Hojin's Blog

Beautiful Town House For Sale in Vizcaya

Hojin Chang (Coldwell Banker) — Thu, 09 Apr 2009 09:08:47 -0500

I've just listed a beautiful town house at 8314 Via Verona, Orlando, FL 32836 in Vizcaya. Beautiful window treatments, crown molding, wainscoting, ceiling details, granite counters, jetted tub, huge closets, tile roof, all appliances, 2 car garage, and it being walking distance to "Restaurant Row" just adds to its appeal.

This Dr. Phillips place is outright gorgeous... I fell in love the first time I saw it, and started getting a little nervous because I really wanted to be the listing agent. I promise you'll love it as well when you see it.

Offered at $342,000 (MLS# O4907095)

3 Beds 2.5 Baths

2,060 Square Feet

2 Car Garage

Tile Roof

Granite Counters

Jetted Tub

Private Views

Year Built: 2003

We're All Communists Now and the Worst is Over

Hojin Chang (Coldwell Banker) — Wed, 01 Oct 2008 09:41:46 -0500

A $169,000 Dollhouse is Creative Marketing

Hojin Chang (Coldwell Banker) — Thu, 25 Sep 2008 10:28:54 -0500

A slumping housing market means you need to come up with creative marketing ideas to sell homes and I think this idea by a Michigan couple trying to sell their home for retirement is ingenious. They’ve put up a replica of their home for sale in the form of a dollhouse for $169,000 and as a bonus you get the real house for free.

The homeowners, Gerry and Cindy Mann, found this dollhouse in their basement. Cindy’s late father created the dollhouse for their kids years ago, but the kids have grown up so they thought to use it for marketing. It took Cindy’s father over a year to create this scale model so I can see how they were inspired to put it to use.

In any case, it’s quite a clever idea. We’ll have to wait and see if it gets their home sold. At the very least, it ought to bring lots of attention.

Key Bumping Threatens Home Security

Hojin Chang (Coldwell Banker) — Thu, 25 Sep 2008 10:25:37 -0500

I just met with a locksmith at one of my properties and somehow we got to talking about the bump key. It’s a low tech device that picks locks like it’s nothing and can be purchased at Wal Mart and on the internet. An entire set of bump keys costs about $30 and it will give you a full arsenal of tools to pick locks. I did a check on YouTube and there’s all kinds of videos showing how to use this device. It looks like criminals use the internet as well. I was really shocked to see how easy it is to pick a lock on a home. There’s even a 12 year old successfully using a bump key on YouTube. When replacing locks on your home, it may be worthwhile to consider putting in locks that are impervious to the bump key. I found one solution by a company called Medeco and another by Schlage Primus who claims to be bump key proof. The locksmith told me that he’s been installing the Medeco locks all over Central Florida especially where crime is more prevalent. It’s a heck of a lot cheaper than a high tech security system and probably more effective.

Real Estate Statistics for Orlando Through May 2008

Hojin Chang (Coldwell Banker) — Wed, 11 Jun 2008 22:41:25 -0500

Living in a Shell

Hojin Chang (Coldwell Banker) — Mon, 19 May 2008 12:17:54 -0500

If you're one of those people who'd like to consider your house a work of art, you may be interested in the Nautilus House created by bioarchitect Javier Senosiain in 2006. It truly is a work of art, although you may want to make a little less of a statement. It's definitely not gonna go over so well with the homeowner's association, but if you've got a plot of land overlooking the ocean or mountains or something then this could be the home that makes you stand out from the pact. World Architecture News describes it as "The metaphor was to feel like an internal inhabitant of a snail, like a mollusk moving from one chamber to another, like a symbiotic dweller of a huge fossil maternal cloister. This home social life flows inside the Nautilus without any division, a harmonic area in three dimensions where you can notice the continuous dynamic of the fourth dimension when moving in spiral over the stairs with a feeling of floating over the vegetation". I was never gonna come up with a description like that, so I decided quote their description. In any case, I really like it because I'm one kooky son of a gun or more of a real estate geek than I thought. Whether or not I'd live in the darn thing is another argument altogether. It would definitely make a nice beach house somewhere in New Smyrna, Melbourne, or Ponce Inlet and everyone in Central Florida would know about it. I guess the question of the day is would you live in the Nautilus House? As crazy as it sounds, I think I would depending on the price. Some family in Mexico definitely would because they've been living in it since 2006. I wonder how it would do for resale. Probably not so good, but you can always say your house is a work of art and no one could argue. Anytime someone asks if you've been living in a shell, you can always say yes and have an excuse for not being up on current events.
see video: Nautilus House

