Tag: Orlando Realtors

Median Orlando Home Prices in Shoot 24 Percent Up at the Close of 2013

Posted on by Jenny Zamora

 Wednesday reinforced positive sentiments among Orlando realtors as the Orlando Regional Realtor Association released its yearly report about the Orlando real estate market. The report revealed that the average Orlando Home price for properties in the city saw a 24 percent hike in the previous year. This 2013 rise in median home prices marks an all-time high since the economic downturn of early 2006 that took the housing market down with it.

Key takeaways from the report

 The median home price in the core Orlando real estate market was $149,625, in 2013. Back in 2012, the corresponding figure stood $28,000 below, at $121,000. The last time Orlando real estate agents had seen such a hike was just before the housing bubble in 2005.

Median house prices rose by more than 33 percent that year. The same upturn of events was seen in 2013. The report holds that 2013 saw the sale of 6.54 percent more homes, than the previous year. Compared to the 28,765 homes that were sold in 2012, 30,645 were sold in 2013, showing just where top Orlando realtors had been busy the year.

Comparing the statistics for December alone, aggregate median home prices were up by 20.87 percent compared to the previous year. In the December of 2012, the aggregate for Orlando was $132,500. The 20.87 percent boost brought up aggregate median house prices for all of Orlando to $160,150 in the December of 2013.

The Christmas month also saw a 3.32 percent hike in the median home price of Orlando real estate properties from the previous month. Compared to the median price of $155,000 in November 2013, December registered the median price of $160,150. Real estate agents in Orlando sold 2367 homes in December – 11.55 percent more than their November tally.

Prime reasons attributed to the up-turn

 Orlando Regional Realtor Association’s chairman, Zola Szerencses remarked that the competition between investors and buyers helped reverse the sunken-mortgaged conditions for many property owners.

Industry experts list low inventory during the first two quarters as a positive influence. The second and third quarters presented prospects with low-interest rates – boosting confidence and increasing sales.

Despite the promising upturns, the median prices in the Orlando real estate industry remain considerably low compared to the peak Orlando realtors saw in July 2007. The real estate bubble was about to burst and median prices for the Orlando neighborhood homes peaked at $264,000. For 2014, economists have predicted a flattening up of the sales and price increase to about five percent.

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Four of the Biggest Investment Sales of 2013 in Central Florida

Posted on by Jenny Zamora

2013 has ended and realtors all over Florida, including Orlando realtors, are looking forward to a stronger market in 2014. The previous year saw some very reassuring investment purchases by major private equity firms. Apart from bringing immediate dollars to the Orlando real estate market, these sales also helped boost the confidence of investors and top Orlando realtors believe Florida can expect more investment in 2014.

Here’s a look at four of the hottest deals in the Central -Florida real estate sector that shone brighter than the others in 2013.

Hyatt Hotels Corp. shells out nearly $600 million to purchase Peabody Orlando

The biggest deal of 2013 was signed on October 1, when the Peabody Exchange LLC bought the Peabody Orlando off UST Hotel Joint Venture Ltd.’s hands for an impressive $591.7 million.

The 1,641-room sporting luxury hotel located on the International Drive changed hands and flags in 2013 from the Memphis, Tennessee owner to one of Chicago’s biggest hotel brands – the Hyatt Hotels Corp. 

Peabody Orlando is especially famous for its Peabody ducks and though the ducks remain, the hotel’s name doesn’t anymore. It was renamed and is now known as the Hyatt Regency Orlando Convention Center.

  DDR Corp. purchases Winter Garden Village for around $200 million

 

The DDR Corp has already carved a niche for itself in property acquisition and July 2013 saw the Ohio-based property investment trust shell out $196 million in favor of Phoenix’s real estate investment firm – the Cole Real Estate Investment agency.

 Winter Garden Village located in Beachwood, at the Flower Groves lifestyle center is generously spread across 1.1 million square feet and this retail development, signature of West Orange County has now been put up for lease.

  Downtown Orlando’s relatively new apartment complex changes hands for close to $60 million

This deal was finalized three days prior to the sale of Winter Garden Village. Mesirow Financial Holdings Inc. purchased the newly constructed SteelHouse Orlando apartment on July 16.

The Chicago-based private equity firm paid $59 million to the developer, Pollack Shores and became the owner of downtown Orlando’s new 326-unit apartment complex, which was only about 60 percent occupied at that time.

Post Properties Inc. becomes the new owner of an apartment complex near Disney World

 

The 300-unit apartment complex, Crosswater, at the Lakeside Village saw a shift of hands-on on May 29 and its eventual renaming to Post Lakeside. Post Properties – a real estate investment trust based in Atlanta paid $48.4 million to developers Boyd Development Corp, and Greenfield Partners LLC, based in Orlando and South Norwalk respectively.

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Is Your Home Sale-ready?

Posted on by Jenny Zamora

The Orlando real estate scene is looking up, but selling your home can be quite a tedious task. Right from finding a good realtor to getting the right value on your property, a series of things need to be taken care of while selling your house. An important aspect of the process is knowing how sell-able your house is. Considering you’ve lived in your current home for a while now, you need to estimate whether or not your house needs a makeover. Here’s what you need to know before listing your property with an Orlando realtor.

What do buyers want?

Most buyers prefer a house that in a good shape and doesn’t need any fixing, so they can move in immediately without having to bother about renovation concerns. Other buyers don’t mind fixing the house themselves as long as the fixes required are cosmetic repairs and it’s reflected in the price. This could be re-painting or replacing fixtures in the house, basically, repairs that won’t burn a hole in their pockets. It is highly unlikely you’ll find a buyer who is willing to tear down the whole house and renovate it altogether. But if the buyer needs to do major changes, like replace the roof, he will probably ask you for a significant discount on the property price. However most buyers will shy away from going through the trouble of replacing a roof, as it might bring in additional costs from having to change the sheathing or the rafters.

