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Money, Money, Money - 10/30/08 07:14 AM
Apparently, someone forgot to tell Dwight Howard of the Orlando Magic that the economy is shaky, and that Orlando real estate is a questionable investment. He just paid a record $8 million for a new home in Longwood. You can read all about it in the Orlando Sentinel. There is even a short video showing off the home. By the way the Magic lost their first game last night. If only real estate agents made that kind of money without closing the deal.
On to banking. The Treasury has pumped billions into the banking industry, and the Fed has dropped the … (3 comments)
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Baldwin Park Orlando - 10/29/08 08:38 AM
I have to say, the condo in Baldwin Park that I have been blogging about for a while now, has turned out beautifully. My customers are closing on it tomorrow, and the home inspector Monday found just three very minor issues with unit. After the home inspection, we had the walk-through with the builder Centerline Homes and it took all of five minutes. It is rare in a new home that there are so few issues. I think most people expect a new home to be perfect, but keep in mind the number of systems, subcontractors, and details involved. That is … (0 comments)
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High on Orlando - 10/28/08 05:09 PM
I will preface this by saying that I am a Central Florida native. I attended the University of Central Florida in Orlando. My MBA is from Crummer Graduate School of Business at Rollins College right here in Winter Park. My wife was born in Orange Memorial now Orlando Health. So yes, I am biased when I speak about Orlando, but that does not change the facts.
First, the weather here is fantastic. Today is October 28, 2008 and it is absolutely gorgeous outside. Blue skies, clear and sunny with a high around 66F. That is actually a little cool for us. … (0 comments)
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Orlando Real Estate Statistics September Revised - 10/27/08 07:52 AM
I held off on publishing the official numbers until everything was ironed out. There were some issues with the median price, but that has been corrected. Here in Orlando, sales were up significantly over September of 2007. In fact sales were up nearly 38% compared to a year ago. The month over month sales increase was somewhat less at just over 4%, but that is because we had a pretty strong August too. Sales were up across the state of Florida, and it was reported last week that sales nationally were up better than 5% compared with August. At the same … (2 comments)
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Moving up in Google - 10/21/08 08:51 AM
I regulary check my positioning on Google, because let's face it if you are not on Google your website might as well be invisible. Through some of the webmaster tools available on Google, I determined that the number one search for my area is Orlando Real Estate - big surprise. Through search engine optimization tools, continuous updating of my website and blogging here and on ActiveRain and Realtor.com, I have been successful at moving my website up the ladder. This morning I found myself on page one. Please go ahead and try it yourself. Go to Google and put in Orlando Real … (7 comments)
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Joe the Plumber - Orlando Real Estate Sales October 2008 - 10/20/08 09:46 AM
This actually has nothing to do with "Joe the Plumber", but since the last Presidential debate Joe has been a great attention grabber. This post is actually about something closer to home for the folks in Orlando. I am going to go ahead and go out on a very precarious limb, and say that we have hit the price bottom here in O-town. Last month our median sales price dropped to $182,000 and so far this month with almost 500 closed sales we have a median sales price of $185,000. That is not to say that we are on our way … (2 comments)
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New Orlando Real Estate Web Site for Consumers - 10/16/08 12:07 PM
If you are thinking of buying or selling in Orlando where do you turn to for information. Like 80%+ others you check the internet first. You may be checking out areas of town that are close to where you work or go to school. You might be checking to see how much your neighbor is asking for their home, or how much that house sold for. Regardless of the type of information you are looking for, much of the data is on the internet. That is especially true in Orlando which is one of the most wired cities in America. The … (5 comments)
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Interest Rate Shopping - 10/14/08 07:02 AM
I am working with a couple buying their first home together here in Orlando, and yesterday they spoke with a couple of lenders about rates and loan programs. Both lenders were recommending FHA as an option for them, but the interest rates they were quoted were significantly different. One rate was around 7.25%, and the other rate was 6.5%. On a $100,000 loan that is a $50.11 difference in the monthly payment. The difference between $632.07 and $682.18. They will be borrowing more, so the difference could cost them a lot more than $50 a month.
