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Orlando, FL Real Estate News

By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Realtors are by their very nature optimists. Many would argue that the press is pessimistic. Let's face it negative headlines are attention grabbers. The truth is that the number of new sales contracts was up in March compared to February which was up compared to January. The total number of contracts is way up from the beginning of the year as well. The inventory of existing homes has remained fairly stable since last fall. Prices have come down around 10% year over year. New home inventories have come down quite significantly since the end of 2006. There are plenty of rentals out there that will come back on the market as conditions improve. The key to that statement is that "conditions improve". There is no "bad" real estate market. Conditions just happen to favor buyers right now. T...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
I just received the annual report of Orlando/Orange County Convention & Vistors Bureau, Inc. (CVB), and I have to say their projections for this year look good. Let me start by saying that 2005 was just an off the charts kind of year for us here in a lot of ways. Job growth was at a pace double that of the rest of the state, and Florida lead the nation. Of course home sales were at a frantic pace, and builders actually could not keep up with demand. On top of that our commercial real estate market was going gangbusters too. Tourism was not to be outdone. That year we saw 49.4 million people come to Orlando. That is not a typo or a statewide number - Orlando had about a million extra people here each week just passing through. We have had a couple of down years in tourism compared to 200...
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By David Welch, Real Estate Optimist - #OrlandoRealEstate
(Charles Rutenberg Realty)
Pending contracts are continuing to climb and are approaching 2,900 total contracts as of this morning. New contracts this month are nearly 1,350 which looks good for another improvement in that number over last month. There are just over 600 closed sales so far this month, with a median sales price of $215,000. We should see better sales numbers this month, but possibly another slight decrease in the median price. Inventory remains fairly steady, while I believe the number of pre-foreclosure and bank owned properties is down a little bit. I have not been tracking this number closely, but as of today there are 4,322 in either pre-foreclosure, foreclosure or bank owned status. That makes up almost 16% of all the active listings. Just over 30% of the pending sales are in one of these cate...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
This is a guide to a smattering of events occurring in the Orlando Central Florida area.  The sections are divided into Art, Music, Theater, Author, Etc, On-Going and Plan Ahead.  There is surely something for everyone.  ART REVOLUTION             What:             Hosted by the Pintura International Graffiti Conference to                                     raise money for the construction of the Orlando                                     Contemporary Museum of Art.             When:            April 26 – noon – 2am             Where:          630 W. Central Studios                                     630 W. Central Boulevard                                     Orlando             Cost:              $15   HIPPIES USE SIDE DOOR             When:            through May 10             W...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
Falcon Trace is located in the south central sector of the Orlando real estate market.  There has been 4 single family houses sold in the 1st quarter of 2007.  They ranged in price from$226,000 to $277,000 with an average of $259,250 and they ranged in size from 1,575 square feet to 2,100 square feet.  They lasted an average of 79 days before they sold and 3 of them had pools.There are presently 3 houses that are pending closing.  They range in price from $241,700 to $339,900 with an average price of $277,833 and 1 of them has a pool.  They range in size from 1,877 square feet to 3,301 square feet and the average time on the market is 120 days.There are a total of 56 houses on the market ranging in size from 1,478 square feet to 3,896 square feet with asking prices ranging from $224,900...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
East Park is located in the east Orlando real estate market off of Narcoossee Rd in the Lake Nona section of Orlando.  There have been 8 single family houses sold in the 1st quarter of 2008 with one of them having a pool.  They range in price from $235,000 to $345,000 with $292,875 being the average.  The square footage ranges from 1,868 to 2,852 and the houses lasted an average of 126 days on the market before they closed.There are presently 8 houses that are pending closing with a price range from $199,900 to $409,000 with an average of $291,075.  They range in size from 2,122 square feet to 2,833 square feet and have been on the market for an average of 117 days.There are a total of 44 houses on the market ranging in size from 1,591 to 3,451 square feet with asking prices ranging for...
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By Drew Peterson
(Keller Williams Advantage II Realty)
Welcome to our blog series on the Top Ten Realtor Myths. Last Friday, we discussed the myth that Realtors hold open houses because they are effective marketing tools. The fact, however, is that Realtors hold open houses to prospect for new business. With that number four myth busted, it's time to move on to number three.Myth: A Realtor is hired to sell a home.Fact: A Realtor is hired to find a buyer who is ready, willing, and able to purchase the home either at the price and terms specified in the listing agreement, or at any other price and terms acceptable to the seller.At face value, the difference between the words "finding a buyer" and the words "selling a home" seems almost too small to discuss. However, that seemingly unimportant difference is easily the single greatest misconcep...