The Eternal Hot Water Heater

Hojin Chang (Coldwell Banker) — Tue, 06 May 2008 11:29:18 -0500

Say goodbye to ever running out of how water again or having to wait for the water to heat up. The Eternal Hybrid Water Heater produces an endless supply of hot water instantly and is the most efficient water heater on the market today because it doesn’t waste any water while you wait for the water to heat up. So it’s green, but not so good for the other green, your pocketbook. It runs around $3,000 and it’ll take a long time recoup the added costs from the efficiency.

At least you’ll never run out of hot water and doing some good for planet earth. It’s a wonderful luxury item to consider for new construction or remodeling projects, but it’s not cheap. It costs twice as much as a normal water heater but really within reach of most consumers if you gotta have it.

If price is no object or you’re getting sick of running out of hot water or waiting for it, then you gotta have it. All homes over a million dollars should have it and hopefully we’ll all have it eventually.

Rears that Catch Your Eye

Hojin Chang (Coldwell Banker) — Mon, 28 Apr 2008 19:38:57 -0500

Barbara Corcoran has been showing up quite a bit lately on the Today Show with some great tips for real estate. In this segment, Corcoran suggests that a beautiful backyard can add 11% to a home's value. I wish I agreed with her on this one, but I think she's exaggerating here. Sure a nice backyard adds value, but not 11%. Not around these parts. Corcoran says to stay away from adding swimming pools, sports courts, and concrete patios. Instead you should strive for less lawn, more landscaping, and create an outdoor room. I love her suggestion about adding trees but stay away from the maple trees because the falling leaves will make it a nightmare to clean up. When adding trees in the front yard, try to plant trees where it doesn't block the front facade. There's nothing worse than pulling up to a house and seeing all tree. Many times, hiring a landscape designer can make all the difference. It's not that expensive and the yard will look much more attractive.

Pool Home For Sale at Greater Pines in Clermont

Hojin Chang (Coldwell Banker) — Wed, 16 Apr 2008 10:11:31 -0500

Spacious Pool Home on Conservation Area offered at $380,000 Truly a sanctuary with gorgeous greenbelt views and loaded with tasteful upgrades with granite counters and backsplash, new Maytag appliances, gorgeous ceramic tile, and self cleaning pool with screen enclosure and water feature. 14500 Greater Pines Blvd Clermont, FL 34711 MLS# O4841127

4 Bedrooms
3 Bathrooms
2,744 Square Feet
Year Built: 2002
3 Car Garage
Split Plan
Vaulted Ceilings
Security System
Mother in Law Suite
Granite Counters
Tray Ceilings
French Doors
Walk in Closets
Garden Bath
Laundry Room Inside
Gas Available for Appliances
Self Cleaning Pool with Water Feature
Home Warranty

Fashionable Interior Colors for 2008

Hojin Chang (Coldwell Banker) — Sat, 12 Apr 2008 10:07:31 -0500

One of the most common suggestions made by interior designers and home stagers is paint. Time and time again they say it gives you the most bang for the buck when it comes to home improvement. The only problem is the colors that are in fashion seem to change every year. So I started wondering who comes up with these colors and who decides they’re the colors for the year.

According to The Furniture Store Blog, they’re decided by so called color forecasters which are usually paint companies. They go to great lengths to keep interior designers informed of their forecast and they in turn introduce the fashionable colors to consumers.

The colors designated to be fashionable for 2008 by Sherwin Williams and Benjamin Moore appears to be a bold mix of colors which goes against the popular suggestion made by Realtors of staying neutral. My personal opinion is that beige everywhere is all too common and way too boring and sterile looking. Bold colors can be striking in moderation and in the right places. You just gotta keep from going overboard.

