Orlando home prices rise; inventory shrinks
By Mary Shanklin, Orlando Sentinel
11:37 a.m. EDT, April 14, 2011
Existing home prices in Orlando edged up in March for the second straight month with distress sales continuing to dominate the market, according to a report released Thursday by the Orlando Regional Realtor Association.
The median price for an existing home in Orlando, mostly Orange and Seminole counties, during March was $103,000 - up 2 percent from a month earlier. Compared to a year earlier, prices were down 6 percent.
More than 70 percent of the 2,485 homes sold during March were foreclosures or houses selling for less than the mortgage, down from 75 percent in February.
"Short sales and foreclosures continue to dominate and account for 70.5 percent of sales in March," said Mike McGraw, chairman of the board for the association and broker for McGraw Real Estate Services. "A consistently high percentage of these sales types is something that we want to see; the sooner they flush through the system the sooner we can get back to a market based on normal sales."
Some reporting groups have estimated that about half of local sales are distress, possibly reflecting that they consider a larger area with Osceola and Lake in addition to Orange and Seminole. Differences may also take into account that the association only reports on member sales.
The uptick in prices reported by the association may be partly due to the 28 percent monthly increase amount of "normal" sales, which fetch higher prices that debt-laden properties. The median prices in March included: traditional sales, $152,500; bank-owned properties, $80,000; and short sales, $102,500.
Homes spent an average 103 days on the market before landing a sales contract _ the longest period in more than two years. The average sales price was 95.4 percent less than the list price - the highest level since last summer.
Buyers had 23 percent fewer homes to select from in March than they did a year earlier. With 3,690 houses listed for sale, the current pace of sales translates into five months of supply, which is the shortest amount since December 2005.
mshanklin@tribune.com or 407-420-5538
Showing posts with label Orlando. Show all posts
Showing posts with label Orlando. Show all posts
Friday, April 15, 2011
Wednesday, June 23, 2010
The dream continues
From today's:
ORLANDO BUSINESS JOURNAL
By Anjali Fluker
Wednesday, June 23, 2010, 12:20pm EDT
Disney selling new dreams - homes
Walt Disney Parks and Resorts announced June 23 it will sell 30 single-family luxury home lots this year in a new residential community on Disney property near the Four Seasons Resort Orlando.
Homes at Golden Oak, a 450-home gated residential resort development, will be priced from $1.5 million to $8 million, said a news release. Three types of homes will be available: village homes on one-fourth-acre lots, estate homes on half-acre lots and grand estate homes on three-fourths-acre lots, the release said. The first homes are expected to be completed in 2011.
The resort community will include a private clubhouse, concierge services and Walt Disney World Resort benefits, the release said. It also features conservation areas taking up almost half of the development's 980-acre footprint.
"Golden Oak is something totally new: a residential resort community, right in the heart of the magic," said Matt Kelly, vice president of Disney Resort Real Estate Development, in a prepared statement.
Disney Resort Real Estate Development began site work nearly two years ago on the site and the main road and gatehouse have been completed, said Marilyn Waters, spokeswoman for Walt Disney Parks & Resorts Business Development. Disney is finalizing its list of custom homebuilders for the community, which will be made up of seven experienced builders from Florida, Waters said.
Home construction could begin later this year, depending on how quickly buyers are able to work with builders and architects on designing their homes, Waters said.
Golden Oak also will include the previously-announced 445-room Four Seasons Hotel Resort at Walt Disney World Resort. Community residents will likely be offered access to select Four Seasons' future amenities, such as the spa, restaurants, golf course and event space, the release said.
The development isn't the first residential real estate development for Disney (NYSE: DIS) in Central Florida. The company developed Celebration in the mid-1990s, a town that is now home to more than 9,000 residents.
Those wanting to purchase homes must pay a $25,000 refundable deposit and sign a lot release priority agreement to secure a spot on the community's priority reservation list, the release said.
