Got a job? Count yourself lucky. America’s latest employment report showed a loss of 263,000 jobs and a posted unemployment rate of 9.8%. This is the worst jobs reading that we have seen since June 1983. To give you some perspective, America would need to churn out 125,000 jobs just to keep pace with population growth. Sadly, this is probably the new norm we will be facing for a while: Fed Chairman Ben Bernanke was quoted as saying that unemployment would likely [...]
Tradewinds condos in MetroWest (Orlando): In an attempt to sell the remaining units, Tradewinds has gone through a number of transitions in recent months, however, the complex is now in the hands of the FDIC. A number of bulk buys have been completed and although now under FDIC control, that trend looks set to continue. One- and two-bedrooms will be available at bulk purchase prices. (Tradewinds has no 3-bedroom condos.) For pricing and more information on how to aquire these units call Condo [...]
Orlando had nearly four times more condo sales in August compared to a year ago, from 142 unit sales in 2008 to 541 this year. Of course, the median condo sales price in metro Orlando fell 55 percent, from $111,200 in August 2008 to $49,900 in 2009. Florida wide, condo sales were up 45 percent, from 3,222 unit sales in August 2008 to 4,674 this year. The median price of a Florida condo was $107,500 last month, a 32 percent drop from August 2008’s $158,100. Bank continue to be[...]
Well, Fed meeting week is upon us yet again. It seems like only yesterday that these people got toÂgether for two days to accomplish absolutely nothing. And it will take another two days for them to accomplish even MORE nothing. Our tax dollars hard at work. We are rapidly approaching time for some action, though. As the global economy catches tread and things start to financially heat up again, the onus will be on the Fed to implement an exit strategy that will soak up all [...]
Homebuyers purchasing an Orlando condo should review a list of documents and other information to make sure that the property they are considering is a solid buy in this challenging market. The following information is a the top of the must-consider list: Budget: Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years' budgets to see how they've changed. Reserve study: Understand the plan for maintenance and how it will be paid for. [...]
Understanding the scope of homeowner association insurance coverages is basic to protecting the vital interests of the owners. Do you understand what the HOA's duties are when a fire, windstorm or burst pipe damages the common elements or unit interiors? The HOA's insurance duties are addressed in the governing documents. The insurance company's duties are based on the wording of the policy. The two documents often contradict. Surprisingly, the insurance policy often pays for the repairs that[...]
Phillips Bay Condos in Dr Philips area: Moldy roofs, missing stucco and porches completely removed... "It's been happening since 2001. There have been issues we thought it could be patched and fixed but its just systematic through the whole entire place," said Brock Shields, former HOA president. One resident's patio has been condemned after water seeped through the roof and rotted the wood. The home owners association filed a lawsuit against the builders in 2007. An attorney for Deluca Homes[...]
I was working on site for the Palms Club back in 2007. I still feel they have some of the best amenities of all the Orlando Condos, including 3 pools, hot tub, great club house, fitness center, valet trash, Business center, even a bowling ally. When I was onsite I sold a few of the 3/2 models, great floor plans, 1362 SF, my personal highest sale for this model was over $300,000 in 2007. Now we have one up for auction with the current high bid at just over $41,000. Looking closer at it, I am [...]
Reporter Anjali Fluker at the Orlando Business Journal followed up this week on one of last week's headlines that Orlando condos are 'selling like hotcakes'. Our own Marcus Burke was interviewed about this seemingly odd phenomenon which is at odds with an otherwise fairly sluggish market. You can read the online version of Bidding Wars Ignite Condo Sales here.
Further to our last post on the delayed Orlando condo auction, there are no more condos available at either Cascades condos or Audubon Villas. All were pre-sold prior to the auction. There are some one- and two-bedroom units left at Oxford Square in Casselberry, and these can still be purchased now, before the new auction date is set. If sales continue at the present rate, it seems likely that the auction may not have to take place at all. There is a special 50% financing [...]