Condo prices have fallen more in Orlando during the past year than in any other metro area in the state and, most likely, the country. That's according to today's Orlando Sentinel. Statistics from the National Association of Realtors show that the median price for a 2-bedroom Orlando condo is currently about $50,600 - that's a 56% reduction from the same time last year ago, when the average price was $114,000. The result is that more than 1,600 condos sold in Orlando [...]
It seems as though every time you turn on the news they either have a "Our economic messiah has arrived" statistic for you to show everything is great, or a "We've mortgaged our children to the Chinese who are using them to fund nuclear bombs" comment to show everything is terrible. Gross Domestic Product (what we create as a nation) was downwardly revised in the 3rd quarter from 3.5% growth to 2.8% growth. Boooo. Home prices rose nationwide for the 5th straight month. Yay! [...]
Brio Restaurant at the Mall of Millennnia, Orlando hosted some of Orlando's local residents who had been hit by recent hard times for an on-the-house Thanksgiving lunch yesterday. About 75 guests signed up for the turkey Thanksgiving lunch. The entire Brio staff along with other volunteers (including one or two from Condo Metropolis) arrived for the 11am opening on Thursday to make sure everyone was fed, and each family left with a food gift-basket. The restaurant was closed to the [...]
Lake Buena Vista Resort is an Orlando approved Regional Center for this program, and President Obama has signed legislation that incorporates an extension of the EB-5 immigrant visa program extending it until October 2012. What is it? It's an opportunity for high net worth ($1MM) foreign nationals to fast track to Green Cards for themselves and their immediate family. For more info on this program contact Condo Metropolis on 407-290-3408. Lake Buena Vista Resort & Spa now has [...]
In some homeowner associations, the number of owners who rent their units is extraordinarily high, sometimes even outnumbering resident owners. With absentee owners and just a few irresponsible renters, there may be a move by the board to limit or eliminate rentals altogether. What things should be considered? When it comes to sorting out rental restrictions, there is a hierarchy of "legal authority." 1. The highest legal authority is the state's corporation, condominium and homeowner [...]
Sometimes it's just easiest to remember that (with one or two exceptions) there are no loans on condos right now. For those interested in the detail, HUD just changed its condominium rules again for those seeking FHA approval, but I'm not sure it really changes anything for the average buyer. HUD has relaxed its controversial requirement that at least fifty percent of the units in a condo project be sold before FHA could insure loans. Under the amended rule, FHA financing could be [...]
The Palms Hotel and Villas, condo hotel, Kissimmee FL - just a stone's throw from the Orlando Disney Parks. Purchased at $125,000 in 2006 - now priced at just $16,000! The catch? There isn't one, this is a real one hundred thousand dollar discount. It's not a short sale - it's not a foreclosure - it's not even listed yet. But it's available NOW at this price from a private seller who lives out of state. It's a cash deal of course, closing must occur before the end of December 2009. How[...]
Well good; it's officially official. The 1st time homebuyer $8000 tax credit has been extended. And, for Super Mario bonus points, they even threw in a move-up homebuyer's tax credit of $6500. Here are the new rules that potential purchasers must adhere to:                           Get under contract by April 30th, 2010 [...]
We're excited to report that Congress has answered our collective call to extend and expand the homebuyer tax credit!          Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit. That bill will be sent to President Obama for his signature in the next day or so. For a comparison of the current tax credit versus the new one, please see this tax credit comparison chart.
There seems to be a world of confusion surrounding the extension of the $8000 1st time homebuyer's tax credit. For some reason, a lot of large news networks broadcast a story that made it appear that Congress had already passed legislation extending the opportunity to capitalize on it.  Allow me to clarify:  Thus far, the extension of the tax credit has made it through a couple of financial committees, but has not yet been debated on the open floor. The problem is that if they [...]