ORLANDO BUSINESS JOURNAL
By Anjali Fluker
Wednesday, June 23, 2010, 12:20pm EDT
Disney selling new dreams - homes
Walt Disney Parks and Resorts announced June 23 it will sell 30 single-family luxury home lots this year in a new residential community on Disney property near the Four Seasons Resort Orlando.
Homes at Golden Oak, a 450-home gated residential resort development, will be priced from $1.5 million to $8 million, said a news release. Three types of homes will be available: village homes on one-fourth-acre lots, estate homes on half-acre lots and grand estate homes on three-fourths-acre lots, the release said. The first homes are expected to be completed in 2011.
The resort community will include a private clubhouse, concierge services and Walt Disney World Resort benefits, the release said. It also features conservation areas taking up almost half of the development's 980-acre footprint.
"Golden Oak is something totally new: a residential resort community, right in the heart of the magic," said Matt Kelly, vice president of Disney Resort Real Estate Development, in a prepared statement.
Disney Resort Real Estate Development began site work nearly two years ago on the site and the main road and gatehouse have been completed, said Marilyn Waters, spokeswoman for Walt Disney Parks & Resorts Business Development. Disney is finalizing its list of custom homebuilders for the community, which will be made up of seven experienced builders from Florida, Waters said.
Home construction could begin later this year, depending on how quickly buyers are able to work with builders and architects on designing their homes, Waters said.
Golden Oak also will include the previously-announced 445-room Four Seasons Hotel Resort at Walt Disney World Resort. Community residents will likely be offered access to select Four Seasons' future amenities, such as the spa, restaurants, golf course and event space, the release said.
The development isn't the first residential real estate development for Disney (NYSE: DIS) in Central Florida. The company developed Celebration in the mid-1990s, a town that is now home to more than 9,000 residents.
Those wanting to purchase homes must pay a $25,000 refundable deposit and sign a lot release priority agreement to secure a spot on the community's priority reservation list, the release said.
Thursday, April 22, 2010
Orlando home sales increase
April 22, 2010
From today's ORLANDO BUSINESS JOURNAL
Orlando home, condo sales up in March
Existing home sales in Florida rose 24 percent in March, with 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, said Florida Realtors.
In addition, while March's statewide existing-home median price of $137,000 was down 3 percent from $141,300 a year ago, it was 4.3 percent higher than February's statewide existing-home median price.
Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year's sales figure, with 7,148 units sold compared to 4,387 in March 2009.
March's statewide existing-condo median price of $96,900 was down 11 percent compared to the year-ago figure of $108,500, but it was 5.1 percent higher than February's statewide existing-condo median price.
In metro Orlando, 2,489 existing home sales took place in March, a 36 percent increase over 1,828 in March 2009.
The median price for homes in March 2010 was $132,200 in the metro area, a 12.7 percent decrease from $151,500 in the year-ago period.
Meanwhile, 790 condo units sold in March compared with 364 a year ago, a 117 percent increase. However, the median price fell 11 percent to $49,700 compared with $55,700 a year ago.
From today's ORLANDO BUSINESS JOURNAL
Orlando home, condo sales up in March
Existing home sales in Florida rose 24 percent in March, with 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, said Florida Realtors.
In addition, while March's statewide existing-home median price of $137,000 was down 3 percent from $141,300 a year ago, it was 4.3 percent higher than February's statewide existing-home median price.
Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year's sales figure, with 7,148 units sold compared to 4,387 in March 2009.
March's statewide existing-condo median price of $96,900 was down 11 percent compared to the year-ago figure of $108,500, but it was 5.1 percent higher than February's statewide existing-condo median price.
In metro Orlando, 2,489 existing home sales took place in March, a 36 percent increase over 1,828 in March 2009.
The median price for homes in March 2010 was $132,200 in the metro area, a 12.7 percent decrease from $151,500 in the year-ago period.
