Gitta 's Blog

Greater Orlando's July 2009 Real Estate Update

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 26 Jul 2009 11:31:41 -0500

Hello Friends: Here’s an updated on: Orlando area home inventory and prices Short sales and bank owned inventory Load modification Great Deals Orlando area home inventory and prices The greater Orlando real estate market, bottom line is not getting much better. Although, we have bidding wars going on with some of the REO properties and short sales because they are so incredibly low priced. So, in this sense, things are getting better. But, overall the market is going to stay extremely challenging for the normal re-seller. We are seeing more upscale properties going into the same financially depressed condition as are the lower priced properties. In the 5 county area, Orange, Lake, Volusia, Seminole and Osceola counties, there are 36,000 homes for sale as of July 20th, with an average of 2768 properties that are selling per month, which means we have a 13 month of unsold inventory, 5 to 6 months is considered normal. However, these numbers are very deceiving because in the higher pricing categories inventory levels are increasing dramatically to 25 months and in some instance up to 60 months or more of unsold inventory. There are thousands of homes in pre-foreclosure, which are currently held back by banks and they have not entered the sales inventory When foreclosure is too slow . But they will and it will jolt the real estate sales over the next 6 to 7 months and more as the “Alt A-Pay Option ARM’s ” are entering the default status. These are mortgages sold to buyer with “A” credit scores with an ability to buy million dollar homes with a tiny minimum monthly maintenance payment and 3 to 4 alternative options, such as interest only, interest and principal or a full payment and it negatively amortized up to 125 % of value. Of course values have dropped and everybody is under water. Home values in the next 12 months or more are going to go further in decline as the higher priced home values are taking a nose dive. Some lower-end developments may already be at the bottom where condos and some homes are selling at what I can only describe as rock bottom prices and bidding wars already exist. Short sales and bank owned inventory The bank owned homes inventory has been slowing down over the past 6 months as the government is urging the lenders to do loan modification in place of foreclosure and do anything to keep people in homes. The problem with this approach is the unemployment increase and when someone does not have an income a loan modification is impossible to do. Therefore, we are seeing a spike in foreclosure activities and inevitably a reduction in values. Short sales, a process where we are trying to get the property sold prior to a foreclosure, which actually; · reduces foreclosures over all · saves money to the banks · does less damage to the seller’s credit · keeps properties in better condition · has less of a negative effect on the property values. This process, which is making so much sense and is a much better solution to a foreclosure is still, by most lenders mishandled and takes too long to get a resolution. One of the problems is that many mortgages were securitized and the mortgage companies, in many instances, are just servicers and really do not own the mortgage any more. Therefore, the decision maker of whether to accept or not accept a short sale or not may be in India, Europe or China, who knows. The short sale process apparently was never made part of the original securitization paperwork, whereas a potential foreclosure was. Therefore, homes which could be sold for $200,000 as a short sale, they are sold as a foreclosure 8 to 9 months later with thousand of additional costs for only $150,000. While this makes no sense whatsoever, it is going on all over. There are lenders who are doing better in this short sale process such as SunTrust and Wells Fargo, but they are more the exception and not the rule. Loan Modification: This is a process where many scams are going on and the government is cracking down. Let me just say one thing, do not pay any advanced fees for a loan modification, you can do this yourself, it is pretty straight forward. Ask your lender if they can do a loan modification for your home and if they can, ask them to send you the documents. Complete them and send them back. If you have any questions please call my office at 407-330-2181. The reasons for loan modifications are: 1. Values have dropped in your home. 2. Your income has changed. Saying that you can’t pay your mortgage, but you actually can, is not a good reason for a short sale or loan modification. Please understand that before you start. Great Deals: In the next 2 weeks, I am conducting a Round Robin Short Sale auctions at 5 great properties. Here is the information: http://14664avenueoftherushes.GreatCustomHome.com http://14700avenueoftherushes.IsAvailableOnline.com http://14742avenueoftherushes.IsAvailableOnline.com Http://10353BurrisCt.com http://10351burrisct.epropertysites.com If you have any questions about your particular situation please call my office, we have completed many short sales, and we are also selling a lot of regular properties, which are not in financial distress and we would be glad to be of assistance to you. Many of our great deals can be found on www.greaterorlandohomes.com or you follow me on www.twitter.com/gittax where I send all the great deals to people who follow me. Thank you and we always appreciate your referrals. Gitta

Community Spotlight: New Smyrna Beach, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:12:23 -0600

New Smyrna Beach occupies a notable place in history as the site of the largest single attempt at colonial settlement in what is now the United States. Dr. Andrew Turnbull, a Scottish physician and entrepreneur, obtained a grant of land from the British Crown. In 1768 he established a colony of 1225 immigrants on the coastal plantations at New Smyrna, with a view toward the commercial production of such crops as corn, indigo, rice, hemp, and cotton.

