Ignore the stats that were announced on the news today. National averaged statistics aren’t very relevant after all, unless you’re planning on buying up the entire country. Real estate is strictly a local business. So if you’re planning on buying in Orlando, then it’s Orlando data that really matters. And if it’s an Orlando condo you’re after, then Orlando condo data is all that really matters. So here goes…

There’s no doubt that most investors now believe that the bottom of the condo market has arrived with Orlando condo sales in 2009 more than triple the sales closed in 2008 (data from the Orlando Regional Realtor Association and the Florida Association of Realtors).

Realtors were responsible for the sale of 5,558 condo units in the Orlando metropolitan statistical area, compared with just 1,667 units sold in all of 2008. Increased sales are largely attributed to the reduced purchase prices with an average condo price of just $52,900 in 2009. Most of these were Orlando short sales or bank owned foreclosures (REO’s)

Again, contrary to the national picture, most of Florida’s large towns reported sales up for all of 2009 – at this point for 18 months straight in fact.

Condo resales in the entire state of Florida were also up nearly 47%, from 38,095 in 2008 to 55,985 in 2009. The median price of an existing condo fell to $108,000, 34% down from 2008’s $164,200.

For more information on buying or selling an Orlando condo, contact Condo Metropolis on: 407-290-3408. For downtown Orlando see our Downtown Orlando Condo site.

Readers have submitted quite a few questions in the last few weeks regarding insurance for condominium property and responsibility for repair of damages.  Section 718.111(11), Florida Statutes, requires every condominium association to maintain insurance coverage for:

• All portions of the condominium property as originally constructed (including replacements of like kind); and
• All alterations or additions to the common elements or association property made in compliance with Section 718.113(2), Florida Statutes, but excludes:
• Floor, wall or ceiling coverings, electrical fixtures, water heaters, water filters, cabinets, countertops, appliances, window treatments and personal property within the units.

Every unit owner is required to carry coverage for their unit and any improvements or modifications made to their unit (or limited common elements).  Unit Owner coverage must: Continue Reading »

Orlando Condo Investors:  Get ready to rev up your business volume.

Starting February first, the department of Housing and Urban Development (HUD) is waiving its 90-day “anti-flipping” rule for FHA financing.

Investors who buy and fix up foreclosed and bank-owned properties now will no longer have to wait for 90 days before looking for FHA buyers. Under the prior policy, FHA financing was prohibited on purchases where the seller had acquired the property less than 90 days before the next sale.

The notion was to avoid reselling of condos in short time periods, sometimes with fraudulent appraisals to back spiraling prices – and exposing FHA to greater risk of losses.

Last week FHA commissioner David Stevens sent out an advisory to lenders that the agency plans to waive this policy, with certain key restrictions, for one year, until February of 2011. Continue Reading »

Anyone remember that crazy time toward the end of 2008 when all of our portfolios fell apart?  Through a clever combination of whiskey and denial, most of us have managed to effectively neutral­ize any memory of the actual happenings of the crash.  All we know is that we landed somewhere un­pleasant and the banks are somehow completely to blame.

Well, if you’ll recall, one of the big events that happened back then was that Fed Chairman Ben Ber­nanke swooped in on his mighty steed and said, “Hey AIG: in order to ease your burden here, I’ll make the taxpayers buy all your faulty and most likely worthless assets so you can go back to frolick­ing around the globe insuring whatever it is you people insure.”

And at AIG there was much rejoicing.  Yaaaaaaaay. Continue Reading »

Question: Our members approved a Rental Restriction Policy at the most recent annual meeting which grandfathered existing rentals. Should this policy be put in the recorded bylaws? If a unit is occupied by an owner’s relative, is the unit classified as a rental or as owner occupied? Continue Reading »

CommunityWalk Map – Downtown Orlando Condos

Click the link in the green bar above to see the map in greater detail!

We’ve been working on way for you to conceptualize the downtown Orlando condo & luxury loft scene in conjunction with our new downtown website, and we hope this new map helps. We’re currently still testing the site and there are a couple more downtown Orlando condominiums to be added yet, so let us have any feedback you think might be useful!

