Hojin’s Southwest Orlando Real Estate Scoop

The real estate market in zip code 34711, commonly known as Clermont show signs of improvement in 2008 with the number of sales steadily rising and the inventory decreasing. March 2008 saw 75 sales take place and the inventory of homes on the market currently stands at 20 months. Most of the surrounding areas have not seen that many sales and have much more inventory.

Perhaps the improvement is due to the drop in the average sales price. The average sales price is $245,000 at the moment. No one likes to see the value of their home go down but it is a necessary evil for the market to recover.

The good news is that the average price per square foot is on the rise and currently stands at $125 per foot. Go figure. Prices are down overall, but on the rise on a per square foot basis.

In either case, things are on the up and up for the real estate market in Clermont. I sure hope things stay this way at least through the end of summer.

Popularity: 2% [?]

Things are on the up and up again. The numbers are looking better for the Orlando real estate market. It’s a lot worse than a year ago, but we’re steadily improving.

The number released by the Orlando Regional Realtor Association today shows improvement for every month this year and April was no exception. The numbers for new contracts jumped from 1,679 in May to 2,012 in April and the number of properties under contract jumped from 2,398 to 2,853 in April.

Even with all the new sales, it hasn’t made a dent on the inventory. There’s still a whopping 25,436 properties on the market which is about a 2 year’s supply.

Well, at least we’re heading in the right direction.

Popularity: 3% [?]

A Guest Post From The Florida Upfront Mortgage Broker

With all the negative hoopla about the real estate industry lately, a segment that is still very active is the Foreign National portion. A Foreign National is someone who is not a U.S. Citizen and does not have a “Green” card. Currently, Foreign Nationals are enjoying a fantastic buying opportunity. By coupling a weak dollar (as compared to most currencies), a large glut of homes to choose from, and easy loan qualifying standards, a “perfect storm” has been created.

Here are the current qualifications:

• Stated Income, No Income Verification
• Sufficient Assets to close must be listed on application (down-payment + closing costs + 3 months PITI seasoned 30 days in a U.S. Bank Account).
• No credit report, not even an international credit report
• Loan to Value is from 50% to 65%
• The home MUST be a strong marketable property!
• No International references needed
• Valid Passport
• U.S. Bank Account
• Monthly mortgage payments must be auto-drafted
• Second Homes Only, No Investment Properties allowed
• Power of Attorney is not allowed, all buyers must be at closing

As you can see, this is a relatively easy loan to obtain. The largest factor in obtaining a mortgage for a Foreign National is the property. The property is where the lender will put the most weight, this is the single biggest qualification since everything else isn’t verified.

Single family homes and condos are the best types of properties to be financed. Properties such as condotels (condos that are allowed to be rented for days/weeks) are not allowed nor are multi-family properties (duplexes, tri’s, and quads). As far as mortgage programs for Foreign National loans, both ARM’s and fixed rate mortgages are available. Fixed rates are available with rates currently in the 6’s.

Mortgage guidelines can change from one day to the next, please contact me for the most up to date guidelines. Feel free to visit The Upfront Mortgage Broker for other helpful mortgage advice and guidance.

Respectfully,

The Florida Upfront Mortgage Broker
Joe Bartolotta
Residential, Commercial & Reverse Mortgages
Direct 407.340.0220
Joe (at) the upfront mortgage broker (dot) com

Popularity: 5% [?]

Popularity: 4% [?]

The WESH 2 News helicopter recently provided a bird’s eye view of some of the most fabulous mansions in Central Florida and 3 out of the 4 properties are right here in Windermere.

The first property is said to be the home of David Siegel but it’s actually owned by his former wife, Bettie Whitaker. It’s called the Palazzo del Lago and boasts 17,913 square feet, 12 bedrooms, and 14.5 bathrooms along the shores of Lake Butler.

The next property is one of the many homes owned by Shaquille O’Neal. It’s 28,937 square foot 8 bedroom and 12.5 bathroom mansion with a blue tile roof and basketball court on Lake Butler next to the canal to Lake Louise.

The Windermere home of Tiger Woods in Isleworth is featured as well which features 8 bedrooms, 9 bathrooms, and 6,692.

related posts: Palazzo del Lago on Lake Butler, Shaq’s House, Tiger Wood’s Home in Isleworth

Popularity: 6% [?]

Residents of Dr. Phillips are upset that a 4.5 acre patch of undeveloped land near Wallace Rd. on Dr. Phillips Blvd. may be rezoned for office buildings. The Dr. Phillips Foundation says the building will serve as its new headquarters and there’s nothing more fitting for the foundation to be located in Dr. Phillips on Dr. Phillips Blvd..

