Tag: Top Orlando Realtors

Higher Tax Bills to Follow Higher Property Values in Orlando

Posted on by Jenny Zamora

For Orlando residents who are trying to sell their properties, there is a cause to celebrate: residential property prices in the region went north in 2014. However, the celebration will cease to exist for people who do not plan to sell their properties. The reason is simple: a high property value comes saddled with bigger tax bills. This will hold true for all Orlando real estate, even if the government doesn’t change the tax rates.

 

The rise in property values

According to Orlando realtors, people with homestead exemptions will face a lesser blow, but their tax rate will go up anyhow. The property values in Seminole County are anticipated to increase by almost 5.5 percent in 2014 when compared to 2013. Property values in Orange County are expected to increase by approximately 6.6 percent. In Osceola, property values will spike by about 2.4 percent and Lake’s nearly 3.6 percent.

Among the cities, property values in Winter Garden are anticipated to rise to almost 13.2 percent up 2013 prices. About 14 percent appreciation is expected in Groveland and the value of properties is expected to increase in Altamonte Springs by approximately 5.5 percent. This increase in property valuation across the region for the second consecutive year is a sign of a healthy economy.

 

The economy bounces back

According to Rick Singh, a property appraiser in Orange County, the economy is slowly clawing back and with sound fundamentals. He added that both the home buyer and the investor show more prudence today than what they exhibited in the past, in a reference to a market which went ballistic and plunged the country into a Great Recession.

Orlando realtors cite a number of causes for the rise, the factor of new home construction prominent among them. To give an example, Lake County will see an extra $295 million in value from brand-new residential construction. Another important factor is that the number of employed persons is increasing and they are purchasing homes. The profile of other kinds of buyers includes investors who purchase foreclosures only to rent them out to tenants.

In totality, residential properties in Orlando are becoming rarer, leading to an increase in residential prices. Singh pointed out that the Orlando real estate agents are beginning to receive a number of offers on the same property.

In the usual sense, a property’s appraised value, which is determined by the government, is quite less than its purchase price. The market is exhibiting unmistakable improvement signs. https://orlandorealtyconsultants.com/blog/

 

 

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Home-Price Recovery in Metro-Orlando Inconsistent

Posted on by Jenny Zamora

Orlando Home Owners Could Make The Best Of The Situation

Residential real-estate property prices rose by an average of 20 percent, in the Orlando metropolitan area, from February 2013 to May 2014, says a new Orlando real-estate industry report. The report, which compared the sales of the same Central Florida residential properties over time, found price gains to be rather inconsistent over different communities. In Orlando for example, recovery has been insignificant.

Realtors in Orlando note that home prices in Orlando remain far below (approximately $100,000) the peak value. A common observation was that neighborhoods where property prices reduced the most, after the crisis of 2007, were the neighborhoods where the recovery was the highest.

Newer communities around Orlando bounce back the most

Interested in finding out the neighborhoods of Central Florida where residential real-estate property prices have recovered the most? You’ll have to look, not at Orlando but at the neighborhoods located at the periphery of the city.

Reports reveal that communities of Lake County and south Osceola County, witnessed price gains of at least 30 percent, in the period extending February 2013 to May 2014. Top Orlando realtors note that the said neighborhoods could register maximum recovery because they were hit the hardest during the housing crisis.

The Orlando short sales experts have another factor to add to the list of reasons for the inconsistent recovery – the impact of foreclosures. Newly developing communities in the Orlando metropolitan area were hit the hardest by foreclosures, primarily because owners of the homes that were constructed just before 2007, when the real-estate market crashed, possessed minimal to zero equity on their homes.

Such owners formed the lot of lenders going through short sales or through foreclosures. The rate of homes in these foreclosure-affected areas of Metro Orlando and Central Florida dropped the most. The recovery so has been more dramatic in areas that were hit hard by such foreclosures.

Impact On Buyers And Sellers

Real estate agents in Orlando note that the inconsistency in prices has made buying inconvenient and confusing for many buyers. Sellers, on the other hand, can use the confusion of the out-of-Orlando buyers to their own advantage.

When searching for a home in Orlando, prospective buyers are often coming across properties that are priced according to the sales in high-recovery neighborhoods and not the slower-rebounding communities nearby. Assessing the fair market value has become more difficult and prospective buyers are turning to the top realtors in Orlando for help.

For people hoping to sell/lease their properties, this may be a good time. When dealing with buyers from out of town, they can use inconsistency and confusion to price properties according to their own choice.

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Fewer Number of Orlando Multifamily Units in Market

Posted on by Jenny Zamora

Multifamily properties, a mix of condominiums and townhomes, available in the market went down by 14 percent in Orlando compared to the same quarter in 2013. This fact was revealed in the report published by Charles Wayne Consulting, a trusted source of knowledge among Orlando Realtors.

Reduced number of available units

The research firm, known for its specialist real estate focus, reported that about 459 such units were listed in the first quarter. This was less compared to 531 units recorded a year ago. According to Orlando real estate agents, the average price per unit increased 14 percent to touch $214,200 in that period of time.

