Condo Metropolis

Fannie Mae Gives Primary Home Owners A Shot At Foreclosures

Marcus Burke (Condo Metropolis LLC) — Sat, 05 Dec 2009 22:20:38 -0600

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," 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.

There may also be other incentives not open to investors. For example, owner occupants may not have to come up with the usual earnest money deposits that other bidders are required to make, but instead can put down as little as $500. 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 deal can contact the Orlando Real Estate Pros directly on 407-290-3408.

Chinese Drywall Website Goes Live

Marcus Burke (Condo Metropolis LLC) — Thu, 20 Aug 2009 18:44:32 -0500

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.

Orlando / Celebration Condo Auctions Coming Soon!

Marcus Burke (Condo Metropolis LLC) — Sun, 26 Jul 2009 09:39:05 -0500

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

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.

Agent Found Dead In Foreclosed Home - And The Valuable Lesson Therein...

Marcus Burke (Condo Metropolis LLC) — Sat, 25 Jul 2009 17:41:19 -0500

"So anyway, this is the kitchen - beautiful isn't it - and in the living room you will notice the, um, the dead body on the floor?"

Many of you telephone real estate agencies, having seen something you like the look of online, and ask us to just meet you there at the property for a viewing. We've never met you, you've never been to our office - you're not even a client.

Some buyers are surprised when we want to "pre-qualify" them before meeting them at an empty house or putting them our cars; that is, make sure they are ready, willing and able to purchase a home before they we show them homes.

This period is also an opportunity for the buyer to decide if they would like the Realtor in question to represent their home buying interests, while the Realtor also has an opportunity to decide whether or not the buyer is likely to be um, an axe weilding psychopath? Because meeting random strangers to visit homes isn't really part of a Realtor's job description - although many agents are willing to take the risk in the hope of finding a client. But in reality, a buyer should become a client first, get pre-qualified for a loan second, and look for houses last of all. But I digress.

So back to the story: the dead man on the living room floor is 45 year old Ricardo Contreras, a California agent that had gone missing the week before. In this case, the victim was actually male - which goes to prove that equality is alive and well in the murder business.

And which is why an agent might ask to meet with you at the office before showing you homes. They're not being awkward, they just don't know you from Adam. Or Eve for that matter. Chances are that you're not a homicidal maniac - but you might not have a penny to your name, which is far, far worse in our world.

Personally, I don't mind being found deceased on my own living room tile, but on a dirty carpet in a foreclosed home? Mamamia... the indignity of it all!

Original post at the Orlando Real Estate Pros Blog.

Official: Orlando Tops For Fat Kids and Condos

Marcus Burke (Condo Metropolis LLC) — Thu, 09 Jul 2009 16:32:29 -0500

Forbes named Orlando north america's #1 vacation city in it's latest ranking of destinations;
Meanwhile, Foreclosures.com ranks Florida #2 for Foreclosures (Cali was first);
According to a new study, 33% of Florida children are either obese or overweight.

Conclusion: Orlando is the best place to buy a cheap condo, bring your kids and eat ice cream.

We can't help with the supply of fat kids, but see CondoMetropolis.com for more info on Orlando foreclosures, and try the Orlando Real Estate Pros for more info on Orlando real estate.

Heads Up: ADDENDUMS is not a real word...

Marcus Burke (Condo Metropolis LLC) — Sat, 30 May 2009 14:55:12 -0500

If one more REO agent asks me to return their "addendums" ASAP or the bank will cancel the contract - I will probably just cancel it myself. If you're going to be in the REO business, then for the love of God: a.) get some manners, and b.) try to at least sound like you know what you're doing. There is no such word as "addendums". The plural of "addendum" is ADDENDA.

Likewise, the Latin vernacular for a property that has begun foreclosure proceedings is "Lis Pendens" and not "Liz Pendings" or any of the scores of horrific bastardisations I've seen agents use on AR, Trulia and anywhere else they can ply their advice.

The tendency for Americans to try to stick an "S" on everything to make it a plural betrays the fact that most of us barely managed to graduate high school. Worse still, many on AR are actually proud of the fact that they write like 10th graders! Others try to justify their poor use of the English language as "getting down with the people"; however, I haven't seen many attorneys talking to their poorer black clients in Ebonics. They still ask their clients questions. They don't "aks" them, right?

The truth is that poor spelling and grammar only betray us as poorly educated. If we want to have equal standing with accountants and attorneys who charge $300 an hour - then we better start acting like them. You don't need a degree in Latin to be a Realtor - but there's a great website at Dictionary.com that costs nothing to use.

Orlando: The Big Bad City...

Marcus Burke (Condo Metropolis LLC) — Sat, 23 May 2009 15:02:06 -0500

To some, Orlando looks like a city of concrete, condos, smoke and crime. At least it does to those folk that are moving from South Dakota or Wyoming. But for those of us who moved from New York or Chicago or London (or in my case, all of the above) there's something distinctly suburban about Orlando's downtown neighborhoods: Cobbled streets, more trees than a 12-year old could climb in a lifetime, and the sorts of creatures that you'd expect to find, well, in the local zoo.

Case in point: two days ago I was looking at some Orlando real estate with a client, when I had to swerve to avoid a... yes... one of those big blue, greenish things that looks sort of like a bird, but which can't actually fly like one. He seemed particularly interested in a foreclosure listing that had gone up recently.

After snapping a couple of evidential shots with my iPhone (lest I be accused of smoking crack), I stopped the next jogger I saw and asked if it was an every day occurance to see peacocks strutting their stuff down the sidewalks just a few blocks away from Downtown Orlando.

