According to the latest Realty Trac report, the Orlando market ranked 10th among the nation's largest metro areas with the highest foreclosure levels.

The Orlando metropolitan statistical area posted a total of over 7,000 foreclosure filings, or one in every 122 households, in October of this year. That represented a 2.4 % decline from October 2009's and a 2.6 % decline from the 7,572 filings reported in September 2010.

Meanwhile, Florida as a whole, was the state with the second-highest foreclosure rate in the nation with one in every 155 homes receiving a foreclosure filing last month, 2.5 times the national average. The Sunshine State had 56,858 filings in October, a 9.5 percent increase from 51,911 filings in October 2009 but a 4.5 %decrease from 59,514 filings just one month earlier. (The winning state? Nevada.)

The numbers go up, the numbers go down, but the trend is clear. Things are (or are not) changing much depending on how you look at things.

What is clear, is that renting may not make much sense for a lot of people while home prices are so low. Provided of course you have the cash to make the home purchase, or are able to get a loan.

In Orlando, loans on condos are virtually impossible unless the community is FHA approved and I can count those on one hand. Most Orlando condo sales have been cash only for a couple of years now, particularly in the case of bank owned condo foreclosures which are so common in subdivisions like MetroWest.

However, if the MetroWest real estate for sale is not a condo, then not only can you get a loan but you will also potentially get the deal of a lifetime. You might not think so for a couple of years, but I can virtually guarantee your kids will one day be asking you where all that equity came from!

After what seems like forever, the Vue Condos downtown Orlando are finally selling again and it looks like FHA approval could be right around the corner. The only other FHA approved condo for the last year or two has been 101 Eola condos. The Vue was working on FHA underwriting last week and final approval should be any day now. What does this mean? Loans of course! Until now, most deals have had to be strictly cash but with FHA approval qualified applicants may once again be able get a mortgage. This might cause an upswing in pricing but my guess is that demand is still fairly weak so hopefully this won't happen too quickly.

Some sample inventory from the Vue at Lake Eola follows: 

One bedrooms:

215 - $179,900   (939 sq ft)

403 - $195k        (950 sq ft)

823 - $200k        (996 sq ft)

Two Bedroom:

2108 - $279,900 (1,134 sq ft)   City View

2207 - $289,900 (1,132 sq ft)

2603 - $315k     (1,140 sq ft)

Corner 2/2

2112 - $365k   (1,285 sq ft) City View

Corner 3/3

1701 - $595k     (2,009 sq ft)

2802 - $625k     (2,159 sq ft) City View

Recent sales include:

• 1609 - ($285k) Closed
• 1705 - ($292k) Closed
• 1211 - ($229k) Closed
• 2501 - ($568k) Closed
• 802 - ($313k) 10/29/10

For more information, up-to-date pricing and a tour of the Vue downtown Orlando and other condo towers, visit our downtown Orlando condo site or call us on: 407-290-3408 and we'll make sure you get the best deal in town -- along with an exclusive 1-year home warranty offered as our closing gift to you!

A week or two ago, the nation's banks put America on notice that they intended to put their foreclosure inventory on hold while they sorted out their latest mess. Yesterday, amidst fears that their first round of news was about the cause a further decline in house values, the banks announced that everything was peachy with their inhouse procedures and that foreclosure sales would continue as usual. I doubt the crisis is over but I'll go with it for now.

In any case, it's good news for MetroWest Orlando real estate foreclosure sales, which currently run the gamut from single family homes to townhomes to condos. There are some great deals in every price bracket from $50K condo foreclosures to million dollar single family homes. There are also dozens of short sales which outnumber the bank reposessions in MetroWest about ten to one. For more information visit the Metro West Orlando real estate site at: MyMetroWestRealty.com

In other Metrowest Orlando news, last weekend saw the Isles in MetroWest fall festival which was a great idea but sadly was not so well attended. It was a beautiful day and there was no apparent reason for the lack of turnout, except no doubt, people just weren't feeling so neighborly.

