Orlando Real Estate Blog

Orlando: Florida's Most Stable Real Estate Market

2008-08-15T17:37:00.001-04:00

Orlando: Florida’s Most Stable Real Estate Market
NuWire Investor - Bellevue,WA,USA
The overall real estate market in Florida has not fared well since the subprime mortgage crisis reared its ugly head. Miami topped the American Chronicle’s ... www.AmerivestRealtyofOrlando.com
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Amerivest Realty of Orlando Agents; Busy Again

2008-08-15T16:17:00.006-04:00

After several months of preparing for buyers and sellers to feel comfortable once again with the market, agents at Amerivest Realty of Central Florida are beginning to see the payoff of being patient and getting ready for new listings and sales. Several of the Winter Park office agents have enjoyed closings in the past month, with many of them looking very hopeful for more.
The following agents had recent closings with Amerivest Realty of Central Florida.

Orlando office building sells for $12 million

2008-08-05T18:53:00.001-04:00

Orlando office building sells for $12 million
CREFeed - Chicago,IL,USA
... Inc. facilitated the sale of the 63000-square-foot Orlando, Fla., Belle Terre office building along with CNL Commercial Real Estate for $12 million. ...
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Affordable units under way

2008-08-04T10:16:00.000-04:00

Affordable units under way
Daytona Beach News-Journal - Daytona Beach,FL,USA
I don't see any of the current crisis in the real estate market helping that. The reason for that is even if you take a home worth $600000 and it loses 40 ...
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Orlando Has Less Homes For Sale

2008-08-02T11:50:00.000-04:00

Orlando Has Less Homes For Sale
Homesgofast.com - London,UK
While it isn’t the end of the real estate problems for south and central Florida, news out of Orlando indicates that things may be starting to turn around. ...
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Top US real estate markets for investment

2008-07-24T13:06:00.001-04:00

Top US real estate markets for investment
Pittsburgh Post Gazette - Pittsburgh,PA,USA
While there's still strong interest in cities such as Phoenix and Orlando, Fla., fading local economies hampered by bad mortgages and a slowdown in consumer ...
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Residential Land Acquired by Real Estate Company DBSI

2008-07-16T11:54:00.001-04:00

Residential Land Acquired By Real Estate Company DBSI
MarketWatch - USA
Orlando, Florida MSA -- 194 residential lots within a two-phase subdivision located in Apopka, Florida, which is approximately 12 miles northwest of Orlando ...
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Comerica Bank Opens in Orlando

2008-07-15T11:22:00.001-04:00

Comerica Bank Opens New Banking Center and Office in Orlando
MarketWatch - USA
ORLANDO, Fla., July 15, 2008 /PRNewswire-FirstCall via COMTEX/ -- Comerica Bank has opened an office and full-service banking center in Orlando in the Dynetech Building at 111 Magnolia Ave. With some 7900 square feet of space on the building's 10th floor, the facility houses Comerica's Florida commercial real estate team, as well as wealth ... click above to read more.

Today's Orlando Real Estate News

2008-07-11T12:16:00.000-04:00

HFF Engineers $92.5 Million Sale of Orlando Area Office Properties ...
FOXBusiness - USA
Flagler Development Group is the leading integrated commercial real estate firm specializing in commercial and industrial workplaces in the state of Florida ...
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Top US Housing Markets For Investment
Forbes - NY,USA
Based on the results of this year's Association of Foreign Investors in Real Estate survey, the US is the top nation for international real estate dollars, ...
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American Momentum Bank Receives Florida Operating Charter
PR Web (press release) - Ferndale,WA,USA
In addition to a full line of personal banking solutions, American Momentum Bank also serves real estate developers and investors, commercial business… American Momentum Bank executed plans to expand into Central Florida, with openings in three locations ...
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Altamonte Springs, Other Central Florida Cities Lose Population

2008-07-10T11:10:00.000-04:00

Hot addresses cool down
Orlando Sentinel - Orlando,FL,USA
Kara Puryear, a real-estate agent in the Clermont-Groveland area, said clients want "easy access to Orlando," and proximity to a major thoroughfare works ...
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Brits Investing in the US

2008-07-09T10:32:00.001-04:00

Brits investing in the US
Property Wire - St. Albans,England,UK
Real estate agents, especially in Florida, are reporting more inquiries than ever from the UK. Investors want to buy property that they can use as a holiday ...
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Juan Carlos German Enjoying His First Closing as Amerivest Realty Agent.

2008-06-21T11:33:00.007-04:00

Carlos German of Kissimmee Florida, closed his first deal with Amerivest Realty of Central Florida, Friday June 20. Carlos has been with Amerivest Realty for about two months and according to Winter Park Real Estate office Owner Mark Eller, "has a real good grasp of all our technology and systems to begin growing his business in a very successful way".

