Tag: Top Orlando Realtors

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.

 

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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.

 

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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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