Fashionable Colors for 2008

Home Seller No No's

Hojin Chang (Coldwell Banker) — Thu, 10 Apr 2008 08:32:23 -0500

Barbara Corcoran recently provided some great home selling advice to Lester on the Today Show. Her message was that homes sell even in this market provided the price is attractive enough and the buyers know that your home is for sale. Even the lowest bargain basement price will not work if no one knows about it. The MLS and the newspaper are not enough to sell a home anymore. With regard to pricing, she advises home sellers to be ahead of the curve with price declines. In other words, small prices changes of a few thousand will not get the job done. You need to price your home below market because prices are still declining. Corcoran also advises home sellers to consider all offers and never be offended one that is really know. Many times the low offers bring their offer price up. Home sellers should make all necessary repairs because it’s just good business practice. You wouldn’t try to sell a car that needs a bunch of repairs. She also says to consider open houses as opening night. The purpose is to announce that your home is on the market. An open house every once in a while is far more effective than one all the time. I admit that I don’t agree with Corcoran all the time, but she’s got some great advice here.

FICO 08 Does Away With Piggy Backing

Hojin Chang (Coldwell Banker) — Thu, 06 Mar 2008 11:24:53 -0600

I found this entertaining video about credit scores on Colleen Kulikowski's Celebration Blog. It reminded me that the Fair Isaac Corporation will role out new rules dubbed FICO 08 in the next few months. The new rules are supposedly going to help lenders reduce defaults by 5% to 15%. It will go easier on consumers who make occasional slip ups and more penalizing to those with multiple offenses. The scores will still range from 30o to 850 and take into account traditional factors such as timely credit history, length of credit history, types of debt, debt mix, and any excessive amount of recent new credit. Among the biggest changes in the way FICO scores are calculated will be the way it factors in "authorized users". An "authorized user" is one who is not responsible for paying back the credit card debt, but the card history appears on the user's credit as well as the owner's credit. Parents have been helping their kids build up credit for years by making them authorized users. I'd have to say I benefited from this one in my formative years. Spouses have also commonly utilized this tactic for improved credit scores. This form of credit improvement is commonly referred to as "piggy backing" and will not be allowed in the new guidelines for credit scores. If you're curious about how your credit score will be effected by the new guidelines, I suggest checking your credit for free at annualcreditreport.com after the new rules go into affect. We're all entitled to receive one free credit report per year and all three credit agencies make the score available at this handy site. Best of all, it's totally free. Gotta love it. related link: Build a Killer Credit Score in 2008

Trulia Makes It Easy to Find Foreclosures

Hojin Chang (Coldwell Banker) — Thu, 20 Dec 2007 20:27:53 -0600

Trulia recently added the ability to search for foreclosures and it’s freakin awesome. They have teamed up with Realtytrac, the most comprehensive source of foreclosure data on the web, to become first major real estate search portal to enable such a capability. Visiting Realtytrac to acquire information used to require giving up your email address to spam and pop up windows but now foreclosure searches are about as user friendly as it gets with Trulia.

There’s no need to provide any personal information. You just initiate a search in the simple and easy to use format that Trulia is known for and check the box that says foreclosures. That’s it. You can narrow things down zip code, neighborhood, city, style of property, price range, number of bedrooms, bathrooms, and square footage. On top of that, you also get a Google map view of the location for each property and photos. Searching for foreclosures have never been this easy. Trulia’s foreclosure search is hands down the easiest way to find foreclosures ever created.

Being a bit curious, I did a search for Dr. Phillips that netted 56 properties and Windermere netting 88. The whole process took just a few seconds. Freakin awesome.

How to Analyze Real Estate Investments

Hojin Chang (Coldwell Banker) — Wed, 12 Dec 2007 10:52:24 -0600

There are 3 basic methods for analyzing rental properties or income producing commercial properties:

income approach
cost approach
sales comparison approach

Each approach can be effective depending on whether you're trying to figure out future income and expenses, reproduction costs, or how you compare to the market.

The sales comparison approach can be useful if there are numerous comparable properties. Residential properties are typically in this situation but there a not too many comparable commercial properties. This approach tries find similar properties that have sold recently and really more suitable for the analysis of a residential rental property versus a shopping center or office building.

The cost approach can be effective for analysis of special purpose properties or new construction and situations where separate values are need for the land and building. It can also be useful when there are few comparable properties to compare with and compares the subject property to a new duplicate of itself to determine the reproduction or replacement cost. So this approach is more effective for newer properties and less effective for older ones. Typically, accountants and insurance companies use this approach to analyze properties but not by investors analyzing the purchase of a property.

