Tag: John Conde realtor

Open House Tips for Sellers

Posted on by Jenny Zamora

Open houses are starting to become popular again. it seems that every weekend when I’m driving around in Orlando I see open house signs everywhere I go.  It’s become a great way to not only showcase a new listing for Orlando realtors but also to market those problem listings that have trouble selling for one reason or another.

Sometimes, however, there are sellers that want to be involved with the sale of their house like showing a potential buyer around or even worse…being at the open house. As an Orlando Realtor, I tell my clients that it’s never a good idea for the seller of a home to get involved with interacting with potential buyers, especially at the open house.

Here Are Some Open House Tips For Sellers

1- Getting your home ready for the Open House. The most important thing that you can do to get your home ready for the open house is to clean and de-clutter. Go through and clean every surface in the entire house leaving it looking and smelling fresh. Also, if you have some pieces of furniture that you could move into the garage that day that would make the house look bigger or more appealing, then do it. Putting out some cookies or fresh lemonade is fine but you shouldn’t go overboard like hiring a live band or a D.J. These things would be more of a distraction than an attraction.

2- Don’t be at the open house. As the seller, you should be anywhere else but home on the day of your open house. You have to realize that realtors with their qualified buyers will be there looking and having serious discussions about your home, both good and bad. It’s a heck of a lot less awkward for them and the seller if the seller wasn’t there. You want potential buyers to feel comfortable and at ease when they go through the property. Sellers have to trust their realtor to showcase their home in the best way possible.

open house

3- Make sure they can access every room. It’s called an open house for a reason. The goal is for potential buyers to enjoy free access to your entire home and visualize it as being theirs and hopefully fall in love. Don’t block rooms, closets, or yard gates unless it’s absolutely necessary. Don’t make the buyer have to come back another time to see it or you just might lose them.

4-Tell The Neighbors. It’s always a good idea to inform your neighbors about your open house. I can’t tell you how many listings we’ve had where a neighbor knew somebody who’s been wanting to buy in their neighborhood resulting in a sale.

I hope these tips were helpful. If you want to see how much your home is worth visit us at https://orlandorealtyconsultants.com/ 

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Developers Say the I-Drive Project Will Not be Named Orlando Eye 360

Posted on by Jenny Zamora

As the work on constructing a giant observation wheel at the International Drive is going on in full swing, the tourist corridor of Orlando has a lot of things to look forward to. The word was, that the overall project, that the observation wheel is a part of, is to be named the Orlando Eye 360 by its developers. The news was, however, brushed off by developers as they prepare to make an official announcement soon.

Other Than Orlando Eye 360 What is in the pipeline of Merlin Entertainments?

Merlin Entertainments Ltd. is working on a couple of attractions for the state and come 2015, the second-largest operator of visitor attractions in the world will unveil three attractions – the Orlando chapter of Madame Tussaud’s wax museum, the Orlando Eye and the Sea Life Orlando Aquarium.

The three attractions are part of a massive Orlando real estate project – the construction of a towering complex for shopping, dining and entertainment, that is being developed by NY-based Circle Entertainment Inc. and Orlando’s own Unicorp National Developments Inc. The multimillion-dollar Orlando Eye project on the International Drive (projected to cost over $200 million) is planned to be completed in phases – work in certain phases is already over.

For instance, the real estate agents in Orlando reveal that the International Drive will see Orlando’s first Yard House open for business on April 24. The popular restaurant adds to I-Drive’s impressive line of new and upcoming restaurants including Cooper’s Hawk Winery & Restaurant, BJ’s Brewhouse and the Red Robin. Local real estate agents believe that the Yard House alone would bring around 200 jobs to the I-Drive area in the form of servers, hosts, hostesses, line cooks and bar tenders to name a few.  Not to mention, new and better dining options for the area’s tourist corridor.

The project was developed with Orlando’s tourism industry in mind. International Drive’s convention area will get some much-needed entertainment, wining-dining and leisure options after the project ends. It will boost the tourism industry of the area that is currently valued at about $50 billion. The entire project will also boost employment in the area as it is expected to brings thousands of new jobs.

Merlin Entertainments is planning for a press event, to be hosted later this month, during which developer Unicorp plans to unveil the new name of the project. While speculations were high in the Orlando real estate scene that the project would be named the “Icon Park”, Chuck Whittall, the President of Unicorp denied, saying the firm would announce a different name.

The name has become a special area of interest, particularly because of the frequent changes made to it. Previously it had names like the I-Drive Live and I-Walk Orlando associated with it. Only Unicorp can tell what new moniker the project will adopt.

