This week's OBJ reports that the owners of Orlando's Palazzo del Lago may be selling their 41 acres of condo hotel entitled land, suggesting that this may be the latest I-Drive project to go belly up. International Plaza dropped it's sales efforts last year and others are not looking so good - with loans becoming increasingly hard to find on the condo hotel product. As usual, the developers are denying there is any problem - all of which solidifies the best piece of advice I've been able to [...]
The Dow Jones Industrial Average and the Standard & Poor's 500 stock indexes both experienced a slightly better than 4% gain over this past week. Mortgage bonds (and rates) suffered as a result. Is this indicating a fundamental change in the direction of the markets?  Yes, we are seeing a change. But it's not a change in the markets; it is a change in how investors have adapted to the markets. They are STARVING for good news to the point where they will throw a party even [...]
You probably know this by now, but this year is Viagra's 10 year anniversary - so be on the lookout for some interesting marketing ploys. I hear they are throwing a party - which I'd love to attend, except I don't do those open air bath tubs - and I like a party to last more than four hours. But despite appearances to the contrary, Pfizer has not claimed responsibility for this proposed tower of Babel wannabe. This concrete Stairway to Allah comes to you courtesy of 51-year-old Prince al-Walid[...]
It's best to start with the big-time trends, so here it is: there was surprising stability in the markets this past week. Sure, companies are still experiencing colossal write-downs and credit is still notably tight. However, both the stock and bond markets have been comparably quiet, barring one substantial drop on the Dow mid-last week. This is not to say that the markets are "calm", just "calmer". The alarmist view seems to be giving way to a begrudging acceptance of modern circumstance [...]
So I speak with buyers on a daily basis, and the vast majority wants to know how the so called "Credit Crunch" will affect them when it comes to buying a home. Have underwriting guidelines gotten tougher, is there really any money available for buyers with less than perfect credit, or heck what if I have no credit established? Alas, here is some information that you may find helpful. Most major lenders pull a tri merge credit report for a borrower. A representative credit score is a [...]
If you've paid any attention to the Florida real estate market over the last few years you will have witnessed a tremendous roller coaster ride. Unfortunately, the ride is not an enjoyable one for many who bought real estate and got caught with property where prices have dropped below what they paid. It is not unheard of for real estate prices to drop. While infrequent, real estate prices have dropped in the past and will do so again. I don't think too many people saw the magnitude of the price[...]
STOP PRESS: 2 one-bedroom lake views purchased at auction have just come back on the list due to buyer being unable to close. One is third floor, one is first floor. These were among the first to be picked up at auction so if you were disappointed at not being able to get a lake view, you now have less than 24 hours to get back in the game! These are the last 2 lake views left at Tradewinds. Post auction pricing ends at 5pm tomorrow (Friday). Until then you can still pick up a 2/2 for $93,500 [...]
You are Fed Chairman Ben Bernanke. It is 6:00 pm on a Thursday. You get a phone call from Bear Stearns, a major investment bank, saying that they are experiencing a lack of liquid funds and will have to declare bankruptcy unless something is done by the opening of markets tomorrow. Taxpayers are already furious with the economy, and bailing the bank out would incite even more rage. HowÂever, letting the behemoth fall would begin an unstoppable unwinding in the already fragile financial [...]
Last week's Orlando Business Journal highlights some of the headaches currently facing Orlando's condo developers: At Veranda Park in MetroWest, eight developers have filed a total of $11.2 million in leans against the billion dollar project. To date, only half of the 10 projected buildings have been built and it's impossible to imagine the rest, including a condo hotel, going up in the current climate. The idea of a MetroWest condo hotel seems odd at any time of day, but when there are few [...]
Condo Metropolis is pleased to announce continued pricing on a limited number of Tradewinds condos for those who can act quickly. Auction pricing was $85k plus a 10% buyer's premium = $93k. Condo Metropolis can secure a unit for you with the auction company at this same $93k price for very a limited time. Quick-Facts Built 1989-1991 MetroWest Orlando, FL Converted to condos 2005 HOA (home owners association fees ("maintenance") = $187/month (covers water, sewage, trash, master insurance,[...]
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