"Yes!" she said. "Don't you just love it?"

I did. Sort of.

But there's a downside to everything in life, and if you've ever heard a peacock's call you'll know what I mean. I thought someone was being murdered on the sidewalk - until I figured these things probably hang out in pairs. So I looked left and right - and then I realized there was more than one downside to having these avian artwork pieces as neighbors.

Remember how it feels when you've spent the whole Sunday washing and waxing your car - and then some pigeon goes and shits on the roof?

Well, I found the other peacock.

Popular Orlando condos

Marcus Burke (Condo Metropolis LLC) — Tue, 19 May 2009 16:21:46 -0500

At Condo Metropolis we've been working on dedicating a page to each of the major condos in Orlando. Here you'll find photos and floorplans and a quick blurb about each:

Bermuda Dunes, visit our Bermuda Dunes condos page. This condo is in the heart of MetroWest. One of the nicest in this neighborhood.

The Vue Orlando, visit our Vue condos page. This downtown Orlando condo has great views of Lake Eola and is just a couple of years old. Upscale and wi-fi throughout.

The Star Tower, visit our Star Tower condos page. This downtown Orlando condominium has just 100 units, each with oversized floorplans. Very modern interior with first-class appliances. Remaining units can be customized.

The Solaire at the Plaza condos, visit our Solaire condos page. These downtown condos are the cheapest of all and the crowd who live here, the youngest. Walking distance to bars and clubs!

The Waverly visit our Waverly condos page. This downtown condo is one of Orlando's first condo conversions. Can't beat the location on the lake!

The Paramount visit our Paramount condos page. Downtown Orlando's newest condo, completed just last year. It has a brand new Publix on the ground floor and is opposite Lake Eola.

Lake Buna Vista Resort and spa, visit out Lake Buena Vista condo hotel page. This is a condo hotel - and one of Orlando's few new condotels to survive.

The Crest at Waterford Lakes, visit our Crest condos page. A condo conversion out by UCF. Great for students and investors.

Veranda Park in MetroWest, see our Veranda Park condos page. Italian style condos, some of the most beautiful in Orlando. Marble bath tubs!

101 Eola downtown Orlando, see our 101 Eola condos page. Amazing modern architecture and reasonable pricing in this new condo.

530 East Central condos, downtown Orlando. One of Orlando's original condos. Great pricing and nice location.

Call or email us for a tour or more info on these or any of Orlando's condominiums!

The Real Estate Genie Strikes Again!

Marcus Burke (Condo Metropolis LLC) — Mon, 09 Mar 2009 14:37:02 -0500

Think about it for a moment. As a buyer, what would make conditions perfect for buying? In an ideal buyer's market, what FOUR wishes (now there's a good start) could the Real Estate Genie possibly grant you as an incentive to buy? How about:

Large inventory; over supply, massive choice;
Low interest rates;
An $8000 non-repayable government loan for first-time buyers might be nice;
Silly prices, not only reversing the gains of the last few years but going beyond that and taking us back to pre-2005 pricing. Fifty cents on the dollar, twenty-five cents on the dollar... whatever.

"Yes, yes! That's exactly what I want!" you exclaim to your Real Estate Genie. "One couldn't hope for a better market than that. Give it to me now baby!"

And, Poof!

"You got it!" says the Genie. "Now go snap up a deal while you can!"

"Um," you say, "Well, um, actually, I'm just not convinced the time is right yet. I mean... you know..."

Now if I were your Orlando Real Estate Genie, whose only personal real estate consisted of an over-priced, cramped, misshapen, green bottle, I would smack you upside the head with said bottle, before taking back my wishes and offering them to a more realistic buyer. Hrumph!

Foreclosure Street, Orlando FL

Marcus Burke (Condo Metropolis LLC) — Sat, 10 Jan 2009 10:50:39 -0600

"Ok, well keep me posted if you see any good deals."

I hear this all the time from would-be buyers on the phone. "Sure," I say.

What I really want to say is: "Are you kidding me? I'm a real estate broker - and there are 22,000 listings in Orlando right now - half of them foreclosures going for a steal. Why don't YOU get back to me when you're serious about buying?"

But of course I'm not that rude.

The truth is there are hundreds of killer deals out there right now. Question is - how quick can you move if you have to?

For example, I just got back from a local condo complex on the golf course in MetroWest. I ran over there because I heard there was a condo for sale over there - a 2/2 for $44,900K. They've been selling for about $300K. I ran over there, because even I couldn't believe it. I had to see if it was for real. Maybe the place was trashed, drywall all over the floor, mold from baseboards to rafters. But no, it was perfect. New stainless steel appliances, new carpet and walls clean enough to eat off. Almost. Surely some mistake with the number I thought. I called the listing agent. No mistake. I met a potential buyer there about 15 minutes later. "I want it," she said (assuming dad agrees).

This is the best deal I've seen all year. And I've already been to a dozen auctions. It's a bank foreclosure that was corporate owned. And if she doesn't have it under contract in 24 hours I'll eat my proverbial hat - and the next guy in line will take it.

Maybe that guy will be you. But if you want a deal you've got to be prepared to move fast. And have cash ready - or a damn good loan. There's no "Let me think about it," no "Well I have to talk to my bank about a mortgage." Either you want it and make a decision today - or you're not as serious as you think you are.

The banks aren't playing around. And nor should you be. If you're interested in this condo or others like it contact us asap.

(See also this post by the Orlando Real Estate Pros.)

