Orlando Real Estate - Blog

Not too long ago the “Greening of America” was just an idea. Now, it’s a government mandate. The latest requirements for new construction may just cause the cost of new homes for sale in Orlando and around the nation to rise.

In December, the Environmental Protection Agency (EPA) announced new stormwater management requirements for new construction. These new requirements have the National Home Builder’s Association (NAHB) up in arms. In a news release posted on the NAHB website, the Chairman said the new housing regulations are unrealistic.

It all comes down to stormwater. When it rains, water hits the ground and seeps into it. In most cases, that water is absorbed and filtered by the ground, and then replenishes the world’s water supply. Not so in developed areas, where pavement and roofing, among other man-made surfaces, prevent the water from being absorbed.

The remaining water becomes runoff, which, according to the EPA, damages the infrastructure of surrounding development, causes downstream flooding and bank erosion. In addition, the water carries pollutants, which are carried into streams and water supplies. The new regulations have a strict limit on pollutants in stormwater, as well as requiring that the stormwater has little to no soil or sediment in it.

While less pollution is a fantastic idea, NAHB says something is missing – such as understanding soil differences. Certain types of soil absorb water better, reducing the amount of run off, while other types of soil produce a naturally high amount of sediment. The cost for homebuilders to meet these regulations can be expensive – an expense that will be passed on to those looking for newly built homes for sale in Orlando.

The EPA has done some wonderful things for environmental protection, such as the Clean Air Act (CAA) and the Resource Conservation and Recovery Act (RCRA), that already affect construction costs. However, for newly built homes for sale in Orlando, this new stormwater requirement may end up not only being impossible to keep but impossible to pay for.

If you’re looking for new home construction that meets all necessary requirements, we can help. Call us today at 407-876-5771 for more information

Compared with Florida's other metro areas, Orlando's existing-home sales overall held steady from November to December, according to a monthly report by the Florida Association of Realtors.

Orlando-area Realtors ended the year selling more single-family houses than agents in any other metropolitan market in the state, closing 2,300 sales last month. The next-busiest market was Tampa, with 2,123 sales.

For the month, Metro Orlando's condo market recorded 612 sales and a 3 percent decline in median price.

For the year, Orlando's condo prices fell more on a percentage basis than comparable cities in the state, plummeting 29 percent from $75,000 in December 2008 to $53,500. Tampa's condo prices dipped 17 percent; Miami's, 16 percent; and Fort Lauderdale's, 17 percent during the year. complete story

Source: OrlandoSentinel.com - Mary Shanklin

The number of households that received a foreclosure-related notice rose 21 percent from 2008, RealtyTrac Inc. reported Thursday. One in 45 homes were sent a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions.

In December, more than 349,000 households, or one in 366 homes, were hit with a foreclosure-related notice. That represents a 14 percent spike from November and a 15 percent jump from December 2008.

Banks repossessed more than 92,000 homes, up 19 percent from November. That increase was likely due to lenders working to clear their books at the end of the year, RealtyTrac said. complete story

Source: MyWay.com - Adrian Sainz

Stop Foreclosure  Save Your Credit Orlando Short Sale

Orlando Home Buyers - It's Times to Buy!

Banks may be forced to resort to a remedy they’ve been trying to avoid -- principal reductions -- as another wave of foreclosures looms and payments on risky loans rise, Bloomberg BusinessWeek magazine reports in the Jan. 18 issue.

While interest-rate reductions or extending loan terms reduce homeowners’ monthly payments, they don’t give much comfort to borrowers who owe more on their homes than their properties are worth. Borrowers who don’t have equity in their homes are more likely to hand over the keys when they run into trouble. “The evidence is irrefutable,” Laurie Goodman, senior managing director of Amherst Securities Group in New York, testified before the U.S. House Financial Services Committee on Dec. 8. “Negative equity is the most important predictor of default.”

The 25 percent plunge in residential real estate prices from their 2006 peak has left homeowners underwater by $745 billion, according to research firm First American CoreLogic --a number that tops the government’s $700 billion bailout for banks. That’s why Federal Deposit Insurance Corp. Chairman Sheila Bair is considering incentives for lenders to cut the principal on as much as $45 billion of mortgages acquired from seized banks. “We’re looking now at whether we should provide some further loss-sharing for principal writedowns,” says Bair. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs.” complete story

Source: Bloomberg.com - Gittelsohn and Gopal

Stop Foreclosure  Save Your Credit Orlando Short Sale

You've listed your property. You've spent your weekends with people traipsing through your home. You've done everything you can and your Orlando real estate is still sitting on the market while others around you are selling. Why won't your home sell?

 
You've cleaned your home—you think. Let's examine a few areas many people overlook:

• Did you stuff all your stuff in cabinets thinking no one will be bold enough to open cabinets and look inside? Hum… maybe. Maybe not. Lots of people open drawers, cabinets, and definitely will look in closets, so don't stash all your stuff in closets. Besides being untidy it is likely that overstuffed closets will fall out in an avalanche when an unsuspecting buyer happens to peek.

 
• Are there dirty dishes stacked up, clothes in the laundry baskets, or used towels all over the bathroom? Just because you have to live in your Orlando real estate until you sell it doesn't mean it looks good to your buyers. The 'lived in' look only makes your home look comfortable when friends and family visit, not prospective buyers.

 
• Does your loving pet adore your visitors? Even the most well-behaved dog or cat may be a distraction. Not everybody is a pet lover, and even if they are they don't want to have to deal with your pets while viewing a home. Have your dogs and cats in their crates when buyers come to see your Orlando real estate listing.

• Is the lawnmower sitting on the patio, the pool skimmer lying on the lawn, the kid's bikes piled up in the driveway? The inside of your home isn't the only place that shouldn't look 'lived in' when you are showing your home to the public.

Little things mean a lot. Don't let those little nail holes, stray wires from a removed fixture, or coffee stains on the carpet go unheeded. Your buyer is not going to want to fix those things when they move in. And, it makes potential buyers think that if minor repairs haven't been taken care of, most likely, major repairs have been let go also. Take the time to do minor home fix ups and make your house look as inviting as possible.

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