orlando real estate: Orlando Real Estate Statistics 11/12/2008
- 11/12/08 04:15 AM
The official numbers are finally out. They have not hit the paper yet, but they should show up later today at www.OrlandoSentinel.com. Right now here is how they break down. While sales in October were down compared to September they were 10% higher than October 2007. This year's closed sales were 1,199 compared to last year's 1,090. The flip side of that is the price which are down month over month from $182,000 in September to $178,000 in October. That is a big 24% lower than October 2007's median of $235,000. In case you need help with the math that is … (0 comments)
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orlando real estate: Help for First Time Home Buyers
- 11/12/08 03:40 AM
I was just on the phone with Chip Gregory with Trinity Mortgage here in the Orlando area. We were talking about some of the things that we are seeing in the Orlando real estate market, and what the big drivers are.
First, foreclosures and distressed properties have had a big impact on prices and values all over Orlando. Here in Baldwin Park, I was just checking values for a prospective seller. One investment property he owns in the newest section of the neighborhood has actually gone down fairly significantly due to the distressed properties around his. That particular section of the neighborhood … (0 comments)
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orlando real estate: Orlando New Homes 11/11/2008
- 11/10/08 11:31 PM
Check out the link below to an article in the Orlando Business Journal last week. Anthony Crocco Director of Metrostudy's North and Central Florida divisions talks about the new home inventory in Orlando. While housing starts are off significantly compared to last year, the inventory of available new homes is down as well. In fact, starts are off 45% compared to 2007, and the inventory is down by over 37%. Even more dramatic is the drop in lots delivered for building. Delivered lot inventory fell by over 69% to just over 1,000 compared to the third quarter of 2007. Available lot … (5 comments)
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orlando real estate: Now the election is over...
- 11/05/08 01:30 AM
let's get back to business. There are people who have been waiting to see what happens with the election. I know, because you have told me so. While everyone has been waiting, some very interesting things have been happening. Prices have dropped significantly in our market here in Orlando. We topped out a couple of years ago with a median price around $260,000. Looking at the numbers for October, we are probably going to see a median sales price around $180,000. That represents just over a 30% price reduction in Orlando Real Estate. Interest rates have moved up and down like … (2 comments)
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orlando real estate: Money, Money, Money
- 10/30/08 12:14 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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orlando real estate: Baldwin Park Orlando
- 10/29/08 01:38 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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orlando real estate: High on Orlando
- 10/28/08 10:09 AM
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: Joe the Plumber - Orlando Real Estate Sales October 2008
- 10/20/08 02:46 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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orlando real estate: New Orlando Real Estate Web Site for Consumers
- 10/16/08 05:07 AM
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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orlando real estate: Interest Rate Shopping
- 10/14/08 12:02 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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orlando real estate: Open House Traffic
- 10/13/08 12:31 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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orlando real estate: Fear or Faith
- 10/12/08 08:26 AM
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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orlando real estate: September 2008 Orlando Real Estate Statistics (So Far)
- 09/30/08 05:49 AM
I always like to remind everybody that these are not the official stats. When I report the official numbers, the title will indicate that they are official. So far there are 26,500 active listings in the tri-county area of Orange, Seminole and Osceola. I measure this number slightly differently than the official statistics that are reported, but the do reflect an increase in the inventory of available homes. There are currently 3,523 contracts pending which is slightly down but relatively close to what we have been seeing. Of the active listings 22.4% or 5,932 are properties listed in distress, such as pre-foreclosure, foreclosure … (1 comments)
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orlando real estate: Using YouTube Video
- 09/05/08 05:48 AM
I have a couple moving down from New York, and they are purchasing a new condo that is under construction. I wanted to keep them up to date on the progress that was being made on their new home. Pictures are great, and thanks to the internet and digital photography, very easy to share with my out of state customers. I use YouTube videos to advertise my listings, so I thought, "why not use video to give them more perspective on the construction process?" I decided to take it a step further, but creating a page on my website www.DavidWelch.com dedicated … (7 comments)
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orlando real estate: Majority of buyers are not investors...
