The Lake Mary / Heathrow Florida Real Estate Blog

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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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.

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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.

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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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As a result of the enactment of the Housing and Economic Recovery Act of 2008 (HERA), HUD released the new 2009 FHA Mortgage limits for 2009. These limits went into effect Feb 25, 2009. For more information or to get pre-qualified for a loan contact Karen Arbutine and Associates at 888.727.7778.

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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.

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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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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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It has never been a better time to build an Orlando Florida custom home or to do that renovation that you’ve always wanted to do than now. Prices of lots in the Greater Orlando area have come down significantly and mortgages are still at an all time low.

Now is your chance to have that dream home. There are many custom home builders here in the Central Florida area that are ready to get to work for you. Land is more affordable, sub contractor and supplier costs are down, turn-around time is quicker due to contractor availability, quality standards are higher, and interest rates are at a 40 year low. Orlando builders and interior designers are offering better services.

The time is now to start your custom home project in Orlando. It takes approximately 18 months to complete new home construction. If you wait until the market “looks good” then you will have missed your opportunity. Take full advantage of this buyers market now. By getting in now, you will have the chance to develop your custom home plans, pull permits needed to complete the project and then go through the approximate 12 month building process. By the time your custom home is complete the economic market conditions as predicted will have recovered. Once the market has recovered prices will go back up. So it will cost you more to build if you wait too long and miss out on this great opportunity.

If you are looking to get in on this excellent opportunity to build a custom home in the Greater Orlando area, call Karen Arbutine today at 888-727-7778. She is an expert in the in the custom home building field and can help lead you on the right path to building your dream home and in finding the right location for you. If you are looking to renovate Karen Arbutine can put you in contact with some of the most sought after contractors in the renovation business.

Click here to search for available lots for sale in Greater Orlando, Fl.  

————– Special Deal —————-

If you are looking to build a luxury custom home in the Lake Mary / Longwood area there are still 3 beautiful lake front lots available in the Lake Rice community, just waiting for you to bring your builder. Call Karen Arbutine today for more information on these lots. Don’t let this opportunity pass you by.

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If you and your family are thinking about moving out to a new place, why don’t you consider Florida? Your kids will surely love living in this peninsula. Why not? There are lots of things to love in this state; the shopping districts, the racetracks, the parks and natural reserves, and (who could have missed) Walt Disney World. And if you agree and are actually planning to move in, you can try looking for a place in Orlando. It’s a booming Florida city and is actually the third largest metropolitan area in this state.

If you are going to buy an Orlando Florida real estate, make sure to chose a property that suits your family’s needs. Here are few things to remember;

• Make sure that the property is accessible. Is it near a supermarket, a school, hospital or a day care for your little ones? You have to consider the needs of your family when buying a new home or even a property where you plan to build your new home. Continue Reading »

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