We first posted the opening of the Sanctuary Diner in March 2009 as it re-emerged from its prior life as French-themed Fifi's. Unfortunately, the Diner didn't make it. Nor did Graze, it's upscale neighbor. According to the Orlando Business Journal, both restaurants under the Sanctuary condo building simultaneously closed their doors on May 26th 2009. Both restaurants were owned by Steve Kodsi, the developer of both the Sanctuary condos and Star Tower condo buildings. You can read the Condo [...]
Bella Piazza Goes Hardcore One of the indicators of a change in the market will be the instant hardening of sellers (in particular developers) towards buyers with the loss of incentives and a refusal to budge on price. At the Bella Piazza condos in Davenport, we're starting to see some of this now. This community still has some units left but the Bella Piazza pricing we talked of month or two ago has already increased. For those interested in securing a unit, contracts that are [...]
Realty Times now describes Orlando as a Hot Market. More surprisingly, they think the market has shifted from a "buyer's market" to a "normal market": "The market is currently in normal absorption rate at about a 7-month supply with more than 12,000 homes on the market. " While we've already written on how the under $50K condo sub-market has become an aggressive "seller's market", I have to say I'm surprised to see figures suggesting the rest of the market has normalized. Realtor.org is[...]
Question: The topic of solicitation is often raised at our board meetings. Our entrance is posted with signs that prohibit both solicitation and trespassing. However, we frequently have people wandering through the community leaving coupons and flyers on the doors. This prompts owner complaints why this is "allowed". The greatest concern is security because many units are second homes and vacant much of the year. Answer: Solicitation is usually construed to be door to door person to person [...]
Despite a sputtering but solid rally in the stock markets, we've enjoyed some surprisingly low interest rates in the mortgage market. Usually, when stocks are on the way up, investors will cash out their bonds and buy in. Since mortgage interest rates are dictated by the investment community's appetite for bonds, what is good for stocks is usually bad for mortgage rates. Why is right now the exception to the rule? Because Uncle Sam is printing money like crazy and usÂing that [...]
Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) purchase most of the residential mortgage loans lenders make and set the standards those loans must meet. New rules were enacted in 2007 that require lenders to verify every condominium loan made that the HOA contributes at least 10% of its annual budget to reserves. In HOAs that don't comply, owners may have trouble refinancing or selling their unit. To ensure that this doesn't happen, [...]
Just Out: 2 bed, 2 bath, 2nd floor condo in MetroWest with 9" ceilings - great community! Bank owned deal - will go to a cash buyer with a quick closing - multiple offer scenario is likely. HOA fees $283/month, include water, sewage, trash removal. Community has all the usual amenities including pool and clubhouse. Call us for a tour or to put down a deposit: 407-290-3408.
Miriada Condos, Orlando: Hardwood floors, stainless steel appliances, upgraded bathrooms, ceiling fans and convenient for the airport - this condo has FOUR bedrooms, 2 bathrooms, is a 1st floor and end unit, Seperate living/dining rooms, master bath has shower/tub combo, open parking, community pool and tennis courts. All for under $68,000?! You want low HOA fees? Try $287; you want low taxes? How about 2,000? This is a better deal than the best Miriada developer closeout deal [...]
Nearly seven times more homes in the lower-price ranges sold last month than in the upper ranges. This is typical of a rebounding market according to real estate economists. "Orlando's housing market appears to be following a recognized healing pattern - from the bottom up - as evidenced by the greater number of sales in the lower-price categories," said ORRA President Les Simmonds. "For example 75 percent of homes sold in April were purchased for less than $200,000, while 10 percent sold[...]
The Metropolitan condos, downtown Orlando Just came across this one: beautiful 1300 SF 2/2 condo - just 7 days on the market. Priced by the bank at just $125K - but expect multiple offers (see also today's HeraldTribune story). "The Metropolitan was renovated in 1993. Beautiful condo on 4th floor overlooking pool and view of Lake Eola. Move in condition - freshly painted, 2 Master Suites, walk in closet, fully equipped kitchen, includes Stainless Steel appliances - microwave, refrigerator, [...]