able to do this because over the years we’ve developed great relationships with all the major lenders so most of the time we get this authorization granted to us without any problem at all. By leaving your home off of the MLS, it will dramatically cut down on the number of unqualified buyers, nosy neighbors and tire kickers trying to come in and out of your home.

We work with hundreds of investors from around the country that make selling an Orlando home easy and painless. Only qualified buyers will find out about the property through target marketing systems that we use to successfully market all of our Orlando properties.

Also, every time we show the property, it will be by appointment and it will be by one of our licensed team members so you don’t have to worry about strangers walking throughout your house.

We will also work with your lender to get you the maximum amount of money back at the closing to help you get into your next home. Our clients usually receive anywhere from $3,000.00 to $30,000.00 back at the closing of the transaction.

Over the years we’ve helped thousands of Orlando homeowners short sale their homes and move on with their life.

We look forward to helping you with your short sale transaction. For more information contact our offices in Orlando at 407-902-7750.

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Kailey’s Ridge Underway! Hunters Creek Residents React

Posted on by Jenny Zamora

 At first, there were a lot of rumors and speculation among Hunters Creek residents about a new subdivision that may or may not be built. However, over the past year or so the question is more about “when” it will happen and not “if” it will happen.

 The long-anticipated subdivision of Kailey’s Ridge in Hunters Creek is now an undeniable reality. Bulldozers are hard at work clearing out tens of thousands of trees along with the wildlife that once called those trees home. There are mixed feelings among residents of Hunters Creek and most aren’t particularly happy about the development of the new subdivision. Residents of the neighboring subdivision “Westshire” are especially displeased about having to trade in their view of what was once a conservation area for what will soon be an extension of Town Center Blvd.

The neighborhood of 127+ homes that are scheduled to be completed over the course of the next couple of years is already in high demand for people who have been wanting to live in the much sought after “Hunters Creek“.  Hunter’s Creek has been voted the 21st best place to live in the entire US for 2013 so it’s no wonder houses that get put up for sale don’t usually last too long on the market.

From my understanding, prices on these new homes That will be built by Surrey Homes and Ryan Homes will start in the high 300s into the high 400s.

 Increased traffic is also a concern for existing residents. Being a Hunters Creek resident myself, I’ve always liked the fact that Town center Blvd dead ends in Hunters Creek. It provides an extra sense of security just knowing that there’s only one way in and one way out of the neighborhood. This will no longer be the case. Just the other day I went on a bike ride with my 2 boys into that area and the road that goes around the construction area runs parallel to 417 South all the way to international Dr…I think… we got tired of riding and turned around once we saw the exit to Disney World.

THE POINTE AT HUNTERS CREEK

Being an Orlando realtor as well as a resident of Hunters Creek, I also have mixed feelings about the new development. On one hand, it’s good for business because we’ll have more opportunities for buying and selling houses in Hunters Creek, but at the same time, the increased traffic, schools being more crowded, loss of wildlife conservation, etc. is just not exactly ideal for the neighborhood I call home.

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