Internal vs. External Linking

Marcus Burke (Condo Metropolis LLC) — Thu, 02 Oct 2008 13:03:56 -0500

I partially use a blog to help bring rankings to my main sites by way of links which are peppered throughout various posts... now news there... BUT these days my blogs look better than my static pages and I'd prefer people to see the blog in all its WordPressed, multi-paged glory and one day get rid of the static site altogether. Maybe. But I'm concerned that just linking within the blog itself will be seen by Google as incestuous or less worthy and won't be as effective as using the blog to link to an external static webpage in a different directory. I realize each post in the blog is treated as a separate page, but I'm just not convinced that linking within the same site works as well as linking to the main site.

Waddayawlthink?

Orlando Real Estate Inventory Levels Off

Marcus Burke (Condo Metropolis LLC) — Tue, 05 Aug 2008 12:08:29 -0500

Our recent blog “Where is your Personal Bottom?” looked at how fence-sitters risk losing out on the “waiting-for-precise-bottom” game due to the way the housing market is always three months ahead of where it appears to be at any given time.

Let’s use some real numbers using data just released from the Orlando Regional Realtor Association (ORRA) to see if this theory pans out. Realtors sold 1,443 homes in June, a 7.1 percent improvement from the 1,347 home sales in the month prior. In fact, inventory declined for the fourth consecutive month (but is still 5.3 percent below the 1,524 homes sold in June 2007). In total, 6,905 homes have been sold so far this year, nearly 28 percent less than the 9,588 sales posted in the same period last year. There are a grand total of 24,575 homes available through the Multiple Listing Service, a decrease of 440 homes from the previous month. The month-to-month inventory declined 46.2 percent since January.

These numbers suggest that things are still worse than at this time last year, but there are some signs of improvement. Note: these numbers represent are closed sales. Now here’s a potentially more interesting number - and one which tests the theory: there are also 3,329 homes in the MLS with pending sales contracts - which Realtors consider an indicator of future sales - up from 3,225 in May.

What makes this interesting is that if these homes close in the next three months and that data takes another month or so to hit the streets, today, you could be as much as 4 months behind the true sales curve. The suggestion here is that by the time you hear prices have reached bottom you’re actually way late to the party.

Here are some other fun Orlando real estate facts to consider: * The median sales price of a home in the Orlando area in June rose to $217,500, a 2.9 percent increase over May’s $211,400, but 13.9 percent below the June 2007’s $252,500. * There are 18,298 single-family homes listed in the MLS, while condos total 4,254, and duplexes/town homes/villas make up the remaining 2,023. * Homes of all types spent an average of 123 days on the market before being sold in June 2008. The average home sold for 93.38 percent of its listing price. * There is a 17-month supply at the current sales pace.

Food for thought... My personal guess is that those who haven’t made a purchase (depending on your exact geographical location) by the end of this year or during the first quarter of next year (Orlando) risk missing missing out on “bottom”.

For more info on Orlando real estate, see the blog of the Orlando Real Estate Pros.

Inman Conference Closes

Marcus Burke (Condo Metropolis LLC) — Fri, 25 Jul 2008 12:48:41 -0500

Well, it's the last day of the Inman conference today. And what fun it's been. Great panels with great conversations. Some of them straightforward, some of them mind boggling.

If I had to pick my conference highlights they would be:

Great organization. This is a huge conference with all the corresponding organizational headaches. And yet it was incredibly well organized and professional with seamless execution;

Dissent. I hate it when Realtors get together and spend their time just patting each other on the back and failing to dissect what we're doing both as individuals and as a profession. When a speaker says something like "Blogging is bogus" I love it. The more mavericks the better.

Best speech: Undoubtedly Brad's forward thinking and uplifing speech on the future of real estate - technologically speaking. It's not often I'm moved by a speech like this but Brad's analysis was positive, insightful and very uplifting at a time when it's hard to be positive about anything.

Best guest: Craig Newmark. Dry, provocative, insightful and sarcastic. As always.

If you weren't able to make it to the conference, look out for the videos of the sessions that you'll be able to find on Inman News in the coming weeks. I watched them last year and they're almost as good as being here.

Almost.

See you all next year!

Where is your personal bottom?

Marcus Burke (Condo Metropolis LLC) — Mon, 14 Jul 2008 11:57:11 -0500

"I'm not buying yet. I'm waiting on the sidelines for the market to hit rock bottom."

You and the rest of the country.

I'm not saying you're wrong. But I have two questions for you:

1.) How will you know when rock bottom happens in a complex market where the only perfect vision is hindsight, and the best statistics are at least 3 months old?

Real estate isn't tracked in a real time manner such as publicly traded stocks so it is only weeks or months after a deal has been negotiated and closed that the analysts can accurately gauge the market based on completed transactions. This lag time cleverly disguises the most opportune time to buy at the deepest discount and makes even seasoned investors skittish because the truth is that bottom will only become known after the low watermark has been reached and the leveling off process has already begun.

2.) When rock bottom happens, do you think you are the only one who will notice? And if you accept that most everyone else will notices at the same time (including the sellers), don't you think the law of supply and demand will dictate that prices will immediately rise and you'll lose your advantage almost overnight? Competitors are likely to learn of the bottom simultaneously, effectively eliminating any buying advantage given the depth of the pent up demand.

If it were really that easy work the market, we'd all be rich. But as many have discovered of late, profiting from real estate is not always easy. Purchasing real estate requires a certain amount of risk tolerance. Some folk prefer stocks, some prefer to stuff their money under the mattress with their porn.

