Metrowest needs its very own superhero if recent media accounts are anything to go by. Apparently, we have more drugs and .45 handguns than a South Bronx crack-shack. Will this affect the value of local real estate? Duh. Just last night, there was an armed robbery at Central Park. If only we could snap our fingers and just make this whole Metrowest thing go away. It's a bad rap - after all, the problem is not really Metrowest - it's the over spill from Pine Hills, right? But wait! someone has [...]
Last week, agents for Coldwell Banker's the Condo Store received an email from their founder and president, David Tufts, telling them that the Company, which has grown rapidly in Florida since 2005, would be downsizing in 2007, and a reduction in force could follow. This morning, they received an email from Jim Schmidt, a Senior Vice President for NRT telling them that the person who sent that email would also be leaving the company, along with the Executive Vice President Betty Harbourt. The [...]
In the face of the current housing bust, Orlando City Council is setting up a soup kitchen for the town's starving real estate agents. Several varieties of soup including Chicken Noodle and Leek and Potato, will be available all over the holiday period from December 20th until the New Year. In order to qualify, agents need to show that they have earned zero commissions in the month of December and / or are facing foreclosure on their own properties due to the "correction" in the market. "It's [...]
It's official: The Orlando metropolitan area is one of the strongest economies in the nation. Best known for it's tourism, it's strength comes from rapid growth in high wage, high-tech manufacturing, research, corporate headquarters, and a host of quality business sectors not related to Mickey Mouse. God. How I hate that mouse. See full report of The 2006 Florida Economy here.
As we lament the over supply of condos this Thanksgiving, we should remember one thing. The homeless population of Orlando is actually increasing. According to the Coalition for the Homeless of Central Florida, the increase is largely due to a lack of affordable rents. The Center for Women and Families had a 46% increase to 78,000 shelter nights in 2005-2006. Too much housing and yet still so many families without any place to sleep. Ironic.
Developers finally broke ground on City Centre Kissimmee on November 15. The mixed use building will feature 31 luxury condos (in the second phase) as well as 56,000 feet of office space and 12,000 feet of retail. Let's hope the're not all fish-and-chip shops.
With news of the Wyndham Hotel Group's $300 million, 504 unit condo hotel, central Florida is now looking at a total of approximately 17,300 presale units. That's a lot of inventory. And a lot of risk money. And at this point in time, it's anyone's guess whether condotels will be the world of tomorrow - or are already yesterday's news. But if the concept works anywhere, it's likely that Orlando's a a pretty good bet. That's what I'd say. If I were a betting man.
I'm sometimes asked about the best way to negotiate with developers. Eighteen months ago, someone else would have closed on your condo before you could spit out the word offer. But now? Sure. Absolutely. But keep it real. The market in central Florida is slow - but it's not open season. Yet. And while we're on the subject, let's get another thing straight: Buyers: statistics show that agents generally do a much better job at saving buyers money than buyers do themselves, but if you decide not [...]
The University of Florida's Center for Real Estate Studies recently conducted a new statewide survey to gain insight into current trends in Florida's real estate industry. The result predicts that even in the event of a worsening situation nationally, Florida will be less affected than other states due to the insulating effect of its population growth. Dr. Wayne Archer, director of UF's Center for Real Estate Studies, says: Despite some people's worst fears, housing is unlikely to suffer the [...]
According to a University of Florida study, the state's population is supposed to grow another 2 million by 2010. Now, call me cynical, but that sounds like a lot of extra alligator food to me. And by 2025, the Hurricane, I mean Sunshine State is expected to house a whopping 25 million residents. Overall, Florida is one of the fastest-growing states in the country, and that is unlikely to change, says Stefan Rayer, a demographer with UF's Bureau of Economic and Business Research. So what [...]
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