Jun 24 2009
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.
Jun 22 2009
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.�
Jun 18 2009
The Orlando Magic’s postseason games to the NBA Finals helped erase as much as $6million from the team’s $15 million to $20 million operating loss for the season. Making a 30% reduction in loss. The team recently lined up a $100 million loan to help with construction costs for the new area which will cost $480 million. The arena is expected to open in October 2010.
Jun 18 2009
Median prced homes are dropping and making Orlando a record high of 192% in the affordability index as of March 2009. This statistic is loring employers to relocate or expand their operations in the Orlando area. A 99% affordability index means that buyers earning the state reported median income are 1 percent short of the income necessary to purchase a median-priced home.
Jun 09 2009
OVERVIEW: Due to a shortage of US manufactured drywall between 2004 and 2007, many builders were forced to buy drywall imported from China. The “Chinese drywall” has been linked to seeping sulfide gases that can corrode electrical wiring and components of air-conditioning and other household appliances. Some residents have been forced to move from their homes, and a few builders in Florida have begun gutting homes and replacing the drywall.
The potential scope of the problem is huge. In Florida alone, an estimated 36,000 homes are believed to contain Chinese-made drywall. It is estimated that between 60,000 and 100,000 homes nationwide may contain this tainted drywall.
The Florida Department of Health (DOH) has received numerous complaints about drywall that has polluted homes with a “rotten-egg” smell. The agency is currently identifying and assessing potential human health hazards related to the phenomenon of rapid and recurring corrosion of metals inside homes. Florida Gov. Charlie Crist has also sent requests to the US. Environmental Protection Agency (EPA) and Centers for Disease Control and Prevention (CDC) asking for help with problems attributed to tainted Chinese drywall. Governor Crist is specifically asking that the federal agencies help Florida develop chemical testing strategies for homes that are experiencing severe copper corrosion.
LEGISLATIVE INITIATIVES: U.S. Senators. Bill Nelson (D-EL) and Mary Landrieu (D-LA) have filed two bills relating to this issue. S.RES.91 is an effort to press the Consumer Product Safety Commission (CPSC) for a recall of Chinese-made drywall, based in part on findings by a Florida home builder and state officials who have confirmed the presence of sulfide gases in homes built with the drywall. S.739, the Drywall Safety Act, would require the CPSC to work with federal testing labs and the EPA to determine the level of hazard posed by certain chemicals and as yet unidentified organic compounds in the drywall. In addition, the legislation calls on the commission to issue an interim ban on imports until it can create federal drywall safety standards so consumers are protected in the future.
Nelson and Landrieu say they’re pressing the CPSC for a recall in the hope of jump-starting a process for helping affected homeowners with the costs of repairs or replacement. Under their legislation, manufacturers would be responsible for these costs.
US. Rep. Robert Wexler (D-FL) sent a letter to Governor Crist requesting the Governor declare a state of emergency over the problem. A spokesperson for Governor Crist has stated that he is not clear what practical effect a state of emergency declaration would have at this time.
LEAGAL CONSIDERATIONS: Several federal class action lawsuits have been filed, including claims against US homebuilder Lennar, Banner Supply Company, Chinese drywall manufacturer Knauf Plasterboard Tianjin and the foreign company that distributed that company’s drywall within the United States, Rothchilt International Ltd. Attorneys who filed one of the lawsuits say they estimate homes in 13 states are believed to have defective Chinese drywall. They anticipate that when the Consumer Products Safety Commission completes its investigation, this could be potentially one of the largest product liability cases related to home construction in US. history.
MORE ON CHINESE DRYWALL:
Chinese Drywall Poses Potential Risks to American Homeowners, Apartment Dwellers - FOX NEWS
Chinese Drywall- ChinesDrywall.com
May 27 2009
Orlando FL was recently ranked #4 - most popular cities to live by the Pew Research Center Publication for 2009.
The national survey by Pew Research Center’s Social & Demographic Trends project finds that nearly half (46%) of the public would rather live in a different type of community from the one they’re living in now — a sentiment that is most prevalent among city dwellers. When asked about specific metropolitan areas where they would like to live, respondents ranked Denver, San Diego, Seattle and Orlando at the top of a list of 30 cities, and Detroit, Cleveland and Cincinnati at the bottom.
If you are considering a move to the Orlando FL area, contact Karen Arbutine & Associates today at 888.727.7778 for a no obligation consultation.
May 12 2009
ORRA released just released its Market Pulse publication which shows the current market trend for Central Florida through the month of April. As the inventory of homes is shrinking to a 2 year supply. There is a current inventory of 20,194 homes on the market, 1,741 of those have closed in the past month. Of all the homes that have closed 55% of the sales were bank owned properties or short sales. It is encouraging though that homes are selling. The stats also show that the average number of days that a home sit on the market is decreasing. This is all great news.
Apr 06 2009
Congratulations to Karen Arbutine with RE/MAX Central Realty for achieving the #4 spot among the Top Performing Residential Teams in the RE/MAX Florida Region for the month of December 2008.
Her contribution to RE/MAX International’s record-breaking success is recognized and admired throughout the RE/MAX Florida Region. Her outstanding achievement serves as a powerful model of professionalism for each and every Sales Associate on the RE/MAX team.
Mar 07 2009
Orlando Business Journal Recognizes Karen Arbutine’s Record-Breaking Deal
Residential and commercial real estate in Central Florida slowed considerably in 2008, as the effects of the credit crunch and sour economy trickled down to developers, contractors and those wishing to buy or sell real estate. Through these tough times Karen Arbutine with RE/MAX Central Realty was able to pull through and succeed.
In 2008, Karen Arbutine sold the most expensive home in Seminole County. This high profile transaction was touted as the best deal for the buyer, a professional athlete who Karen Arbutine represented.
In the February 2009 issue of the Orlando Business Journal, Karen Arbutine’s deal was named as the “Best Single-Family Residential Deal: Dwight Howard”.
The article went on to say that, “Orlando Magic center Dwight Howard broke the record for the largest single-family home buy in Seminole County with his October purchase.”
“Howard bought the 11,000-square-foot home dubbed Chateau d’Usse, for $7.8 million - the highest home sale in the area this year. The home was the largest one featured in the 2008 Street of Dreams luxury home show in Lake Club.”
If you are looking to buy or sell real estate in the tough market contact Karen Arbutine & Associates at 888.727.7778 for a free consultation.
Jan 19 2009
Looking for the Seminole County Tax Collectors office which is easily accessable and has very short lines? It is finally here, the Lake Mary Branch of the Seminole County Tax Collectors Office is located in the heart of Lake Mary! The address is 845 Primera Blvd. Lake Mary, FL 32746. The hours of operation are Monday through Friday 8:30 a.m. to 5:00 p.m. The customer service phone line is 407 665-1000. Services you will receive are: Express Driver License, Vehicle and Vessel title and Registrations, Hunting and Fishing Licenses, Business Occupational Taxes and Property Taxes. Directions are as follows: From Lake Mary Blvd, take Rinehart road 1 1/2 miles north to Primera Blvd. turn left, the office is on the left. Just one more thing to make your life easier!