For more details, click here.

Examples of Seller Desperation

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:11:07 -0600

The market continues to lag.

You've heard the reasons repeated over and over again. If you don't believe it, check out this story in Fox News. It's definitely a unique potential solution and a shining example of desperation in the marketplace.

Fox News Article

Orlando Real Estate Weekly Market Update 11.02.07

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:09:56 -0600

With everything going on in the housing market, it is tempting to "over correct" in order to fix our problems. We must be careful in finding the way out of this mess by avoiding methods of over correction. By completely cutting out some offerings, we could only hurt ourselves worse. Find out about the top problems we're facing, and potential solutions in this week's Orlando Weekly Market Update.

You'll also get the latest market indicators for the week, and as always, find out more about one of our great areas in which to live. This week's community spotlight features New Smyrna Beach.

Orlando Real Estate Weekly Market Update 10.26.07

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:09:07 -0600

With the onslaught of external factors such as increasing property taxes, insurance and the adjustable rate mortgages, foreclosures are becoming a major problem in the state of Florida. Many simply walk away from their investments, only to cause more foreclosure and hurt the market, as well as hurting their own credit. You can fight foreclosure through a short sale. We will help you at http://www.florida-foreclosuresolutions.com/ .

Plus, go to Gitta's Blog right now to find out more about the workings of a short sale, get the latest market indicators for the week, and find out more about Davenport, Florida in our Community Spotlight. Click here.

Top 10 Worst Housing Markets in the U.S.

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:07:55 -0600

Normally, being in the top ten on a list is considered a distinctive honor. However, in this particular case, there's no honor at all. According to a report from http://www.consumerist.com/, we have the "honor" of being in the top ten list of worst housing markets in the U.S.

10. Miami, FL

9. Tampa, FL

8. Fort Lauderdale, FL

7. Orlando, FL

6. Phoenix, AZ

5. Sacramento, CA

4. Los Angeles, CA

3. Las Vegas, NV

2. Riverside, CA

1. Detroit, MI

Report can be found at http://consumerist.com/consumer/real-estate/top-10-worst-housing-markets-for-sellers-312295.php .

Orlando Real Estate Weekly Market Update 10.19.07

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:06:51 -0600

This week, we dig deeper into how the current lender bureaucracy, property insurance and property taxes have contributed to the foreclosure crisis. Orlando places at #7 on a top 10 list. It's not a good top 10 list. Find out why in Gitta's Weekly Market Update for 10.19.07.

For the full update, go to Gitta's Blog now.

Helpful Central Florida Relocation Information

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:05:02 -0600

We've compiled all of the necessary information about our area in this handy resource. You'll be able to go directly to any city in Central Florida and examine the city, the type of lifestyle that's offered, and look into other stats and information that will help you in your homebuying efforts. Find it all on my blog now.

Community Spotlight: Winter Park, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:04:07 -0600

Winter Park an old and distinguished address in Central Florida, located on the North East side of Orlando. Minutes from downtown, it is convenient to all of downtown amenities while maintaining a peaceful atmosphere. Winter Park offers some of the most picturesque areas and some of the best window shopping opportunities in greater Orlando. For more information on Winter Park, click here.

General Market Indicators - Greater Orlando - October 2007

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:02:24 -0600

General Market Indicators

While many in the press insist that the Orlando real estate market in an envious position compared to many other areas of Florida or the country, the facts indicate that we are suffering. In fact, the market conditions are just outright terrible! For the full report, view Gitta's Blog now.

Orlando Real Estate Weekly Market Update 10.12.07

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 22:01:14 -0600

The greater Orlando market, much like many other real estate markets across the country, is facing a downward slide that has yet to level off. It will continue to drop well through the end of next year, with no end in sight. In this week's report, we'll discuss the variety of auctions available to those trying to sell their home fast, as well as their impact on neighborhood prices and the market as a whole.

Also featured this week is a closer look at Winter Park in the Community Spotlight. Find it all in my Weekly Market Update.

Gitta's Team to Hold $10,000 Drawing November 6th!

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 21:59:40 -0600

Orlando, FL - November 4, 2007: Gitta Urbainczyk (P.A., E-Pro, RECS, CLHMS, Broker Associate), with Keller Williams Heritage Realty, will hold her $10,000 agent drawing at the Luxurious Fountain Parke Development in Lake Mary on November 6, 2007. Over 200 real estate agents from all different companies are invited.

The event is sponsored by DR Horton, Broker Agent News and Gitta's Real Estate Team. Here is a streaming video of Fountain Parke:

http://www.hotonorlando.com/media/StreamingLinkViewer.cfm?id=3976&siteid=106273&CFID=937994&CFTOKEN=95805425

The event is an appreciation event for all of the agents who have shown Gitta's homes and also sold Gitta's homes over the past 12 months. This incredible drawing will give the lucky winner $10,000 to take home right before the holidays! Great food and drinks will be catered for those in attendance, and gifts and prizes will be awarded to the lucky winner.

