It appears that El Capitan of the Federal Reserve Ben Bernanke has done a fine enough job to maintain his post as the Chairman for another 4 years. From my perspective, this was a fine choice by our President. Switching monetary horses mid-stream would be fairly catastrophic for the already fragile investor sentiment towards our shaky economy. So, bravo Mr. Bernanke. Why on Earth this man would want a job where he gets screamed at for days on end twice a year and has the weight of [...]
Question: Our board has a running battle with various unit owners about who is supposed to fix and maintain what. As a result, the board has paid for repairs that were probably the unit owner’s responsibility. How do we get this under control? Answer: The board should compose and adopt a Maintenance & Insurance Areas of Responsibility Policy which defines responsibilities HOA vs Owner. The idea is to break down the buildings and grounds into component parts and then describe who[...]
This summer's big Orlando condo auction scheduled for this weekend has had so many presales that the auction itself has been delayed to allow closings to take place and allow time for a fresh look at the remaining inventory. At the moment, there are only a few one-bedroom units left at Audubon Villas and Cascades condos, however there are still a large number of units available at Oxford Square condos in Casselberry. Investor groups interested in a bulk purchase should call [...]
There are times in the course of human history that a ton of little bits of news come out, but none of them are really interesting enough to warrant a whole newsletter. This is one of those times. Existing home sales rose by 7.2% nationwide last month, showing the greatest jump in the past two years. While this has many realtors dancing naked in the streets (and I’ve seen ‘em), I am a tad less apt to party like it’s 1999. Much of this phenomenon can be [...]
Although we've been saying it for weeks, that's not my headline - but from this week's Orlando Business Journal: "Orlando-area condos sold like hotcakes in July at still-falling prices, according to a new report from the Florida Association of Realtors." There were about 475 condo resales in Orlando last month, more than triple the 151 resales recorded in July 2008. But the median sales price fell to $49,800, 59 % down from the $121,900 price reported in July 2008. In this case, the median[...]
 This is how your Orlando condo foreclosure investment could look: Just purchased by an out of state investor for $50K from the bank via Condo Metropolis; some paint, some new carpet, and it's now listed for $950 a month - will probably cashflow a couple of hundred a month and hopefully double in value over the next 3-5 years. Call 407-290-3408 to rent this unit!
Question: Our governing documents have a provision that limits rental agreements to 12 months except for extenuating situations approved by the board. Since the HOA has not been turned over yet by the developer, is the developer the "board" and does this give him the power to change the rules for his own benefit? For example, the developer rented several units for 18 months. Answer: Yes, prior to turnover, the developer controls the board and can grant himself an “extenuating [...]
Another Fed meeting has come and passed and, as expected, dang near nothing happened. Benchmark rates are being held between 0 and .25% and no more money has been committed to buying long-term treasuries. Pretty quiet meeting. Buuuuuuut, it's the calm before the storm. Let's think about things. The Fed is holding mortgage rates down manually through these treasury purchases. That program will expire in October, meaning rates are inexorably headed higher at that time. The [...]
Here it is: The cheapest bank owned deal at Solaire at the Plaza condos, downtown Orlando. $118,000. It's a 1 bedroom, 800SF condo on the 22nd floor, with great views of downtown Orlando. Watch the Disney fireworks every night from your own balcony. HOA = $350 a month; taxes, about $3K a year, with possible reduction based on new purchase price. Cash offers must be accompanied by proof of funds - we may be able to get you financing on this one also. Call us at: 407-901-5161 for more info.
Auctions, auctions everywhere, nor any loan to buy. This is the home buyer's version of the Rhyme of the Ancient Mariner. But cash buyers are having a bonanza. The Artisan Park / Celebration auction was a success with all units sold almost before the last car had found a parking spot. Now, with Orlando's condo inventory dwindling and just two weeks left before the summer's big condo auction in Orlando / Altamonte, interest is rising and over 30 contracts have been written by those hoping [...]