Tag: Orlando Real Estate

Avoiding Home Buyer’s Remorse

Posted on by Jenny Zamora

  Home Buyer’s Remorse

Have you ever bought something on the spur of the moment then later on you ask yourself.. “what was I thinking? I don’t even like or need it”. In most cases, you can usually return the items like an expensive shirt or an ugly painting as long as you have the receipt. However, if you paid cash and bought it from someone’s trunk in a parking lot, then you’re probably stuck with it.

 

 

Unfortunately, you can’t do this when you buy a home which makes the home buying process even more stressful. Purchasing a property is a big deal for any family. Not only is this is the place they will call home for years to come but is probably the biggest or one of the biggest investments of someone’s lifetime.

 

 

In today’s competitive housing market where you have bidding wars on a very limited amount of inventory, it’s easy to get caught up in the frenzy of wanting to be the one to “win” the home. Sometimes new homeowners will start to have serious regrets about the huge purchase they just made just days or maybe even hours after the closing. Oh No! What Have We Done!?

There are several things a potential home buyer can do to avoid going through buyer’s remorse…

 

Look at several properties that meet your criteria.

Even if you love the first home your realtor shows you it would be wise to visit several homes that meet or come close to meeting your criteria. Sometimes you think that you’ve found exactly what you’ve been looking for then you go see another home and you like it even better!

 

Don’t fall in love until the negotiations are done!

From my own personal experiences, I know this is a hard one to do but it must be done. Let’s say you put a fair offer on a home that you really like. Then after a few rounds of offers and counteroffers, the price has gone up another $30,000 more than what you can spend.

If you’ve already fallen in love with the house, then you are done…your mind will find a way of justifying the price increase and you’ll probably do whatever it takes to get the house even though you can’t really afford it.

Keep your best poker face throughout the negotiations. Tell your realtor what your budget is and stick to it! You’ll be glad you did.

 

Go see the home several times.

You should go and see the home several times before buying. Seeing the home only once before buying is a sure fire recipe for buyer’s remorse. Go through the home slowly and methodically, Open every door and window, walk through every room and leave no stone unturned.

 

I also suggest visiting the home at night for a another perspective. Don’t be afraid of bothering you realtor. Your real estate agent is getting paid to do their job, so make them earn it.

Make sure you have an inspection contingency.

Your best insurance is to make sure that there’s an inspection contingency in the contract. Some agents call it the “buyers remorse” contingency and it allows you to get out of the agreement if there’s a serious issue with the property you didn’t know before making your offer.

 

Hire An Experienced Buyer’s Agent

Enlisting the help of a realtor that is experienced in the area that you want to purchase in it will make your home buying experience much easier and even pleasurable. Let your agent know about any concerns or questions you have about a particular property or situation.

A good realtor will help you navigate through the entire home buying process as well as advise you of what to watch out for.

 

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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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Sale of 203 Condo Units In Orlando

Posted on by Jenny Zamora

A Madison Capital Management affiliate has been advised by Cushman & Wakefield in the context of the sale of 203 condominium units within 272 Heritage Estates, a Class A community in Orlando. The firm has also garnered about $15.7 million in debt and has organized equity financing by a joint venture from Centersquare Investment Management. Center square is BNY Mellon’s investment boutique for real estate deals. This was done on behalf of the buyer. Five-year financing was provided by Key Bank.

Fractured nature is not a concern

According to Dave Karson, the Executive Managing Director of Cushman & Wakefield, this kind of excellently located community attracts capital from those who seek comparatively lower returns than they were accustomed to for the past several years. The condominium’s fractured nature does not have an effect in such circumstances. He added that the improvement of the equity and debt markets has made such kind of capitalization possible.

Karson’s team members included Chris Moyer, Suraj Ravi, Sridha Vankayala, and Steve Kohn in the Debt & Structured Finance group of Cushman &Wakefield.

Heritage Estates was constructed in 2003 and is sandwiched between Orlando International Airport and the University of Central Florida. It is situated in the University of Central Florida/East Orange submarket. The property has been invested by Madison as either direct owner or lender since 2005. The company has established a stellar record of first acquiring units and then converting those to rentals.

In real estate, relationships are the key

The business of real estate depends on relationships. It is about service as well as trust. Clients do not trust entities that they do not know. For any real estate buyer, it is not simply about searching and then getting home. It is actually the first step in a methodical process from starting the contract to closing the contract. A large number of steps take place after a home is found, and the function of a good Orlando real estate agent becomes apparent at that stage. The task of meeting appraisers, ensuring that the inspector arrives as scheduled, does an adequate job, and sends his or her reports on time.

A realtor juggles communications between the title company, contractors, and sellers and keeps things on schedule as previously planned. Agents have to anticipate and have the requisite knowledge and skill to adjust to situations that even a frequent buyer of homes may have not endured through.

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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.

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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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