Date: November 6, 2007

Time: 4pm

Location: Fountain Parke, Lake Mary

The Orlando Real Estate bubble...will it burst?

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 21:55:33 -0600

The Orlando real estate market has yet to see the bottom of the real estate bubble and looks to stay in trouble for another one to two years. For the complete breakdown, click here.

Bashing in the Media

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 04 Nov 2007 21:53:31 -0600

In this week's market update, we dive into Wall Street Journal Online and its constant negative reporting regarding Florida and its real estate market. We also spotlight another great Orlando area community and feature valuable links showcasing all that Florida has to offer.

For all of this and more, go to Gitta's main blog now!

Affordable Home Options Despite the Market!

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Wed, 19 Sep 2007 00:12:37 -0500

Is the current market as bad as everyone thinks? Or, despite news headlines, perhaps there are some silver linings to the dark cloud that hangs over real estate! Builders are turning their focus to lower priced homes. These homes are perfect for a first-time home buyer. Centex is building a bunch of them in the Orlando area, and revealed the list in the September 16 issue of the Orlando Sentinel. Check Gitta's Blog for details.

Don't forget http://www.gitta.com/, http://www.orlandoluxuryhomes4sale.com/, and http://www.greaterorlandohomes.com/ for complete market coverage!

Community Spotlight: Mt. Dora, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:14:17 -0500

The City of Mount Dora was established in 1880, the City of Mount Dora was first named Royellou after one of the city's pioneers. Lake Dora was named for a local resident who provided camping hospitality to Federal surveyors in 1883. The town was later renamed after the lake. The "mount" refers to the fact that the city sits on a plateau 266 feet above sea level. Incorporated as a town on March 25, 1910 with 370 residents, it was later incorporated as a city on April 23, 1953. Mount Dora now boasts a population of approximately 10,364.
Located approximately 25 miles northwest of Orlando, the City retains the flavor of a small town with hilly terrain, several lakes, large canopy oak trees and historic buildings. Mount Dora was recently recognized by the readers of Florida Living Magazine as Florida's friendliest small town and as having the best antique shopping area in the state.

The City has a viable downtown with a variety of antique and specialty shops and restaurants. There is limited light industrial business. One of the goals for the newly-approved Economic Development Coordinator will be to find ways to attract clean, light industry to the City.

"The Festival City" hosts eight major annual events beginning with the Mount Dora Arts Festival. This popular event attracts over 150,000 people each year and has been ranked among the top 200 arts shows in the country. Other events include an antique boat show, antique car show, sailing regatta, golf tournament, bicycle festival, crafts fair and the Christmas lighting festival.

The City Limits abut Lake Dora and encompass over 8.1 square miles. The service area for water, sewer and planning purposes encompasses 16.14 square miles. The current millage rate is 6.181

Community Spotlight: Clermont, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:13:11 -0500

Named for its 1400 plus lakes, Clermont was formed from a portion of Orange County and Sumter County in 1887. We are approximately 1200 square miles and are known for our diverse landscape and terrain ranging from 0 to 315 feet above sea level.

In Lake County's earliest beginnings, pioneers looked to the earth for their livelihood. We grew into a place rich in agriculture. We had Florida\'s largest peach orchard in the 1920s and were second in the world for citrus production in the 1960s. Mother Nature took a toll on those citrus crops during a freeze in the 1980s. Because of the permanent damage, the growers moved south, but people with a vision stayed.

Today, Lake County is a different place. Our parks and recreational facilities, manufacturing and higher paying jobs are the key reasons. A booming population has led to a surge of new housing construction. Tourism is at an all time high. Visitors flock to antique shopping areas and cruise on our many lakes. Sports enthusiasts experience the adrenaline rush found at our competition ski schools or in a glider plane. You can even catch one of the NCAA tournaments hosted by Lake County on national TV.

For all these reasons, Lake County is a different kind of community. County government working hand in hand with businesses, civic groups, organizations, and city leaders, resulted in these positive changes. Quality customer service is our number one priority. Together, we continuously strive to make Lake County a wonderful place to live, work and play.

Community Spotlight: Winter Springs, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:12:12 -0500

Winter Springs originated from Spanish land grants given to a successful New York merchant who traded lumber and other goods with Spain. Lake wharves used to be home to steamboats delivering freight for wagon delivery inland to Maitland and Orlando. Farmers, lumbering crews, sawmill workers and more migrated into the area, constructing all manner of businesses. Cattle business began to boom along the spring-fed lakes.