Meanwhile, 790 condo units sold in March compared with 364 a year ago, a 117 percent increase. However, the median price fell 11 percent to $49,700 compared with $55,700 a year ago.
Friday, April 16, 2010
7 Cities with Great Real Estate Deals
April 16, 2010
From today's Forbes' Investopedia:
7 U.S. Cities With Great Real Estate Deals
Bobbi Dempsey
You've probably heard it a million times recently: it's a buyer's market right now in real estate. That's actually a big understatement - it's a huge buyer's market. That's bad news for sellers, but good news for you if you're in the market for a new house (and can get financing). While there are attractive deals to be had nationwide, certain areas have a big inventory of affordable homes available now. You can see a full list of such places on HousingTracker.net, but here are some cities our experts have cited as being especially good choices for bargain-minded buyers.
Phoenix
This city has one of the strongest economies in the country right now, according to our experts.
"Good universities in the area have provided a skilled and educated workforce, which has positioned Phoenix as a competitive force in business," says Bill Humphrey, senior vice president and managing director of XONEX Relocation, which provides global relocation services for transferring employees.
"Phoenix is projected to see more growth, especially since the technology, green energy and healthcare/life sciences industries have started to put down roots in the area." Humphrey says houses that were selling for $500,000 before the recession are now in the $300,000 range. (With houses going cheap, there are bound to be problems. Find out more in Avoiding Foreclosure Scams.)
Houston
"The Houston market has a very diversified economy and is home to numerous industries including technology, energy, aerospace and aviation, logistics and manufacturing," Humphrey says. Humphrey credits Houston's solid employment numbers - and the projected growth - to its business-friendly environment, adding that the city's crime rates have seen double-digit decreases over the past ten years.
"There is lots of inventory available, and prices are still very reasonable."
New Orleans
Needless to say, the Big Easy is in a rebuilding period right now, in the wake of some challenging times. The silver lining: "the city has major growth potential and is on the cusp of a big renaissance," says Humphrey. "The community has really come together to rebuild its infrastructure, pride and spirits, making it a nice place to live. Also, Louisiana has shown the greatest unemployment improvement and New Orleans has the lowest jobless rate of any other metro city in its class."
While Humphrey admits there is still some work to be done, he says the city is headed in the right direction and smart shoppers will buy now. "Prices are low and inventory is available."
Atlanta
"Prices have tumbled dramatically, and there are multiple 'mini-mansions' available at bargain prices," says Robert Eisenstein of HomeRun Homes, which operates the Lease2Buy.com site targeting rent-to-own buyers and sellers.
"Most of the properties are not in need of anything more than a little bit of cosmetic work." Inventory seems to be plentiful in this area. According to HousingTracker, there are currently 87,000 single family homes and condos available in Atlanta.
Orlando, Florida
The central Florida area has always been a hotspot for bargains, says Eisenstein, "but with the recent beating the market has taken, prices are lower than ever. There is a mix of very beautiful homes that don't need any work - and there are also homes that need some renovation, but the prices are reflective of this."
Haverhill, Massachusetts
Several experts mentioned the Boston suburbs in general as a good place for great deals, but Haverhill in particular seems to have a lot to offer - no matter what your price range is.
"You can buy a brand new mid-level executive style home in the mid $380,000 to $450,000 range or find a first time buyer move-in condition property at around $170,000," says Lisa Johnson, vice president at Coldwell Banker Residential Brokerage in Haverhill. "Condominiums can be found in the $50,000 to $60,000 range."
Johnson says the area has a lot of great perks, from a thriving bar/club scene to a downtown restaurant district that can rival those of big cities.
Philadelphia
"The MLS lists many properties selling for less than $50,000," says Diane Smith, a real estate agent and Lexicon Realty mortgage broker. "In the $100,000 range there are many houses selling for $10,000 to $20,000 under value as a result of foreclosures and other economic issues."