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By Alexander Harb, Dallas, Texas Real Estate Investing
(Knights Investing)
 The Orlando Magic Basketball Team is once again in the playoffs!!! AND they are SEEDED 3RD!NOT 7TH OR 8TH!!! AND they have won the Southeastern Division Championships.....AND......For the first time in 12 years they have run up over 50 wins in a season!!The only things playing against them are youth and inexperience in the post season.According to the sages in the NBA....Most players did not win a post season crown until they had at least 8 years of experience under their belts.Most if not ALL NBA franchises have won a post season title with at least ONE player aged 30 or more.The Magic average age is 26.8 years old. In the last 10 years the average age of post season winners was ABOVE 28 years old for a team. Between them, the Orlando Magic players have just 48 playoff games under the...
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By Lisa Spalding, REALTOR, CDPE
(Casa Latino Four Corners, REALTOR, CDPE)
Well, I just toured a home in Orlando yesterday that is owned by some very nice Sellers.  They have been trying to sell their home themselves (Yep, they're unrepresented Sellers) and have realized it's a little harder than they thought to sell a home in today's market than just simply putting up a sign and having offers come pouring in.  They have done a few things well and a few things not-so-well and the great thing is that they have a very nice, large home.  So, during the course of our conversation, what I found out in terms of what they have been doing to market their home was the following: (3 P's plus an O!)1.  Put out a sign.  In this case, it's a For Sale by Owner sign, which is fine.  And, they have flyers, too, which is good.  2.  Placed an ad in the newspaper (They chose to ...
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By Drew Peterson
(Keller Williams Advantage II Realty)
Welcome to our blog series on the Top Ten Realtor Myths. We took a brief hiatus from the series this week to post our monthly Market Update (click here to read it). Prior to posting that update we busted myth five, that Realtors are generalists and can sell just about anywhere. Let's move on to number four.Myth: Realtors hold open houses because they are effective marketing tools.Fact: Realtors hold open houses to find new business.Open houses are one of the most misunderstood aspects of the real estate industry. Most homeowners see them as effective tools in the marketing of their home. They've been done by Realtors forever and are generally considered a mainstay of the business. Unfortunately, they're largely ineffective.The National Association of Realtors conducts a survey of home b...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
Eastwood is located in the east Orlando real estate market.  There have been 10 single family houses sold in the 4th quarter of 2007.  They range in price from $272,250 to $400,000 with $327,625 being the average and 4 of them having swimming pools.  The square footage ranges from 1,952 to 2,805 and the houses lasted an average of 152 days on the market before they sold.There are presently 4 houses that are pending closing with an asking price range from $239,900 to $379,900 with $304,675 being the average.  These houses range in size from 1,972 to 2,798 square feet with 2 of them having swimming pools.  The average time on the market is currently 165 days.  Remember these properties have not closed yet so the average time to close will rise.There are a total of 63 houses on the market ...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
Eagle Creek is located near the east Orlando real estate market.  There have been 6 single family houses sold in the 1st quarter of 2008.  They range in price from $200,000 to $580,000 with $360,500 being the average and 3 of them having pools.  The square footage ranges from 1,960 to 3,299 and the houses lasted an average of 133 days on the market before they closed.There are presently 6 houses that are pending closing with an asking price range from $192,900 to $364,900 with $302,967 being the average.  These houses range in size from 1,759 to 3,616 square feet with 1 of them having a pool.  The average time on the market is currently 126 days.  Remember these properties have not closed yet so the average time to close will rise.There are a total of 60 houses on the market ranging in ...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor."People are finding houses at prices they thought they'd never see again," I would like to point out that to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer's own home also has lost 20 percent of its value.In general, the toughest will be for people who bought within the last three years, at the height of the market. But even for these homeowners, selling now may make sense as long as they can at least break even, or their trade up property is down more than their current property. (ie., that $500,000 home 3 years ago that may be now worth $400,000...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Basic Information on the Stimulus PaymentsYou've heard about it. Now find out how to get yours.What is it? It's an economic stimulus payment that more than 130 million households will receive starting in May. It's not taxable, and it won't reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.Are you eligible? The vast majority of people who file a 2007 income tax return qualify, and many who don't regularly file a tax return may qualify as well. You're eligible if you have a valid Social Security Number (SSN), can't be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000. Qualifying income includes any combination of earned income and certain benefits from Social Security, Vetera...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Just a note on perspective for some of the foreclosure news you are seeing. Is it rough out there? Well consider this, in a news article today (see below) there are apparently frightening numbers on forclosure rates - " U.S. Foreclosures Jump 57%" . Awful state of affairs - right? How about this headline for the same article - "99.8% of U.S. Households NOT in Forclosure" Amazing? Can't be true? Check the math. Use the numbers provided in the article - "More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households... ". Pull out your calculator and work out the percentage - .001859 or .1859% (1 divided by 538). Yep - that is LESS than two-tenths of one percent. Well that is the national number, you might say, but Florida is much worse. You are absol...
