Oct 18 2007
Seminole County has two major construction projects planned for the next two years. One is the installation of new water lines from 46A to 46. The next project is is the widening of Orange Blvd, installation of the left turn lane northbound at Markham Road, installation of new 6 foot wide sidewalk on west side of Orange Boulevard. These projects are expected to happen in 2007 and 2008.
Oct 18 2007
If you happen to stroll down Lake Mary Blvd. you would have seen the breathtaking views of green pastures and statue like horses grazing in the wide open spaces. This is the tract of land also know as L & L Acres.
A developer, local to the area James Dicks, is requesting rezoning of the property which is located south of lake Mary Blvd and west of Panera Bread, to build 130 single family homes. The application goes to the board of County Commissioners on July 24th for approval. The entrance to the new development will be at the current first median break west of Heathrow Boulevard.
Enjoy the views while you can, because this beautiful tract of land will soon be filled with homes if approved by the County Commissioners.
Written by Karen Arbutine Re/Max Central
Oct 18 2007
The rezoning of attendance areas for Heathrow and Lake Mary Elementary School was approved by the School Board in March of 2007. the plan rezones all the areas east of 1-4 currently attending Heathrow Elementary to Lake Mary Elementary. The move will entail moving 284 students out of 1108 students. All students in heathrow are zoned to continue to attend Heathrow Elementary school, Markham Woods Middle School and Seminole High School. The new school zones will begin in 2008-2009.
Oct 17 2007
The bubble in central Florida turned and as turning out to be just a balloon that is having the air let out of it slowly… there was not a burst bubble, but an easing of prices in most parts of the area…. the inventory of homes on the market has changed from about 5,000 a couple of years ago to over 26,000 now…… buyers are more picky and do not feel so rushed about finding a home they will love to live in for the next 5-9 years. In order for homes to sell they must be in move in condition and priced slightly below market value.
Where homes had multiple offers within a couple of day before, now they are sitting for more than 6 months before they are
Inventory is definately up substantially and homes, especially the high end are staying on the market for a long time. Prices so far remain steady. What has happened is that sellers have unrealistic expectations on what their home is worth. We have been able to get people into homes by being creative. For example, having the seller “buy down” the interest rate for the buyer. A great product for this is the two-one buydown mortgage. You effectively buy down the first year by 2% and the second year by 1%. Cost the seller 2 1/2 points. Bottom line is that those agents who work with creative loan officers are finding a way to make the deal work in the current environment.
Karen Arbutine
Re/Max Central Realty
| 07/18/2006 | by David Shafer |
Sep 27 2007
In Tallahasse Florida the Florida Legislature buzz is focusing on the the new real estate tax reform. Many of the homeowners who own a home in Florida these changes may directly affect your 2008 tax bill.
Growth is a two-edged sword, and our Florida State congress has been trying to come up with a solution to the property tax crisis. This crisis was created by the massive appreciation we homeowners have benefited from the last few years.
The proposed changes come in two chapters. The first is referred to as House Joint Resoluton 1B, or HJR1B for short. Though HJR1B is worthy of notation, the real debate falls under Representative Cannon’s “Property Tax: Constitutional Relief and Reform” or HJR3B. This article will be the focus of the remainder of this article. The changes, if the amendment is passed on January 29, 2008 are as follows:
Owners of property in the state of Florida will have the ability to choose how their property will be taxed. They can stay with the current “Save Our Homes” exemption or replace it with the new “Super Exemption.” Here is how the Super Exemption will work:
Level 1 : Homesteaded property will receive an exemption of 75% of the first $200,000 in value of the home. The minimum exemption is $50,000 per homestead.
Level 3 : In addition to Level 1, homstead property will obtain another 15 percent exempton for the nex $300,000 in value.
Should the constitutional amendment receive voter approval, homestead property owners will continue to receive the benefits under the present Save Our Homes cap unless the owner elects the “super sized” homestead exemption. A convenient tax reform analysis feature has been placed on the Web site (scpafl.org). This resource calculates and compares the benefits of the Save Or Homes cap and the “super-sized” exemption for one year and over time.
I also point out several important points 1) If approved, the relief provided by the constitutional amendment goes into affect for 2008: and 2) the amendment requires 60percent voter approval in order become law.
