Thursday, March 25, 2010
Tuesday, March 23, 2010
Monday, March 22, 2010
New Contracts
Pending sales reach all-time high; median price makes a monthly gain
(March 19, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR® Association filed 4,043 new sales contracts in the month of February, the greatest monthly tally since the organization began recording the statistic in 2005 at the height of Orlando’s red-hot market. The number represents a jump of 66.11 percent more new contracts filed in February 2010 than in February 2009 (2,434).
courtesy of ORRA email
(March 19, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR® Association filed 4,043 new sales contracts in the month of February, the greatest monthly tally since the organization began recording the statistic in 2005 at the height of Orlando’s red-hot market. The number represents a jump of 66.11 percent more new contracts filed in February 2010 than in February 2009 (2,434).
courtesy of ORRA email
Short sale incentives
Daily Real Estate News | March 22, 2010 | Share
Short-Sale Incentives Start April 5th
Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.
That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.
Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.
Source: The Wall Street Journal, June Fletcher (03/19/2010)
Short-Sale Incentives Start April 5th
Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.
That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.
Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.
Source: The Wall Street Journal, June Fletcher (03/19/2010)
Friday, March 5, 2010
Oprah Surprises Ocoee Middle School on today's show
Ocoee Middle School will be featured on Oprah today at 4 p.m. (WFTV, Channel 9, Orlando).
Back in December the entire study body recorded a "flash mob" video similar to one done in Chicago at the start of Oprah’s current season. The Ocoee Middle School flash mob was recorded to promote the virtues of reading, with the production assistance of Full Sail University and permission from Black Eyed Peas to adapt one of their popular songs.
Oprah loved the video and the school’s creativity so much that she is featuring it on today's show. The show segment was broadcast live from Ocoee Middle this morning and taped for replay this afternoon. Oprah announces, via satellite, to principal Sharyn Gabriel and the assembled body of students and staff in the courtyard that she and Target will give Ocoee Middle a complete library makeover, add 2,000 books and all new computers.
Watch the video here: http://www.youtube.com/watch?v=x6D9jiEYxzs
Back in December the entire study body recorded a "flash mob" video similar to one done in Chicago at the start of Oprah’s current season. The Ocoee Middle School flash mob was recorded to promote the virtues of reading, with the production assistance of Full Sail University and permission from Black Eyed Peas to adapt one of their popular songs.
Oprah loved the video and the school’s creativity so much that she is featuring it on today's show. The show segment was broadcast live from Ocoee Middle this morning and taped for replay this afternoon. Oprah announces, via satellite, to principal Sharyn Gabriel and the assembled body of students and staff in the courtyard that she and Target will give Ocoee Middle a complete library makeover, add 2,000 books and all new computers.
Watch the video here: http://www.youtube.com/watch?v=x6D9jiEYxzs
Wednesday, March 3, 2010
It's easier to get a jumbo loan
The jumbo loan market is starting to thaw, making it easier for move-up buyers to borrow.
Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn’t refinance or get a new loan.
In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.
The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.
Source: Los Angeles Times, E. Scott Reckard (02/28/2010)
Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn’t refinance or get a new loan.
In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.
The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.
Source: Los Angeles Times, E. Scott Reckard (02/28/2010)
Tuesday, March 2, 2010
From this weekend's Sunday Times (London,UK)
Florida's property market has collapsed, but with the worst over, it could be time to swoop in the Sunshine State
Lucy Denyer
February 28, 2010
It's freezing outside, there are at least a couple more months to go before the weather warms up, and the idea of a holiday home in the sun is probably pretty tempting right now. But Spain's not hot enough, and the Caribbean and the Seychelles are too expensive. Could Florida be the answer?
With its country-club lifestyle and balmy climate, the Sunshine State has traditionally been popular with British buyers. In the past 18 months, however, it has fallen out of favour, as prices have come crashing down by 50% or more from their peak. Florida had the second highest foreclosure rate - the equivalent of repossessions - in America in 2008, affecting one in 22 properties. Many remain empty and abandoned, after being seized by the banks.
"Some people just dropped the keys and left - they were effectively handing the property back to the bank," says Todd Swann, owner of Swann & Associates, an estate agency based in DeLand, central Florida. "Pricing didn't seem to matter when times were really desperate. It felt like we were working in a morgue."
In recent months, things have started to pick up. Although prices remain low, properties are starting to move again as people try to make the most of the bargains on offer. For UK-based buyers, there is also the exchange rate to consider: although the pound is already at a nine-month low against the dollar, some analysts expect further falls, which would add to the attraction of buying now.