According to Jim Lewis, President, of Charles Wayne Consulting, the multifamily segment in the Orlando real estate market has undergone a significant transition during the last 10 years. The residential construction of the area has gotten back to its normal mix of approximately two-thirds single-family and one-third multifamily units after a distinct trend towards condos and town-homes when the Orlando real estate market was at its peak.

Lewis is of the opinion that in a few submarkets, noticeably in the Greater Orlando area, multifamily unit availability is quite less. More and more Orlando realtors are going back to their drawing boards and proceeding with further actions to make the planned projects fruitful.

Trends

The first quarter of the year saw construction begin on 2,617 residential houses in the area. Closings of single-family homes were up by 40 percent compared to 2013’s first quarter.

The Crescent Gateway project is being developed by Crescent Communities. It is a mixed-use development spread over 80 acres of property. It is expected to be functional from the 2015 summer in Altamonte Springs at State Road 434 and Maitland Boulevard.

The apartment site itself will be spread over 8 acres and will consist of 294 units. Crescent Multifamily Construction is the general contractor for the project. Charlan Brock and Associates is its architectural firm.

A $10.3 million priced property located at the southeast corner of Harmon and Binion roads was purchased by GoGrowth One LLC. The buyer was represented by Rick Gonzalez of Crosby & Associates and by Jerry McGratty, a broker working with Westhampton Realty. The property was formerly the site of the Driftwood Gardens Nursery. The site comes under the enterprise zone, which is being planned to be developed as a research park.

 

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Outer Edges of Orlando Enjoys Strongest Recovery in Home Prices

Posted on by Jenny Zamora

Residential property prices at the edge of central Orlando have revived the most, according to listing agents in Orlando. Pockets of growth are being seen in Paisley, Montverde, and Eustis. All three come under Lake County and have exhibited price gains of up to 30 percent since February 2013. A few localities of St. Cloud and rural regions of the southern part of Osceola County also showed an uptick in prices.

Maximum gains in a few areas

The total increase in value of all the four counties in the metropolitan area of Orlando was 20 percent in the same period. Lawrence Bellido, an agent of Keller Williams, one of Orlando’s real estate companies, said that the above-mentioned areas are showing the maximum recovery since they were hit the hardest. He specifically mentioned Montverde’s Bella Collina and Harmony, where not a single property was sold at one point in time.

Gains not equal

Orlando has exhibited unequal gains in price when one community is compared with another. To give an example, the growth areas located in the southern borders of St. Cloud have exhibited gains of approximately 30 percent in 2013. In contrast, prices have risen only half of that number in older localities of St. Cloud, where a few homes were constructed in the 1920s.

Similarly, older localities of Kissimmee, Oviedo, and Casselberry saw an appreciation in price by approximately 15 percent in 2013. The numbers reveal an excellent recovery by a majority of standards but are still trailing behind the region’s other parts. Prices in Apopka and Mount Dora areas escalated by 11 percent. In contrast, home values in the Winter Park locality rose 8 percent in the same period.

Foreclosures

A possible reason for prices getting increased quicker in a few neighborhoods might be foreclosures. The foreclosure phenomena hit hardest in areas that are newly developed as the house owners in 2007 had negligible or no home equity. These owners were more prone to enduring short sales. Lenders incur short sales when they give their assent to sales prices that are lower than the mortgage. Values plunged to the maximum in these foreclosure-scarred neighborhoods, so they bounce-backed quite rapidly.

According to Mike Timmeran, President, MJT Realty Economic Advisers, the markets where prices rose the most were also those that fell severely. Buyers, however, can be very confused about these wide swings, presently. It will be very difficult for them to assess the correct market value of a property.

 

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How To Find The Best Realtor In Your Area

Posted on by Jenny Zamora

Finding the best realtor locally doesn’t have to be confusing. Here are some tips to help you find the best real estate broker in your area.


Firstly, jumping in the car and touring the area can be a great indication of the best realtors in the area. Check out the houses that are for sale and who they are listed with. This is a great way to find the most popular local real estate brokerages in the area.

After finding the most popular companies, you can then take your research further online.

Every realtor should have a web presence this will help you find out more about their company background, the properties they list, the areas they work in, and ultimately any ratings and reviews they have online.

Be sure to check out independent review sites where possible to get a more rounded look at the brokerage you have your eye on. All realtors will generally be open to sitting down and discussing your needs before you have decided on the company you want to help list sell your property.

Most realtors will be more than happy to offer help and advice should you need it so don’t be afraid of picking up the phone and discussing the different options available to you.

Selling your property should be stress-free and finding the right realtor for you doesn’t have to be confusing.


Just be sure to do your research well and ask questions.


For more help and advice on selling your property give us a call at 407-902-7750 or check out our website at https://orlandorealtyconsultants.com/ in more detail to find out more about what we can do for you.


How To Find The Best Realtor 407-902-7750

 

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