With spring in Orlando already well underway, were seeing uptick in the number of enquiries we are receiving from our clients who are thinkng about either exiting the marketplace, or acquiring new properties. As those of you who purchased through our real estate division know, at Condo Metropolis, apart from managing our investors condos and town-homes, we also help with the acquisition of new assets, as well as the disposal (sale) of those that have done their job. So if you have any questions [...]
Two bus loads of Canadians invaded MetroWest in search of cash condo deals that most locals just can't afford. Thanks to the hospitality of the Madison COA management team, they were allowed to run amok around the condominium while they learned about what it takes to pick up a foreclosed condo and other distressed real estate in the Orlando area. Team Condo Metropolis met the group to head up the morning's tour with Channel 9's Josh Benson. "We wanted to show them that we [...]
The Vue at Lake Eola condo tower is scheduled to be sold via commercial auction on March 15 2010. According to the Orlando Business Journal, the 375-unit Vue condo downtown Orlando condominium at 150 E. Robinson St., had its involuntary Chapter 7 bankruptcy liquidation converted to a Chapter 11 reorganization and is seeking qualified bidders to acquire the 165 unsold units and 7,972 square feet of retail space in the building. The Vue on Lake Eola Condominium Orlando This is not an auction to[...]
Yep. It is if you're an investor looking for a condo deal under $50K. Increasing numbers of observers have said of late that we've already hit bottom, and I'm inclined to agree, with one caveat. Bottom will arrive at slightly different times for different states, and different cities within states and, different communities within cities. There is no uniform national bottom. When I hear the refrain, "I don't think we've hit bottom yet" I just roll my eyes. And then, there is your personal [...]
The Orlando condo market experienced another improved month in existing sales, but declines continued in home values, according to this month's report from the Florida Association of Realtors (FAR). Condo resales in the Orlando area were up 88 percent, from 91 in January 2008 to 171 last month. The median price, however, fell 60 percent, from $157,000 in January 2008 to $62,200 last month. Florida's existing condo sales were up nearly 13 percent, from 2,266 sold in January 2008 to 2,556[...]
Effective March 1, Fannie Mae (FNMA) the folk the make conventional loans "conventional" are planning to further tighten the condo guidelines on which mortgages they will buy on the secondary market. It could be argued that it makes no difference since they are already impossible in most cases, leaving only FHA backed loans as an option. Additionally, in the case of bank owned condos cash is usually the only option anyway - so again, perhaps it makes no difference. In today's [...]
I hate to beat a dead horse, but... each day we get folk calling in on Orlando condo conversions - foreclosed - that cost under $50K - and they want to finance them. When we tell them it will be very difficult, we get the "Oh that's not a problem - I have a great credit score and good job" line. But it's not about good credit scores any more, or even how much you put down in many cases. It's about whether the condo is FHA approved or Fannie Mae approved; whether it's has less than 50% owner [...]
With mortgages so hard to come by, investors who can't pay "all-cash" are having a hard time scooping up some of today's "fire sale" deals - which can be incredibly frustrating. It's like being (a diabetic) kid in a candy store. (I'm diabetic so I know how that feels.) However since first time home buyers are not subject to the same degree of scrutiny, they don't generally have this trouble, provided they're a good, old-fashioned loan prospect. (Imagine that.) There's tons of [...]
Good news for Orlando condo hotel owners - or any Orlando second home owners who rent out their condos: According to a Smith Travel Research survey, Orlando’s hotel room occupancy levels rose last week, posting the second largest year-over-year increase of the nation’s top 25 lodging markets. Orlando area occupancy increased 14.7 % during the week for January. 3 2009, compared to the same week a year earlier. Nationally, occupancy dropped 0.5 % says the report. [...]
Multiple Offers are soooo 2006... Well if you think so, take a deep breath because while it might seem ludicrous to make an offer on an Orlando condo - or any other home, if it means competing with another buyer, things have started to change. In the last few weeks, there has been a sharp rise in the number of multiple offers on Orlando real estate  - and all because foreclosures are finally making their way through the bank pipelines. Many banks, overwhelmed with homes are pricing their [...]