According to the latest Orlando Sentinel Story MetroWest's most luxurious new condo building Veranda Park is having financial troubles. And who isn't? Just another Orlando developer clipped by an anemic economy and housing market which is hurting everyone - except savvy buyers who are beginning to move in and take advantage of great pricing. In April we posted a blog regarding the liens filed against Veranda Park. Now, Wakovia Bank is proceeding with four separate foreclosure lawsuits against[...]
On Thursday, the Florida Association of Realtors (F.A.R.) reported its first monthly sales jump in Orlando since late 2005. F.A.R. reported a total of 1,641 homes sold in June, a nearly 3 percent increase when compared with 1,595 homes sales in the same month a year prior. The existing median sales price was $219,500 in June, a 15 percent decrease from $258,100 in June 2007. The existing condo market, however, continued to see sales decline. June condo sales totaled 172 in Orlando, an 8.5 [...]
As promised last week, here is news of the latest deals at Reunion Resort in Orlando. Last weekend, Bobby Ginn met with the Reunion sales team and announced several new phases of amenities to come to Reunion along with the immediate expansion of their own multi-acre Water Park. Ginn will also make all Reunion owners / members part of Ginn Clubs, by introducing The One Club which will grant reciprocity to Ginn members so that they can access other Ginn communities. This means if [...]
Like many people across the country I got caught up in the euphoric real estate bull market in 2004 and 2005. A friend of mine from Sarasota was handling the sales for Solaire at the Plaza and told me about the project. I grew up in Orlando and thought it would be fun to own a weekend condo only 2 hours away. At the time I thought it might make a good investment as well as something I could enjoy. We all know what happened to the real estate market from the time I put my deposit down to when [...]
Police officers from Winter Park are investigating the death of Steve Walsh, a well-known developer whose company projects include the $250-million Tradition Towers project in downtown Orlando. Walsh, 61, was found dead on his own property, according to Orlando Police who were called to Walsh's $1.4-million home on Genius Drive around 1 p.m. today after a business associate alerted police. He visited the house about 1 p.m. after Walsh didn't show up for work. It seems that authorities are not [...]
Sounds like Reunion is getting ready to move the remaining Villas at Reuion Square. These are the condominiums surrounding the waterpark and downtown area that they have been selling at prices ranging from $635,000 to $705,000 with an incentive package. It seems the company is going to eliminate the incentive package and slash the prices on these units instead. It hasn't been announced yet, but we're anticipating an announcement to us Thursday evening. I'm hearing $375,000 for an unfurnished [...]
As most of you know, I'm not a rose-colored-glasses-Realtor, more of a tell-it-like-it-is-Realtor, and that makes some call me a "pessimist" - so here's some good optimistic news - and big yellow, non-pessimistic, crack-smoking smiley face to boot. It's claimed that the single most accurate forecast tool for housing activity is the "Pending Home Sale Index" compiled by the National Association of Realtors (NAR). It's based on contracts signed - but not yet closed from around the U.S. and for [...]
According to a recent (Star Tower) press release, their half-acre rooftop garden on Osceola St. in downtown Orlando is fast becoming the new "in" venue in downtown Orlando. Albert Kodsi, president of Royal Palm who along with Historic Creations of Orlando developed the Star Tower condo, said recent rooftop events have included political rallies, charitable fundraisers and a recent Downtown Orlando Partnership event. "We are hosting events three and four nights a week on the rooftop," said [...]
This was a big week for economic data, especially concerning the fate of our ailing housing market. I try and avoid belaboring statistics because, well, they're boring as heck. These numbers, however, are pretty staggering. First, consumer confidence hit a 28 year low this month. John Q. Public is afraid of our problematic economy and the media is aggressively cramming that agenda down his throat. No surprise there. Consumer Price Index numbers came out this morning, which [...]
Because of the potential housing market meltdown, Fannie Mae has adopted new underwriting guidelines in terms of individuals buying housing in condominium and community associations. In the past, the major focus of lenders has been on the buying power of the purchaser, but in today's volatile housing climate, the new rules also stress the financial strengths of condominium and community associations. Lenders will be required to assume more responsibility for reviewing the finances of [...]
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