Perhaps next year...

The MetroWest subdivision of Orlando (32835), got a new site this month as the Orlando Real Estate Pros launched a new site aimed at helping buyers of MetroWest real estate. 

The site focuses on Metro West single family homes but also has a condo section. The site's developer, Marcus Burke is a resident of MetroWest and says that MetroWest needed a real estate site that was dedicated to the subdivision.

"It seems that condos get all the attention these days," he said. "But the fact is that the real estate in MetroWest is pretty diverse with a good number of townhomes and high-end single family residences but because they are hidden behind the golf course, very few people are even aware of them."

The new Metro West site gives useful school information, highlights some of the best Metro West foreclosure deals and short sales, and also introduces the MetroWest Real Estate Blog for the latest local news & gossip. The Central Florida MLS can also be accessed via the site giving buyers the opportunity to browse MetroWest's real estate inventory from the comfort of their homes at no charge.

The launch of the new site comes hot on the heels of the new downtown Orlando condo site and more hyper local sites are planned for the future.

For more MetroWest home information and to obtain free foreclosure listings, call: 407-290-3408 or email: Info@MyMetroWestRealty.com

Are You A Patsy For Your Buyers?

As real estate agent, there’s a chance you may have discovered that everyone wants a piece of you. Buyers in particular want your knowledge of the market place, your experience and advice, and allowed to run amok unchecked, they will bleed you dry without a second thought. So long as there’s no charge of course. Because nobody wants to pay for advice. Heck no. Advice should be free, right?

But what if advice is all you’re selling?

As my attorney once said to me when I asked him about his exorbitant fees, “What I’m selling is my knowledge and experience,” he said. “That’s all I have. It’s what’s in my head. I’m not selling a product.”

It seems to me that as real estate agents, we have two important lessons to learn from the “Attorney Business Model.”

1.) Don’t work for free without a shot at a pay day.

When an attorney agrees to take your case on a contingency basis, i.e. “no win, no fee” (as opposed to on an hourly basis), they do so only after you have made a commitment to using their services, that is, you sign the Company Agreement. No paperwork - no attorney. Why? It’s simple. Attorneys don’t work for free.

Commitment from the client is key. Because once you’ve made that commitment to their firm, the attorney may appear to be working for free – but it’s only temporary. Because the expectation is that they will get paid in due course. In essence, they are simply advancing you their skills in expectation of future compensation. The idea that they are working for free is really just an illusion (assuming they select their clients with skill) which brings me to the second lesson:

2.) Like plaintiffs, not all buyers are created equal. When attorneys work on a contingency basis, they don’t take on every client that calls their offices. Not all plaintiffs are created equal, and not every case is winnable. Attorneys survive by taking on those clients that they think they can be successful with. The more often they pick the “wrong” clients, the quicker they go out of business.

It seems to me that real estate agents who represent buyers often stray on both of the above counts. Firstly, like attorneys, we work essentially on a contingency only basis (i.e. no sale no fee). And like attorneys, we have the option to decide who we want to work with. If we don’t feel that we can “win” a particular client’s case (i.e. close on a home sale) then we shouldn’t take it. It’s that simple.

In order to test the win-ability of a particular case, we have to meet with a potential client and go over the value of their case (i.e. “qualify” them) before putting them on the stand (or in our cars). Can you imagine an attorney meeting a client for the first time at a trial hearing without knowing the first thing about them?

Secondly, most of us are not requiring our client to sign the Company Retainer (exclusive buyer agreement). Many are not even asking the prospect if they are already working with other agents. And those that do ask and receive a response in the affirmative, often still work with that client in the vague hope of a pay day. They simply cross their fingers and take a chance. Not even the most desperate of attorneys would dream of squandering their time in this way.

As agents we often give way to pressure because we fear the loss of the client. We fear that if we don’t do as they ask, they will go elsewhere. That’s understandable. So why don’t attorneys give way to those same fears?