German's background is in the field of technology and understands the importance of today's customer expecting their agent to have all of the necessary tools to help them in their quest to buy or sell a home .

Carlos mentions that the past two years of him selling real estate in Orlando and Kissimmee, he has had to find all of the tools, websites, virtual tour etc, on his own but with Amerivest Realty they are already in place, allowing him to concentrate on making money.

Cramer: Florida Raises Hope for U.S. Real Estate Market

2008-06-20T10:57:00.001-04:00

A new report from Standard Pacific indicates Florida may be seeing a housing turnaround. See this video about the Florida Real Estate Market.

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Orlando Realtors find weak pulse in housing market

2008-06-11T11:58:00.003-04:00

Jerry W. Jackson Sentinel Staff Writer
June 10, 2008
Existing-home sales figures released Monday show there just might be reason to think the Orlando homes market is struggling back after hitting rock bottom.For the third month in a row, house and condo sales in the Orlando area rose on a month-to-month basis, the number of pending contracts increased, and the inventory declined a bit.The Orlando Regional Realtor Association said Monday that, from the industry's perspective, the local housing market appears to be continuing a "slow shift" toward a more balanced mix of buyers and sellers.BY THE NUMBERS
$214,000The median sale price of homes in the Orlando area rose to this in May. It was a 1.42 percent increase from April. But that was still 14.4 percent below the May 2007 median of $250,000.25,015 homesThe number of Orlando area houses and condos available through the local Multiple Listing Service was down 421 for the month and 1.76 percent lower than in May 2007. The decrease may not sound like a lot, but for Orlando's market that's the third-biggest monthly decline in inventory since December 2006. The 19.6 months of inventory was the lowest by that yardstick since August 2007.3,225Homes that Orlando Realtors have under contract for purchase, up from 2,853 contracts pending in April and 2,398 in March.2,010The number of homes that came under contract in May was up almost 20 percent from three months ago at the start of the spring sales season. All that means the monthly sales increases should continue at least for the next few months.5.94%The average mortgage-interest rate in May was still low by historic standards, but up from 5.77 percent in April.121 daysThe average time that homes of all types spent on the market before being sold in May 2008 was about 27 days slower than a year ago. The average home sold for 93.79 percent of its listing price, not much lower than a year ago, when homes sold for 95.43 percent of the asking price.
What people are saying: Orlando resident Bill Butler has had no luck trying to sell his two rental houses, one in Orlando and one in Longwood, despite dropping the prices a number of times. So he's considering auctioning them off to the highest bidders."It's about as slow as you can get," said Butler, who has been buying and selling rental property in Central Florida since 1994.He recently dropped the price on his three-bedroom concrete-block home near Clear Lake in Orlando from $169,000 to $151,500 and now is slashing it to $145,000.He upgraded the electrical and air-conditioning systems, added tile and carpet, and now is "hoping to at least break even. It's move-in ready," he said.His rental house in Longwood has had an asking price of $245,000 for some time now, but Butler said he's now leaning toward auctioning it off "with bids starting at $189,000.""You just have to be proactive," he said.Paul Auslander, a veteran financial planner in Orlando, said he travels throughout Florida a lot and thinks Central Florida's housing market is in better shape than other big metro markets farther south."The Miami market is down, Fort Lauderdale way down, and Palm Beach, where I used to live, is absolutely dead. I'm keeping my fingers crossed for us here. The Realtors I know are not happy, but I think we can pull out of this a lot faster than other [ Florida] locations, especially [coastal] locations where people feel vulnerable to hurricanes."Auslander said that in his financial-planning business, he has seen more Europeans snapping up second homes and other property in the Orlando area in recent months to take advantage of the weakness of the dollar and the strength of the euro."They're buying in cash," he said.Jerry W. Jackson can be reached at jwjackson@orlandosentinel.com or 407-420-5721.

Orlando Market Continues Slow Growth

2008-06-09T10:48:00.003-04:00

For the fifth month in a row, the Orlando area real estate market has seen continued growth in sales. According to the Orlando Regional Realtor Association 1,276 units closed in the month of May, up from the April count of 1,231. Mark Eller, Owner/Broker of Amerivest Realty of Central Florida attributes the growth to the settling of the lending industry. Eller says "We are once again seeing lenders come up with programs for which the public can qualify. FHA and buyer assistant programs are very popular these days and will be in the future." With FHA limits being raised, many properties are eligible to purchase homes in Orlando neighborhoods , using the government backed program.

Decrease in median price increases affordability for first-time homebuyers.