At face value, there do seem to be incredible deals out there, with flats in some condominiums on sale for as little as $15,000 (£9,700) - sites such as foreclosuredataonline.com give an idea of what's on offer. Yet it's a case of caveat emptor, warns Bill Cowie, director of British Homes Group, a Florida-based company running online auctions where prices start as low as one cent, with no reserve. "A $15,000 condo might sound good, but it's in a building with no homeowners' association, with a wreck of a kitchen," he says.
Instead, do your research, visit America in person - don't even think about buying blind off the internet - and make sure your chosen area is an attractive one with good infrastructure.
In Orlando or other inland areas, it's worth considering a gated community, for a property you can lock up and leave. Stirling Sotheby's International Realty (stirlingsir.com) has a three-bedroom house in the Palisades, a golf community in Clermont, west of Orlando, for £120,000; the owner gets access to a pool, boating and tennis courts.
Northeast of Orlando, in the DeLand area, you are near Ocala National Forest and St John's River, and still only an hour from Mickey and his pals.
Properties with land are a particularly good buy now - land values have dropped so sharply that the extra acreage is almost free. A three- to four-bedroom detached property, with outbuildings and a pool, costs between £116,000 and £162,000.
As with any overseas purchase, there are potential pitfalls. If you plan to a buy with a American dollar mortgage, then any further fall in the pound will increase your monthly repayments; for a fee, you can hedge against this, through a company such as World First (worldfirst.com). Or take out a mortgage half in pounds and half in dollars. Don't forget that you will also be liable for real-estate tax - a yearly fee equivalent to 2% of the purchase price.
Nor should you count on funding your purchase by letting out the property: many condominium associations have rules governing how many rentals you are allowed in a year. Other local restrictions can also apply.
Lucy Denyer
February 28, 2010
It's freezing outside, there are at least a couple more months to go before the weather warms up, and the idea of a holiday home in the sun is probably pretty tempting right now. But Spain's not hot enough, and the Caribbean and the Seychelles are too expensive. Could Florida be the answer?
With its country-club lifestyle and balmy climate, the Sunshine State has traditionally been popular with British buyers. In the past 18 months, however, it has fallen out of favour, as prices have come crashing down by 50% or more from their peak. Florida had the second highest foreclosure rate - the equivalent of repossessions - in America in 2008, affecting one in 22 properties. Many remain empty and abandoned, after being seized by the banks.
"Some people just dropped the keys and left - they were effectively handing the property back to the bank," says Todd Swann, owner of Swann & Associates, an estate agency based in DeLand, central Florida. "Pricing didn't seem to matter when times were really desperate. It felt like we were working in a morgue."
In recent months, things have started to pick up. Although prices remain low, properties are starting to move again as people try to make the most of the bargains on offer. For UK-based buyers, there is also the exchange rate to consider: although the pound is already at a nine-month low against the dollar, some analysts expect further falls, which would add to the attraction of buying now.
At face value, there do seem to be incredible deals out there, with flats in some condominiums on sale for as little as $15,000 (£9,700) - sites such as foreclosuredataonline.com give an idea of what's on offer. Yet it's a case of caveat emptor, warns Bill Cowie, director of British Homes Group, a Florida-based company running online auctions where prices start as low as one cent, with no reserve. "A $15,000 condo might sound good, but it's in a building with no homeowners' association, with a wreck of a kitchen," he says.
Instead, do your research, visit America in person - don't even think about buying blind off the internet - and make sure your chosen area is an attractive one with good infrastructure.
In Orlando or other inland areas, it's worth considering a gated community, for a property you can lock up and leave. Stirling Sotheby's International Realty (stirlingsir.com) has a three-bedroom house in the Palisades, a golf community in Clermont, west of Orlando, for £120,000; the owner gets access to a pool, boating and tennis courts.
Northeast of Orlando, in the DeLand area, you are near Ocala National Forest and St John's River, and still only an hour from Mickey and his pals.
Properties with land are a particularly good buy now - land values have dropped so sharply that the extra acreage is almost free. A three- to four-bedroom detached property, with outbuildings and a pool, costs between £116,000 and £162,000.
As with any overseas purchase, there are potential pitfalls. If you plan to a buy with a American dollar mortgage, then any further fall in the pound will increase your monthly repayments; for a fee, you can hedge against this, through a company such as World First (worldfirst.com). Or take out a mortgage half in pounds and half in dollars. Don't forget that you will also be liable for real-estate tax - a yearly fee equivalent to 2% of the purchase price.
Nor should you count on funding your purchase by letting out the property: many condominium associations have rules governing how many rentals you are allowed in a year. Other local restrictions can also apply.
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