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May 1, 2008
Builders cut back on housing starts, but the inventory of unsold homes outpaces demand.
A news article from the Orlando Sentinel:
- Builders continue to cut back on housing starts during the ongoing market slump
- The number of unsold new homes remains too high given the current demand
- Three of the four busiest production-home subdivisions or communities during the past year are in Orange County
- Avalon Park in east Orange, with 250 starts during the 12 months that ended March 31;
- Berkshire Park near Windermere, with 184 starts;
- Baldwin Park in northeast Orlando, with 130
A national housing tracking and consulting company reported Tuesday that single-family housing starts and closings in Central Florida were down significantly in the first quarter of 2008.
Orlando Business Journal: Metrostudy reported single-family home starts in Lake, Orange and Seminole counties declined 54.1 percent during the first quarter of 2008, from 3,346 starts in the first quarter of 2007 to 1,537 starts in the first quarter of 2008.
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide.
April 24, 2008
Orlando Median Price Drops but monthly housing sales increase
Finally some good news for the Orlando Area Real Estate:
On April 14,2008 the Orlando Regional Realtor® Association revealed that there has been an increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory.
The median sales price of a single-family home in the Orlando area decreased by 1.35 % ($3,000)
from $223,000 in February 2008 to $220,000 in March 2008.
The median sales price for March 2008 is 8.33 % below that of March 2007 ($240,000).
The number of sales in the Orlando area declined by 39.29 % in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).
The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.
March 18, 2008
Homeless Families Of Florida 2008
What a sad story of what happened in Osceola County here in Orlando, FL.
March 18, 2008
Orlando Foreclosure Bus
As you will see the Central Florida region and the Orlando area foreclosure rates has ignited an idea from California of the foreclosure bus. As you will see on this video, realtors and home inspectors take prospective buyers on a tour of Orlando’s foreclosure homes.
Watch the foreclosure bus on the video below:
March 13, 2008
Orlando,FL Market February 2008
The median price of the single-family homes and condos sold last month was $233,000, up slightly from January’s median but 12.6 percent lower than the $255,000 median recorded in February 2007.
The number of houses for sale in the Realtors’ database rose by 260 in February to 25,984 — an inventory that would take more than 28 months to sell at the current sales pace.
Although the backlog remains near record highs and sales prices are down by double-digit percentages, Orlando economist Hank Fishkind said the market is beginning to stabilize.
“There is very little movement on average price,” Fishkind said. “The median price has gone down, but the average dollar volume of sales hasn’t changed much for four months in a row.
“This, however, doesn’t mean we will see recovery any time soon.”
Steven Moriera, president of the Orlando Realtors group, said he thinks the year-over-year declines are beginning to moderate
March 13, 2008
Vacant housing in Central Florida soars to lead nation
Did you guys read the recent Mike Thomas Blog. He had an interesting posting that got a lot of comments:
The housing vacancy rate for 2007 is up to 7.4 percent, the top figure among the nation’s biggest metropolitan areas. Simply put, more than 7 out of 100 homes are empty. The rate of increase is disturbing in that this number is more than triple the 2005 figure of 2 percent.
Orlando has an 11.3 percent rental vacancy rate, compared to 6.9 percent last year and 10.3 percent in 2005.
He comments we needs We need three things: Jobs. Jobs. Jobs.
March 4, 2008
Westin to be built in Heathrow, FL
A ground-blessing ceremony was scheduled for this past weekend for a four-star Westin hotel planned for the Lake Mary/Heathrow area. The hotel, which will cater to business travelers, will be built on International Parkway near State Road 46A. Westin plans to break ground at the site near the end of the second quarter, and said the 263-room hotel will be the only Westin in Central Florida. The Grand Bohemian in downtown Orlando dropped the Westin flag more than a year ago, opting to market itself under its own brand. The Westin brand is owned by Starwood Hotels & Resorts Worldwide.
March 4, 2008
Great Link to Real Estate Websites
Here is a great link of the Top 50 Real Estate Websites:
http://www.intlistings.com/articles/2008/top-50-web-20-real-estate-sites/
Check it out
March 4, 2008
Solaire Auction Results
The building of 300 units at the corner of Church Street and Magnolia Avenue opened a year ago, but about 90 units remained unsold.
Bidding started at $170,000 for one bedrooms and at $250,000 for two bedrooms. Thirty units were sold in about an hour and a half by auctioneers from Accelerated Marketing Partners.
Two bedrooms originally priced from $375,000 to $450,000 went for $289,000 to $365,000. One bedrooms originally priced from $296,000 to $255,000 sold for $204,000 to $229,000.
Orlando Sentinel, The (FL) – March 2, 2008
Author: Wes Smith, Sentinel Staff Writer