At the end of the day, each person has to assess when the time is right for them to personally get back in the house buying market. Those that take the most risks make the most money but also stand to lose the most, whereas those that choose a more conservative route are not likely to make as much money, but also bear less risk. If you play Black Jack are you the kind of guy who sticks at 17 - or do you take the risk and "twist"?

So where is your "personal bottom?" Mine is just under my lower back.

For more info on Orlando real estate, see the blog of the Orlando Real Estate Pros.

Condo Metropolis.com - the video

Marcus Burke (Condo Metropolis LLC) — Mon, 07 Jul 2008 11:16:45 -0500

Are You Completely Batty?

Marcus Burke (Condo Metropolis LLC) — Thu, 03 Jul 2008 13:04:09 -0500

Today's rant:

If you moved to Africa, would you be really miffed about the mean lions or those awfully aggressive heyeinas - and become indignant about how such dangerous animals shouldn’t be allowed to “just roam around like that”?

I sometimes hear would-be Florida residents ask me when they look at a condo with a nice lake view: “Awseome view… Wait, you don’t suppose there are any alligators in there, do you?!”

Yes, siree - real lakes sometimes have real, live alligators. Dorothy, this is most definitely not Kansas. South Florida is basically a swamp. A very large, drained swamp. And the scaley locals have been around for millennia before humans were even a twinkle in our DNA’s eye. If you’ve been out to the Everglades, then you’ll understand that humans really have no business being here at all. This is gatorland.

So, if you “don’t like the idea” of alligators, or are disgusted by bats, fearful of snakes or are not happy about possums, rats or racoons, well, you get the picture - don’t live in a swamp. (By the way, they’re not “possums” okay, they’re Opossums. And they’re not rodents - although I have to admit they sort of look like them. I found one outside my front door not too long ago. Lucky me. I needed a new friend.)

Fresh Meat: Condo Vultures Hit Florida

Marcus Burke (Condo Metropolis LLC) — Wed, 16 Jan 2008 08:07:21 -0600

A recent report by the Florida Association of Realtors suggests that for the month of November 2007, Orlando saw a 35% decline in sales of single-family homes compared with November 2006, while condo sales plumeted by a massive 55%. Orlando condo sales were a meagre 125, down from 276 sold in November 2006 (already a bad year!). Median condo prices fell 18% from $172 to $140.5

Statewide, sales dropped by 29% with a median sales price of $186,700, a drop of 9% from $204,500 in November 2006. (Source: Orlando Business Journal.)

All of which suggests that the strong Florida buyer's market is likely to continue well into 2008.

Something I'm noticing for 2008 that has the potential to drastically reduce inventory, is the trend for desperate developers to sell off their entire inventory at 50-60c on the $$ to investors who convert the conversions back to rental - and hold. Our business in this area grows daily (call us) and I expect it to have a serious impact on the number of condos available for sale by the end of 2008 - which will start to drive prices up again.

2008 could go down as the year of the Great Condo Sell-off. If you've been waiting around for rock bottom pricing - I'd start moving, because when the vulture-investors start grabbing condos by the bucket load, you know that's exactly where we are.

See also this Realty Times article for further analysis.

For more info on Orlando real estate, see the blog of the Orlando Real Estate Pros.

New Construction, Conversion or Pre-Construction?

Marcus Burke (Condo Metropolis LLC) — Sun, 19 Aug 2007 14:38:58 -0500

We'd all like new of course - but can you afford it? We all know that new costs more than conversion, right?

Not necessarily. Some developers overpaid for their converions at the height of the condo craze and are now having to sell them at rates which are actually higher than new construction.

On the other hand, owners of older resale condos usually have greater predictability of maintenance expenses and monthly fees because the construction defects of new units have been repaired. Defects? Ahh.. yes.. and plenty of them.

Buyers of brand-new condominiums usually enjoy the latest up-to-date facilities and amenities, but construction defects are a frequent problem, which sometimes causes complex legal battles unless the builder takes care of them. How common is this? I recently read a statistic that over 80 percent of California condo homeowner associations have sued their builder for construction defects. Perhaps that's just a California thing, but one things for sure: Outstanding litigation by a condo association can hurt the resale value of those condos. What's more, mortgage lenders might also refuse to make loans to buyers known to be interested in such condos. (As if it weren't hard enough to get a loan these days...)

By contrast, older condo associations often have gradually increasing HOA dues as the property ages and things like parking lots need half a million dollars spent on them. But a well-managed condo association will budget for such expenses and set aside adequate reserves so special assessments won't be necessary, right? Question is, how many associations are well managed, and even if they are, there's nothing to stop short-sighted or selfish condo owners voting against reserves - as my own HOA recently did. Of course, selfish owners and incompetent Boards are not just the realm of older associations.

So how about pre-construction? The ultimate investment. Get in there early at rock bottom prices and collect equity for a year or two without having to pay taxes or home owner dues - or even pay for it, right? Maybe. But what happens when the developer can't make his presale requirements and the project folds before breaking ground? What happens then? You get your check back in the mail. If you're lucky. And you're back at square one.

So what's the answer? It depends. It depends on you and your needs, but more than that it depends on the particular development in question, be it a conversion, pre-construction or new construction. You need to know the reputation of the project and the developer you're buying into, before you take a chance with your hard earned dollars.

You've got to ask yourself one question: "Do I feel lucky?" Well, do ya, punk?

For more info on Orlando real estate, see the blog of the Orlando Real Estate Pros.