On the other hand, the income approach analyzes the capitalization of income commonly referred to as the cap rate and best suited for analyzing income producing properties such as rental homes, shopping centers, warehouses, office buildings, etc.. To determine a property's value, the process involves the use of rates (i.e. cap rates) to capitalize the property's single-year net operating income (NOI) into a value estimate. The formula is: Value=Net Operating Income / Capitalization Rate. If the NOI is $100,000 per year (before debt service and depreciation) and the cap rate is 10 percent, then the value would be $1,000,000. ($100,000/0.10). An overall capitalization (cap) rate is defined by net operating income (NOI), (before capital items of tenant improvements and leasing commissions and debt service but after real estate taxes) divided by the value. Conversely, the NOI divided by the cap rate yields the value.

There is an inverse relationship between the sales price and the cap rate. The lower the sales price the higher the cap rate. The higher the sales price the lower the cap rate. If you're a real estate investor, the higher the cap rate, the better the investment. Remember that even a 1 percent difference in the suggested cap rate could make a significant difference in the value estimate.

Investors typically value a property based on property's Potential Gross Income (PGI). 2 ways to analyze potential income are Gross Income Multiplier (GIM) analysis and Gross Rent Multiplier (GRM) analysis. The PGI is the maximum income a property produces with 100%. The GIM analysis is the ratio between the property's gross annual income and its selling price. If a property earns an annual gross income of $50,000 and sells for $450,000, then it has sold at a GIM of 9 or for 9 times its gross income. The GRM analysis is the ratio between the property's gross monthly rental income and the sales price of the property and only refers to the rent whereas the GIM includes all the income generated by a property. The GIM and GRM multipliers are direct reciprocals of the cap rate.

To analyze a property's estimated future revenues and expenses, you need to create an Operating Statement. To do so, the formula is as follows:

Potential Gross Income (PGI)
minus Vacancies & Collections
plus Other Income (e.g. billboard)
equal Effective Gross Income (EGI)
minus Operating Expenses (3 types: fixed, variable, reserves)
equals Net Operating Income (NOI)
minus Annual Debt Service (e.g. mortgage payments)
equals Before Tax Cash Flow (BTCF)
minus Tax
equals After Tax Cash Flow (ATCF)

From this simple statement, you can determine numerous things about the property. You can figure out the occupancy level to break even by adding the reserves and annual debt service, subtracting operating expenses, and then dividing by the PGI. If you subtract this ratio from one, it will let you know the percentage of vacancies you can have. You can also figure out your return on investment or down payment by dividing the BTCF by the down payment.

You need to study every facet of this statement to ensure that the property is operating on a stable basis. You also need to ask yourself if the rents are at level with the market, are occupancies at optimal levels, and are expenses being managed properly. Anyone considering an investment in the 6 and 7 figure range should understand these concepts before jumping in. Perhaps some of the speculators that are stuck with residential properties in this market would not have bought if they understood these aspects of investment analysis. They would have understood that the market rent would not allow them to come close covering their expenses.

Anyway, here it is. It seems complicated at first but it's all just basic arithmetic. All you have to do is plug in the numbers. It will definitely provide a much clearer picture of a property's investment value.

Inspiration from Steve Jobs

Hojin Chang (Coldwell Banker) — Mon, 03 Dec 2007 11:33:47 -0600

The Ultimate Gadget for Luxurious Showers

Hojin Chang (Coldwell Banker) — Sun, 25 Nov 2007 08:56:23 -0600

Here’s a gadget for the techie control freak luxury home buyer that is just cool. The Kohler DTV is a touchscreen interface for the shower that controls the temperature and up to 8 shower components. It eliminates the need for multiple valve handles so it really does streamline the look of any shower and comes in a chrome, nickel, or bronze finish. It would typically see installation in a shower with multiple shower heads which is becoming all the rage in luxury homes. The DTV at about $1,000 per controller along with the recently released Kohler Shower Tiles is perhaps just the thing to make the master bath a true retreat.

It's Time to Start Buying Real Estate in SW Orlando

Hojin Chang (Coldwell Banker) — Tue, 20 Nov 2007 10:01:00 -0600

A Guest Post by Jim Nolan of Inspections by Nolan based in Orlando & Florida Chapter President of National Association of Home Inspectors. He's one of the most skilled, knowledgeable, and respected inspectors in the area.

email: jimnolan@cfl.rr.com
phone: 407-876-3724

“So, when will we hit the bottom of the market”? I hear that a lot in conversations about real estate in Orlando. “I’m ready to buy - but I don’t want to buy until the market hits the bottom”. That’s another often heard comment about the Orlando real estate market.