When money is tight, like … (6 comments)
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Open House Traffic - 10/13/08 07:31 AM
Centerline Homes in Baldwin Park held an American Dream Street Open House yesterday, and from what I saw it was a tremendous success. I don't know how many homes they sold, but there were quite a few people there when I went through. I live in the neighborhood, and stopped by to check all their floorplans out. That was the most traffic I have seen at any of the builders in a long time. Most of the neighborhood is built out at this point, but Centerline has about 10 condos that are either available right now or soon will be. I … (5 comments)
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Fear or Faith - 10/12/08 03:26 PM
The current market reminds me of the story of the exodus in the bible. If you want to read about it check out chapters 13 and 14. The particular part of the story I am referring to is when they get to Canaan, the land of milk and honey, the promised land. When they arrive just outside of their destination, they send 12 spies into the land to survey the situation. When the spies return, 10 say the land will devour them, the people living there now are giants that make the Israelites look like grasshoppers. Two of the the spies … (1 comments)
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David Welch's Orlando Real Estate Blog Featured on Realtor.com - 10/10/08 09:16 AM
My Orlando Real Estate Blog, www.RealEstateOptimist.com is the featured blog on Realtor.com for my post on October 8th about the Fed. You can check out what I said by by going to www.Talk.Realtor.com. Just look on the left side under October 8th, and click on the link to my post. This is the second time I have been featured on Realtor.com's blog site. I have to say that I have already had a number of comments on this post on my ActiveRain blog site. You can see what other had to say by going to www.ActiveRain.com/RealEstateOptimist.
Speaking of rates, it is curious … (1 comments)
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Orlando Real Estate Statistics 10/10/2008 - 10/10/08 07:15 AM
The official numbers came out yesterday, a day early, and I think there may be a mistake on the median price. I will be contacting the association as soon as I can to get some clarification on it. I have been reporting sales of 1,329, and the official number was 1,335. That is easily explained by exactly when the number is pulled from the data. I have also reported a median sales price in the mid $180's. Originally, I found a median of $185,000, but I repulled the numbers the next day, and it had dropped to $182,900. The association is reporting … (0 comments)
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Fed Rate Cut 10/08/08 - 10/08/08 07:35 AM
I just blogged yesterday that I thought the Fed might drop the rate half a basis point, and I read in the paper (online of course) today they did just that. They may cut it again at their next scheduled meeting. Just in case you are a buyer and think that this means mortgage rate dropped half a point too, they did not. The Fed rates are short term rates that are charged to banks that are literally borrowing overnight to make sure they have adequate balances for reserves. Mortgages are tied to long term money rates. The Fed rate has … (5 comments)
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Global Rate Drop? - 10/07/08 07:13 AM
With the stock market meltdown yesterday, and the Fed meeting today, look for a rate cut. Other central banks around the world, I expect will also be cutting rates to stem the tide of sentiment that the economy is shrinking. I say a headline yesterday that said that a majority of people surveyed expect us to head into a depression. The difference between a recession and a depression you ask? In a recession you lose your job, in a depression I lose mine. Hopefully, the central banks around the world will be able to put together their own bailout plans and … (3 comments)
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European and Asian Markets - 10/06/08 12:00 PM
The Dow is tanking today over global credit concerns. The EU failed to come up with their own financial bailout package, sending investors into a selling spree. If I read correctly, Asian markets were off 8.5% and the European markets were off about 8% in overnight trading. Keep in mind that if someone is selling there must be someone buying to effect the sale. It is very hard to predict when or where the bottom is until we are headed back up, so try to take the long term view on whatever investment you have. This is hard to do in today's … (2 comments)
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September Sale Surge - 10/04/08 08:33 AM
As of this morning 1,322 closed sales were recorded for September, that is up from 1,225 in August. October is usually a better month, so hopefully buyers will not have trouble getting loans funded this month ahead of the effects of the bailout. I believe we could see over 1,400 closed sales in October which would be around the same number of sales we saw in June and July (our peak months). Although prices have come down considerably. I am noticing an increase in buyer activity. Personally, I will be out showing downtown Orlando condos, and homes all day today.
The … (1 comments)
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Bailout Vote and Mary Poppins - 10/02/08 11:06 AM
Just a spoon full of sugar helps the medicine go down. Remember that song from Mary Poppins? Well, that is apparently what it took to get the Senate to take their medicine on the bailout bill. Hopefully, the house will take up the issue today, and agree to take their medicine as well. I do not like this much government intervention in anything, but I do feel like something has to be done to stabilize the financial markets. Unfortunately, many are paralyzed by the uncertainty in all the markets. The housing market, mortgage market, financial market, and commodities market are each … (3 comments)
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David Welch, Orlando Real Estate Optimist
Orlando,
FL
More about me…
Remax 200 Realty
Address: 954 S. Orlando Ave., Winter Park, FL, 32789
Office Phone: (407) 629-6330 x 399
Cell Phone: (407) 924-7670
Email Me
Orlando Real Estate Blog, news, statistics, marketing reports, insight, opinions. Orlando real estate includes, Winter Park Windermere, Apopka, Ocoee, and Winter Garden, as well as Conway and Dr. Phillips areas of Orlando.
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