The Lake Mary / Heathrow Florida Real Estate Blog

Abandoned and vacant homes are a burden in the Orlando area which ranks No. 7 in foreclosures nationwide as of 2008.  These homes are extremely run down, lacking curb appeal and have low values which effect the surrounding home values in the neighborhood.

A proposed state law would establish an online registry to list certain vacant, abandoned or pre-foreclosure properties in the state of Florida.  Property owners, including investors and lenders would be required to register properties on the list for a fee when the mortgage goes into default. 

The bill would also keep local governments aware of properties as the registry is updated and enforcing codes.  This proposed law means additonal work for the lenders who are already overburdened with defaulted properties.

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A $10 million dollar project designed to ease flooding problems in the city of Debary will begin construction in early July.  $7.5 million  is being funded by Federal Emergency Management Agency (FEMA).  The work will cease the flooding problems for 60-75 homes in west Volusia County.

The 18,000 resident city has 34 lakes that overflow when they fill up.  The project will pipe the water away from homes.  The town has been working for years to get FEMA funding for the stormwater project.  The project is expected to be complete 15 months after start up.

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Businesses are looking for more ways to positively impact their bottom lines and energy efficiency is a quick, easy and environmentally friendly way to manage energy use and save money.

Indoor lighting upgrades can save up to 40 percent on lighting energy costs.  Installing cccupancy sensors can save up to 30 percent on lighting energy costs.

Upgrading to a more efficient heat pump will conserve energy or changing from strip heat to a heat pump will save money.

Increasing the ceiling and roof insulation helps maintain the desired interior building temperatures and saving up to 15 percent of heating and cooling costs.

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The private high-end country club, Bella Collina community in Lake County is offering invitational memberships to non-property owners to join its upscale golf and country club.  The initiation fees for the invitation-only memberships range from $2,500-$7,500, with monthly dues costing $100-$600.  The memberships are only available and active until the community fills up.  The community is planned for 800 homes and has 50-60 built currently.

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Orlando Sanford International Airport, the second-busiest general aviation airport in the Southeast, is receiving federal grant funding for more than $9.2 million.  The funding will be used for runway improvement and expansion projects.  $1 million will be utilized for land purchases associated with the expansion of an additional runway.  Approximately $8.2 million will be used for rehabilitation of the main runway’s surface.

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As residential real estate sales are rising, the luxury home market has declined due to the higher interest rates on jumbo mortgages.  The jumbo rates are as high as 8 percent and a conventional 30-year, fixed rate mortgage is below 5 percent.  Jumbo mortgages are home loans for $417,000 and higher which are difficult to sell on the secondary market. 

 Underwriting requirements for jumbo loans are strict with no exception to the rules. The banks are being very cautious with these loans, however, a large down payment and a great credit score is favorable for a luxury home loan.

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The renewd strength of the dollar against the Euro has returned overseas money to the U.S. from investors taking advantage of the real estate market.  This is providing opportunity for commercial real estate brokers.

Investors were staying clear from the U.S. when yields were so low.  Currently, the yield may not be high, but the U.S. offers a safe tax structure and a moderate, solid return on the investment.  The U.S. is an extremely stable monetary system which is appealing to the foreign investors.   Buying U.S. real estate also gives the investors reason to migrate here from overseas.

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Warm weather and April flowers is great for selling a home.  Historically, the number of homes for sale across the nation increases every April.   The sales of existing homes and construction spending were up in April.  The bidding wars are emerging on foreclosures as ready buyers work to take advantage of current market conditions.  Locally, April home sales were up a staggering 42% from the same time last year.  Mortgage rates are at an all-time low.  Buyers who have not owned a home in three years may be entitled to a tax credit of up to $8,000 if they purchase by November 30, 2009.  These market conditions are perfect for smart buyers.

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Woodlea Sports Complex is coming to the city of Tavares located in Lake County, FL.  The 40-acre, $13 million sports complex could create a more than $10 million econonomic impact.  The complex is to be built on Woodlea Road near Lake Harris and included in the plan is 10 baseball, softball and Little League fields, two fields for soccer or football, two volleyball courts, two basketball courts, a racquetball court and spaces for playgrounds, picnics and consessions.

The new park should bring more traffic to businesses in the area. It will also be a positive impact for the construction companies involved with the project.  The first of three phases of construction is to be complete by 2011.

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It’s hurricane season in Florida once again and with the abundance of neglected and empty forclosed properties it could mean a huge problem.  No one has ever gone through a storm with so much empty property.  Keeping the property in good repair is the banks main financial motive in order to resell the home for a reasonable return.  Real estate markets have fallen so low in many markets that the cost of repairing a heavily damaged house may be greater than its resale value.  Emergency repairs need to be done immediately after the storm or the subsequent damage from wind, rain and mold could add to the cost of repairs.  There are approximately 3,600 foreclosed properties worth about $522 million in Orange County, FL and about 1,200 have been resold.

 Insurance companies are also concerned about the hurricane season in Florida.  State Farm has discontinued property insurance in Florida.  No one wants a repeat of the 2004-2005 hurricane season when eight storms caused $33 billion in damage.�

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