Incorporated as North Orlando in 1959, there were fewer than 600 residents in the area. That's all changed, with Winter Springs providing home to over 33,000 people. Winter Springs also boasts having the largest area out of the county's seven cities. A new town center is in development to revitalize Winter Springs and bring with it more growth.

What is life like in Winter Springs? With crime rates over 50% below the national average, one could certainly use the word peaceful. With plenty of historic buildings and landmarks derived from its early culture, the landscape is inviting. Average household incomes are above the national average, with unemployment almost half of U.S. levels. Winter Springs provides a great place for families.

Community Spotlight: Celebration, Florida

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:10:34 -0500

Celebration, Florida is a planned community created by a real estate division of The Walt Disney Company. The Walt Disney Company commissioned famous architects to create the master plan and to design the buildings.

Founded in 1994, Celebration has the flavor of southern American village from the 1930s. About 2,500 homes are clustered around a small, pedestrian-friendly shopping area. Celebration, Florida is often cited as an example of New Urbanism, or neo-traditional town design.

In 2004, the Disney Company sold the 16-acre town center to Lexin Capital, a private real estate investment company. However, Market Street still has a storybook atmosphere that some visitors call "Disney-esque." There is a Caribbean flavor to the buildings here. Sided in brightly-colored stucco, the Market Street buildings have wide overhangs, shutters, verandas, and arcades.

General Market Indicators - September 2007

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:08:37 -0500

This week, the market actually took a turn for the better by a reduction of the overall inventory from 31,500 homes to 31,100. This is a welcomed occurrence. We hope this will continue in the future and the market will stabilize. Because of the increase in unemployment numbers, we are going to see a reduction in the mortgage rates. This will bring buyers back into the market. Hopefully, the FEDS are not going to tighten the credit rules too much to prevent more buyers from being eligible for mortgages. The unsold inventory throughout the various counties we are tracking is still at very high numbers. Osceola County leads the pack with 38 months. Seminole County is the best with 14 months.

Since the 1st of January 2007, unsold inventory has a net increase of 8100 homes.

The number of sold homes, compared to last year for the same period, is 34 % lower, which reflects the start of last year's decline in home sales. In comparison to the same period in 2005, sales are 53% lower. Sales for the 4-county region are 37% below last year. As we continue into the Fall, the gap between last year and 2005 is going to narrow. In the fall of 2005/6, we started to see home sales tapering off. The market continues to show a lot of weakness. Buyers are sitting on the fence or sidelines wondering when the next shoe is going to drop.

· Market Indicator - 100% buyer market

· Sales Demand Activities - Slow/Unchanged

· Sales last year (August) to this year (August) - 37% lower

· Resale Inventory - decreased by 400 homes - this is great news.

· Trend Indicator - flat to downwards

· Cumulative Market Time - Volusia County (125 days), Seminole County (101 days), Lake County (137 days)

· Unsold Inventory Supply - Orange County (21.4 months), Seminole County (14.0 months), Lake County (26.0 months), Volusia County (20.1 months), Osceola County (38 months)

• Areas that face the biggest challenge to sell homes are: Lake, Volusia & Osceola Counties.

Orlando Weekly Market Update - 09.07.07

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sat, 08 Sep 2007 20:07:22 -0500

The Real Estate Market Synopsis

Slight Improvements in Orlando Unsold Inventory of Resale Homes and Average Home Prices

Gitta Urbainczyk, P.A., E-Pro, RECS, CLHMS, Broker Associate

While the negative real estate news on the national scene seems to indicate that the sky is falling, we are so lucky to be in the Orlando area where great economic news is keeping the real estate market alive and kicking. We are blessed with low unemployment, a diversified workforce, great weather and a lot of future life-science industries that are pouring into this area. The good news seems to be playing out on the real estate numbers, where we see a slight decline of the unsold home inventory in the greater Orlando area from 31,500 unsold homes to 31,150. This is great news and so are most other numbers, For the past 30 days (08/05/07-09/05/07) versus the same period in 2006, the Orlando area enjoyed a 4% increase in the average sold price of homes from $289,837 to $300,322 and average days on the market changed from 120 days in 2006 to 140 days in 2007.
The individual city breakdowns are as follows:

Orlando:
In 2006, the average home price was $272,489. In 2007 it is $284,503, which represents a 4% increase over 2006. The average day on the market increased from 85 days in 2006 to 131 days in 2007. The negative trend is the sales volume which declined by 49%. This is clearly a problem will spawn more problems in the long run in terms of foreclosures.

Lake Mary:
The Lake Mary area is showing a great improvement in the average home price of 15% over the same period of last year. The average home price is up from $415,265 in 2006 to $477,878 in 2007. Sales declined only 8% and the average days on the market went from 96 days to 116 days, which is below the overall area.

