Baldwin Park feel without the Baldwin Park Price tag!
Looking for a beautiful Lake Baldwin area residential community? Look no further. Baldwin Cove is offering beautiful, new construction Bungalow and Estate style homes starting at $236,00! Yes, I said $236,000!!! Enjoy luxurious master suites, 10' high 1st floor ceilings, granite countertops and spacious kitchens. Just minutes from downtown Baldwin Park and located in the much desired Winter Park school zone, this community has it all. If you're looking for that Baldwin Park feel but not the price, this community has what you're looking for. What's the catch, there's only 42 total lots and they won't last long! Contact us for details! Pictures coming soon!
SunRail Still Has A Lot of Bugs; Here's the Flyswatter!
OK, I'm pro-SunRail (there, I said it). I think it will keep more cars off the road and it also moves us one step closer to new jobs and new growth and opportunities, especially in the Orlando Real Estate market, but I'm a little biased. :) There are some annoyances with the system but that should be expected. How quickly SunRail corrects these issues will ultimately determine public opinion and public use. Until then, the Bungalower offers some workarounds to make your SunRail use (and eventually mine) more enjoyable.
Click Here for workaround: SunRail Workaround
ORLANDO HOME SALES NUMBERS STRONG FOR APRIL
The Orlando Regional Realtors Association (ORRA) has released the April performance numbers for Central Florida and the numbers are promising.
Total inventory of homes for sale increased slightly from March totaling out at 10,647. 4,401 new properties hit the Orlando area real estate market for April.
The average mortgage rate dropped from 4.43% in March to 4.39% in April. The median and average sold home prices stayed about that same at $163,000 and $204,000 respectively.
The average days on market also remained steady at 77 days.
The most impressive number for me was the days to close average which was 46 days. This is the average time it takes a property to close once it goes under contract. Why do I feel this is so important? Because it is an indicator of a shifting market from a pre-foreclosure market (aka: short sales) to a more conventional market. Cash buyers are still major players in the market but even cash deals are subject to long delays when dealing with short sales. This shortened time frame, almost 20 days shorter than the same time last year and the lowest in the last three years, shows signs of a recovering market in my opinion. This with the addition to the increasing inventory of new homes for sale in the Orlando market also shows me that sellers are finding the market more palatable in terms of what fair market value is for their homes.
A recovering market means recovering communities, conventional sales bring back the days of well kept, move in ready homes, home warranties and negotiations no longer on “As Is” contracts. Its a win for the seller, the buyer and the community at large. The next big hurdle, as I see it, is having the banks relax their credit restrictions a bit so that financed buyers can get back in the game. Cash buyers won’t last forever and if we want to continue our positive strides back to a healthy Orlando real estate market, financed buyers must be allowed back in to the game.
*for more information on the orlando real estate market or assistance with financing, please e-mail Rob: Rob@SimplicityRE.com
(Where's The Financing?!): Is the Current Real Estate Market Recovery Sustainable?
Many industry experts believe it is. Initially thought to be an anomaly, the current housing market recovery seems to be sustainable. In a recent article in DSNews, analysts for Capital Economics feel the current uptick in the housing market will remain sustainable for the foreseeable future. Though this rapid recovery took many analysts by surprise,there are several major indicators that suggest the current recovery is more than a flash in the pan.
Sustained rises in demand, home prices and homebuilding activity along with new and existing home sales demonstrate lasting recovery. These same analysts are also predicting a price growth of 5% for 2014. According to CoreLogic, the Orlando residential real estate market saw a residential median price increase of 10% in the last twelve months. The biggest threats to this continued growth, according to analysts, is the country falling in to another recession or the release of the current shadow inventory (currently estimated at 3.8 million properties, 1.5 times larger than the current number of active properties for sale) both of which seem unlikely. Concerning the shadow inventory, it would not be beneficial to the banks owning them. A flood of properties on the market and a dramatic drop in property values would not benefit anyone.
Though these major threats do not seem likely, there are larger issues to consider. The current real estate market is being sustained primarily by investors and cash buyers. According to the Florida Association of Realtors, more than half the homes purchased in Florida were cash deals. The concern here, especially with the large investors, is when property values increase, so do the deep discount opportunities that investors look for. ROI is the name of the game and when those deep gains evaporate, so does investor interest. Florida does benefit in being the most popular state for foreign investors which almost always pay cash. Financed buyers, on the other hand,have been a very small player in the national market and in the Orlando real estate market as well. Increased financed transactions and loosened credit restrictions go hand in hand. To allow the financed buyer back in the market, relaxed credit restrictions must inevitably occur.
My own personal experience for the last four years, both the Orlando and Tampa Bay markets, leads me to believe that property values and market recovery will be slow but positive. I initially was in agreement that this was just an positive hiccup in the market and when the large investors began to slow their buying pace, the market will slow as well. However, I have not seen this. What I have seen is increased buyer activity, receiving multiple offers at asking price or higher on many of my listings and an increased interest in new construction. Don’t get me wrong, there are still deals to be had out there, especially for cash buyers but they are significantly more scarce than they were two years ago.
All in all, I agree with the analysts that the market is recovering and will continue to recover. I don’t see any dramatic rise in property values in the near future but rather a more slow and steady rise to recovery.
What are your thoughts on the analysts forecast?
-Rob Sassos is the Broker/President of Simplicity: A Real Estate Brokerage Company. Simplicity specializes in residential real estate and property management in the Orlando and Tampa Bay markets.
Is the SunRail system a positive or negative influence on property values in Orlando?
As the new SunRail system opens, participation numbers are much larger than anticipated. How will this impact homeowners, residents and real estate investors in Central Florida?
If you have interests in Meadow Woods and you are pro-SunRail, good news is coming your way! Meadow Woods is one of the most popular communities in Orlando according to Zillow search numbers. It is also one of the best values in terms of community, location and property value in my opinion. I also feel that with the addition of the SunRail station, this community's property value will only go up. The article link is below for more information.
March Numbers show positive signs for Orlando Real Estate in 2014
- The increase in active listings in the market demonstrates seller confidence and a feeling that now is the time to sell. Whether based on the large numbers of active buyers in the market, the increase in property values or just an opinion that the economy is slowly improving, more sellers are ready to list their homes on the open market.
- The dramatic drop in the number of days to close once a home has gone under contract for sale and purchase. Last month homes sales averaged 45 days from contract to close. This was a 30% drop from the same time last year. This tells me that we are moving toward a more “conventional” market. What I mean by this is we are most likely seeing more non-distressed sales and less short sales and to some extent, bank owned properties under contract as well.
MORTGAGE DEBT RELIEF ACT 2014
This is important information for those who have sold or plan to buy or sell short sales this year. The extension of the Mortgage Debt Relief Act is critical for many Americans. I have been involved in hundreds of short sale transactions. If you have questions, please contact me. ?#orlando? ?#realestate? ?#ShortSale?
Click Link Below for more information:
10% Increase in single family home value from same time last year in florida. A 5.7 month inventory of single family homes and a diminishing short sale market are good signs that the Florida real estate market is beginning to stabilize. This is great news for people both buying and selling homes in the Orlando and Tampa Bay markets.
Click on the link below for more information:
If you are waiting to see if mortgage rates will drop before you purchase a home, you may want to reconsider and soon. The Fed continues its cutbacks which will in turn, most likely cause mortgage rates to rise. Click on the link below for more information.