Featured, Lake Nona Medical Center, Local News, Real Estate

VA closes on 65 acres in Lake Nona for medical center12 Sep

If you own a home in Lake Nona or the surrounding areas, there’s a good chance you’ve been following the news on the new Lake Nona Medical Center that has already broken ground. It seems like every week we’re hearing good news about what’s coming, and this week is no exception.

According to an article in the Orlando Business Journal, “The U.S. Department of Veterans Affairs on Sept. 11 closed on its highly anticipated acquisition of land in Lake Nona for an undisclosed price.” They went on to say that, “The 65-acre parcel will be the site of the planned Orlando VA Medical Center, a $656 million medical complex that will include a 134-bed hospital, a 120-bed nursing home, a 60-bed assisted-living facility/transitional housing, an outpatient clinic and a veterans benefits mini-service center.”

With the current real estate market conditions in Orlando, it’s nice to see this type of development. There’s no doubt in my mind that the medical center, open-air mall, and slew of doctors, and medical staff moving into the area, the Lake Nona area should see an upward turn in home prices. There’s no guarantee, but it’s all very promising.

Look for construction to start on the Lake Nona VA Hospital in spring of 2009, and should be completed by 2012.

Featured, Real Estate

Orlando Real Estate Expensive? Not Compared to Our Friends Out West09 Sep

Coldwell Banker recently did a survey to compare the prices of homes in Florida to the prices elsewhere, and it turns out, we’re not so bad.

The most affordable homes in Florida are located in Ormond Beach at $201,233, while the most expensive homes can be found in Key West, where an average price is $818,239.

The study was part of a comparison index which looks at the cost of a 2,200-square foot, four-bedroom, two-and-a-half bath home in 315 markets across the United States as well as Puerto Rico and Canada. They looked at these values, and the effects they may have with this years election, so if you’re wondering, Florida has an average price overall of $357,596, behind Colorado ($402,497), New Hampshire ($401,697) and New Mexico ($478,343) among so-called swing states that could help decide the upcoming presidential election.

So does that mean Orlando’s real estate market has improved? Nope. Just means we’re not the most expensive. I will say that the news of the government bailing out Fannie Mae and Freddie Mac should have a nice impact on our market, but probably not one you’ll see until our inventory is reduced.

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Featured, Local News, Real Estate

Orlando Real Estate Feeling the Effects of the Twin Storms?01 Sep

With Hannah now being upgraded to a hurricane, Orlando is bracing for a double hit. Well, the locals aren’t - we’re just sort of sitting here watching everyone else panic and buy all our water and batteries…just when my remote stopped working.

But I started wondering if there’s more affected by hurricanes. Yeah, I know everything is affected if a hurricane hits. I was here for Charlie and all his friends, and things were pretty bad, but I’m talking about the days before a hurricane, when Scary Terry, and Tom Sorrells start telling us to “hunker down.” What I found might surprise you.

First, Disney goes into hurricane mode, meaning they will refund you for any tickets you purchased for the week of the storm. Not a big deal, but Orlando’s economy strives on tourism, and Disney is the daddy of all destinations.

Next, I pulled up the Mid-Florida Regional MLS, where Realtors list properties for sale, and this week I noticed that prices were lowered on about 19% of the active listings. My numbers may be off, but it seems like an increase in reductions versus the 8% price decreases the week before. Could this be hurricane related? Not sure. I searched to see if this study had already been done, but I couldn’t find any results, so I will try this again next week, and any other week we have storms in the tropics, I should probably check last year’s results for the same weeks. It could just be an annual trend, but seems pretty legitimate to me.

So why would people in Orlando lower their home prices before a hurricane? Here are a few things that came to mind:

  1. Get Me Outta Here! - I’ve seen more than a few people panic as a result of hurricanes coming. There’s a good chance they are inspired to lower their price hoping they’ll lock in a buyer before the storm hits.
  2. Follow the Leader - If this really is a trend, people might see their neighbors lowering their price, and they do the same to keep their home enticing to buyers.
  3. I’m Not Going Through This Again - Similar to the first one, but more focused on getting out of Orlando before the NEXT storm comes in. “I don’t want to have to worry everytime a storm comes.”
  4. Nobody’s Going To Want My House Now - Hurricanes brewing in the tropics remind buyers that Florida isn’t always the Sunshine State. Sellers might just want to give buyers a price to overlook the doom and gloom that the media tells you is coming.

So what do you think? Is this just all in my head? I guess more analysis will help, but it still seems like there’s something to my theory.

Featured, Real Estate

Orlando Real Estate Not all That’s Suffering21 Aug

We all know how bad the real estate market is in Orlando, but have you ever stopped to think who else it might be affecting? Turns out, “shelter” magazines are taking a huge hit. Shelter magazines are magazines that feature homes, home decor, decorating tips, and anything else related to your living space.

According to the Wall Street Journal Real Estate section, Home magazine is having its plug pulled. This isn’t the first shelter magazine to get the axe. Condé Nast Publications Inc.’s House & Garden magazine and Martha Stewart Living Omnimedia Inc.’s Blueprint have also closed shop as a result of publishers scaling back on their investments in these magazines.

Have you seen anything else feel the ugly wrath of the current real estate market? We’d love to hear about it in the comments section.

Featured, Local News, Real Estate

Orlando Real Estate Agent Arrested01 Aug

So it’s pretty common knowledge that people rank Realtors right up there with Doctors and philanthropists car salesmen and lawyers, and boy does this story just bring it all home.

According to a story in the Orlando Sentinel, Garry S. Martin, a licensed real estate broker (yay, just like me), was arrested this week, and charged with mortgage fraud and grand theft. Oh joy. According to Orange County Sheriff’s detectives, Martin

forged signatures on various documents and wired home-sale proceeds to bank accounts that he controlled.

In case you’re wondering, the net amount Martin made off of these transactions is $426,288.

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Featured, Local News, Real Estate

Orlando Real Estate Inventory Levelling Off31 Jul

You wouldn’t know it by watching the local news (or national news, for that matter), but according to a recent post by our good friend Marcus Burke over at Condo Metropolis, Orlando real estate inventory is finally levelling off. This is great news for sellers, and probably luke warm news for buyers. Inventory is the largest problem in the Orlando real estate market. We have too many homes for sale, and it’s forcing sellers to lower their prices to compete with the 10 other homes on their street for sale. Don’t believe me? Take a drive through Avalon Park, and you’ll get the picture.

Marcus has a great breakdown and explanation of the inventory, so header over to the story on Condo Metropolis and have a read.

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Real Estate

What Happened to Ekday?29 Jul

Well, we’ve decided to change our site. We’ve changed platforms, and a few other things, so please keep checking back, as we’ll be updating the site daily. We hope to be able to bring you better information, and be able to update more often. Thanks for understanding.

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