We've noted for some time that the cheapest Orlando condo foreclosures are attracting a great deal of attention. In recent weeks things have got crazier. The truth is that at the moment, the market is red hot in the under $60K bracket. So hot in fact, that it's become almost impossible to buy anything. Condo inventory is dropping rapidly as more and more investors decide that Orlando is now at bottom. Whereas before Christmas we had a better than even chance of making the winning bid on any [...]
The Florida Consumer Collection Practices Act Prohibits Associations From Posting Delinquency Lists and Taking Other Actions to Collect Assessments and Maintenance Fees. There have been a number of newspaper articles explaining actions taken by community association boards and managers to collect delinquent assessments. The Miami Herald reported that some associations post lists of the names of the owners behind on their fees and others deny security access devices to tenants of [...]
The Orlando Business Journal reports today that Veranda Park condo developer Kevin Azzouz and Fifth Third Bank have been ordered to work out an issue relating to a bankruptcy filing and foreclosure auction at the Veranda Park condo project in MetroWest. The filing concerns multiple ventures, including the office space as well as The Residences at Veranda Park, a 157-unit residential condo building on Hiawassee Boulevard. The condos are scheduled for foreclosure on July 14 if [...]
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 [...]