We're well into the worst housing bust most of us will ever witness, yet we still get calls from bemused buyers who take it very personally when we tell them they can't get a loan on an Orlando condo. "That's ok, I have a great credit score" they say. "And a good job. And great pay. Don't worry about it." It's almost as if they haven't read a newspaper in the last 2 years. And I do worry about it. Because you won't get a loan right now (unless your community is FHA approved). Even [...]
The South Florida residential real estate market is at bottom and likely to experience some appreciation within a year, the National Association of Realtors Chief Economist Dr. Lawrence Yun said. Yun joins Jim Cramer (Mad Money) and a host of other economists who feel that bottom is basically here. "I think the prices have already pretty much bottomed in the South Florida market," Yun said. "The rest of the country is more difficult to say but I think here, given the buyers, the prices have [...]
Question: I have often wondered where the pound limitation came from in HOA pet policies. I have always considered small, yappy dogs to be more of a nuisance than larger dogs that don't have the usual frenetic personality of smaller dogs. The only vicious dog I have ever owned was a miniature dachshund. Wouldn't it make more sense to control the behavior and not size of the dog? Answer: Most pet restrictions have more to do with noise and wear and tear of the common area and less about [...]
There's increasing evidence that those waiting around for Orlando real estate to hit bottom are not only going to miss the mark, but will also be trading minor potential price drops for increased monthly payments as interest rates soar. While most economists seem to agree that bottom is here, the storm cloud on the horizon is that mortgage rates have been moving up - fast. Bailout money will cause inflation and interest rates can't stay low for much longer. And if you're waiting around to save [...]
Low prices and low interest rates are causing those with cash to jump in and scoop up some of the best condo deals Orlando has ever seen. Since the beginning of the year, condo inventory has dropped by thousands as savvy investors have been taking advantage of the fact that today, like never before, "cash is king". This is because the only way to get a loan on an Orlando condo is to find one that is FHA approved - not an easy feat when so many condos are blacklisted due to the glut of [...]
So, everyone jokes that we'll all be speaking Chinese in the next century because they're "buying America piece by piece". Well, how much does China really own of us? And how do they own us? Let's take a second to look at our torrid love affair with the Chinese. Why do we buy stuff from China? Because it's cheap. It's usually cheaper than a domestic equivalent. Why is it so much cheaper? Well, having a sixth of the world's population available for inexpensive labor [...]
Just listed! This 2/2 unit at Bermuda Dunes condos in MetroWest, Orlando is for sale at just $51,500. (Used to sell for over $300K.) I looked at it this evening and it's in move-in condition. It's a first floor unit with golf course views and is one of the best deals I've seen this year. It has pool, fitness center, tennis courts, sand volleyball court and raquetball. See the complete listing here. For more info on how to buy a bank owned condo see our Orlando foreclosure page. Serious buyers [...]
Good news: The $8000 tax credit for first-time homebuyers can be applied toward your down payment or closing costs at the time of purchase. YAAAY!! I believe that warranted the bold-print. Realize, however, that FHA still requires 3.5% of the down-payment come out of your pocket, so unless you're getting a grant, still no free homes. But still, good stuff! Great things are continuing to happen to make homeownership for you 1st-time homebuyers more and more affordable. And[...]
Orlando condo prices seem to be stabalizing at last with the first wave of bank owned deals starting to dry up. It seems likely there will be a second wave, as short sales fail and become foreclosures, then again, it may be that these will be withdrawn in favor of loan modification - in which case we may already have seen the best of the best deals. At the prestigious Star Tower condos downtown Orlando, prices have dropped. Take a look at some of these deals on the right for a sampling of [...]
News just out from HUD: Bridge loans received the go-ahead that enable first-time buyers to use the benefits of the federal tax credit upfront (instead of having to wait for the tax write-off). Under the guidance, FHA approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. However the loans can't be used to cover the minimum 3.5 percent downpayment - a sign that the [...]