I believe the reason attorneys are comfortable with their business model is because they have no doubt that if a potential client chooses to go elsewhere, they will receive the same evaluation. They have confidence in both their education and their skill set. They have self-respect and they value their time.

As real estate agents, we have fallen short of this evolutionary mark. We are less homogenous, we don’t possess the same cohesion as a group, and education levels vary widely. And until our industry is able to adopt some basic standards for working with buyers, we will continue to have our time abused while we run around, flapping in the wind like the Affleck duck and then getting caught in procuring cause disputes. If it’s true that there’s no such thing as a “free lunch,” then it’s high time agents stopped running their businesses like the local soup kitchen.

In short, while a potential client is evaluating our services we should also be evaluating them. And if a.) we don’t think we can “win” their case, or b.) they won’t sign the Company Retainer, we should do what any novice attorney would do and scream “Next!” Because if you won’t give me your commitment, then I’m not going to give you my time.

I think Anthony Hopkins put it best in Silence of the Lambs. While sucking on his favorite Fava beans, he looked over at FBI agent Jodie Foster and whispered: “Quid pro quo, Clarissa. Quid pro quo.”

As you might imagine, I take a lot of calls as an Orlando Realtor. I get a few thousand emails a month and a lot of phone calls. Many of those calls and emails end a little like this: "So yeah,  I'm looking for an Orlando condo deal - let me know if you come across any good steals, OK? Cuz I'm really serious OK?"

"Absolutely," I say. "No problem."

I hang up and right away, I add them to my Hot-buyer-looking-for-a-good-condo-deal-in-Orlando list because it's vital that I separate them from the alternate list, you know, the I'm-really-looking-to-get-screwed-on-my-next-real-estate-deal-so-if-you-see-anything that's-truly-over-priced-then-I'm your man, list).

So do I ever come across any good opportunities in this line of work? I should hope so. But if you're just out randomly calling real estate agents that you found online, and you called or emailed on a whim, and they don't know you from Adam, then you're unlikely to hit the Company radar.

I'm not trying to be difficult here, but if you haven't been to my office for any kind of consultation, then I have no idea what your idea of a "steal" might be. For example, I saw a fantastic Orlando condo deal downtown the other day. A veritable bargain. Reduced by a million dollars to just $1.1 million. Waddayasay? Let's write it up!

Wait, you told me to call you, right?

The truth is, if a Realtor hasn't met you, hasn't pre-qualified you and you have no commitment to using their brokerage for your purchase, then you're not really a "client". And if you're not a client, why would anyone call you for that deal of the century, when they can contact a loyal client with whom they've been working for the last six months?

It's a bit like calling an attorney and hoping for a little free advice but not wanting to sign up with them and pay a retainer. In the real estate world, most of us don't even ask for a retainer, but we do require a certain level of commitment before we start to work for free.

So if you're truly "serious" about buying a condo (or any other sort of real estate), you need to develop a relationship with a local agent and sign up with their agency (just as you would if you were selling your home). They can then work on finding you something specific, at a certain price, in a certain neighborhood, in a certain time frame, because praying that you'll get a call when the next "steal" flies across their desk isn't going to work. The agency will get you qualified as a buyer, and then you'll start seeing those much sought after listings appearing in your in-box. Remmber, as a buyer, this service won't usually cost you a dime, since in most cases, commissions are paid by the seller - or financial institution with condo foreclosures).

For more information on Orlando's latest condo deals including our Downtown Orlando Condos for sale contact Condo Metropolis: Info@CondoMetropolis.com or even our website at: http://CondoMetropolis.com where you can search the entire Orlando MLS for free!

55 West condos downtown Orlando, now essentially apartments, are continuing their efforts to rent the entire condominium ASAP. They will be downtown rentals for the forseeable future until they can be resold as condos.

Fifty-Five West condos have some great deals at the moment including free give-aways each month. Condo Metropolis will also give renters a $200 check for using their service. Just register Condo Metropolis as your sole agent when you register your interest at 55 West condos during your first visit!