The Housing Bottom Line
If you're looking for a great deal - and want to explore exciting new areas - focusing on areas with high inventory and low prices can be your ticket to a fantastic bargain on your next home.
From today's Forbes' Investopedia:
7 U.S. Cities With Great Real Estate Deals
Bobbi Dempsey
You've probably heard it a million times recently: it's a buyer's market right now in real estate. That's actually a big understatement - it's a huge buyer's market. That's bad news for sellers, but good news for you if you're in the market for a new house (and can get financing). While there are attractive deals to be had nationwide, certain areas have a big inventory of affordable homes available now. You can see a full list of such places on HousingTracker.net, but here are some cities our experts have cited as being especially good choices for bargain-minded buyers.
Phoenix
This city has one of the strongest economies in the country right now, according to our experts.
"Good universities in the area have provided a skilled and educated workforce, which has positioned Phoenix as a competitive force in business," says Bill Humphrey, senior vice president and managing director of XONEX Relocation, which provides global relocation services for transferring employees.
"Phoenix is projected to see more growth, especially since the technology, green energy and healthcare/life sciences industries have started to put down roots in the area." Humphrey says houses that were selling for $500,000 before the recession are now in the $300,000 range. (With houses going cheap, there are bound to be problems. Find out more in Avoiding Foreclosure Scams.)
Houston
"The Houston market has a very diversified economy and is home to numerous industries including technology, energy, aerospace and aviation, logistics and manufacturing," Humphrey says. Humphrey credits Houston's solid employment numbers - and the projected growth - to its business-friendly environment, adding that the city's crime rates have seen double-digit decreases over the past ten years.
"There is lots of inventory available, and prices are still very reasonable."
New Orleans
Needless to say, the Big Easy is in a rebuilding period right now, in the wake of some challenging times. The silver lining: "the city has major growth potential and is on the cusp of a big renaissance," says Humphrey. "The community has really come together to rebuild its infrastructure, pride and spirits, making it a nice place to live. Also, Louisiana has shown the greatest unemployment improvement and New Orleans has the lowest jobless rate of any other metro city in its class."
While Humphrey admits there is still some work to be done, he says the city is headed in the right direction and smart shoppers will buy now. "Prices are low and inventory is available."
Atlanta
"Prices have tumbled dramatically, and there are multiple 'mini-mansions' available at bargain prices," says Robert Eisenstein of HomeRun Homes, which operates the Lease2Buy.com site targeting rent-to-own buyers and sellers.
"Most of the properties are not in need of anything more than a little bit of cosmetic work." Inventory seems to be plentiful in this area. According to HousingTracker, there are currently 87,000 single family homes and condos available in Atlanta.
Orlando, Florida
The central Florida area has always been a hotspot for bargains, says Eisenstein, "but with the recent beating the market has taken, prices are lower than ever. There is a mix of very beautiful homes that don't need any work - and there are also homes that need some renovation, but the prices are reflective of this."
Haverhill, Massachusetts
Several experts mentioned the Boston suburbs in general as a good place for great deals, but Haverhill in particular seems to have a lot to offer - no matter what your price range is.
"You can buy a brand new mid-level executive style home in the mid $380,000 to $450,000 range or find a first time buyer move-in condition property at around $170,000," says Lisa Johnson, vice president at Coldwell Banker Residential Brokerage in Haverhill. "Condominiums can be found in the $50,000 to $60,000 range."
Johnson says the area has a lot of great perks, from a thriving bar/club scene to a downtown restaurant district that can rival those of big cities.
Philadelphia
"The MLS lists many properties selling for less than $50,000," says Diane Smith, a real estate agent and Lexicon Realty mortgage broker. "In the $100,000 range there are many houses selling for $10,000 to $20,000 under value as a result of foreclosures and other economic issues."
The Housing Bottom Line
If you're looking for a great deal - and want to explore exciting new areas - focusing on areas with high inventory and low prices can be your ticket to a fantastic bargain on your next home.
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)
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