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Orlando Short Sales Decrease Due To Tax Implications

Posted on by Jenny Zamora

The debt relief act of 2007 has officially expired as of January 1st 2014. This situation creates huge tax burdens for Florida homeowners that are upside down and that have or will receive any kind of mortgage forgiveness such as a short sale.

This means that the IRS will consider any capital that was forgiven by a lender either in a short sale or even a foreclosure to be recorded as income to the homeowner and will tax that income accordingly. The “Mortgage Forgiveness Debt Relief Act” [MFDRA] of 2007 was established to allow homeowners with certain criteria to exclude this type of income from their tax returns. This act only applied to debts associated with someone’s primary residence.

Orlando Short Sale Realtors Concerned Over Tax Relief Expiring

Orlando realtors that specialize in doing short short sales are very concerned about homeowners no longer having the tax break incentive. Why would someone go through with a short sale if they knew that they would be taxed on the deficiency? It’s like jumping from the frying pan into the fire, you’re going to get burned either way.

We’re already seeing a sizable decline in Orlando short sales since the 1st of the year. I think that we’ll see even fewer short sales, fewer principal reducing modifications, and an increase in foreclosures as we get further into 2014. Homeowners aren’t seeing the upside to doing a short sale in many cases.

The truth is that without the assurance of tax being exempt on a short sale there’s much less incentive for distressed homeowners to agree to the voluntary sale of their home.

Lenders Are Foreclosing Faster Than Ever Before

There was a time shortly after the RE market crashed in 2007 where lenders were extremely overwhelmed with the amount of homeowners defaulting on their loans. This resulted in a foreclosure taking up to 2 years or more to complete in some cases.

Several Orlando homeowners that I’ve spoken to say that they’ll just stay in the house until the bank forecloses believing that it will take their lender years to foreclose on them because of the stories that they’ve heard in recent years.

This couldn’t be further from the truth and homeowners that feel this way will be in store for a rude awakening. Lenders have come a long way in streamlining there process for dealing with mortgage holders that fall behind. They now have systems in place that help to expedite the amount of time that it takes to process foreclosures, short sales, loan mods, etc. Certain lenders will foreclose within a matter of 3 to 4 months if the homeowner doesn’t take action.

What Are Other Alternatives To Foreclosure?

Homeowners are still offered the same alternatives from their lenders; short sales, loan modifications, deed-in-lieu, etc. It’s important to note that it’s not the lenders who want to tax homeowners on the deficiency amount, it’s the IRS. And, although congress is actively looking at several bills that would extend tax relief through the next year or two, it hasn’t happened yet and there’s no guarantee that it will.

 

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EDC of Metro Orlando Brings Seven Projects and 2100 Construction Jobs to Central Florida

Posted on by Jenny Zamora

 

The Metro Orlando Economic Development Commission started its Brand Orlando campaign with a lot of vigor and the results of the effort have been positive. The EDC has managed to rope in seven new construction projects at various sites in Orlando.

Hard work of the EDC has finally paid off. The Commission has been striving hard to make this happen, from several high-level meetings with site consultants to pick up lucrative sites to discussions with brand executives to pitch these sites as favorable to the real estate business community; it has been a tough ride. But, it all seems to be worth the effort, states Holly Weidman, the executive vice president of the Commission.

Orlando Realtors work together with backing from EDC

Orlando real estate agents have been pitching the cause independently, but with them coming together as a team and with the backing of the EDC, the region has finally gained the interest it deserved. The EDC has marketed Orlando as a region of opportunity for the infrastructure sector, highlighting prospects other than the well-known tourism industry. They have focused on local businesses, traditional architecture, the rapport between the University of Florida and the business community, and the sense of communion with local communities.

 New jobs will boost the economy

The developments have spread cheer among realtors and buyers alike. Everyone is now anticipating a flurry of activities that will give way to about 2100 new construction jobs, giving the economy of the region a big boost. Existing businesses are also likely to spread their base in the region. Apart from pumping money into the markets through construction activities, a lot of local businesses, allied infrastructure, and manufacturing services are likely to find the requisite kick start, bringing in more cash flow and making the region a prospective hot spot for high-profile investments.

The EDC, although happy with the turn of events, is not complacent with its recent success. It is continuing with its crusade and giving out tips to real estate agents in Orlando on how to pick the right sites, how to market them and how to retain their USP – the tourism industry as their stronghold. They are very clear with their vision on making the region the hottest market for real estate business. They are keeping a tab on competition and fluctuations in the volatile real estate market, to stay on top of the tide.

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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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