The Orlando Condo Market: Part II - The Interstate 4 Analogy

Marcus Burke (Condo Metropolis LLC) — Fri, 03 Aug 2007 18:30:42 -0500

I read a lot of commentary about how much "inventory" is on the Orlando condo market, and a lot of predictions about how long it will take to be absorbed. I think by and large, the predictions are pretty good, but they don't always take into account the fact that many condo units are disappearing, often hundreds at a time, as developers get out of the condo business and slide back into the rental business.

Some condominiums have been postponed, others have been axed completely. I can rattle off over half a dozen condo communities that have done a vanishing act like this in the last few months (read more here). The inventory of condos for sale has dropped by several thousand, and the previously much sought after rental property has increased by much the same amount. Take a look at the leasing signs that have appeared outside former conversions in the last few months.

So slowly, the tide is turning and the market, always a slave to market forces, will eventually reach equilibrium again. For those of you waiting for even better pricing, for even better incentives; for those who think the worst is still to come, you may be about to miss the boat - and along with it, the opportunity to acquire property when the going was good. Legions are those who will eventually join the masses to buy - just as soon as the next scramble for equity begins - (which will be just as soon as the media tells you it's okay to buy again). But by then of course, it will be too late, you'll be the wrong side of the curve, just another body on an over populated bandwagon. And then will come that familiar refrain: "If only I'd bought when... I'd be laughing right now."

If you want to be one of Orlando's future hyenas, the trick is to stop doing what everyone else is doing and get back to basics: Buy low, sell high. It might seem pretty obvious, but if so, why did everyone buy high? Those same investors are now being forced to sell low. Now if you have a house to sell before you can take advantage of the current "buyers" market, I grant that makes life more complicated, but if you're a first time buyer, there's really no excuse for waiting. And if you're hovering simply because relatives are telling you to wait, please shoot them, because developers are bending over backwards right now to sell you their condos. And their offers of free upgrades, waived HOA fees and countless other incentives will disappear overnight, the second the masses decide to join the party again. And that's a promise.

Everyone wants to get ahead. But it's impossible to get ahead of the crowd if you're a follower - if you wait for everyone to tell you that the time is "right".

Let me put it this way: Don't you just love it when you're driving into the city at the end of the day just as everyone else is trying to get out? You should try it some time. It's fun when you're doing 70mph eastbound (cough, by which I mean 55mph), while everyone else is doing 10mph westbound. The only people moving on I4 are the folk moving in the opposite direction to everyone else.

Real estate and stock trading are no different. In order to get ahead, you have to do the opposite of what everyone else is doing. I have a friend who claims to make more money day trading before his 10am cup of coffee, than he makes the entire rest of the day in his own business. I asked him what his strategy was and he said: "Buy when no one else wants to buy. And sell when no one else feels like selling." It's simple economics. And it feels great. Unless, of course, you're a fan of the parking lot we affectionately call I4.

For more info on Orlando real estate, see the blog of the Orlando Real Estate Pros.

Blog Tour USA Rolls into Orlando!

Marcus Burke (Condo Metropolis LLC) — Sat, 07 Jul 2007 17:17:03 -0500

Joe and Rudy from the real estate Sellsius Blog rolled into Orlando last night as part of their Blog Tour USA . They met with a number of local real estate bloggers including Shaun McLane of Ekday and Posh'd, as well as bloggers from the Orlando Active Rain chapter.

Condo Metropolis met up with them at Panera Bread to talk about Orlando real estate blogging with Erik Hersman of Realty Thoughts. Then we headed off to Office Max for some official documentary touring supplies - and were promptly kicked out by security for filming footage for this section of their tour.

The hectic Blog Tour USA schedule began a few days ago in New York and is scheduled to end in San Francisco at the end of the month where the Inman News Real Estate Connect Conference 2007 will begin. The rest of the tour is as follows - and if you're a real estate agent who's either been blogging for a while, or if you're just about to get started, go find their big blue bus and tell them that crazy Brit in Orlando says "Hi!"

Orlando, Florida - July 7
Miami, Florida (SOBE) -July 8 & 9
Tampa, Florida - July 10
Atlanta, Georgia -July 11
Columbus, Ohio - July 13
Detroit, Michigan - July 14
Chicago, Illinois - July 15
St. Paul, Minnesota - July 16
Denver, Colorado - July 18
Phoenix, Arizona - July 19
San Diego, California - July 20
Las Vegas, Nevada - July 22
Salt Lake City, Utah - July 23
Boise, Idaho - July 24
Seattle, Washington - July 25
Portland, Oregon - July 26
Reno, Nevada - July 27
San Francisco, California - July 28 - 31

You can read more about this ground breaking whistelstop tour at Joe and Rudy's Sellsius Blog as well as the official Blog Tour USA site.

And the Winner of the "Anal Warts and Real Estate" Competition is...

Marcus Burke (Condo Metropolis LLC) — Tue, 01 May 2007 12:16:00 -0500

Shaun McLane of Orlando, FL - for his extaordinarily anal Active Rain post:

http://activerain.com/blogsview/86464/Anal-Warts-Real-Estate (And the crowd goes wild!!!)

Nice job Shaun. You're a sick bastard with good attention to detail and a talent for thinking outside the box.

For those that missed it, I threw down the SEO gauntlet at the begining of the month and promised to pay $50 to whoever could rank the highest on Google for the terms "Anal Warts and Real Estate."

I typed those words into Google this morning, and Shaun has the #1 spot - on page 1. How cool is that?

I've already PayPal'd $50.00 to Shaun as his prize - and he tells me he's going to give it to some lame charity or other instead of spending it on ice cream like any normal person would. Shaun, you're a prince.