Well - when did the market hit the top? Truth is - off the top of their heads, most people can’t tell you. Sometime last year? Actually, research will show that the market actually peaked in about November 2005. Only one problem. We didn’t know that was the peak until April 2006. So what’s the point?
The point is If you wait until you know that the market hit the bottom - you’re going to miss it. We only know where the bottom is when we start going up for a few months in a row.

So - if you’re on the fence - thinking about buying, this is about as good a time to buy as you’re going to get. The selection has never been greater. Interest rates are incredibly favorable and if we’re not all the way to the bottom just yet - we’ve got to be real close.

There’s not too many better places in the U.S. to live than Orlando. The future here is going to be about as bright as anywhere. Look at all the development going on in this town. Look at what’s going on along Sand Lake Road and Turkey Lake Roads. Look at the Westgate Resorts expansion, The Wal-Mart Plaza Area, The Whole Foods Plaza, Intermezzo at Rialto, The Phillips View Tower next to the Gourmet McDonalds and the new Restaurant Row project west of Della Dr. All of the projects are being done by Professional Real Estate Investors. People that buy and build real estate for profit. Think for a minute. Would all this development be going on if it weren’t the right time to invest? What makes you think you’re smarter than these professionals risking hundreds of millions on our neighborhood? It’s time to invest in Southwest Orlando residential now.

Still don’t think so? Consider this. Home heating oil is over $3.15 per gallon up north. It’s a cold winter so far up there. Our hurricane cycle appears to be over. The Canadian dollar has increased in value from about 74 to 94 cents on the American Dollar. How many of you remember all the Canadian license plates we used to see around here every winter? That’s why the northern border “Welcome to Florida” signs are in French. The Euro exchange rate is still very favorable for the Europeans to come visit Disney and invest in America. So the northerners, The Canadians and The Europeans will all be coming back to vacation and buy those Davenport short term rental vacation homes again -sooner than you think.

I remember years ago a real estate guru used to advocate the 10% solution. Buy your real estate 10% down at 10% financing and 10% below market value. Right now you can blow those numbers out of the water. Prices have dropped substantially, interest rates are way below 10% and it’s a lot cheaper to put 10% down now than it was two years ago. Think about it, houses are on sale, right now. So, if you’re going to be living and working in the Orlando area for more than just the next couple of years - buy a house. I think you’ll be glad you did.

Michael Vick's Home on Realtor.com

Hojin Chang (Coldwell Banker) — Wed, 14 Nov 2007 10:18:01 -0600

Michael Vick, former star quarterback of the Atlanta Falcons and notorious mad man, has put his home in Atlanta, GA on the market for $4 million. It has 8 bedrooms, 8.5 bathrooms, and 1.5 acres with a water view. It will be curious to see if his home suffers in value from his reputation as a dog fighter.

Here's the link to the virtual tour

Video of Joey Fatone While at Dr. Phillips High School

Hojin Chang (Coldwell Banker) — Tue, 13 Nov 2007 22:44:11 -0600

Joey Fatone graduated from Dr. Phillips High School in 1994 and since then has been a member of the Mickey Mouse Club, boy band NSYNC (unfortunately, I know all the songs from my sisters going crazy over this band back in the day), and most recently Dancing With the Stars. He’s currently the host of The Singing Bee on NBC and this video shows a much younger Fatone while he attended Dr. Phillips High School. Bye, Bye, Bye.

2007 Home Sales Statistics for Turtle Creek

Hojin Chang (Coldwell Banker) — Thu, 08 Nov 2007 13:26:18 -0600

So far in 2007, 11 sales have taken place at the Turtle Creek subdivision located on Apopka-Vineland Rd. in the esteemed Dr. Phillips area of Orlando with a median price of $930,000 and average days on market of 183 days. The highest sales price in 2007 was $2,300,000 in the Water’s Edge section and average sales price of $1,038,000. The average price per square foot based on sales in 2007 came to $227.70 (the lowest price per foot and sold properties on the Butler Chain were excluded in this calculation). A pdf file with more details and photos of all 11 sold properties can be downloaded below.

download pdf: 2007 Sales Statistics for Turtle Creek

National City's Home Valuation and Median Price Tool

Hojin Chang (Coldwell Banker) — Tue, 06 Nov 2007 23:37:07 -0600

National City has a wonderful tool online. You just hover your mouse over the section of the map you’re interested in and it will provide current and historical market data. According to this site, the Orlando market is currently over valued by 34% and began becoming over valued around 2004.