2008-05-23T08:09:00.008-04:00

(May 12, 2008 – Orlando, FL) Orlando’s housing marketing for the second month experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all indicators of a continued, although admittedly glacially paced, shift toward a market balanced between buyers and sellers.
The monthly statistical reports released by the Orlando Regional Realtor® Association also revealed an across-the-board, four-month trend indicating decreases in Orange and Seminole counties’ month-to-month sales comparison percentages. For example, Orange County sales were down by 28 percent when comparing April 2008 to April 2007; 40.16 for March; 44.28 percent for February; and 49.23 percent for January.
The median sales price of homes in the Orlando area decreased by 4.09 percent ($9,000) from $220,000 in March 2008 to $211,000 in April 2008. The median sales price for April 2008 is 12.85 percent ($31,100) below that of April 2007 ($242,100).
(Orlando Regional Realtor Association Info)

Fort Myers, Fl: April Home Sales Up 32% From Last Year

2008-05-19T09:19:00.001-04:00

The Realtor Association of Fort Myers, Florida reports that a total of 684 existing single family houses were sold in April. That's a 32 percent increase in the number of single family houses sold compared to last April. In addition, 1176 single family homes are pending, reflecting a 47.2 percent upswing since April, 2007.

The median sales price is $180,000, up 21 percent from 2003 levels, but down from year ago by 16 percent. Moderately priced inventories are moving as buyers are taking advantage of the lower interest rates and the affordable property values in the market. Based on the 4-month trend, it is anticipated that existing single family home sales will out-pace 2007 sales by 30 percent. "It is apparent that buyers are seeing the value of homes in Southwest Florida and are entering the market at increasing numbers."- Jenny Moorhead, Amerivest Realty of Lee Island Coast.

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Naples, FL: Home sales, pending home sales ...

2008-05-18T10:32:00.001-04:00

Lower prices have lured back buyers, who are feeling now is the time to buy. In April, Realtors in the Naples area had their busiest month of the year.

Overall, home sales rose 6 percent to 472, compared to 445 last year, according to a monthly report by the Naples Area Board of Realtors (NABOR).

Meanwhile, pending home sales increased 25 percent to 616, from 494 a year ago. "I think we've hit bottom in Naples and that comes from the economists who really study this," said Arlene Carozza, a Realtor and NABOR's president.

In an interview with Mad Money host Jim Cramer on CNBC earlier this week, Bob Toll, CEO of homebuilder Toll Brothers, described the west coast of Florida as its "one ray of hope." "Naples is back. It's amazing," he said, adding that his company is now out of spec inventory here and its prices are starting to rise in this market.

According to the NABOR statistics, the median price for all homes in the Naples area dropped more than 23 percent last month to $300,000, from $390,000 a year ago. Joe Ballarino, president of Amerivest Realty in Naples, said a spike in foreclosures and short sales _ sales made for less than the bank is owed _ have driven prices down faster in this market.

In April, the median price dropped to $258,000 for condos, and to $400,000 for single-family homes. "You have people walking away from properties and banks that just want to get their loan values and are taking less than what they are owed on the property," Ballarino said.

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Real Estate Buyers are Eco Aware

2008-05-11T23:53:00.005-04:00

Orlando area Real Estate buyers are looking toward more Eco friendly homes.
Just outside downtown Winter Garden, on the south shore of Lake Apopka, sits the tiny town of Oakland. The sleepy rural enclave of 1,100, which was first settled more than a century ago, is now poised to make local history—at least in the realm of environmentally-friendly homebuilding.
Oakland Park, a new subdivision by Castle and Cooke, is the first Certified Green Community in Central Florida. The designation was awarded by the Florida Green Building Council.
Of course, that means all the homes in Oakland Park will be green. But it also means the entire project has been blessed by the council based on eight criteria ranging from site planning to landscaping.
"It’s something no other community in Orlando is doing," says Bob Hennen, vice president of sales and marketing for Castle and Cooke.
But others will likely follow suit. Green building, once a somewhat vague real-estate catch phrase, is now regarded by developers as good social policy and good business.
According to the latest research by the National Association of Realtors, 65 percent of buyers now view energy efficiency as an important consideration and 46 percent of buyers would prefer a green home.
Orlando Home Buyer Magazine

Market Takes Off On Lower Prices

2008-05-08T10:41:00.001-04:00

Naples & Bonita Springs Florida - Pending sales have reached their highest levels since August of 2005, nearly three years ago; while median home prices are at four year low. They have hit month over month highs the last two months, with April sales even outpacing March sales, bucking the normal seasonal trend.

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Naples Florida Real Estate Market Turning Around

2008-04-13T11:23:00.001-04:00

With the more affordable prices and lower interest rates, showings and sales for homes priced at $300,000 or less have picked up over the past four or five months in Naples Florida.

"Certainly you can help a lot of people right now," said Michael Sopka, a broker-associate for Amerivest Realty in North Naples, who found a home for DeMinico.