- 09/03/08 01:53 AM
...at least not in the Sunshine State. A recent study conducted by the Florida Association of Realtors shows that an overwhelming majority (98% of those surveyed). This confirms what I have been seeing personally, and hearing from other agents that I know. The investors are the missing component of our market here in Orlando. In the past, investors and second home buyers have made up a considerable percentage of our market. What we are seeing right now as far as the volume of sales represents the base buyer which is people actually looking for a permanent residence. Another interesting finding is … (2 comments)
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orlando real estate: Time is Running Out on Seller Funded Down Payment Assistance
- 08/29/08 08:55 AM
The mortgage bailout law recently enacted, starts effecting the market place today. While there were a number of incentives in the law, there were a couple of items that make getting an FHA loan a little harder for cash strapped buyers. They are somewhat related, because they both impact the amount of money buyers need to come to closing. The increase in the required downpayment from 3% to 3.5% is pretty straightforward. This does not seem like much of a change, but in conjunction with the elimination of seller funder down payment assistance it can really impact a number of buyers.
In the … (0 comments)
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orlando real estate: Orlando REO's
- 08/21/08 12:10 AM
I have spoken this week with some of the agents I know that specialize in bank owned properties. All of them are saying the same thing, "the banks are coming around." The banks are coming around to the fact that they have to drop their prices to get these properties sold. I have heard it from the agents, and I have seen it out in the market place. One agent in my office had 40 bank owned properties go under contract last month. Another agent I know has nearly 30 bank owned properties under contract. I have been working with a … (2 comments)
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orlando real estate: Orlando Real Estate Statistics July 2008
- 08/19/08 08:01 AM
The statistics for July as prepared by the Orlando Regional Realtor Association are available in this month's Market Pulse. If you have trouble opening this link, just go to my home page at www.DavidWelch.com. Check out some of the graphs at the bottom, especially the price and sales charts. You can see that prices came down and sales responded by picking up every month this year through June. July sales typically fall a little behind June, and this years was no exception. Look for August to be a little slower still as school resumed this week. September will also be a … (0 comments)
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orlando real estate: Short Sales and Bank Owned
- 07/31/08 02:02 AM
Wow! I was out showing homes this past week, and all but one that I saw was either a short sale or a bank owned property. I was looking in the $150,000 to $200,000 price range, in the south Orange county and Osceola county areas. I waslooking for pool homes too, which limited the search quite a bit. This seems to be the "sweet spot" for distressed properties. If you are looking for properties in this price range in our area, you should understand the difference between short sales and foreclosed properties.
First, the short sale or pre-foreclosure. If the owner is … (0 comments)
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orlando real estate: Orlando Florida Real Estate Investment
- 07/27/08 05:23 AM
This post is in response to a message I received from Judy.
"Dave ... come again with the incentive of investing in fla homes,,,, I'm a landlord an i pay2.5 times as much as my neighbor does,,,,,,, I sugguest you get your facts str8 before you open that wide mouth of yours,,,,,,,,,I pay 3100 mean while my neighbor is skating by only paying 1200 hmmmmmmm some incentive that is ,,,,,,,"Judy, I have no idea which of my posts you are referring to in your message. I did mention an article by Forbes that named Orlando a top ten market for real … (0 comments)
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The official numbers are finally out. They have not hit the paper yet, but they should show up later today at www.OrlandoSentinel.com. Right now here is how they break down. While sales in October were down compared to September they were 10% higher than October 2007. This year's closed sales were 1,199 compared to last year's 1,090. The flip side of that is the price which are down month over month from $182,000 in September to $178,000 in October. That is a big 24% lower than October 2007's median of $235,000. In case you need help with the math that is … (0 comments)
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