2007 Home Sales Statistics for Vizcaya in Dr. Phillips

Hojin Chang (Coldwell Banker) — Sun, 04 Nov 2007 14:02:05 -0600

So far in 2007, 17 properties have sold in the Vizcaya subdivision located in the Dr. Phillips area with an average sales price of $640,502 and average days on market of 167 days. Properties received 95% of the asking price when sold. Only 6 of the sales were single family homes with an average sale price of $838,167. You can download a pdf file containing more details and photos of each of the sold properties below.

Download pdf: 2007 Vizcaya Sales Report

Popularity: 7% [?]

The Coolest Gadget for Homes of the Future

Hojin Chang (Coldwell Banker) — Sun, 04 Nov 2007 13:57:10 -0600

Homes of the future will have interactive surfaces with coffee tables, walls, and countertops that will be able to download recipes, edit photos, manage your schedule, and everything else current home computers can do without a mouse or keyboard. Microsoft says this new surface computing technology will be available within the next 3-4 years for about $5,000 to $10,000. It’ll be the coolest gotta have gadget for your home.

Rate of Depreciation in Orlando According to Home Valance

Hojin Chang (Coldwell Banker) — Sun, 04 Nov 2007 13:54:46 -0600

The rate of appreciation for prices in the Orlando housing market has just turned negative according to Home Valance, a website that monitors appreciation in residential real estate. Orlando actually depreciated 0.30% in the second quarter of 2007 and is continuing a downward trend.

History of Winter Garden

Hojin Chang (Coldwell Banker) — Tue, 30 Oct 2007 08:46:26 -0500

A.B. Newton moved to the area from Mississippi with a history of poor health. It was in this area that his health improved and lived a long and healthy life. Newton gave credit to the city for his recovery, so he gave the city the name, Winter Garden. Records trace land titles of property in Winter Garden back to about 1880. Transportation during these years were by steamboat on Lake Apopka, but the steamship line went out of business when the first railroad was built in 1886. The railroad, or Orange Belt as it was called then, traveled from Sanford to St. Petersburg, Florida. The Orange Belt was later named the Atlantic Coast Line until it merged with the Seaboard Airline Cost Line. From this merger the Seaboard Coast Line Railroad was formed and provided freight service for the vast citurs industry from Winter Garden. Today, the Railroad Museum stands as a tribute to the vital form of transportation which enabled the citrus industry in the area to flourish. Incorporated in 1903 on the southern shores of Lake Apopka, Winter Garden was largely an agricultural community. Citrus and vegetables were the foundation of the area’s economy. Change came in the 70’s and the 80’s when several back to back winter freezes combined with the opening of Disney World changed the local economy. Winter Garden adapted to the change and replaced the railroad tracks in the center of the town developing the West Orange Trail and Fowler’s Grove (luxurious retail center) bringing people from all over the area back to downtown. Today, the Winter Garden Heritage Foundation operates three museums in the downtown area. On any given day, a stroll down historic Plant Street in Winter Garden will uncover a slice of small-town life at its best. In the heart of this quaint Main Street community, one can see the successful efforts of redevelopment. Antique stores, ice cream shops and cafés line the downtown of this west Orange County community. My personal favorite is “Choctaw Willy’s” restaurant. The West Orange Trail provides a place to ride bicycles or jog through Winter Garden and enjoy the scenery. Winter Garden consists of approximately 17 square miles and is home to over 23,000 residents. The area that used to be known for its citrus industries is now home to many new families and businesses. Even with all the new growth in this historic city, Winter Garden has preserved its heritage while moving the community into the 21st century. The City will continue with its revitalization of the historic downtown area, including building a new City Hall and restoring the old theater and other buildings. In addition, the City is anticipating the 1.15 million square foot Winter Garden Village at Fowler Groves. The complex will include shopping, dining and banking options for West Orange County residents.