The Orlando Business Journal reports that a new state law could make life easier for investors looking to make bulk condo buys. According to current law, buyers who own more than seven condos can find themselves jointly liable when lawsuits are filed against the developer or builder.

Click on article to read full piece

Understandably, this is offputting to investor syndicates looking to pick up hundreds of units at fractured Orlando condo conversion developments.

Helping bulk buyers will unltimately help the Orlando condo market stabilize because when condos are in foreclosure for more than a few months, the home owners assocations cannot collect fees and the threat of special assessments begins to rear its head.

Of course aquiring loans for these large bulk condo purchases is another matter, although there is some evidence to suggest that even this sector of the market may see some improvement in 2010 with the increased chances of condo loans. 

Investors interested in Orlando condo bulk buys should call Condo Metropolis on 407-290-3408.

Say it ain’t so… but after what seems like eons of having to tell our clients that there are virtually “no loans on condos,” the situation may be about to change.

As reported in the Orlando Sentinel mortgage backer Fannie Mae is finally making it easier for people to buy Florida condos that may not have met prior lending standards.

Certain condo complexes have finally started to receive ”special approval” designations, that will allow loans to be made - even when the properties don’t meet one or more of the pre-established rules with respect to delinquent fees, financial reserves and percentage of owner-occupied units.

The great news is that Florida is the only state getting these reviews - which are a first for the Fannie Mae giant.

Teams are now reviewing condos and granting the approvals in cases where the projects are considered stable (even though they may still violate a current Fannie Mae lending standard). For example, a project doesn’t currently qualify for Fannie Mae-backed mortgages if more than 15 percent of the unit owners are behind on their association fees – a rule which frankly has been regarded as a little too harsh.

The Sentinel notes that these condos can viewed at efanniemae.com under (but doesn’t mention that so far, there are no Orlando condos on the list).

According to data from the Florida Association of Realtors, condo prices have fallen more in Orlando than in most U.S. metro areas making them some of the best deals around. The median price for a unit in Metro Orlando in November 2009 was just $55,000, down 21 percent from a year earlier.

Of course Fannie Mae isn’t the only way to get a mortgage. FHA backed mortgages are also available in some cases, although these also don’t generally extend to the condominiums that Fannie Mae has also struggled with until now. Of all the downtown Orlando condos, only one such complex currently qualifies, 101 Eola Condos.

For more information and the lastest Orlando condo news, call Orlando’s condo specialist brokerage, Condo Metropolis on 407-290-3408.

The Vue at Lake Eola condo tower is scheduled to be sold via commercial auction on March 15 2010.

According to the Orlando Business Journal, the 375-unit Vue condo downtown Orlando condominium at 150 E. Robinson St., had its involuntary Chapter 7 bankruptcy liquidation converted to a Chapter 11 reorganization and is seeking qualified bidders to acquire the 165 unsold units and 7,972 square feet of retail space in the building.

The Vue on Lake Eola Condominium Orlando

This is not an auction to the general public by way of individual units. This is a bulk buy auction.

So far, one offer has already come in for the project at the minimum $20 million price tag.

Interested parties can contact Condo Metropolis on 407-290-3408 for more information.

The 36-story tower, built in 2007, was developed by Churchill Development Group LLC and Westminster Partners LLC and is one of several downtown orlando condos currently feeling the pinch of the recession.

Optimism abounded this week as everyone held their breath and waited for Friday’s jobs report num­bers to come out.  The universal hope was that we would see job growth in December of 2009, which would be the 1st growth we’ve experienced in 2 years.

Did we?  Could we?  Hope and change?

Nah.  85,000 more jobs fell off a cliff Wile E. Coyote-style.  Unemployment held steady at 10%.  The funny part was that November’s job numbers were revised, showing a gain of 4,000 jobs.  So…yay!  We finally had a month-over-month jobs increase…barely. Continue Reading »

Don’t forget the Home buyer’s tax credit has been extended until April 2010.

