Tag: Orlando real estate agents

Pitfalls Of Pocket Listings

Posted on by Jenny Zamora

The idea of getting your house sold without ever having to list it on the MLS for the whole world to see can be attractive to many. It’s kind of like if you found the perfect house for you by just driving around and all you had to do was knock on the door and hand the owners a check.

Sellers take a huge financial risk by choosing to sell their homes to be sold via “pocket listing” as opposed to a normal listing. 

The term “pocket listing” refers to an arrangement between the homeowner and their Brokerage in which the Realtor markets the property without the use of the multiple listing service. Instead, the property is advertised through the realtor’s own network which basically means “word of mouth”.

I completely understand someone wanting to be discreet about the sale of their home especially with nosy neighbors lurking about, but not to the point where it can hurt them financially.

 

Sellers Should Beware Of Losing Money On A Pocket Listing 

The home may sell for less than market value.  If the home isn’t exposed to as many potential buyers as possible, how can a seller feel confident that they received the best sale price?… They can’t. Only homes listed on the MLS get enough exposure and have a chance to be involved in bidding wars with multiple offers.

A pocket listing, much like homes that are for sale by the owner, will never get the amount of exposure that a traditionally listed home will. An estimated 47% of homebuyers in 2013 found their home through an internet search, not through a real estate agent.

Small concerns may become big concerns. Just like in a traditional listing scenario, pocket listing sellers may have to make certain repairs or concessions in order to make the deal go through. The big difference is that in a competitive environment a seller has more options. Repair issues, as well as appraiser problems and other issues, can be negotiated or even ignored when there are multiple interested buyers.

Buyers Should Always Use A Realtor

Buyers shouldn’t even think about making an offer on a pocket listing without the proper representation of a buyer’s agent. With a pocket listing, the agent represents the seller and will put the best interest of the seller first. By using an experienced buyer’s agent in a pocket listing transaction, you can have peace of mind that the seller’s agent hasn’t overpriced the house. A buyer’s agent will also be able to help navigate an interested buyer through the contract making sure that there’s plenty of time for inspections, etc.

Buyers should also do their best to try and remove emotion from the transaction. Especially when an interested buyer approaches the homeowner directly or tells their realtor to canvas a specific area looking for homeowners that are interested in selling. By showing too much interest in a home, the buyer automatically puts themselves in a position of perceived weakness. The seller now knows that they have something that the buyer really wants.

It’s always best to let the realtors handle the communication between buyer and seller. Experienced realtors will handle everything in a professional manner leaving emotions out of the equation.

 

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Downtown Orlando To Have More Than 1,000 New Residential Units

Posted on by Jenny Zamora

The month of May in the Orlando real estate industry is all set to be marked by a plethora of new housing programs. Orlando Realtors can count on builders adding more than 1,000 new residential real-estate constructions in the downtown area alone.

On Monday, May 12, “The City Beautiful” reviewed plans for two new residential units. Further, work on a third apartment complex is all set to begin in a week or two. Top Orlando Realtors say several interested investors and first-time buyers have started showing a lot of interest in the projects.

 

Orlando City Council reviews plans for two complexes

The city council met to review the phase-one plans of the proposed “Citi Towers” and “Elan at Audubon Park”. Citi Towers, proposed to be erected on the north-eastern corner of Lake Avenue and East Church Street, will be built by the Summa Development Group if everything goes as planned.

The group had filed an appeal before the city council to replace what is currently known as the Lutheran Towers planned district with the Citi Towers apartment complex. The complex is expected to have 22-story and house 223 individual housing units. The site spreads over 0.7 acres and the complex would include commercial space spanning over 22,300 square feet as well. Developers also requested the council to extend the maximum allowance and let Summa Group raise 710 units in total.

Plans for the Elan at Audubon Park were also reviewed by the council on Monday. Orlando Heights LLC, which owns property on the site, appealed to the council to rezone or reassign a planned development community that currently exists near the Orlando Fashion Square mall. If approved, developer Greystar would be roped in to raise an apartment complex featuring 450 individual units, at the site. The site stretches over close to 20 acres and would be filled with four-story apartments including garage space.

Work on a new residential complex in Thornton Park, Downtown Orlando to begin in May

While the future of the two proposed apartment complexes remains in the hands of the city council, work on a third apartment complex is set to begin this month. The complex would be raised in Church Street of the Thornton Park area and house 299 units. The complex will also house close to 9,000 free spaces for commercial leasing and have 10 individual live-work units.

According to some Orlando listing agents familiar with the plans, a part of the commercial space is to be leased out by one large and two mini art galleries. New artists will be able to display their work and keep the community abuzz with several activities.

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More People Sign Contracts as Orlando Real Estate Picks Up

Posted on by Jenny Zamora

The summer buying season is traditionally associated with increased customer activity across the nation and 2014’s season was expected to be no different. Orlando Realtors overall have spoken of more and more prospective buyers in Orlando making offers on listed properties since the beginning of the buying season. We now have records that reaffirm their claims.

A new industry report cites that the number of U.S. buyers signing contracts to purchase property increased in May 2014. The hike signals an increased likelihood of the housing market picking up soon, following the early months of sluggish business. Some Orlando real estate agents familiar with the rise, credit an additional distinction to the event – an increased number of signed contracts has been seen for the first time since June 2013!

Significant rise in the index of pending sales

The indicator of pending residential real estate sales rose 3.4 percent in May 2014 with the seasonally adjusted value standing at 97.4 at the end of the month. The index of pending sales still remains 7.9 percent behind the corresponding value in the May of 2013. The 3.4 percent increase, however, does mark the first time, buying activity increased in close to nine months.

A gap of a month or two exists between the signing of a contract and the completion of sales. But the real estate industry considers pending sales to be a reliable indicator of future purchases. Further, with the economy improving and banks becoming more lenient in their mortgage-lending drills, more Americans are expected to sign contracts.

Sales of older homes, however, fell to their lowest levels since the July of 2012. In a period spanning eight months, sales of older homes fell seven times in a row. The numerical value of the dip was rather low. There exist some market specialists and real estate agents in Orlando however who hold that the sale of existing homes may have just reached the floor level.

US Housing market recovering from the relatively inactive winters

Economists and market watchers had previously made a forecast of weak sales and new housing constructs, largely due to the sluggish sales in the first two months of 2014. The nine-month increase in the number of pending sales comes as a heartening sign – not only for realtors but also for home buyers and sellers.

The May increase does reflect a partial recovery from the sluggish winters at the least. All over the U.S., sub-zero temperatures, snowstorms, and uninviting weather, in general, kept potential buyers from exploring new properties. The first two months of 2014 too, as a result, experienced very little or no activity from prospects. Further, for most of the second half of 2013, prices of houses went high due to a finite availability of homes.

The summer buying season is, however, marked by an increase in inventory and increased buyer activity. A good time to make an offer, realtors say.

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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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Orlando Realty Consultants – Video

Posted on by Jenny Zamora

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