Orlando-area existing condominiums sold like hotcakes in July at still-falling prices, according to a new report from the Florida Association of Realtors.
Association members brokered 475 condo resales in the Orlando metropolitan statistical area last month, more than triple the 151 unit resales recorded in July 2008. But the median sales price fell to $49,800, 59 percent down from the $121,900 price reported in July 2008.
A total of 2,343 single-family homes sold in July in the Orlando area, a 41 percent increase from the 1,656 sales posted the same month a year prior. Median home values fell 29 percent, from $209,100 in July 2008 to $148,400 in July 2009. complete story
Source: BizJournals.com
Friday, August 21, 2009
Tuesday, August 11, 2009
Orlando Sales up 4.5% - Orlando Real Estate Values down 35%
July existing home sales jumped nearly 45.5 percent when compared with the year prior, but values fell 35 percent, according to the Orlando Regional Realtor Association’s monthly report.
Association members in July reported 2,141 closings, which compared with 1,472 in July 2008. So far this year, association members sold 12,223 homes, 45 percent more than the 8,423 homes that had changed hands in the first seven months of last year.
For the Orlando area— Lake, Orange, Osceola and Seminole counties — 2,763 homes were sold in July, a 56.3 percent jump when compared with the 1,768 sold in July 2008.
Although the median sales price of existing homes sold by association members fell 35 percent in July, from $208,000 in 2008 to $135,000 this year, it rose nearly 3 percent when compared to June 2009’s price of $131,175.
About 737 of the home resales in July of this year were bank-owned while another 162 were distressed property sales, making up 42 percent of all sales. “Normal” sales, which totaled 1,242, made up about 58 percent of the total.
Excluding distressed and bank-owned home sales, the median sales price was $165,000, a decrease of 4.3 percent from June’s $172,500. The median price for bank-owned sales was $84,500, up 5.8 percent from June’s $79,900, and for distressed sales was $139,500, down 8.2 percent from June’s $152,000. complete story
Source: Orlando Business Journal - Anjali Fluker
Association members in July reported 2,141 closings, which compared with 1,472 in July 2008. So far this year, association members sold 12,223 homes, 45 percent more than the 8,423 homes that had changed hands in the first seven months of last year.
For the Orlando area— Lake, Orange, Osceola and Seminole counties — 2,763 homes were sold in July, a 56.3 percent jump when compared with the 1,768 sold in July 2008.
Although the median sales price of existing homes sold by association members fell 35 percent in July, from $208,000 in 2008 to $135,000 this year, it rose nearly 3 percent when compared to June 2009’s price of $131,175.
About 737 of the home resales in July of this year were bank-owned while another 162 were distressed property sales, making up 42 percent of all sales. “Normal” sales, which totaled 1,242, made up about 58 percent of the total.
Excluding distressed and bank-owned home sales, the median sales price was $165,000, a decrease of 4.3 percent from June’s $172,500. The median price for bank-owned sales was $84,500, up 5.8 percent from June’s $79,900, and for distressed sales was $139,500, down 8.2 percent from June’s $152,000. complete story
Source: Orlando Business Journal - Anjali Fluker
Saturday, August 1, 2009
4 Ways to Get the Best Deal for New Orlando Home Construction
Some buyers would much rather have a brand spankin’ new Orlando home – fresh, clean and untouched. Does this describe you? Then read on and learn some of the guidelines for getting the best deal on your dream home.
Be on the lookout for disreputable builders…
Reputation is everything for a builder. Ask for recommendations from people you know, but also do your research. Check with the Better Business Bureau. Talk to people in the same development about their experiences with the builder. Look over the homes in the early construction phase to see what type of materials and quality of workmanship they provide in areas such as the foundation and plumbing.
Use your own agent…
Although a builder might offer the use of an agent, keep in mind that the agent is the builder’s. They aren’t looking out for your best interests. Hiring a buyer’s agent will give you someone who represents you and your best interests.
Research the location…
When it comes to new Orlando home construction, you may very well be looking at a development on the outskirts of town. It may seem quaint and quiet. However, if there’s a lot of space around, you could unknowingly settle into a place that will quickly become a bustling metropolis.
Check with the local town or city-zoning board to find out the types of zoning that surround the land. See if development plans have been submitted. Will the surrounding land have a strip mall or apartment complex that depreciates the value of your home, or high-end houses that raise it?