A ”tax credit” is a dollar for dollar reduction in your taxes which puts real money right back in your pocket - and if you qualify you could save up to $8,000!

To qualify you must meet certain requirements and must close on your new home before April 30th 2010.

What’s new this year, is that repeat buyers can also take advantage of this new tax break. Last year the credit was only for first time buyers. (New buyers can qualify for up to $6,500.)

We have a National Association of Realtors PDF brochure that explains how this works – if you’d like us to email you a copy just email us here at Condo Metropolis.

Email: Info@CondoMetropolis.com

If we’ve been able to help you – here’s how you can share the love ! 

The Dr. Phillips-Metrowest Chamber of Commerce

Invites You to Nominate Candidates For The

Prestige Business Awards 2009

The purpose of this award is to recognize outstanding LOCAL BUSINESSES & Individuals providing Outstanding Service.

Deadline: January 15, 2010

Rules for Voting and Nominations: One vote per individual. Winners will be selected by the community, other business owners & Chamber’s board of advisors. Winners will be announced on February 24, 2010 at Luncheon award network event.

“Tell us about a person or business that you had the pleasure of doing business with.”

Send your Vote to
prestigebusinessawards@gmail.com
(Category is “Real Estate”.)

Thanks!

 
Just a quickie to thank you all for your support in 2009!

Our condo blog is being read by would-be condo buyers from all over the world and our clients in 2009 came from as far away as Indonesia and Iceland.

We hope you enjoyed working with us as much as we enjoyed working with you.

So many of you have become friends and we wish you all the best for 2010!

Here we are again, winding down the year and prepping all of our grandiose plans of mice and men for the new year.  2009 is all but in the record books.  My guess is that many of you would like to tell 2009 “good riddance and don’t let the door hit you on the way out.”

Yup, 2009 was an ugly year for many.  The magic question becomes “What is 2010 going to bring?” Continue Reading »

The Crest at Waterford Lakes condos are now moving their final 3 units. This 1999 condo conversion is one of the better communities in Orlando - and I’m hearing they have actually had an HOA fee reduction this year. Whoever heard of such a thing!?

The Crest at Waterford Lakes condominium is located a mile from UCF, and is a stone’s throw from the Waterford Lakes Town Center, Lockheed Martin, Siemens and the Central Florida Research Park.  Prices below reflect a 75% discount of the original purchase prices for each of the following units:

• a) $35,000 for 1/1s (two left, HOA=$230); and,
• b) $60,000 for 3/2s (1 left, HOA=$253).

NOTE – these are foreclosure prices – but without having to deal with the bank or go through the mess of a short sale.

Two of the units are vacant, one of the one-bedrooms has a tenant, collecting $800 a month.

Also, as regular readers will know by now there is absolutely no chance of financing a condo like this in the current climate, HOWEVER, if you purchase one of these units in the next week, the seller is willing to offer financing (rate depends on usual factors but expect to be 6% or higher on a deal like this). Taxes yet to be determined given these low sale prices but around $1500 annually would be expected.

Two great reasons to mop up these last 3 condos. For more information, please call Condo Metropolis asap on 407-290-3408.

55 West condos, downtown Orlando are now renting.

They are not for sale at this time. See our 55 West Condos page for more info on how to rent.

The latest run of CBS’ Survivor was one of the most gripping seasons ever, with some of the most horrendous weather, most life threatening medical evacuations and some of the hardest game playing tactics ever witnessed. You just couldn’t have written some of this stuff.

In last night’s Survivor Samoa finale, the series hardest hitting player (“that nasty Russell”) finally lost out to (not-so-nasty) Natalie, as the final three survivors battled it out for the $1,000,000 prize money.

So what will Natalie do with her $1,000,000 prize money?
Perhaps she’ll do what previous winner did and move to Orlando.

Todd Herzog, winner of Survivor China moved to Central Florida this year from his home in Utah and bought himself a condo with the help of Condo Metropolis.  We won’t say where, or for how much, but we’re glad he feels at home here in Orlando, along with his partner Spencer, another Survivor from the Tocantins (Brazil) series.

We wish them both well!