Multiple floor plans are still available as the owners rent their way up through the remaining floors of the building. 55 West has the best pool deck in downtown for those who don't know. On the minus side, the condominium is close to the train tracks which may bothers some, although the noise insulation is very good. And for those that like to drink and stumble home, this is the closest condo community to the bars... in some cases, you might have to walk all of a hundred yards.

Call Condo Metropolis at 407-290-3408 for more info and a tour of 55 West apartments, and visit our site for more info on the orlando condo scene. See our brand new downtown site for specific info on Orlando's downtown condos & apartments.

Fannie Mae's new REO program may finally give primary home owners the break they've been looking for on the foreclosure front.

Until now, 'real' home buyers have been beaten out of most foreclosed home sales by bidding wars that favor investors with cash, a practise which fails to help neighborhoods recover as well as they might.

Starting this month, Fannie Mae homes will now go firstly to home buyers who plan to occupy the units they purchase, and will not be open to investors for the first fifteen days. During that time frame, Fannie will only consider offers from owner-occupant purchasers even if investors are ready to make superior, all cash bids for the units.

"[the program] provides owner occupants and public entities that are committed to the community an early opportunity to purchase one of Fannie Mae's REO properties," said Terry Edwards, Fannie's executive vice president for credit portfolio management. He went on to explain that the company is intentionally trying to give a leg up to ordinary buyers over private investors in order to increase owner occupancy levels in neighborhoods hard hit by waves of foreclosures.

Owner occupant purchasers will also get up to 45 days to close on their transactions - 15 days longer than other bidders get from Fannie Mae.

Prospective buyers of Orlando real estate looking for a great forclosure deals can contact the Orlando Real Estate Pros directly on 407-290-3408. Contact Condo Metropolis on the same number for foreclosures of Orlando condos.

The Consumer Product Safety Commission (CPSC), recently set up a Web site to keep consumers, drywall manufacturers, builders and others up to date with its investigation into Drywall imported from China, blamed for rotten egg smells along with fast metal corrosion and miscellaneious health problems.

CPSC's Drywall Information Center offers updates (online and via email) on the investigation, help for homeowners trying to determine if their drywall is making them sick, where drywall problems have been reported and other related information.

Preliminary research from the U.S. Environmental Protection Agency found the Chinese-made drywall contained sulfur, which is not in U.S. drywall, but widely used in black gunpowder, matches, insecticides and fungicides.

EPA tests also found strontium, (a metallic element that is highly reactive chemically, including, in a finely powdered state, spontaneous ignition at room temperature) at levels 10 times as high as in U.S. drywall.

Some 36,000 homes in Florida, as well as additional properties in post-Hurricane Katrina Louisiana and Virginia, Alabama, Mississippi and California, were constructed with the Chinese-made material, which is different from U.S. drywall. The material has apparently been installed in some 100,000 homes nationwide according to U.S. Senator Bill Nelson (D-FL), whose high number of affected constituents put him at the forefront of an effort to learn more about the drywall material.

The drywall seems more common in South Florida with Orlando real estate being slightly less affected.

A 3-community Orlando condo auction is scheduled for Sat August 29th 2009. Communites are:

1. Audubon Villas condos at Hunter’s Creek
2. The Cascades condos at Kissimmee
3. Oxford Square condos in Casselberry

179 condos in total will go under the auction hammer. First 20 will be absolute. For more info visit our Orlando Condo Auctions blog. You must pre-register and will need a deposit check to bid.

If you’re out for something a little more upmarket, consider the condo auction at Artisan Park in Celebration. These condos used to retail in the high $300’s but now suggested opening bids are in the mid $100’s. Floor plans from 1200-2000 SF and HOA dues in the mid $500’s. There’s a week of open house viewing left.

In all cases, prospective buyers must register and a deposit check will be required up front to bid.

See CondoMetropolis.com for more details or call 407-290-3408.