Almost exactly a year after its acquisition of the property, RB-GEM Management LLC has begun work on the conversion of four apartment complexes in the Sabal Point area as part of its new Sabal Collection Condominiums. RB-GEM plans to offer seven different floor plans, a range of amenities and price points beginning at $159,900. The Keller Williams Realty Condo Team will be the on-site broker of the Sabal Collection Condominiums. Constructed in 1991, the property is located on 13.2 acres and [...]
It's official: The Orlando metropolitan area is one of the strongest economies in the nation. Best known for it's tourism, it's strength comes from rapid growth in high wage, high-tech manufacturing, research, corporate headquarters, and a host of quality business sectors not related to Mickey Mouse. God. How I hate that mouse. See full report of The 2006 Florida Economy here.
As we lament the over supply of condos this Thanksgiving, we should remember one thing. The homeless population of Orlando is actually increasing. According to the Coalition for the Homeless of Central Florida, the increase is largely due to a lack of affordable rents. The Center for Women and Families had a 46% increase to 78,000 shelter nights in 2005-2006. Too much housing and yet still so many families without any place to sleep. Ironic.
According to the NAHB, Builder confidence in the condominium market continued to erode in the third quarter of 2006. That wasn't exactly news to the real estate industry. So why do developers continue to build condos in such large numbers? It's a question I hear often in Orlando. The issue is this: most condo communities are very substantial developments compared to a single-family homes, and they take a long time to plan and build. Developers cannot simply turn off the supply overnight once [...]
Now here's something you probably knew: According to the Florida Association of Realtors® (FAR), Florida's housing sector continued to mirror the national trend during the third quarter 2006, showing higher levels of homes available for sale in many markets, and a slowdown in sales. Here's something you probably didn't know: NAR's latest economic outlook calls for existing-home sales to be fairly stable in the fourth quarter, with 2006 expected to be the third strongest year for sales after [...]
Developers finally broke ground on City Centre Kissimmee on November 15. The mixed use building will feature 31 luxury condos (in the second phase) as well as 56,000 feet of office space and 12,000 feet of retail. Let's hope the're not all fish-and-chip shops.
With news of the Wyndham Hotel Group's $300 million, 504 unit condo hotel, central Florida is now looking at a total of approximately 17,300 presale units. That's a lot of inventory. And a lot of risk money. And at this point in time, it's anyone's guess whether condotels will be the world of tomorrow - or are already yesterday's news. But if the concept works anywhere, it's likely that Orlando's a a pretty good bet. That's what I'd say. If I were a betting man.
I'm sometimes asked about the best way to negotiate with developers. Eighteen months ago, someone else would have closed on your condo before you could spit out the word offer. But now? Sure. Absolutely. But keep it real. The market in central Florida is slow - but it's not open season. Yet. And while we're on the subject, let's get another thing straight: Buyers: statistics show that agents generally do a much better job at saving buyers money than buyers do themselves, but if you decide not [...]
The University of Florida's Center for Real Estate Studies recently conducted a new statewide survey to gain insight into current trends in Florida's real estate industry. The result predicts that even in the event of a worsening situation nationally, Florida will be less affected than other states due to the insulating effect of its population growth. Dr. Wayne Archer, director of UF's Center for Real Estate Studies, says: Despite some people's worst fears, housing is unlikely to suffer the [...]
According to a University of Florida study, the state's population is supposed to grow another 2 million by 2010. Now, call me cynical, but that sounds like a lot of extra alligator food to me. And by 2025, the Hurricane, I mean Sunshine State is expected to house a whopping 25 million residents. Overall, Florida is one of the fastest-growing states in the country, and that is unlikely to change, says Stefan Rayer, a demographer with UF's Bureau of Economic and Business Research. So what [...]
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