On a serious note, I hope Shaun will write at least a semi-serious blog on how he won it, what factors caused him to come up #1 on Google and how anal warts relate to the serious side of SEO.

(Thanks to Active Rain for allowing me a home for my blogging alter ego. I'm not sure I could get away with these postings on my Condo Metropolis blog.)

Buyer Agreements, Commissions and Procuring Cause

Marcus Burke (Condo Metropolis LLC) — Wed, 25 Apr 2007 03:56:49 -0500

When was the last time you saw an agent selling a property without a listing agreement? How about, um.. never?

And yet, while agents wouldn't dream of working with a seller who refused to sign an listing contract, they usually don't even ask for one from a buyer. And that's a bad idea, because without such an agreement, when the other agents emerge from the woodwork to claim your commission (and they will), you could be on difficult ground.

And it usually ends in tears. Or arbitration. Or both.

But is it enough to have a hard contract? Will it protect you against all commission-comers? Unfortunately, it may not. To be owed the commission from the sale of real property, you must show that you are the procuring cause of the sale. It doesn't matter who did most of the work, it doesn't matter who spoke to the prospect first, it doesn't matter who spoke to them last, it doesn't even matter who has the contract in their sweaty little hands - although it helps. Procuring cause is all that matters. And that can be a tricky matter.

Procuring cause, as defined by the National Association of Realtors, "is ... the interplay of factors which together demonstrate that the unbroken efforts of a specific broker were responsible for the buyer making the decision to consummate the sale on terms which the seller found acceptable. In other words, a broker who is the procuring cause of a sale is a 'sine qua non' of the sale -- the sale would not have occurred but for the broker's efforts."

Sounds simple enough. But each case is different, and each case must be adjudicated individually with a close eye on the specific facts of the case.

Of course the more evidence you have on your side the better; if you hold an exclusive right to represent the buyer, that's a point in your favor, but it's not a home run. To make yourself water-tight, you should also keep notes of your discussions (with times and dates) as well as any email or other communication that takes place between you. A contact management system like Top Producer can help make that paper trail easier to handle.

I learned this lesson the hard way. Nearly. Just a few weeks ago, with a contract signed and the 15 day rescission period finally over on the sale of an Orlando condo, I figured the money was finally in the bag.

Not so fast.

A week later, I got a follow up call from the sales center telling me that another agent intended to claim the commission based on a conversation that had taken place before I had met the buyer. The other agent worked for the developer and had spoken to my client on the phone prior to my visit with him and had ‘registered' him (without his knowledge) using information taken down during the telephone conversation.

Now, it would have been really nice at that point to have been able to produce: a.) an exclusive buyer's agreement demonstrating that I was the buyer's sole agent, b.) emails concerning the discussions we had engaged in, where I could have shown that I asked the buyer whether or not he was represented, and / or c.) contemporaneous notes illustrating my claim that I was indeed the procuring cause of the sale.

Luckily, that's exactly what I had.

Now at the time, I hated having to ask the buyer for that contract, with the potential for upsetting, or even loosing my client by forcing him to "commit" to me, but not doing so could have proved to be a very expensive lesson in the value of paperwork. Overcoming that fear ultimately put about $15K into my bank account instead of someone else's. I still had to fight for it, but the evidence was so overwhelmingly in my favor that the matter was eventually settled in private without the need for adjudication.

As an independent real estate agent, your investment in your client is intangible and hard to prove. What we give away is our time, our expertise and our good faith efforts to find a home for our buyer.

Protect that investment with a buyer agreement.

Your local Realtor association probably has a standard agreement you can tailor to your own needs. It hurts to have to ask. But it hurts a lot more so see that check go into someone else's bank account.

For more information on the Orlando condo market, visit: http://www.CondoMetropolis.com/blog

Masturbation, Real Estate & American Idol: An SEO's dream?

Marcus Burke (Condo Metropolis LLC) — Mon, 16 Apr 2007 23:55:25 -0500

What do the terms masturbation, real estate and American Idol have in common?

True, all three appeared in a blog I wrote last week which took a light-hearted dig at the blogosphere.

What's so interesting about that? Nothing really - except this maybe: Go to Google and type in the words real estate.

Google returns about 350 million results - with that blog of mine appearing somewhere near the very end I suspect.

Now Google the words real estate and masturbation.

Hot damn! My humble blog now not only comes up on the first page, but is #1 on the first page. That's number one out of one million, one hundred and eighty thousand search results.

Couldn't bring yourself to make your fingers type those smutty words? Ok, try real estate and American Idol instead.

I'm still #1 on the first page right? (Or at least I was.) Interesting stuff.

Now I'm not suggesting you pepper you blogs with pornographic references to American Idol to get better rankings. Let's be honest, it's pretty unlikely anyone will enter terms like masturbation and real estate simultaneously. But I guarantee you one thing: Anyone who writes such a blog, will own that piece of Google real estate. And along with automatic membership to the Active Rain "Perverts Club" (along with myself) this individual could also claim (without lying this time) that they have page 1 Google search rankings.

Let me be serious for one single paragraph. What we're talking about here is key word competitiveness. Everyone wants to be on the first page of Google, agreed? But with literally millions of us competing for the same obvious real estate terms, it's no wonder most of us never make it into the top ten pages. But add niche words like "American Idol" to keywords like 'real estate' and you give yourself half a chance. (Orange County foreclosures would be even better.) Of course, you'll get fewer folk using those narrower search terms, but those that choose them are likely to find you right up there on the first page. See how it works?

Oh, what the hell. Let's just do it. I'm not proud.

Stop whatever you're doing. We're going to write an anal warts blog right now.

