The Lake Mary / Heathrow Florida Real Estate Blog

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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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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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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In this tough economy and ever changing environment, getting the maximum value from selling your home is hard. Every little bit you can do to increase your sales price helps. That’s were eco-friendly home preparation comes in to play.

Scrubbing your home down so it sparkles like new. Nothing can take the place of a spotless home. A clean home smells better and is more attractive to potential buyers. There a plenty of “Green Cleaners” that can be used that are not harsh on our environment.

Make sure you clean inside and out. A good pressure washing on the outside will make everything look like new.

Now that your home is all clean, you may want to repaint your home’s exterior and interior to give it a fresh, new look. There are low- and no-VOC (volatile organic compounds) paints available and recycled paint made from bucket leftovers. By carefully cleaning your brushes and rollers, you can make them last longer and be usable for more paint jobs in the future. Trays can also be cleaned and reused.

Reusable drop cloths can be used for years instead of temporary plastic ones.
Re-use the old furniture instead of buying new. Reupholstering or covering the old couch and chairs will bring a new look and feel to your living spaces. Give life to your old tables and chairs. Add a coat of leftover paint and tighten the screws.

Brighten your kitchen. The kitchen is a key selling feature to your home. You should make it shine. Clean down the cabinets and countertop inside and out with eco-friendly cleaners. If your cabinets need an update, consider re-staining them for a new look. Re-staining and reusing is less harsh on the environment. Replace old appliances with new can be better for the environment - replace your old stove and refrigerator with ENERGY STAR certified ones, which use less energy than appliances from former years. (And don’t forget to buy certified appliances for your new home!) Your old appliances can be disposed of at your local recycling or reclaim center.

Bathrooms are another high selling point for potential buyers. Be sure to scrub your bathroom down. You can also replace your old toilet with a new ENERGY STAR low water flush toilet. This will help to conserve water.

Flooring can be updated with merely a good cleaning. Further work on hardwood floors can be effected by repairing isolated spots, sanding and re-staining. Carpets can sometimes look completely new with a thorough vacuuming and steam cleaning.

Preparing your home for sale the eco-friendly way can be easy! Just adhere to the principles of “reduce, reuse and recycle” for an environmentally responsible home preparation.

If you are interested in buying an eco-friendly home, please contact Karen Arbutine & Associates at 888.727.7778. They can give you a list of eco-friendly homes on the market.

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In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

If you are a first-time home buyer and would like to get pre-qualified contact Karen Arbutine and Associates today at 888.727.7778 to get started.

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Tough economic times bring opportunities for those that have extra capital to invest in real estate. Those looking for a real estate bargain in Orlando, Florida should consider buying a house through a Florida Public Auction.

Purchasing a home through a Florida Public Auction does come with a lot of risk. You are buying the property “as is”. That means you can not go in an inspect it, and generally people who have fallen behind on mortgages don’t always properly maintained the home. 

When going into a Florida Public Auction you may encounter other savvy bidders that purchase homes through Florida Public Auctions for a living. 

Another downside to purchasing homes through Public Auctions is that you will not be able to finance the home so you must pay cash. Mortgage companies will not finance auction properties because they can not inspect or appraise them. 

Purchasing a home through a Public Auction can yield substantial savings. Generally, a home that is bough through an auction sells for about 40% below market value. 

If you are interested in purchasing a home through a Florida Public Auction you need Karen Arbutine and Associates on your side. They can provide you a list of homes in the Greater Orlando market that are up for a Florida Public Auction and come up with a bidding strategy for the value of the home or homes that you are wishing to bid on. 

Call Karen Arbutine and Associates at 888.727.7778 today for more information on Florida Public Auctions. 

Click here to browse Florida Public Auction Homes

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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.

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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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