Tag: Orlando Realtors

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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Cash Deals Dominate Orlando Real Estate In The First Quarter

Posted on by Jenny Zamora

An industry report from the last quarter of 2013 found that the state of Florida led the nation in cash sales for the year. Another more recent report released on May 7, shows that six months later too, cash is still king. Well, in the Orlando real estate market at least.

The residential real estate market of Metro Orlando was dominated by cash sales in the first quarter of 2014 – a claim all the top real estate agents in Orlando will confirm.

Over Half Of Orlando, Real Estate Buyers Prefer To Deal In Cash

In the last quarter, the sale of more than half of all the homes sold were cash deals. Standing tall at 56 percent, the percentage marks a significant increase from the number of cash deals struck last year. The percentage of cash-only sales jumped by four percent from the previous quarter and by a whopping 25 percent from the previous year.

Same time last year, cash-only residential real estate sales made up 31 percent of the total sales. Last quarter the percentage was 52 percent. The surge in all-cash sales was accompanied by a decrease in investment-based sales, however.

According to the report, the number of people who bought 10 properties or more, within 12 months, reduced from 8.2 percent in the last quarter to 7.2 percent in the first quarter of 2014. The number stood at 8.6 percent at the same time last year.

Osceola County led the four-county neighborhood with 60 percent cash deals on homes. The lowest in the group was Seminole County, with 47 percent cash deals.

Top Orlando Realtors Agree

Realtors in Orlando say the surge of cash deals in housing transactions could indicate strong buying sentiments from international buyers, like the Canadians. Cash buyers from up-North were also attracted by the cold winter this year, some real estate agents say. Such attention is largely unwanted because cash sales make it difficult for first-time buyers, who are typically reliant on mortgages, to compete in the buying market.

Further, the number of underwater homes was recorded to be significantly high in the Metro Orlando area. Underwater homes are those that are priced less than the mortgage owners owe on them. Another industry report has previously ranked Orlando fourth in the nation, in terms of financially underwater homes.

Though not good for the real estate industry, buyers could definitely make the best of the high percentage of underwater homes, which will typically cost them lesser than full valued homes. 

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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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SunRail Fuels Housing Development in Central Florida

Posted on by Jenny Zamora

More than 3600 housing projects get underway

In the month of May, we saw the $1.3 billion SunRail commuter system run its first lap and if the first couple of days of service is any indication, the new commuter rail system is going to be a Central-Florida favorite! With close to 10,000 commuters onboard each day, in the first few days, the ride exceeded expected traffic (average of 4,300 commuters a day) by epic proportions.

While a lot of it could be all the buzz about the new inauguration or the free rides that SunRail has been providing since Day 1, market watchers believe there is more to the enthusiasm than just the attraction of the new system. Local businesses, jobs, construction activity, and real-estate activity are expected to surge around the 12 stations and their neighborhoods.

Realtors In Orlando Eye Transit-Oriented Development

Transit-Oriented Development, popularly known as TOD is expected to dominate Central Florida and become the key driver of the Orlando real estate and construction industry. Enthusiasm can be seen in the market as Central Florida moves towards being deemed as a “rail city of North America” and Orlando realtors couldn’t be happier. Why?

Because TODs are associated with increased buying and selling activity. Between 2016 to 2018, industry hubs and TOD districts are going to spring up in large numbers but real estate agents will be able to see increased activity much before that, in the form of anticipatory purchases and real estate investments.

Neighborhoods around transit systems are typically good places to live and work. Savvy real estate buyers begin purchasing properties in advance – a decision that makes good financial sense since prices shoot up once the neighborhoods develop into hubs in full swing.

Does it mean it’s a good time for investors and first-time buyers to consider buying a property? According to most industry watchers, it is. Central Florida also has a lot underway for residential and commercial buyers, as well as local businesses and job-seekers.

Orlando home buyers to be served with a host of new opportunities

14 new construction starts, worth a total of $785 million are up and coming within a ten-minute walk from the 12 SunRail stations of the first phase. According to listing agents in Orlando, these include 1,150 residential units that Orlando buyers have already started investigating.

Further work on another 13 projects worth $765 million in total is expected to begin soon, including the construction of 2,680 residential units. Industry insiders suggest interested parties or first-time buyers who have been waiting for an opportunity to invest to begin contacting realtors since the units are expected to get sold fast.

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Orlando Short Sale Help – VIDEO

Posted on by Jenny Zamora

Orlando Short Sale Help 407-902-7750 Video

Today’s headlines are filled with stories about homeowners going through financial hardship and having to face a lender’s foreclosure on their Orlando property.

The majority of loan modification programs fall short but there’s another way out. It’s called a short sale. It’s when a lender agrees to a sale of a property for less than what the property owes. But you need an experienced short-sale realtor to make sure everything gets handled correctly in a professional way.

We specialize in doing Orlando short sales.  The short sale realtors on our team have proven to be the best in Orlando at what they do. Through years of experience, our agents are very well equipped to handle any situation when it comes to processing a short sale from start to finish.

Are you or someone you know facing foreclosure? Come in and speak with one of our short-sale experts. Or you can visit us at https://orlandorealtyconsultants.com/

Don’t believe things you may hear about short sales being impossible to close and about how they can take forever. Short sale timelines are getting faster and lenders are starting to get their act together.

Find out who the top short sale agents in your area are. Our agents close 99% of their pre-foreclosure listings. This is more than 3 times the national average.

We have buyers for these properties and know how to get these offers accepted quickly by the lenders and get the deal closed. Over the years we’ve helped thousands of Orlando homeowners get out of upside own mortgages and move on with their lives by doing a short sale on their homes.

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