Yes, I'm serious. Jeez, c'mon, this is no time to be a prude! This is serious academic research. Put down the Preparation H for a moment and listen up. I'm starting an Active Rain competition right here, right now... I'm gonna PayPal $50 on May 1st to whoever has the highest ranking Active Rain blog on Google for the terms real estate and anal warts.

Now, FYI, you're currently competing with 244,000 search results for those two terms in tandem. (Crazy freaks out there, eh?) But 244,000?? that's a walk in the park people! We can fill the first five pages with only with Active Rain results. That's the goal.

Once we have a winner, we'll then anal-yze the results and see exactly what it took to reach rock ‘bottom' on Active Rain. So get off that kitchen stool and get writing. Who will earn their place in the annals of Active Rain history?

Watch this space - the Active Rain SEO giant of 2007 will be announced right here!

STOP PRESS: Shaun - you're a spunky guy... your recent anally retentive post is the winner and you have an SEO admirer in me. $50 coming your way! http://activerain.com/blogsview/88079/And-the-Winner-of

(Marcus Burke is the owner of Orlando's Condo Metropolis site, which is currently enjoying page 1 rankings for the terms "Orlando Condos / Buy Orlando Condos / Orlando Condos for sale")

American Idol - TV's Ultimate 2.0?

Marcus Burke (Condo Metropolis LLC) — Fri, 13 Apr 2007 16:12:53 -0500

You're probably too busy selling real estate (or blogging) to have time for any of that American Idol nonsense. Me? I'll never admit to watching it. You can stick needles in my eyes.

But the truth is, if you don't understand at least some of what makes American Idol a global phenomenon, then you may also be ignorant of what makes a successful blog.

In the bygone days of "Reality TV 1.0", celebrity judges reigned supreme over the contestants; they had complete dominion over who would become a star, and who would leave with their proverbial tail between their legs. But that soon got boring and a new generation of talent contests were born.

With the advent of "Reality TV 2.0", it is no longer the judges, but the voting public who take center stage in what is perhaps the ultimate post-modern expression of people power: the creation of a real, live American pop star (*yawns*). And although the American Idol format surely "works" most of us know better than to assume that musical justice is always served.

And herein lies the problem with the opinions of an uninformed but opinionated public - both on television and in blogs: It is the masses (often the lowest common denominator) that define what is worthy, and what is not. Call it "majority rule", but that doesn't always make for a quality product. If my lay view is just as valid as your professional view, then why bother with "experts" at all. Accused of murder? Who needs an expensive judge - let the public dial in on a 1-800 number and decide your fate. They are your peers, after all. The very essence of the jury system. Twelve good men and true.

So what's my point? Actually, it's this: The problem with all things "2.0" (apart from the name) is not that they involve mass networking or even poor decision making, but the notion that this social networking is somehow intrinsically altruistic, beneficial or even meaningful.

Let's get real for a moment. It might come as news to some of you, but American Idol's supreme critic, Simon Cowell, doesn't give two hoots what you think of him - or for that matter, what you think of the singers (I happen to think Sanjaya is "the bomb"). Your point of view is entirely inconsequential to him. He stopped caring who actually won the contest as soon as he realized that the American public were at the helm. Musically speaking, it's been a lost cause for Cowell ever since.

But what Mr. Cowell understands is that this selection process by the public is part of what makes Idol tick. It's the latest entertainment business model that ensures the continued success of the show, and Cowell is prepared to live with it, however misguided he may think it. Because if public involvement means better ratings, then that means more advertising (and more text messaging dollars) - which in turns means Cowell gets three more Ferraris and another vacation in Antigua. So who cares who wins the stupid contest anyway?

But whereas the TV model is transparent in this regard, the blogosphere is still bathing in its own self righteousness, deluding itself as to its precise nature. At present, the internet is awash with blog experts telling us that we shouldn't really blog for business - that would be selfish; we should do it to "contribute" or "give back" to our community. And yet we are simultaneously told by the same experts that if we don't blog, our businesses will soon become real estate history.

So why do we blog? And why do we take the time to comment on others blogs? Is it because we care about our industry, or is it rather because we'll do whatever it takes to stay one step ahead of the game? Perhaps it's just that our twenty-first century egos crave public respect and recognition (see post script). What American Idol has proved is that our need for validation is so strong, that even the world's worst singers (and bloggers) are prepared to put themselves out there for a shot at gold and glory. (As Americans, we all have an inalienable right to be famous after all.)

My contention is that what really motivates most of us to start blogging is the perception that there might be "something in it for me" - be it fame, fortune, or something more noble. After all, there's no obvious point to much of the naval gazing I'm seeing on so many social networking sites. As my mother put it when I asked her to "comment" on my latest blog, she simply replied: "What for? What difference will it make?"

"Um, because it stimulates dialogue?" I could have said that. To which she would have said: "So? What's the point? Why do you care? And why do you need someone to comment on your viewpoint to validate it? We raised you better than that. Ok, fine. I'll comment on it if it makes you feel better. But it's all pretty juvenile if you ask me."

She has a point. Unless it affects us directly, we don't generally care too much if other folk disagree with us when it comes to our personal views. Most of us have been socially trained to avoid mixing with folk people who are likely to upset our world view (which is why I avoid Fox News). Much better to live in our own self-indulgent world.

But if it's true that we don't really care about other peoples comments or points of view offline, then isn't it high time we stopped pretending that we care any differently online? Online behavior after all, is usually much, much worse.

In this sense, the veracity of blogging has always smelled fishy to me, particularly when I read some of the inane and real-estate-irrelevant blogs that get posted on Active Rain.

