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 [...]
We posted Miriada condos closeout deal towards the end of last year. Prices have continued to drop and we can now get you a FOUR-bedroom from $89,900! Financing may also be available, together with some closing cost assistance. Contact us for a tour before the last few go! Upgraded kitches with stainless steel and granite, wine refrigerator and more... Just 10 minutes from the airport.
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 [...]
OrlandoTop 10! Frames are not enabled - To view list goto Marcus Burke's Orlando Top 10 Luxury Condo and Real Estate List
After months of negotiations and hints that 55 West condos, downtown Orlando will be partially bought out by a major hotel company, word on the street is that the deal fell through - and they are back to the drawing board. 55 West, Downtown Orlando However in the Orlando Sentinel this morning, Bob Hensley, the developer overseeing 55 West for the Dutch bank that foreclosed on it last year apparently hopes they are only a few weeks away from announcing a new deal to bring a major[...]
FINALLY... SOME GREAT NEWS! Yes, we've finally caved in to your almost endless nagging and are putting together our first Orlando real estate bus tour - a tour that will take you to see some of the best deals in town! As ground zero for so much of the recent real estate fall out, there is no doubt that Orlando is now home to some of the most incredible deals in the country. And while we've been writing about them for some time now and touring the more agressive investors, we [...]
For the developers of The World Quest condo hotel resort near Disney, 2009 is off to a poor start. Following their failed auction last year, the owners have struggled with sales - as have most of the area's condo hotels. Now, according to the Orlando Business Journal, Wachovia has filed a foreclosure suit for $31 million. "The incredible nature of recent economic events made sales almost impossible to come by..." said Tony Ruben, president of the parent group of WorldQuest Resort. The [...]
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 [...]