Longwood:
Home prices skyrocketed during the last 30 days by 32% over 2006 from $402,806 to $531,698 in 2007. This is certainly a great performance. Sales were only 4% behind last year and the average days on the market doubled from 86 days in 2006 to 168 in 2007.

Oviedo:
The Oviedo market is challenged like so many other markets, but still sellers are holding on to their sales prices. Those prices actually increased 2% over the same period last year. This is great for the buyers of real estate to see that home prices in central Florida are keeping up the pace. It's also good news to see that there is very little risk of buying a home and expecting the bottom to fall out in the future. Days on the market increased from 91 days in 2006 to 143 in 2007. Yes it does take longer to sell a home but at least, unlike other areas around the state, this city is holding its own.

Clermont:
Lake County is very challenged with a huge amount of unsold inventory and lots of undeveloped land and very strong new home inventory. Therefore, this area is going to be challenged for a long time to come. For the past 30 days, Clermont prices dropped just 2%. However, the number of sold homes declined by 32%, from 112 homes to 67 homes this year. Days on the market increased from 127 last year to 158 days this year. The home with the longest days on the market in 2006 was 519 days. This year, the longest on the market is 596 days. The length of time represents the huge oversupply of new and resale homes in Clermont and Lake County.

Winter Park:
If there is any city in Florida which should hold value, it is Winter Park. It is amazing to me that this part of the Orlando area is getting hurt with a reduction of 18% in price over last year and 10% lower sales! As well, days on the market have jumped from 98 days in 2006 to 140 days in 2007. We all understand about the days on the market but the decrease in price of 18% is certainly a strong concern.

Debary:
Unsold single-family home real estate in Volusia County is at an all time high. Home sales are way behind last year's performance and continue to be very challenging for some time to come. Comparing the same period to last year, sales have dropped by 34%. The average home price has also declined from $242,408 to $220,160. Average days on the market have increased from 110 days to 181 days. West Volusia County home prices are going to hold their value. The prices are still a better value compared to Seminole County. West Volusia is a relatively short commute and an alternative area to live in for the more price-conscious buyer.

Kissimmee:
The major challenge for the Kissimmee area is the huge oversupply of vacation homes which were primarily bought by speculators and investors and are now seeking buyers. This area of metro Orlando is favored by British buyers and a preponderance of homes are owned by British people. These remain a great investment opportunity as long as the dollar remains weak against the pound. Kissimmee had a 2% reduction in home price and a 63% decline in sales. Average days increased in sold inventory form 115 day to 192 days. Kissimmee will remain a challenge, but hopefully the British investors regain confidence in the Orlando real estate market.

Windermere:
The Windermere market is very challenging. However, for investors, this market remains to be strong in terms of average sold price. The average home price increased from $932,531 in 2006 to $953,531 in 2007. Sales decreased by 33% and average days on the market grew from 99 days to 177 days. Windermere remains far ahead of any other central Florida real estate market in terms of the average home price. Much of this is fueled by the Butler Chain of lakes and such areas as Isleworth, Bellaria, Reserve at Butler Sound, Keene's Pointe, Summer Port, Lakes of Windermere, Balmoral and many more exquisite subdivisions.

Apopka:
The Apopka area is suffering from a huge oversupply of resale homes and new home developments, and consequently the average sold price dropped by 4% in August compared to last year during the same time. Average home price dropped from $254,753 to $241,081 and sold homes decreased by 50%. Selling time increased from 93 days in 2006 to 133 days in 2007. Some of the more popular subdivisions are Rock Springs Ridge, Pines Of Wekiva, Wekiva Crest, and Errol Estate.

Sanford:
This area showed an 11% increase in the average price of homes sold, which is caused mainly by some of the upscale subdivisions, such as Lake Sylvan Cove, Wilson Park, Buckingham Estates, Lake Markham Preserve, Preserve At Astor Farms, Lake Forest, and Berington Club, selling some high priced homes. The average price in 2006 was $277,441, increasing in 2007 to $309,169. Sales in general decreased by 41% and the average day on the market went from 82 days to 125 days. Like in all areas, sellers are trading price for days on the market. However, in the long run, this will cause problems and sellers will be forced to reduce prices to sell.

The real estate market is going to continue to be very, very tough. Sales are not going to improve until we shake out a lot of the sub-prime problems and prices drop to a more affordable level in the entry level homes. Until this happens, sales will be very slow as in the past and market time is going to be very challenging for everyone. Today, the first shoe of many has dropped, with unemployment numbers coming in much lower and the stock market taking another 250 point hit. I do hope some of the darker predictions are not going to come to pass. I hope to see a bottoming out of the slide soon.

Have a great weekend.