Check the weather…
Before you sign that contract, visit the area during or after a heaving rainstorm. You’ll want to look for signs of bad soil drainage, which can affect your new Orlando home and the surrounding property. Otherwise, you might have to build an ark to get to work.
If you’re looking at new construction and need someone on your side, we can help. Call us now at 407-876-5771.
Be on the lookout for disreputable builders…
Reputation is everything for a builder. Ask for recommendations from people you know, but also do your research. Check with the Better Business Bureau. Talk to people in the same development about their experiences with the builder. Look over the homes in the early construction phase to see what type of materials and quality of workmanship they provide in areas such as the foundation and plumbing.
Use your own agent…
Although a builder might offer the use of an agent, keep in mind that the agent is the builder’s. They aren’t looking out for your best interests. Hiring a buyer’s agent will give you someone who represents you and your best interests.
Research the location…
When it comes to new Orlando home construction, you may very well be looking at a development on the outskirts of town. It may seem quaint and quiet. However, if there’s a lot of space around, you could unknowingly settle into a place that will quickly become a bustling metropolis.
Check with the local town or city-zoning board to find out the types of zoning that surround the land. See if development plans have been submitted. Will the surrounding land have a strip mall or apartment complex that depreciates the value of your home, or high-end houses that raise it?
Check the weather…
Before you sign that contract, visit the area during or after a heaving rainstorm. You’ll want to look for signs of bad soil drainage, which can affect your new Orlando home and the surrounding property. Otherwise, you might have to build an ark to get to work.
If you’re looking at new construction and need someone on your side, we can help. Call us now at 407-876-5771.
6 Reasons Why Now Is The Best Time For Orlando Home Remodels
Cash in your pocket and equity in your Orlando home? If you’ve been thinking about making changes to your house but thought you couldn’t afford a remodel, it’s time to rethink the possibilities. The payback on renovations in cost versus higher home value, should you decide to sell your house later, can be better than you thought.
Reason #1: Lower bids from the contractors. The home renovation business is falling with the current housing market, leading to lower bids for the homeowner’s remodeling project. In addition, most contractors are willing to negotiate with you for a better price, leaving you with a beautiful remodel for an excellent price.
Reason #2: Higher number of contractors to choose from. Although homeowners are still making repairs and working on their houses, the number of bigger additions and fancy remodels is going down. More contractors are competing against each other for your project.
Reason #3: Lower financing costs. If you have good credit and a steady economic foundation, you can get lower financing costs. This, in turn, makes the project that much more affordable.
Reason #4: Lower cost of materials. Because the number of major remodels is dropping, the demand for materials (and thus the cost) is also dropping.
Reason #5: Less waiting time for a top-rated remodeling contractor. With a lower number of people wanting to remodel their Orlando home, even top-rated professionals have a shorter waiting list.
Reason #6: Better service. With more competition, contractors are definitely giving “service with a smile.” Calls are being returned faster; jobs are starting on time (or before!).
If you looked into remodeling your Orlando home more than a year ago, now is definitely the time to do something about it. However, even in this sweet time for remodeling, be aware of shady companies and shoddy work. Do your research before accepting any contractor.
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Reason #1: Lower bids from the contractors. The home renovation business is falling with the current housing market, leading to lower bids for the homeowner’s remodeling project. In addition, most contractors are willing to negotiate with you for a better price, leaving you with a beautiful remodel for an excellent price.
Reason #2: Higher number of contractors to choose from. Although homeowners are still making repairs and working on their houses, the number of bigger additions and fancy remodels is going down. More contractors are competing against each other for your project.
Reason #3: Lower financing costs. If you have good credit and a steady economic foundation, you can get lower financing costs. This, in turn, makes the project that much more affordable.
Reason #4: Lower cost of materials. Because the number of major remodels is dropping, the demand for materials (and thus the cost) is also dropping.
Reason #5: Less waiting time for a top-rated remodeling contractor. With a lower number of people wanting to remodel their Orlando home, even top-rated professionals have a shorter waiting list.
Reason #6: Better service. With more competition, contractors are definitely giving “service with a smile.” Calls are being returned faster; jobs are starting on time (or before!).
If you looked into remodeling your Orlando home more than a year ago, now is definitely the time to do something about it. However, even in this sweet time for remodeling, be aware of shady companies and shoddy work. Do your research before accepting any contractor.
Want more tips like this? Subscribe to our blog. It's easy, fast and free.
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