At 31, DeMinico longed to buy his first home and decided the time was right after watching prices fall. Though he's only lived in the area a few years, he knew about the ups and downs of the market because his parents bought a home in Naples in 1989.

His home, which cost him about $207,000, is new and in a gated community with basketball and tennis courts, and a fitness center.

No one else has lived in the home. Like so many others investors, the original buyers purchased it in hopes of turning it around for a quick profit and then got caught with a home they didn't want when the market soured. The home sat on the market for more than a year, DeMinico said.
"I got lucky," he said. "They just wanted to unload it because they wanted to sell it. They couldn't really rent it."

His Realtor also worked with TIB bank to get him a loan that only required a $600 downpayment.

In south Lee County, deals can be found at such upscale golf communities as Bonita Bay and Pelican Landing.

A few weeks ago, Mary Catherine White, a Realtor at Amerivest, had floor duty. She got a call from a couple from Chicago looking to buy a retirement home in the area where they could spend part of the year. She took them out the day they arrived in town, and by the next day they had made an offer after finding a great deal on a two-bedroom condo at the Brooks, a gated community in Estero.

They got more than they wanted and paid $180,000, a price that even seemed to surprise White.

"Nobody can believe that we got something for that price in the Brooks," she said.
The home was once listed at $369,000.

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Posted By Amerivest Realty to Naples Florida Real Estate Blog

Real estate professionals can help when purchasing new homes

2008-04-06T09:56:00.001-04:00

Finding and purchasing a newly constructed home is a completely different experience than looking for a resale home. Here are 10 advantages to using a real estate professional when buying a newly constructed home.

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Signs of Real Estate Market Bottom

2008-03-31T11:25:00.001-04:00

The big question everyone is asking these days is "When will the bottom of the real estate market occur?" The bottom of the market may be closer than you might think.

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"Get Back in the Saddle, Get Back in the Game"

2008-03-29T13:07:00.002-04:00

Grant Simon, nationally known motivational speaker and owner of First Florida Mortgage in Orlando was guest speaker at the monthly career building session of Amerivest Realty of Central Florida in Winter Park. Mr. Simon’s one hour, humor based approach to building your business, talked about today’s exciting opportunity for buyers to purchase a home and for agents to be aware of those opportunities and take advantage of it while they last. Mr. Simon compares today’s buyer’s market to the day after “Black Monday” back in the 80’s when stock prices sharply fell on Monday, and how most investors back then failed to seize the opportunity to buy those low priced stocks on the days following. His comparison to today’s real estate buying opportunity is no different as long as buyers understand that real estate should be viewed as a long term investment and only a part of their overall investment portfolio. It should also be something the buyer can afford. Monthly payment should equal around ¼ of monthly gross, and home price should be around 3 years of pay.
Getting back in the saddle and back in the game is the approach agents should take to become the experts in their field by choosing a niche price point, knowing what is available in that price range, in the area they choose to market. This makes them the preferred experts for today’s serious buyer.
All indications show that the market in Central Florida has begun the turn around so agents who are serious about their Real Estate careers should be willing to
“Get Back in the Saddle, Get Back in the Game”.

The Market Seems to be Making the Right Moves!

2008-03-16T18:38:00.002-04:00

The Orlando Real Estate market is in the beginning stages of its long awaited turn for the better so says the ORRA (Orlando Regional Realtor Association). In their latest issue of ORRA News that say. “Orlando’s housing marketing upheld its annual tradition in February with a month-to-month increase that heralds the start of the spring selling season. The 922 sales that took place in February 2008 are a 13.4 percent increase over January 2008’s 813 sales; however, sales in February 2008 are down by 40.17 percent when compared to February 2007.” Although this is only a slight rise over the previous month, local economists look at this as a positive trend for the future. The two main reasons for these positive numbers are the available homes and affordable interest rates. Another key factor that will play into future sales is Freddie Mac’s decision to raise limits on FHA loans in the Central Florida region to $353,750 from the previous max of $257,450. This adds almost 5,000 more homes to the possible list of FHA buyers.
Mark Eller Broker/Owner announces other news at Amerivest Realty of Central Florida:
Mr. Bruce Tannenbaum has moved into his new position of Director of Operations for the company.
A couple of new faces around Amerivest Realty of Central Florida these days include:
Debra Fisher formerly with Keller Williams
Dyana Dumar formerly with Re-Max
Big News from our friends at Amerivest Realty, Naples: Mr. David Cole Amerivest Realty’s Director of Business Development was named NABOR (Naples Area Board of Realtors) agent of the year. David’s leadership within the real estate community for several years has earned him this most distinguished award. Congratulations David from all of us here in Central Florida.