Gitta

And The Highest Price Goes To…The Top 2 Highest Selling Homes of 2007 for Orange, Seminole, Lake & Volusia Counties

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Fri, 31 Aug 2007 23:31:41 -0500

Orlando Real Estate Market Update 08/31/07

Gitta Urbainczyk, P.A.

The market may seem very slow, but it's really all in the eyes of the beholder. Homes are still moving, especially the highest priced homes. Here are some of the pricey real estate which has sold so far in 2007 in the 4-county area.

Seminole County

•1. Number one and highest price sold home was in Sweetwater Club Estates in Longwood. This property sold for $3,750,000, although the asking price was $4,200,000. The home was on the market for 226 days. It offered 5 bedrooms, 6.5 baths and totaled 7,444 sq. ft. The home was built in 2001 and includes amenities such as a summer kitchen, two separate laundry rooms, a tropical pool, and the perfect location (situated on a 2+ acre lot).

•2. In the number two spot was a home located in Alaqua Lakes in Longwood. This beautiful property sold for $3,250,000 with an original asking price of $4,950,000. The home was on the market for 115 days. It offered 7 bedrooms, 5.5 baths, and totaled 10,234 sq.ft of living space. The home features a basketball court, putting green, guest house and an elaborate pool with waterfall.

Orange County

In Orange county, the top spot belongs to a home (well, actually, an elegant estate) situated on a 5-acre parcel in Isleworth, a part of Windermere. The estate was sold for $10,000,000 after being on the market for only 70 days. The original asking price was $12,950,000. Selling at almost 30% below asking price, the property did sell quickly in this so-called slow market. Besides being very close to Tiger Woods, this home offers nothing short of the best. Boasting 14,979 sq. ft. of living space with 7 bedroms and 6.3 baths, the home is located on Lake Chase. It features a magnificent library, tennis courts with flood lighting, a 2-bed/2-bath pool home and caretaker living quarters. All of this, plus enhanced by a lakefront lifestyle!

Not far behind the # 1 spot is this mansion also located in Isleworth. The home sold for $8,950,000 after being on the market for 347 days at an asking price of $9,900,000. The home features 15,383 Sq. ft. of living space, including 9 bedrooms and 12.5 bathrooms. The home comes complete with a boat dock, lakefront gazebo and a dramatic hand-crafted two-story grand and wide staircase with chandelier. And let's not forget the detached guest apartment and 4-car garage!

Lake County

(Picture displayed is a sample picture of a property presently being sold in Bella Colina and not the picture of the sold home as no picture was provided by the MLS.) Coming in as the #1 highest sold home in Lake County is a property located in Bella Colina, selling for $6,000,000, after an original asking price of $6,780,000. The pinnacle of luxury living at Florida's newest private community is, without a doubt, Bella Collina. Inspired by centuries-long Tuscan lore, you'll reside amongst nearly 2,000 acres of rolling hills, serene lakes, vibrant orange groves and majestic oaks. Enjoy traditional valley-style golf unique to central Florida. Explore the breathtaking countryside on horseback. Or savor the culinary delight of expertly prepared, eclectic and contemporary Italian dishes at the exquisite grand clubhouse. The home boasts 5 bedrooms and 5.3 baths. The property overlooks Lake Siena and offers a 2-story stone fireplace, a grand master wing including a sitting area, a morning kitchen, jetted tub and a temperature-controlled wine cellar!

(Picture displayed is a sample picture of a sold home in Heathrow Country Estates and is not the picture of the sold home as no picture was provided by the MLS.) Number two goes to a home located in Heathrow County Estates. This home sold at the asking price of 1,700,000.00. It's a 4,923 sq. ft. home with 4 bedrooms, 4.5 baths, and a beautiful location on a golf course. Heathrow Country Estates offers exclusive luxury homes in an elegant community. This unique golf community offers spectacular views and privacy gates. Amenities: Residents will enjoy the clubhouse, convenient shopping and a health and fitness center located on the property. The Private Golf Course Community - Red Tail Golf Course Let your family be part of this great community of Heathrow Country Estates.

Volusia County

Riviera Bella in Debary had the highest priced home sold in the West Volusia area. Built in 2006, it sold for $1,250,000. The home offers 3,600 sq. ft. of space, including 5 baths and 4.5 bedrooms. Bella Riviera is the only guard-gated community on the St. Johns River. Riviera Bella's 240 acres of pristine river frontage and surrounding conservation area occupies an enviable location with exclusive amenities and imaginative home options. Riviera Bella has been created with distinctive Mediterranean design features infusing everything from the magnificent entrance to the intimate details of each home. Three exciting villages provide varied options to satisfy the needs of the most discriminating homebuyers. With the maintenance-free Villagio, family-sized homes of Mediterra, and confiding riverfront of Riviera Estates, each village offers something unique.