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By Alexander Harb, Dallas, Texas Real Estate Investing
(Knights Investing)
 Here are the Ginger Mill and Pepper Mill Market Report(s) for4/15/2008.There has been a little subtle activity in these two subdivisions as you will see below:There are 30 homes for sale, down one since my last Market Report (about a month previously).The low asking price is $164,900 which is a healthy$24,000 LOWER than last reporting.The high asking price is $344,000 which has been reduced to $289,000 -- a fantastic $55,000!Buyers can you see where this is going?The Ginger Mill and Pepper Mill subdivisions are two communities right next to each other bordering on South Orange Blossom Trail in Southern Orange County, Florida... they are not far from Hunters Creek. They are both west of Southchase, and together these four communities (Southchase, Pepper Mill, Ginger Mill and Hunters Cre...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
Deerfield is located in the south central side of the Orlando real estate market.  There have been 4 single family houses sold in the 1st quarter of 2008.  The prices ranged from $165,000 and $240,000 with the average being $207,750 and they were from 1,539 to 2,435 square feet with one of them having a pool.  The houses lasted an average of 96 days on the market before they closed.There are presently 2 houses that are pending closing with an asking price range from $191,410 to $235,000 with $213,205 being the average.  These houses range in size from 1,589 to 1,968 square feet.  The average time on the market is currently 141 days.  Remember these properties have not closed yet so the average time to close will rise.There are a total of 37 houses on the market ranging in size from 1,37...
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By Richard Carpentieri, GRI, ABR, PRM, e-PRO
(Keller Williams Realty)
Cypress Springs is located off of Curry Ford Rd in the east Orlando section of the Orlando real estate market.  There has been 7 single family houses sold in the 1st quarter of 2008.  They sold for prices ranging from $146,500 to $385,000 with an average price of $300,500 and ranged in size from 1,450 square feet to 2,857 square feet with 4 of them having pools.  The average time they took to sell was 165 days. There are presently 10 houses that are pending closing. They range in size from 1,324 square feet to 2,940 square feet and have asking prices from $168,000 to $419,000.  They have been on the market for an average of 145 days.There are a total of 59 houses on the market.  They range in size from 1,324 square feet to 5,367 square feet with asking prices ranging from $214,777 to $1...
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By Marc Grossman, GRI, Greater Orlando Real Estate Broker
(Marc It Sold!)
This is a guide to a smattering of events occurring in the Orlando Central Florida area through April 17th.  The sections are divided into Art, Music, Theater, Author, Etc, On-Going and Plan Ahead.  There is surely something for everyone.  ARTHIPPIES USE SIDE DOOR            When:            through May 10            Where:          Boom-Art Gallery                                    1821 N. Orange Ave.                                    Orlando            Cost:              Free            Contact:        407-281-0246 JURIED STUDENT ART EXHIBIT            When:            through April 28            Where:          Seminole Community College Fine Arts Gallery                                    100 Weldon Blvd.                                    Sanford            Cost:              Fre...
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By Judy Chapman
(Referral Network of Illinois LLC)
The Orlando Regional Realtor® Association published its monthly Market Pulse™ Report today.  Overall, the Orlando real estate market is showing signs of improvement. Slow and gradual though they may be, any signs of strength are welcome. New Pending Contracts increased from 1,537 units in February 2008 to 1,679 units in March 2008, a 9% increase month to month. However, 2,434 units sold in March 2007, which represents a 31% decline year over year. Despite the grinding pace of improvement, the barchart shows a nice ‘V’ pattern developing. Hopefully, conditions will continue to improve in the months ahead. Inventory decreased slightly from 25,984 units in February to 25,472 units in March, a 2% decline month to month. However, there were 23,547 units for sale in March 2007, which represen...
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