Karen Arbutine Re/Max Central
Sep 24 2007
ORLANDO, Fla. — Adjustments are what we saw in Florida’s housing sector as mortage rates stabilized and the inventory of homes available for sale remained at higher levels in the Orlando market. Throughout the state, the existing-home median price rose 13 percent to $249,700 last month; a year ago, it was $221,100, according to the Florida Association of Realtors (FAR). According to FAR a total of 16,392 existing single-family homes sold statwide last month, a decrease of 31 erecnt from the 23,844 homes that sold during the privious August sales.
The statwide median slaes price in 2001 was $127,100, which is an increase of about 96.4 percent over the five year period. This is a sharp growth for real estate in the past years, typically single family homes appreciate the rate of 6%-7% per year.
The median sales price for existing single-family homes nationally was $217,300 in April up 7.7 percent from a year earlier according to NAR.
A majority of the U.S. is experiencing a period of equilibrium in the housing markt. This is healthy for the long-term sector according to NAR housing industry analysts. Overall sales remain historically strong providing a solid foundation for the overall economy.
Beverly Pindling, president of the Orlando Regional Realtor Association states the single-family existing-home market has eased it pace, but the market is returning to a more normal balance after a long run of of record sales and low inventory. Economists predict that national housing market to be the third-best ever market below 2005 and 2004. This confirms that Orlando remains a very strong local market.
Sep 24 2007
Source: Wayne Archer (352) 273-0314
Gainesville, Fla — Buyers in Florida for homes, should buy now and not wait. The price is right as the state’s single-family residential housing market bottoms out, according to a University of Florida study released today.
“If youre thinking of buying a house, there’s probably not much to be gained by holding out at this point,” said Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “It doesn’t look like prices are going to fall anymore.”
The real estate industry completed a quarterly survey in January which shows that the share of respondents observing drop in single family housing prices has dipped, while a growing number find prices staying even with inflation.
When prices maintain the same level as inflation, then we’re probably in some kind of equilibrium. We see this as a benchmark which indicates the market is stabilizing. The exception for this is condominiums, which are overbuilt and prone to naive and speculative investors.
Because of the dominance of single-family housing, the findings have far-reached and potentially optimistic implications for the real estate industry, Archer said.
“You can’t get away from the fact that the single family housing market is the single largest driver of the real estate market”. “Most brokers and real estate agents are dealing with single family housing. “Most lending for housing and home furnishings are driven by single family housing, so when it stabilizes, that’s important”.
One possible explanation for the housing market turning the corner is a restricted supply of land for residential development, Archer said. The shortage meant there was less overbuilding than there might otherwise have been, he said.
Sep 24 2007
A recent poll for best cities to live was released by Moody’s Economy.com. Studies and results showed that Jacksonville ranked No. 11 and Orlando ranked No. 7 out of 379 metropolitan areas in what the web site calls its “Business Vitality Index.” This index rated Austin, Texas at the top of the list.
An associate economist Adu Addo, with Moody’s Economy.com researched and compiled the data that went into Orlando’s ranking. She said each city’s index is bases on available data from 2005 since not all of the 2006 data is available. The ratings used three main indicators which were Current Economic Conditions, Prospective Economic Conditions and Economic Risk.
We can be proud of the fact that there are 12 Florida cities in the top 50, by far the most of any state.
1. Austin, Texas
2. Fort Walton Beach, FL
3. Corvallis, Ore
4. Raleigh, N.C.
5. Fort Lauderdale, FL
6. Boise City, Id
7. Orlando, FL
8. Huntsville, AL
9. Sioux Falls, S.D
10. Fargo, N.D.
11.Jacksonville, FL
12. Portland, OR
13. Phoenix, AZ
14. Idaho Falls, ID
15. Tampa, FL
16. Fort Collins, CO
17. Bethesda, MD
18. Billings, MT
19. Albuquerque, N.M.
20. Nashville, TN
21. Las Vegas, NV
22. Santa Ana, C.A.
23. Washington, D.C.
24. Denver, CO
25. Atlanta, GA
26. Dover, Del
27. Dallas, TX
28. Naples, FL
29. Charlotte, N.C.
30. Fort Worth, TX
31. Charlottesville, VA
32. Houston, TX
33. Bend, OR
34. Bismarck, N.D.
35. Tallahassee, FL
36. Panama City, FL
37. Fayetteville, AZ
38. Minneapolis, MN
39. Salt Lake City, UT
40. Cape Coral, FL
41. Columbia, MO
42. Rapid City, S.D
43. Missoula, MT
44. West Palm Beach, FL
45. Longviw, TX
46. Port. St. Lucie, FL
47. Colorado Springs, CO
48. Logan, UT
49. Manchester, N.H.
50. Ocala, FL
Sep 24 2007
I realize that lenders are under increased pressure to avoid foreclosure but
there are limits to what they will do. And - Investors understand the short
sale process is more complicated and the response time is much longer.
