HUGE news for would-be condo investors: Fannie Mae has finally changed the rule that has been strangling condo sales. From now on, when new investors apply for financing on a condo unit, no longer will vacant and foreclosed condos be counted as non-owner occupied. Until now, Fannie's long-time policy has been to bar new investor loans in buildings where less than 51 percent of the condos are owned and occupied as principal residences or second homes. Under this rule, many condo communities [...]
"Ok, well keep me posted if you see any good deals." I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what's on the table. These folk never buy, because they're always wating for something better to come along. "Sure," I say. What I really want to say is: "Are you kidding me? There are 22,000 listings in Orlando right now - half of them foreclosures going for a steal and we take a dozen calls a day. Why don't YOU get back [...]
According to this weeks Orlando Business Journal (OBJ), the backers of the Blue Rose condo hotel project, could be forced into bankruptcy. A UK-based equity partner, Jaymar Estates, filed a Chapter 7 petition against Blue Rose Orlando LP in Miami. According to the OBJ, South Florida developer Camilo Aguirre labelled the petition as "ridiculous". He claims the developer will file a motion to dismiss it and describes the action as a "power play" to take over the project.
Question: What are my options as an owner if the board and management company refuse to enforce one of the rules? I've filed an official complaint and they refuse to act. It's a board member in violation. Answer: "One of the rules" is a bit vague. Not all rules are created equal nor carry the same importance of enforcement. But assuming the rule in question is a flagrant violation like parking an illegal vehicle, harboring a killer pitbull or adding an unapproved addition to his house or condo,[...]
The battle over No View at The Vue condos (downtown Orlando) continues this week as expected. Highwood wants to build a mixed use condo tower between Lake Eola and the Vue condominium, which, if they have their way, would be tall enough to prevent even top floor residents at The Vue from seeing the lake. Just a few months after the Vue's grand opening Orlando City Council approved the new building in September provided it would not exceed 20-25 stories (thereby only upsetting those owners with[...]
Hot on the heals of the last Orlando home auction comes the latest in a series of opportunities to acquire Orlando property on the cheap - and not just condos. Set your alarm clock early on Saturday December 6th 2008 because check-in at the Marriott starts promptly at 8:00am - and the hammer starts hammering at 9:30am. Open house dates are 11:00am to 4:00pm on 11/22/08, 11/23/08 and 11/29/08. And you'll need all three dates if you want to check out all 250 homes! Auction reminder: $5k [...]
Need a weekend away or a beach getaway? Take a look at Longboat Key off the coast of Sarasota, Florida. It is only about a 2 hour drive from Orlando. The key is an 11 mile long barrier island that is surrounded by the clear blue waters of the Gulf of Mexico and Sarasota bay. You can find as much as you want to do on Longboat Key or as little as you want to do. Vacationers love the long, private beach for walking and getting away from it all. It really is a spectacular place to recharge your [...]
As this weekend's auction winds down (see results above), Condo Metropolis is ramping up for another Orlando condo conversion auction scheduled for later this month at the World Center Marriott Resort. Villa Valencia has 142 condominium units that will be up for auction. For those that don't know it, the complex is on the east side of town near State Roads 408 and 417. The largest condo is about 1,227 square feet and in 2005 they sold for as much as $250,000. At the[...]
Condo Metropolis is launching a new Orlando real estate site and blog aimed at a different segment of the buying population - single family home buyers. Whereas CondoMetropolis.com specializes in Orlando Condo sales, the new site will provide Orlando home buyers with information on a wider segment of the market. "CondoMetropolis has been incredibly successful given the fact that we launched in the middle of an incredibly soft market - and are specializing in the area of the market that was[...]