The Lake Mary / Heathrow Florida Real Estate Blog

In these tough economic times, not only do humans suffer but pets are just as well.  People do not have the funds to care for their pets during these struggling times, therefore are  abandoning them.  Many shelters are over populated and do not have the resources to care for this unfortunate fast growing problem.

There are some measures to take if you cannot afford to keep your pet.  Check with friends and family to take care of the pet until you are financially able to.  Veterinarians may also be able to assist in finding the pet a home.  Check with local rescue groups and shelters that are perhaps able to foster the animal for a period of time.

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The population of Orlando, Florida is 2 million and growing.  Metro Orlando is projected to be among the nation’s fastest growing regions. The population of metro Orlando is expected to rise to  2,185,000 in 2010.  The Seminole County population is expected to be at approximately 459,150 by the year 2010.

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Home renovations are holding their value more than home prices today.  The slow housing market encourages home owners to stay put and redesign/renovate their home and make it more livable for them.  The improvements will help sell and make it more applealing to future buyers.  Without the improvements,  buyers will negotiate and chip away at the sales price by pointing out imperfections of the home.

It is still smart to invest in your home especially in older more established neighborhoods by refurbishing a kitchen, master bedroom or bathroom you will recoupe your money.

Here is a list of  some 2008 approximate Average Cost and Values for Additions/Renovations within the state of Florida.

REMODELS                              JOB COST                 RESALE VALUE        COST RECOUPED

Bathroom                                   $14,500.00             $11,000.00                        76%

Kitchen                                       $20,000.00            $16,000.00                        79%

Home Office                               $26,500.00             15,000.00                          57%

ADDITIONS

Bathroom                                    34,000.00               22,500.00                        67%

Deck (composite)                       14,494.00                11,000.00                        76%

Garage                                         53,000.00               37,000.00                       71% 

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It is the best time in decades to purchase real estate with today’s buyer’s market, the substantial supply of inventory and exceptionally low mortgate rates.  The mortgage rates are where they were in 1973.  The rates have been this low in 2001 - 2002 which was during the seller’s markets with very little inventory to choose from.  Don’t be reluctant in today’s market.  Buy now with the historic low interest rates, all of the bargains on the market and  sellers that are welcoming offers.

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I would like to extend a warm thank you to all of my clients and friends that attended the 2008 Client Cocktail Party. It was a blast! Thanks again for helping to make this a successful year. I hope all of you have a wonderful holiday and a very happy new year!

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Despite a questionable economy Karen Arbutine broke Seminole County’s highest closed recorded sale. She represented the buyer and negotiated the record-breaking deal in this high profile sale.

The home is amongst the 2008 Street of Dreams Luxury Home Showcase in Lake Mary / Longwood, Florida located just off Markham Woods Road and sold for $8.1 million. The gorgeous lake front home in Lake Club was named the Chateau D’Usse and came complete with lazy river, Nintendo Wii room, theater, 5 beds, 5 baths and 11,026 square feet of luxury living.

Even in the current economy real estate is selling. Karen Arbutine has positioned herself in the current real estate market to bring buyers and sellers together and to get deals closed.

If you are interested in buying or selling real estate and would like to schedule a private  consultation on the value of your home or to discuss an investing strategy call Karen Arbutine directly at 888-727-7778.

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More than 1 million people are employed in the metro Orlando area which includes more than 200,000 Hispanic workers.  The service industry represents 40% of all employment.   Two of the largest employers are the Walt Disney World Resort and Universal Orlando.  Health care and retail stores are also major employers within the services sector.  Several corporate headquarters are located throughout the region.  They include Siemens Westinghouse, American Automobile Association, Dixon Ticonderoga, Darden Restaurants, Hilton and Tupperware International.

Among the notable hi-tech employers are Oracle Corporation, Lockheed Martin and Cirent Semiconductor.

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The government has created a monetary incentive, a tax credit for first-time home buyers as a tool to stimulate the housing market.  The tax credit will be 10% of the purchase price of a home, up to a maximum of $7,500.   If the home costs more than $75,000, first-time home buyers (anyone who has not owned a home in the last 3 years) will receive the full $7,500 tax credit.  There are income limits to qualify for this incentive.

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It is a great time to buy now and here are a few good reasons:

Large Selection of Homes.  The number of homes for sale is at a 15 year high.  There are many to choose from in every price range to suite your lifestyle.

Low Interest Rates.  Mortgage rates are at a historical low for buyers who qualify.

Reduced Prices.  Buyers who earn the median income of $51,500  can qualify to purchase one of the more than 8,500 homes in Orange and Seminole Counties.

Negotiate.  Today the sell price vs. the list price ratio is about 93 percent.  You can make them an offer they can’t refuse.

No Bidding Wars.  Homes are realistically priced to sell.  When you find the perfect home, act on it and don’t miss out on it.

Homestead Portability.  Florida homeowners that have accumulated Save Our Homnes (SHO) benefits are now allowed to transfer this savings to a new home  residence.

Tax Exemption Increase.  The Amendment One exemption increased from $25,000 to $50,000 which lowers the taxable value of your primary residence.

$7500 Federal Tax Credit.  First-time home buyers have a significant financial incentive to explore the opportunities available in today’s housing market.

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A recent survey found that of 3,000 homes governed by Homeowners Associations (HOAs) 66% of the homeowners were dissatisfied with the HOA restrictions.  Here are a few helpful tips you can take to improve your interactions:

Attend monthly HOA board meetings.  If you have any concerns, these meetings are a good forum for addressing them.  If you can not attend,  write your concerns and mail them to the board.

Consider running for a board position.  Volunteer to head up a committee and become a member.

Pay close attention to what is going on, attend monthly meetings, and vote whenever you are given the opportunity.

Know the HOA rules and regulations and discuss the HOA rules with your Realtor before making an offer on a property.

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