Tag: Top Orlando Realtors

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.

Looking to Buy A Home in Orlando, FL?

buy real estate in Orlando

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

TOC*

Average Home Price in Orlando Rises to $165K

Posted on by Jenny Zamora

The average price of houses in Orlando rose in May, making it the fourth successive month to touch $165,000. According to Orlando realtors, this has been a peak period since 2008.

According to reports published by Orlando Regional Realtors Association, prices inched up about 1.5 percent in April and about 13.7 percent in May compared to the rates of last year. The report of the association mainly reflects the sales which occurred in Seminole and Orange counties.

The previous time prices of homes were this high, was in December 2008. At that time the prices were $167,500 – a sharp dip from a high of $264,436 achieved in July 2007.

The statistics

Members of the Orlando Regional Realtors Association closed approximately 2,651 sales in the month of May. Sales were down approximately 1 percent in the period starting from April, standing at approximately 11 percent. The available inventory rose from about 3.9 months during April to about 4.1 months during May. This is quite below the six-month level but is adjudged normally.

Probable causes

Zola Szerences, the Association Chairman, said that sales decline can be partly attributed to investor decline. The investors went away from Orlando real estate market as the prices increased. While foreclosures add sorely required inventory injections, they are responsible for slowing the sales. Like Orlando’s short sales, transactions due to foreclosures take more time to process compared to standard transactions.

After many years of shrinking proportions, foreclosures rose about 15 percent in May this year compared to the same period of 2013. Normal sale of homes lowered a little but still comprised approximately two-thirds of total sales. Orlando short sales went down by 62 percent in the period between May 2013 and May 2014. The highest decrease was recorded in the sales of Orlando’s condo market, which fell by 24 percent from last year.

Immediate future

According to Moe Musleem of Re/MAX Legacy, the reason for such an occurrence is that a number of foreclosures are now appearing in the market as the loans are being acquired by a number of loan servicers. He added that the construction of residences has quenched a little of the demand, but not their prices. Musleem is hopeful that a greater number of foreclosures will appear in the market. Since a lot of construction projects are coming up in Seminole and Orange, a large number of properties will sit out in the market.

 

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

TOC*

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.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

TOC*

Downtown Orlando to Get New Apartment Complex

Posted on by Jenny Zamora

Work is scheduled to start during the third week of June on a nine-story apartment building complex in uptown Orlando. The area close to Lake Eola has been subjected to minimal development after the crash in Orlando real estate about seven years ago.

Development by Jefferson Apartment Group

Two acres of land were purchased at South Osceola Avenue and East Church Street by Jefferson Apartment Group during the first week of June this year. The seller was an investor based in Ohio. According to the Jefferson Apartment Group spokesperson, work on the complex is expected to begin immediately with the placeholder name 420 Church. The complex is expected to have 299 units.

The southern flank of Lake Eola saw a number of apartment and condominium buildings come up before the real estate market took a turn for the worse in 2007. Since then, the area has seen three complexes being constructed.

The 420 Church construction plan includes about 9,000 square feet, destined for retail at the ground level. About one-third of the total area is to be transformed into an art gallery on a lease basis. It will also include10 studios at the ground level which can be used by the artists.

According to Mike Mulhalli, Regional Partner, Jefferson Apartment Group, the company strives to create an arts district near Eola. The property, in addition to the proposed art gallery, will consist of three secured parking levels with the fifth-floor housing a pool deck.

Built for renters

According to Mulhali, notwithstanding the fact that the urban core of Orlando is predominantly rentals, the uptown area of the city continues to attract renters who have the ability to pay in the region of $1,200 per month for kinds of apartments that have more than adequate amenities. The concept envisioned by Jefferson Apartment Group changed after it started planning for the project about five years ago.

Mulhali said that the Orlando Realtor is also developing a different site located to the south of the city. He confirmed that the company has a contract nearer to South Street. He was reluctant to give out more details. According to Susan Morris of Colliers International, a real estate firm, Jefferson is one of many apartment complexes in the final planning phases for uptown Orlando.

Another uptown project in the process of taking shape is The Sevens. It is scheduled to be set up on a property located at North Orange Avenue.

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

TOC*

Value of Lake Properties Driven by Residential Construction

Posted on by Jenny Zamora

A substantial increase in residential and business construction rolled in 3.5 percent more to Lake County’s tax map. This is the second consecutive year of rising in values after a number of years when the economy was in depression.

Higher tax collections

According to Carey Baker, a property appraiser, this is the first instance when the values of single-family residential homes in Lake cities increased. Orlando realtors have calculated that new residential, as well as business construction, added an excess of $295 million when it comes to taxable values. This equals a variation of 89 percent compared to 2013. In 2014, the county witnessed a rise of 1,500 new properties earmarked for residential use.

The biggest single construction in the new category was the Chet Lemon commissioned by The Big House. The 162,000 square foot built-up area in Tavares was funded by the former baseball player and contributed a massive $7.6 million in taxes.

Gigi Lemon, the wife of Chet Lemon, said that the Lane Park Cutoff facility attracts a substantial number of visitors with tournaments and youth events. The Big House opened its gates in February 2013. Lemon is surprised by the response. She believes that people are impressed by the facility.

Near all-around growth

All the Lake cities with the exception of Leesburg saw a rise in their taxable values. Maximum growth was seen in the south Lake region. The group was led by Groveland, with a 14 percent rise, trailed by Minneola which rose 9 percent. Clermont followed third with 7 percent.

According to Orlando real estate agents, it is clear that, as was in the past, the south Lake leads the county when it comes to growth. The drivers of this growth are the people who are employed in Osceola and Polk. They are relocating to South Lake due to a number of attractive factors like a nice community and affordable housing. The icing on the cake is the quick accessibility to jobs in cities.

According to Orlando realtors, Leesburg suffered a slight drop in values-about 0.19 percent due to the relatively slower construction growth and weak values when it came to single-family homes.

There is, however, a glaring problem. Baker pointed to the $91.5 million reductions in taxable value of the tangible property which businesses pay related to equipment including machinery and computers. The county saw a tax reduction of $77.1 million due to such taxes.

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

TOC*