There’s a website set up for residents who want to keep the area undeveloped at the Save the Dr. Phillips Forest page. According to the site, a petition to stop this development already has 350 signatures with many more expected to sign on.

Orange County is scheduled to make a decision on the rezoning next Thursday so you better hurry if you wanna get involved.

Here’s some handy links for those concerned about the rezoning of the Dr. Phillips forest.

• Link to sign this petition opposing development: Sign Petition
• Link to write Commissioner Jacobs: Contact Theresa Jacobs
• download pdf: Community Meeting Notice

Popularity: 5% [?]

One of the most common concerns for home buyers is the quality of schools in a particular area and the most accepted measure of that quality in Florida is the FCAT score.

The FCAT test is administered to students in grades 3-11 and measures 2 basic components: criterion reference test (CRT), which measures benchmarks in Florida with regard to Math, Science, Reading, and Writing; and norm reference test (NRT), which measures Reading and Writing against national benchmarks. Whether or not the scores accurately reflect a school’s quality is another debate altogether but this score does provide a comparative measure.

Good public schools are always in demand and in turn affects real estate values. Communities with high scoring school districts appreciate more or in this market, depreciate less than communities with low scoring school districts. You also just want your kids to going to a good school.

As a result, many eagerly await the FCAT scores which are released around this time every year. The 2008 scores should be released soon. Here’s a handy tool to look up FCAT scores for schools of interest.

Search FCAT scores from 1998 to Present:

Source: Orlando Sentinel & Florida Department of Education

Popularity: 6% [?]

Here’s a video of ESPN featuring the home of ex Orlando Magic star Tracy McGrady on a show a called The Life .

This t-mackin home was originally built for golf legend Payne Stewart by architect John Henry along the shores of Lake Pocket on Charles E. Limpus Road right here in Dr. Phillips. Henry called his creation Villa Serena because it was designed to offer privacy, security, and a sublime spirit.

It truly is one of the most majestic homes in Orlando with Henry’s signature palladium arches, abundant stone and plaster details, and influences from the Mediterranean Revival and Italian Baroque architectural styles. I’m not sure if the architect would describe it this way, but it’s macadocious.

related post: Former Home of Payne Stewart and Tracy McGrady

Popularity: 8% [?]

Say goodbye to ever running out of how water again or having to wait for the water to heat up. The Eternal Hybrid Water Heater produces an endless supply of hot water instantly and is the most efficient water heater on the market today because it doesn’t waste any water while you wait for the water to heat up. So it’s green, but not so good for the other green, your pocketbook. It runs around $3,000 and it’ll take a long time recoup the added costs from the efficiency.

At least you’ll never run out of hot water and doing some good for planet earth. It’s a wonderful luxury item to consider for new construction or remodeling projects, but it’s not cheap. It costs twice as much as a normal water heater but really within reach of most consumers if you gotta have it.

If price is no object or you’re getting sick of running out of hot water or waiting for it, then you gotta have it. All homes over a million dollars should have it and hopefully we’ll all have it eventually.

Popularity: 7% [?]

There’s an awfully ambitious $800 million hotel and condo project underway on a stretch of 42 acres along the shores of Lake Bryan called Palazzo del Lago. It will encompass a mix of 1,260 hotel and hotel condo units ranging from 724 sq. ft. to 1,154 sq. ft priced in the $400’s. In addition, 994 condo units which will be comprised of 5 individual towers with individual units ranging from 829 sq. ft. to 2,145 sq. ft. and prices starting in the mid $300’s. It also will be the official resort of the Orlando Convention Center once it’s built. Construction has supposedly started already and who knows how long it will take to be built but the sales center is open on International Drive.

It’s a peculiar time to start such an interesting project. The real estate boom is done for sure, gas prices are affecting everyone here in the states and elsewhere, and numerous other projects in Orlando are facing financial problems. Why now? How’s it going to be the official resort of the Orlando Convention Center? It makes it sound like it’s definitely going to be built or is it?

Veranda Park in Metrowest faces $11.2 million in liens that hasn’t been paid. Tousa, Cameron Kuhn, and Levitt & Sons filed for bankruptcy this year affecting numerous residential projects including the Plaza downtown, Cascades at Groveland, and the community of Independence in Winter Garden.

It’s riskier than ever to plop down a healthy down payment for new construction these days. Just look at what’s happened around here. I’m not saying this one will flop for sure. I’m just saying I’d think twice before I gave them money. It’s just not a good time to buy new construction in my opinion.

related posts: TOUSA Files for Chapter 11 Leaving the Future for the Community of Independence in Jeopardy, Levitt and Sons Files for Bankruptcy and Suspends Building in Their Existing Communities, The Veranda Park Enigma

Popularity: 21% [?]