Good news: The $8000 tax credit for first-time homebuyers can be applied toward your down payment or closing costs at the time of purchase. YAAAY!! I believe that warranted the bold-print. Realize, however, that FHA still requires 3.5% of the down-payment come out of your pocket, so unless you're getting a grant, still no free homes. But still, good stuff! Great things are continuing to happen to make homeownership for you 1st-time homebuyers more and more affordable. And[...]
Orlando condo prices seem to be stabalizing at last with the first wave of bank owned deals starting to dry up. It seems likely there will be a second wave, as short sales fail and become foreclosures, then again, it may be that these will be withdrawn in favor of loan modification - in which case we may already have seen the best of the best deals. At the prestigious Star Tower condos downtown Orlando, prices have dropped. Take a look at some of these deals on the right for a sampling of [...]
News just out from HUD: Bridge loans received the go-ahead that enable first-time buyers to use the benefits of the federal tax credit upfront (instead of having to wait for the tax write-off). Under the guidance, FHA approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. However the loans can't be used to cover the minimum 3.5 percent downpayment - a sign that the [...]
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.