Home-modifications you cannot compromise on

Fix any faucets that tend to leak.

Re-paint walls if they are stained or the paint is chipping out.

 If the carpets are tattered, replace them.

Make sure the roof isn’t in a run-down condition.

If the fans or lighting fixtures are outdated, replace them.

Make sure you patch all holes, if any, in the walls or ceilings.

Replace curtains, linens if they are in a bad shape.

 Make sure that the HVAC systems and appliances are in working condition, and if not , get them fixed.

Broken windows need to be replaced.

A smart seller will estimate the return on investment on his home improvement before diving into it.

Making a note of the amenities in the neighborhood houses can also give you a hint on what prospective buyers might be looking for. A little bit of repairing can take you a long way rather than presenting your house in a dilapidated state.

 

 

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Choosing an Orlando Realtor, Technology Vs. Experience

Posted on by Jenny Zamora

Choosing an Orlando Realtor

The younger generation is all about using the latest technology available to communicate socially as well as promote their career no matter what profession they are in. Young Orlando real estate agents especially rely on using the latest technology thinking that this will give them some kind of edge over more experienced Orlando Realtors. This couldn’t be further from the truth. I think it’s better to have a balance of both the old and new school way of doing things. But if I had to pick one way or another, I would go old school strictly because more experienced agents are just that…more experienced.

 

There’s just no substitute for good old-fashioned “been there, done that” experience. It’s kind of like the soldier that’s worked his way up the ranks through being on the battlefield as opposed to another soldier with the same rank spending all of his time inside of a classroom. Which one would you rather have at your side in a real situation? I don’t know about you, but I will pick the battle-tested soldier every time!

 

Lately, I see newer real estate agents that are really skilled at using the latest technology but they lack the basics of what it really means to be a really good real estate agent. I’m talking about what to do when you’re face to face with a seller or buyer on an appointment. Learning how to do a good old fashion presentation of what services they can offer as a real estate agent and not just how many real estate apps you have on your smartphone or how many likes you have on your Facebook Fan Page. At the end of the day, those aren’t the most important things that will enable someone to become a quality real estate agent.

I’m always hearing about RE offices having training courses where newer agents that are tech-savvy teach older agents about technology. I think this is a great idea for older agents that want to get up to speed on the latest real estate tools and technology. However, I think it would also be beneficial to have the more experienced agents teach newbie agents about the basics. I would even go so far as to not allow any i phones or computers of any kind during the training to really get the point across that it’s not all about technology. Why not have new agents go out on a ride-along with the more experienced agents, then discuss what could’ve been done differently to make it a more successful appointment.

 

The Best Option is Hiring an Experienced Orlando Realtor That is Also Tech-Savvy

I’ve been an Orlando real estate agent since 2005, and when this whole wave of new technology hit the real estate profession, I learned very quickly that I would need to keep up with it or it would hurt my business. In our brokerage “Orlando Realty Consultants” technology is absolutely essential because of the number of clients that we have. We have systems in place to help us streamline our business as well as keep things organized and running smoothly.

Real estate buyers and sellers these days are very demanding and they have every right to be.  After all, buying or selling a house is one of the most important transactions that will occur in someone’s lifetime. The real estate software that we use in our company enables us to communicate often and easily with our clients keeping them in the loop with almost daily updates of what’s happening with their house. We also have a tool on our website that makes it extremely easy for buyers to search out homes that are for sale throughout the state of Florida from the comfort of their own homes…Just like a pro!

 

So I think that when you’re looking for a real estate to handle your home buying or selling needs, try to find one that is not only experienced but is also familiar with the technology. By doing this, you will have the best of what both worlds have to offer to make your experience far more pleasant while striving to achieve your real estate goals.

 

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Problems Faced by Orlando Home Buyers

Posted on by Jenny Zamora

It has occurred many times in the recent past that home buyers are not sure if the Orlando real estate agent truly represents them. Unless the agent puts it in writing, you can expect that you are not being represented on your real estate dealing. It means that if any problem arises, you will most probably be on your own. What many people don’t realize is that while there are many licensed real estate agents, there are only a small fraction of them who actually represent home buyers exclusively in Orlando. Like these, there are many other problems that homebuyers face in Orlando.

Typical transaction problems

 

During the process of transaction, there is a huge difference in the attitude of the agents who represent the buyers and those who just have the license to be called real estate agents. Given below are some of the problems faced by homebuyers when it comes to real estate transactions:

*  Contract dispute– The agent representing the buyer will surely be supporting the buyer in case of a dispute, but the other agents would act in a neutral way.

*  Inspection– During the inspection, you may find serious defects that were unknown, here a typical agent will try to downplay the issue, but the agent representing the buyer will try to renegotiate the contract.

*  Appraisals– When such appraisals come into the picture, a typical agent will tell you to raise the money needed to pay the difference, but the agent representing you will ask the seller to reduce the price.

Typical “natural” problems faced by home buyers in Orlando


There are various diverse Orlando real estate issues that buyers face these days. Some of these major issues facing home buyers here in Orlando are as follows:

 Sinkholes: These are naturally occurring geological features which can cause structural damage, but fortunately most insurance policies cover the damage caused by sinkholes.

Termites: Termites pose a huge problem in Orlando because of the warm weather. Most homeowners need to take proper precautions as termites can seriously damage wooden structures.

Flood-prone areas: Since Florida has a tropical climate, it is prone to floods throughout the year, so people planning to stay here must take the right precautions.

So, a typical buyer who is planning to buy a house in subtropical Orlando must keep the things mentioned above in mind before taking any decision.

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