I was working on site for the Palms Club back in 2007. I still feel they have some of the best amenities of all the Orlando Condos, including 3 pools, hot tub, great club house, fitness center, valet trash, Business center, even a bowling ally. When I was onsite I sold a few of the 3/2 models, great floor plans, 1362 SF, my personal highest sale for this model was over $300,000 in 2007. Now we have one up for auction with the current high bid at just over $41,000. Looking closer at it, I am [...]
Reporter Anjali Fluker at the Orlando Business Journal followed up this week on one of last week's headlines that Orlando condos are 'selling like hotcakes'. Our own Marcus Burke was interviewed about this seemingly odd phenomenon which is at odds with an otherwise fairly sluggish market. You can read the online version of Bidding Wars Ignite Condo Sales here.
Further to our last post on the delayed Orlando condo auction, there are no more condos available at either Cascades condos or Audubon Villas. All were pre-sold prior to the auction. There are some one- and two-bedroom units left at Oxford Square in Casselberry, and these can still be purchased now, before the new auction date is set. If sales continue at the present rate, it seems likely that the auction may not have to take place at all. There is a special 50% financing [...]
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 [...]