Orlando, FL

Homes in Orlando for Sale on the Rise

07-30-10

David Welch: Real Estate Agent in Orlando, FL

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Office: (407) 629-6330 x399

Mobile: (407) 924-7670

The number of homes available for sale has risen by about 1,000 over the last three months. Back at the end of April there were about 15,700 homes available for sale and today there are about 16,700. I looked to see where the additional inventory is coming from, and they are all distressed properties. Back on May 3rd in by Orlando real estate blog I found 8,335 equity sales, 1,740 bank owned properties and 5,628 short sales available for sale. Checking today, there are 8,319 equity sales, 2,446 REO's and 5,956 short sales. The normal sales have remained very constant while bank owned have risen by almost 700 or just over 40% and short sales are up a little over 300 or just over 5.5%.

While I expect the short sales and bank owned to continue coming on the market, we are approaching the time of year when fewer equity sales will be listed and many will begin to come off the market. Of course, this is also the time of year sales begin to slow down. Factoring all this in, I expect to see a steady rise in inventory through the end of the year. Unless employment really begins to pick up, look for active inventory around 18,000 by years end. So far in July just over 1,800 sales have closed at a median sales price of $108,900. It looks like my estimate of 2,200 sales is probably right on track as many sales are likely to close today as the last Friday of the month.

David Welch Real Estate Optimist, Orlando Real Estate

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Condominiums in Orlando Florida for "CASH ONLY" !

07-29-10

Mike & Eve Alexander, GRI, CEBA,CBA,RRC, CIPS, ABR, ABRM, ALHS, CLHMS, TRC, CSP

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Office: (407) 539-1053

Mobile: (407) 227-7759
Secondary: (888) 539-1053

CONDOMINIUMS IN ORLANDO FLORIDA FOR "CASH ONLY"!

A CASH purchase always "talks" but in the Orlando condo market it is the only conversation that will lead to ownership.

Lets start with the fact that in the year 2010, very few Orlando condominiums are finance-able, so "all cash" will be needed to purchase a condo in Orlando. The reason for this is that in the days of escalating prices and "easy" financing many investors bought multiple units with the intent of re-selling (flipping) to make a quick profit or to rent out for a positive cash flow.

Orlando Condos When prices dropped, condo owners were unable to sell for a profit and owed more in loans than the money they could re-coup from a sale...add to that the Orlando Condo Market became saturated with desperate owners willing to rent their Orlando condo units for less than a fair rental rate which made renting the condo units a solution that did not cover the holding costs.

SO....owners started walking away from their Orlando Condo financial obligations. After all, they did not live there, so it was easy. The banks became overwhelmed with requests for "short sales" (selling the property for less than the mortgage) and daily foreclosures (repossessions by the Bank due to non-payment of mortgage), so the Banks/Lenders said "Enough!", they are no longer going to finance properties that are so easy to walk away from and are now taking HUGE losses on. Banks have pretty much "black-balled" all Orlando Condos from their approved list to finance and now will not even finance their own condominium properties!

Add to that another problem: As Condo owners started sinking in debt on a business risk that failed, most stopped paying their maintanence fee, which left the Orlando Condo Associations no choice but to raise the maintanence fees in order to keep up the with the cost of necessary repair and upkeep. Some condo associations that were still financially deficient stopped fixing things and saved on watering the lawns...those Orlando condo communities look neglected...a few associations have filed bankruptcy...

All this turmoil has re-confirmed to the banks that they made the right decision not to lend money on condo units in Orlando, Florida.

HERE IS THE GOOD NEWS ON BUYING CONDO'S IN ORLANDO FLORIDA: If you have the cash to buy a condominum in Orlando Florida, the deals are absolutely incredible...I mean super bargains that will not be duplicated. You can get condo's for 50%-80% LESS than they were selling for a few years ago, but these deals will not last long as Orlando condo sales have increased.

HAVE CASH? BUY A CONDO IN ORLANDO FLORIDA!

Take a look at Metro Orlando Condos from $100,000 to $300,000

Take a look at Metro Orlando Condos from $300,000 to $500,000

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AirTrans Airways Continues Major Expansion in Orlando Florida

07-27-10

Gary Berkson, ABR, CRS & CDPE

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Office: (407) 333-4400

Mobile: (407) 920-0206
Secondary: (407) 333-3386

Orlando International Airport is the 3rd largest airport in the United States and according to Wikipedia the 27th busiest airport in the world. With the size of the airport there is room for major expansion.

AirTrans Airways Continues Major Expansion in Orlando Florida

You may not know this but according to Governor Charlie Crist, "The Sunshine State is a global leader in air passenger transportation, and I look forward to greater economic successes and growth as a result of this job creating expansion."

Today AirTrans Airways unveiled the System Operations Control (SOC) Center and also plans to open a pilot base in Central Florida this fall. The base will initially employ 100 pilots. That's great news to Orlando Florida.

Central Florida real estate has been hit hard by the economy but the citizens, community leaders are doing everything they can to bring commerce and job opportunities to Orlando Florida. Orlando Florida and surrounding areas is a very diverse area offering a variety of employment opportunities.

Are you a pilot looking to relocate to Orlando Florida? As a resident of Central Florida, I wouldn't want to live anywhere else! Why not consider making Orlando Florida your home.

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Declining Apartment Vacancy Rates Could Mean the Beginning of the End of the Real Estate Crash

07-27-10

Judy Chapman, REALTOR® ~ Luxury Home & Short Sale Specialist

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Office: (407) 365-9090

Mobile: (407) 227-7763

According to Bloomberg.com, the vacancy rate of apartment rentals has declined from 8.2% in December 2009 to 6.6% in June 2010.

Meanwhile the rate of homeownership has fallen from 69.2% at its peak in 4^th Quarter 2004 to 66.9% in 2^nd Quarter of 2010. The decline is directly attributable to 3 factors:

The foreclosure epidemic
The snapping up of properties by investors
The rent solution so many homeowners have been forced to take as the result of depressed market values.

Because of reduced vacancy rates, investment rental income is expected to rise 5 to 10%.

Rising rents, in turn, will eventually make homeownership a more attractive alternative to renters.

Could this mean the beginning to the end of the real estate crash? We can only watch and wait, and hope the market will round the corner, shed much of its bloated inventories, and encourage home appreciation to come back onto the scene.

But not too much appreciation, since slow and steady wins the race.

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