Our recent blog "Where is your Personal Bottom?" looked at how fence-sitters risk losing out on the "waiting-for-precise-bottom" game due to the way the housing market is always three months ahead of where it appears to be at any given time. Let's use some real numbers using data just released from the Orlando Regional Realtor Association (ORRA) to see if this theory pans out. Realtors sold 1,443 homes in June, a 7.1 percent improvement from the 1,347 home sales in the month prior. In fact, [...]
Short Sales: An acceptable exit strategy? Most of you who bought investment condos in 2005-2006 have told me the same gut-wrenching story: You're desperate to sell and wouldn't even mind taking a small loss if that's what it took. At that point, I usually ask you what you paid - and what you are asking - before telling you that you are probably wasting your time - unless you're ready for a skull searing haircut. Condo prices have fallen so much that even taking a small loss won't attract [...]
Sunday, June 29th: Harbor Vista lake front condos in Leesburg (just north west of Orlando) will host an absolute auction (no minimum bid). This property has been listed for $289k and up. Every unit comes with a deeded, covered boat slip on the Harris Chain of Lakes. The developer looks likely to move at least 10 units. Every condo comes with upgrades of granite stainless and tile. Every unit has a gorgeous view of Lake Harris. You must register in advance to attend. Contact Condo Metropolis [...]
One of the most serious misconceptions for potential home buyers right now is the idea that they'll qualify for a mortgage "no problem". If you're an all-cash buyer, you can ignore everything that follows, but if you're an investor looking to leverage, listen up - because the days of telling your Realtor "Don't worry about it, it's not a problem" are over. Right now, lenders are changing their guidelines on a weekly basis, and if you haven't pre-qualified, then you're unlikely to be considered [...]
This week's OBJ reports that the owners of Orlando's Palazzo del Lago may be selling their 41 acres of condo hotel entitled land, suggesting that this may be the latest I-Drive project to go belly up. International Plaza dropped it's sales efforts last year and others are not looking so good - with loans becoming increasingly hard to find on the condo hotel product. As usual, the developers are denying there is any problem - all of which solidifies the best piece of advice I've been able to [...]
This turned out to be the most "interesting" auction to date in Orlando. A complete contrast from downtown Solaire last month, and nothing like the Lake Mary auction of last year, the Tradewinds auction in MetroWest finally solidified the notion that right now, your average home buyer is both terrified - and somewhat clueless. A pre-auction show of hands revealed that most attendees had never attended a real estate auction before; most clearly came without a Realtor and few had done their [...]
It has been another crazy week in the financial markets. This time, however, there is a nice balance of good news and bad news. Hey, half and half is a better ratio than we've seen in recent days. So let's get to it. Tuesday, March 11th marked the best single-day gain in the Dow Jones Industrial Average in 5 years. This was a result of the Fed introducing a new and innovative financial instrument to the market called the Term Securities Lending Facility. The most noteworthy function of [...]
Tradewinds Condo Auction 100 Will Sell Absolute! No Minimums! No Reserves! Saturday, March 29 2008 at 11:00AM The owners of Tradewinds condos in MetroWest Orlando, have decided to take their chances at auction, after a series of no-go, low-ball offers from investors, There are still over 200 condos at Tradewinds, and the first 100 will be sold "absolute" (regardless of price). The remainder may be added depending on the outcome of the first 100. There are 1 & 2 bedrooms available with [...]
A couple of weeks ago, we forecast the mass buyout of cheap condos by investors which could reduce condo inventory and begin to threaten Florida's "buyer's market." Now, the Miami Herald reports that Jorge Perez, south Florida's condo tycoon, is setting up a $1B fund to purchase some of these troubled condo developments. As this happens, condos become rentals again and inventory shrinks. Perez' decision to launch a vulture fund -- or an ''opportunity fund'' as he calls it - could be [...]
2007 saw many condo casualties. We reported regularly on Orlando's downtown condo scene - and were obviously concerned about 55 West's lack of recent activity.  2008 has got off to an ugly start with the Lexington in bankruptcy court. Now, the lender for 55 West Orlando, SNS Property Finance of the Netherlands, foreclosed on the property on January 7th 2008, according to recent reports. The lender also replaced the developer, with Grosse Pointe Development Co. who say work [...]
(407) 901-5161
Orlando Property Enterprises | All rights reserved