Coming in as the 2^nd highest priced home sold in West Volusia County is a home located in Victoria Park in Deland. This property sold for $900,000 after being on the market only for 21 days and was originally listed for $990,000. The home was built in 2005, it has 4 bedrooms, 4.2 baths and is ideally situated in Deland just 20 miles from Daytona Beach and 30 miles from Orlando. New Smyrna Beach is just 25 miles to the west. Victoria Park offers a world of opportunities, all within 100 miles! With The Walt Disney World Resort paving the way to fun, discover Orlando's numerous attractions. Theme parks, like Seaworld Adventure Park and Universal Orlando, exciting entertainment destinations, dining and retail venues all provide fun for visitors of all ages. You can also easily pay a visit to nearby nature parks. In Daytona Beach, you'll find plenty of sporting activities, from baseball and surfing to racecars and football-something for everyone! The area's many natural wonders await your exploration. Living in DeLand means you'll also be centrally located to some of Florida's most beautiful public beaches. Hop in the car and enjoy a sun-filled afternoon on the world-famous sands of the New Smyrna or Daytona beaches. It's a great location to call home. Get out there and enjoy 100 miles of fun!

Osceola County

The highest priced home sold in Osceola County was sold in Celebration. This home was listed for 182 days and sold for $2,500,000. It originally listed for $2,650,000. This beautiful home has 6917 sq. ft., featuring 5 bedrooms, 5.2 baths and was built in 1997. This is a true Southern Antebellum design home with 2,700 sq. ft. of covered porch. Celebration is a unique designed community located in the South Orlando area close to all Disney Parks and many other attractions. Celebration hosts many events every year. Some of which include community-wide yard sales, an art show, an exotic car festival, the "Great American Pie Festival" (televised on The Food Network), a "Posh Pooch" festival, and downtown events for the Fall and Christmas seasons when autumn leaves and "snow" (small-scale soap bubbles) are released into the town square. The community also host a 4th of July fireworks celebration.

The 2^nd highest priced home was also sold in Celebration and was sold for $1,900,000. It originally listed for $2,300,000 and sold after being on the market for 188 days. The home consists of 7 bedrooms and 5.5 bathrooms, with 5,376 sq. ft. of total space, including a 3-car garage. This beautiful custom home is situated in a park-like setting with water views all around. Celebration hosts many events every year as mentioned above. In addition, residents of Celebration come from all parts of the country. There is a large portion of the Celebration population from New York, Michigan, and Ohio. Many of these residents are 'snow birds' who only stay during the winter months. There is also a large British population.

This is the Labor Day weekend and the last day of the home selling summer season. In Florida, school has already started. In some states, the school year will start after this weekend. However, the main selling season has come to an end. The rest of the year, homes are going to continue to sell, but at a much slower pace.

On behalf of my team, we wish all of you a very happy and joyful Labor Day weekend!

Gitta

Paying Off Your Mortgage in Six Years Without Changing Your Lifestyle

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 26 Aug 2007 12:44:45 -0500

The Real Estate Market Synopsis

NOTE: For the full market update, including facts, figures, and other market indicators, go to Gitta's Blog right now!

Orlando Real Estate Market Update 08/24/07

Gitta Urbainczyk, P.A.

At first, this may sound too good to be true. If you think you have heard this idea before, you really need to listen to this one now and find out more about it! Most people labor 30 years to pay off their home. In the process, they end up paying hundreds of thousands of dollars in interest expenses. In the end, they will never pay off their home. Now, there is a fairly new program which is called Home Ownership Accelerator which is offered through many mortgage brokers.

In today's battered mortgage market, it is refreshing to see a program which offers a new approach to cutting away at lifetime indebtedness. In paying the traditional way, you get a 30-year mortgage that you pay monthly principal and interest payments to the mortgage company. This also includes your taxes and insurance. The mortgage company will place the escrow money into an escrow account and pay the insurance and the taxes once per year. Just imagine how many billions of dollars are sitting in escrow accounts and collecting interest! Where does that money go? You guessed it, the mortgage companies.

I am sure you have also heard of a program where you pay the mortgage on a bi-monthly basis or just make additional mortgage payments to reduce the time it takes to pay off a mortgage from 30 years to say 20 years or so. Still, these programs require you to put an additional payment towards the principal or pay the mortgage payments bi-monthly. The Home Ownership Accelerator program is different because it replaces your traditional 30-year mortgage with a HELOC (Home Equity Line Of Credit). With a HELOC, the first mortgage goes away altogether. Basically, your home is secured by a HELOC instead of by the first mortgage. The HELOC is treated like a checking account with benefits such as a debit card and checks.