Then there's my other pet hate: what I like to call blogger-backslapping; those nauseating sycophantic comments we all see from time to time in the various mutual appreciation posts that make my stomach go queasy. "Great blog Jenny!" or "I couldn't agree more!" Right... (see also: "comment masturbation" below.)

Call me a cynic, but it occurs to me that there's a whole lot of blogging just for the sake of it. So here goes:

Blogging is bogus!

There. I've said it.

Since I'm a coward though, the usual disclaimers apply, lest I tar everyone with the same blog-beating brush. Exceptions apply to: a.) talented writers, or anyone who has something genuine to contribute and b.) blog "geeks" who genuinely get off by sitting at the computer all day and interacting with the world from a safe distance. (I'm heading rapidly in that direction.)

The truth is that many of the "social networking" aspects of Web 2.0 are often less than sincere and much overplayed by blogging evangelists. The tendency to delude ourselves that we're part of a big social community because we all own computers when we can't even get along in the real world is, I believe, the blogosphere's Great Illusion. I'm not saying that there is no validity to what we do, just that many of us are guilty of practicing mauvaise foi: we sense the insincerity in our actions, but we do it anyway. Its just one more compromise we make to try and be recognized above the clamor of the other five billion people we share this planet with.

This "empowerment of the people" is real - but it's a convenient side effect of the enforced social networking that blogging demands. And it's hard for us to speak ill of something when it also creates the perfect synergy: we can imagine ourselves as contributing whilst at the same time augmenting our businesses interests. Sounds like a win-win to me. Nothing wrong with that.

Except that because everyone can now entertain the idea that they have a valid, "published" point of view, the blogosphere celebrates mediocrity in a far worse way than American Idol ever could. You see, it's pretty hard to get on TV - but we all own computers. Turn on your PC, set up your blogger.com account and within 30 minutes you can be a legend in your own lunch hour. Thus, many of us who have nothing in particular to say spend time piling up 1's and 0's on our hard drives for the sake of our own self indulgent egos. Then we corral and encourage others to join us in a contrived and rather odd demonstration of mutual-comment-masturbation. That's ok. I'm told masturbation is healthy. But let's call a spade a spade. It's a lot of nonsense.

The truth is that most of us just aren't cut out for blogging (i.e. "good writing") any more than William Hung was cut out for American Idol (i.e. "good singing"). But we do it anyway. And ironically, without this sense of universal egalitarianism, and the necessary public interaction it creates, Idol would flop, and the blogosphere would not only cease taking over the web in its current exponential fashion - it probably wouldn't exist at all. Because interaction is the very essence of the way in which blogs exist.

So like it or not, just as American Idol depends on public interaction, the success of your blog depends largely on the participation of other people. You may think you're king of your online domain, but the humble voice of the masses will ultimately prove more important in determining your blog's success and longevity.

Over-harsh analysis? Perhaps. But you see, I'm hoping to stimulate dialogue. So leave me a comment. It's okay - I was just kidding about all that "comment masturbation" stuff. Let's get it on. Let's leave each other feedback so we can exist eternally in cyberspace together - long after we've all turned to blogger dust.

Postscript: There's no doubt that blogging has netted me friends, contacts and good times that I could not have otherwise had. I'm obviously a huge fan. But I do think there's a selfish angle to the notion of some of this new-world self publicity that is worthy of analysis. As Jessica Swesey has noted in her blog today at Inman News ("Justin.tv") perhaps this new generation is even more self-centered than the last. Say it ain't so!
(By the way, Where the Hell is Matt? Rocks!)

For more nonsense of this nature, check out my alter ego at Condo Metropolis.
http://www.CondoMetropolis.com/blog

Procuring Cause 101 - who gets this commission?!

Marcus Burke (Condo Metropolis LLC) — Tue, 10 Apr 2007 19:51:16 -0500

"Procuring cause", as defined by the National Association of Realtors trade group, "is ... the interplay of factors which together demonstrate that the unbroken efforts of a specific broker were responsible for the buyer making the decision to consummate the sale on terms which the seller found acceptable. In other words, a broker who is the procuring cause of a sale is a 'sine qua non' of the sale -- the sale would not have occurred but for the broker's efforts."

Ok got it? Now here's your problem. Who is entitled to the commission in the following circumstances. It's a real story, currently playing out. I'm not saying if it involves me or not... cough cough...

NY Buyer finds property on internet (in FL) and calls property to make an appointment to view. He denies registering but he has unwittingly been registered by the internal agent for that property who will ultimately claim the commission as first contact.

Buyer then engages a local (FL) agent and signs an exclusive buyer agreement with him. Agent asks if buyer is represented or has registered and buyer replies "No, I just made an appointment to view."

Agent picks up buyer from local hotel and takes him to said property where they erroneously believe they are registering for the first time. Buyer is unable to find what he wants and so they leave. Agent then shows multiple other properties - also unsuitable. Buyer is not bothered and is willing to return to NY since he is no hurry. He gives up and continues holiday with family.

Since buyer liked first property, agent takes initiative and goes back to first property and finds another unit he thinks might interest buyer. He convinces buyer to go back to original property to view said unit. Buyer trusts agent's judgement and agrees to return with local agent - and writes contract.

Both agents are now claiming the commission. Buyer writes letter explaining that he did not intend to register and did not realize he had registered. He asserts he is only represented by agent and agrees that without the agent, he would not have purchased.

Who gets it - or should they both go for a 50/50 split?

(Update: the matter was concluded in April and you can read the result here.)