However, in recent months - I have had several buyers offer full price on
‘Short
Sale’ listings only to find out weeks later that the lender never even
considered
taking a discount or that the sales price, commission fees, etc… are
impossible. Since there has been little need for Short Sales in the past 5
years -
many Realtors are understandably inexperienced with the procedure.
To add to the confusion, this process has no set guidelines or guarantees.
But a combined effort by seller and agent to find out as much as possible
about
the lender’s requirements, who to submit the offer to, an estimated wait
time, etc… may help us get more sales to completion. (and get impossible
price
listings removed from the MLS) I assume every sale and lender will have
differences but here are some common things we have noted:
Don’t rely on a loan rep’s verbal statements - ask (in writing) for them to
put their response in writing. This can help cut down on vague stall
tactics
like “just start sending offers - then we will respond.”
Keep in mind, the Private Mortgage Insurer (PMI) is an ally since they don’t
have to pay unless the property forecloses. On the other hand - the lender
usually won’t take a short sale that is substantially below what they would
net
from auction and PMI.
If there is more than one mortgage - ALL lien holders need to agree to the
sale.
The lender won’t say how low they will go - but you may be able to search
online or drill your preferred loan processors to get a ballpark idea of
the avg
maximum discount a specific lender is accepting.
Most lenders require a short sale “package” This usually includes:
Homeowner to prove they do not have the means to repay the mortgage.
The lender will ask for paystubs, bank statements, tax returns, employer
verification, and proof of hardship (if applicable) such as pinkslip,
divorce
proceedings, doctor or hospital receipts, proof the seller must move to
another
location, etc….
Proof that the sellers change in ability to pay is the result of something
new - not something the seller concealed from the lender when they
originally
applied for the loan. (concealing could be considered mortgage fraud)
An appraisal or CMA to verify the value of the property has decreased, the
offer price is the maximum price obtainable and the property listing has
exceeded average days on market.
Verification that the seller has met with a HUD approved counselor and that
other options (refinance, loan modifications, etc…) would be fruitless.
Proof of repairs needed with qualified estimates for repair costs.
Preliminary HUD-1 with all estimated costs including required restrictions
on
Realtor commission and title agency fees paid from the sale.
There may be special requirements for submitting offers to the lender and a
few lenders require specific clauses or disclosures be included with the
Purchase Contract.
If the seller’s request is accepted - the lender will give a conditional
approval to allow a short sale. This ‘approval’ doesn’t usually agree to a
price
- it just confirms the lender will consider lower than mortgage balance
offers.
HUD has (free) Housing counselors to help the homeowner understand the law,
refi or sale options, and organize the qualification process. Best of all -
these counselors will also assist you in negotiations with the lender. The
short
sale process will almost always go smoother (and much quicker) by enlisting
their help. You can find contact information for HUD approved counselors
located near the seller at:
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&
searchstate=FL
or call 800-569-4287.
Finally, make sure the seller knows upfront that they will probably owe the
IRS on the amount of any forgiven debt or the lender may require them to
sign
for a new loan to pay back the shortfall. Prepare for the possibility that
even if the lender approves the sale without a loan payback - the lender may
come
up with last hour requirements to pressure the seller into a loan, the
buyers into paying more cash or the Realtors to forego or reduce their
commissions.
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Sep 12 2007
Why do so many families desire to live in Lake Mary? According to Money Magazine, the most “family-friendly” places are smaller cities with the combination of economy and community. Many cities made the list, but very few made on the top of the list.
Lake Mary is a quiet yet busy town. It has a small town charm which defines Lake Mary. There are plenty of economic opportunities and numerous activities for residents to enjoy. There is a variety of upscale dining areas as ell as shopping which make this town as convenient as Orlando, with very little traffic. The location of Lake Mary is 45 minutes away from theme parks and beaches.
Lake Mary’s median income is over $80,000 per year. You may purchase a 2000 sq.ft. home for under $300,000. The state’s top ranking golf courses are here ranging from Timacuan to Alaqua.
Beside from the leisure outings, Lake Mary has one of the lowest crime rates in Florida. This is mainly due to their pro-active police department and fire rescue, make this place one of the state’s safest communities.
A big-economy job center with a small town feel make Lake Mary a winning combination!