This program only works for people who have at least 10% of equity in their home, a credit score of at least 680 (could change) and a positive monthly cash flow. Because you will deposit your weekly paychecks into this HELOC account and treat the account like a checking account, your outflow cannot exceed your income. Under the HOA program, you do not pay escrows to the mortgage company. Instead, you will pay the escrow only once per year and therefore the tax and escrow money will stay in the HELOC account. This will accumulate interest for you instead of your traditional mortgage company and also reduce your indebtedness, thus making your monthly HELOC payment lower.

I have to say, this is a pretty revolutionary program and certainly something that can help many homeowners get out of debt early instead of paying hundreds of thousands in interest payments to your mortgage company. Plus, you keep the money in your own pocket and in your own savings account. Here are some of the salient points of the program.

How does the Home Ownership Accelerator revolutionize home loans?

The Home Ownership Accelerator makes one simple change in your financial life. It combines your checking account with your home loan. So you flow all of your personal cash against your loan balance. Why is this aspect a big deal? The money currently in your checking account earns close to nothing. In the Accelerator account, your money will "earn" your home loan rate (a much better return) because:

Your income lowers your monthly balance.
The lower balance saves you interest.
The saved interest becomes extra principal payment.
This further lowers your balance, saving more interest.
This frees up even more money to reduce principal.
This cycle repeats itself each month, compounding your interest savings and accelerating the reduction of your debt.

If you want to find out more about the program, please feel free to call mortgage brokers Marc Urbainczyk at 321- 228-3104 or Matt Morro at 321-438-1862. Both are with Premier First Home Mortgage and they can guide you through the program to get you into financial freedom faster! You can also look at the website called http://www.homeownershipaccellerator.net/.

With today's market, you need a mortgage solution which gets you to your financial goals. This HOA program might just be the right vehicle for you. Good savings!

Home Sellers!

We are at a very difficult time in the real estate market and things are not about to get any better. There are just too many unknown issues hanging over the mortgage market. The world financial markets are in turmoil and there is no quick fix. The difficulties of the housing market really have yet to surface. If you want the latest updates, please go this website http://ml-implode.com/ and follow how lender after lender is closing down with no end in sight. The good side of the equation: you can still sell your home if you price your home reasonably and understand that the buyer is setting the prices right now. This is because any home bought today cannot be re-sold for the same price next month, 12 months and 24 months from now. We are on a downward slide in home prices. Understand that selling your home at all is a privilege now because many others will not be able to sell. They will eventually take their home off the market, rent it out or join the many people in giving the home back to the bank.

It is important for you to understand what is going on in the market today. If you get an offer, make it work! It might be the last offer you will see for a long time, if not for the next 2 years! We want to give you the best possible advice given the current climate and your desire to sell. Today, buyers are buying price, and they want to make sure they are getting the best deal possible. They simply do not want to be upside down the minute they move into their new home.

Have Great weekend.

Gitta

NOTE: For the full market update, including facts, figures, and other market indicators, go to Gitta's Blog right now!

Gitta's Websites

Disclosure

This information is provided free for Gitta's team members and/or affiliates or current and future clients of Gitta's Real Estate Team with Keller Williams Heritage Realty. It is for informational purposes only and data from 2nd party providers is used and should be personally verified. Before using any of this information it should be verified with Gitta Urbainczyk, P.A., as it may apply to your specific situation. This information is for the person addressed to and should not be dissimilated to people not intended for. If you received this information and you are presently listed with another real estate company please disregard it.

Gitta Urbainczyk Becomes Exclusive Member of The Real Estate Advocate Group

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 19 Aug 2007 00:57:24 -0500

Sites featured in this release:

Gitta Urbainczyk P.A. E-Pro, CLHMS

Certified Luxury Home Specialist -For More Info Click Here
Gitta's Real Estate Team- Click Here
Keller Williams Heritage Realty

Why using an E-Pro as your agent -Click here
Gitta's main Web Sites

· http://www.gitta.com/

· http://www.greaterorlandohomes.com/

We will serve you before, during and forever after the closing
We want to earn to be your Realtor for Life!
Over The Net Home Evaluation at http://www.gitta.com/ 1-800-779-6752
Electronic Newsletter: click here

Gitta's Real Estate Team Dominates Online Real Estate

Gitta Urbainczyk (Gitta's Real Estate Team - Keller Williams Realty) — Sun, 19 Aug 2007 00:51:32 -0500

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Gitta Urbainczyk P.A. E-Pro, CLHMS

Certified Luxury Home Specialist -For More Info Click Here
Gitta's Real Estate Team- Click Here
Keller Williams Heritage Realty

Why using an E-Pro as your agent -Click here
Gitta's main Web Sites

· www.gitta.com

· www.greaterorlandohomes.com

We will serve you before, during and forever after the closing
We want to earn to be your Realtor for Life!
Over The Net Home Evaluation at www.gitta.com 1-800-779-6752
Electronic Newsletter: click here