What the left hand giveth, the right hand taketh away... After the good news that Fannie Mae will no longer treat vacant and foreclosed condos as non-owner occupied comes news of ever more underwriting restrictions. January 15, 2009 is the cutoff date when Fannie Mae toughens its policies on condo properties in the Sunshine state - potentially putting a damper on investors fishing for foreclosures or short sales. In a memo sent to lenders before in December, Fannie Mae said that [...]
HUGE news for would-be condo investors: Fannie Mae has finally changed the rule that has been strangling condo sales. From now on, when new investors apply for financing on a condo unit, no longer will vacant and foreclosed condos be counted as non-owner occupied. Until now, Fannie's long-time policy has been to bar new investor loans in buildings where less than 51 percent of the condos are owned and occupied as principal residences or second homes. Under this rule, many condo communities [...]
"Ok, well keep me posted if you see any good deals." I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what's on the table. These folk never buy, because they're always wating for something better to come along. "Sure," I say. What I really want to say is: "Are you kidding me? There are 22,000 listings in Orlando right now - half of them foreclosures going for a steal and we take a dozen calls a day. Why don't YOU get back [...]
The sales of condos in the Orlando area decreased by 31.33 percent in August: A total of 114 condos changed hands in August 2008 compared to 166 in August 2007. In a month-to-month comparison, August 2008 condo sales (114) decreased by 14.93 percent from July 2008 (134). Year to date, condo sales are down 43.71 percent, with 939 condos sold so far in 2008 compared to 1,668 sold through the same time in 2007. In August, the most (20) condos that changed hands were in the $100,000 - $120,000 [...]
Maitland's two main condo projects have been on hold since the market tanked but this week's OBJ report suggests they may never go ahead. We've been following both the Trevi and its neighbor Ravinia since their inception but their fate never looked good - which is a shame for Maitland, which is now entering its golden years and would frankly have benefited from the face lift. And while the Trevi's low occupancy, high luxury conception was at least feasible, Ravinia's notion that [...]
6:30pm on a Wednesday night: An unlikely start time for an auction perhaps, but over 800 were seated by the time bidding began, and the total number of visitors over the course of the next four hours likely topped 1000 according to our estimates. The REDC auction of central Florida bank owned properties included million dollar mansions and mediocre condos - and some bargains were had with most properties selling for about 40% of their prior estimated worth (and although some of those [...]
There are more signs this week that nationally, the slump in the market may have reached its low point. (Don't smack me, I said "may" ok?) The most recent news from Las Vegas is that having been designated as one of the leading foreclosure cities in the United States, sales are edging up and prices holding steady. The Las Vegas Sun reports condo sales were up in July by 18 percent compared to the same time last year. Buyers seem to be moving off the sidelines as prices have slipped 31% in the[...]
According to Jerry Jackson at the Orlando Sentinel, the developer of downtown Orlando's Paramount condo tower testified in court on Wednesday that the company had spent more than $16 million to add extra bracing to the building. The developer went on to claim that this work was not a "material" change requiring notification of individual buyers at the Paramount. The problem was first noticed in late 2007, according to Greg West, senior vice president of Orlando-based Zom Inc., and repairs began[...]
While the fence sitters in the U.S. may get away with "waiting for bottom" a few months longer, the Brits won't have that luxury as the dollar is beginning to strengthen again. From the point of view of much of the world, Florida has been "on sale" for a year or so now. And for the U.K. market, cheap prices, combined with a strong pound have made buying in central Florida a "no brainer." But as I've explained to my U.K. buyers, waiting around isn't an option because the "perfect storm" won't [...]
With new construction finally at a low, people are now actually moving into new homes faster than builders are erecting them. Accordingly, Orlando's inventory of new subdivision housing fell again during the second quarter. That's according to a report by Metrostudy, who found 3,646 finished-but-vacant single-family homes in the four-county metro area, down from 5,560 at the me time in 2007. The area's total inventory, which includes homes under construction and model units, was down 39 [...]
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