Central Florida Real Estate

• Aug. 31, 2007 - Orlando News

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Experts still bullish on Metro Orlando's economy

Jerry W. Jackson | Sentinel Staff Writer

August 29, 2007

The current sales slowdown in residential and commercial real estate is temporary and not a sign of long-term economic weakness in Central Florida, according to a trio of local experts.

Key girders of strength -- including employment, population growth and competitive demand for properties from overseas investors -- remain in place, said Bill Owen, president of Real Estate Research Consultants Inc

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103,000 sign up for free home inspections

The Associated Press

August 31, 2007

More than 103,000 Florida homeowners have signed up for free home inspections to learn about possible wind-resistance upgrades.

The state program, called My Safe Florida Home, allows owners of single-family homes to identify ways to strengthen their homes to better withstand hurricanes.

So far, the state has performed nearly 87,000 inspections, most this summer.

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44-page report details transformation plan for Maitland's downtown

Christopher Sherman | Sentinel Staff Writer

August 29, 2007

The Maitland City Council tonight will take its first hard look at the contract that could transform its downtown. The 44-page document full of legalese will tie city and developer into a complex partnership of land swaps and incentives. The goal is a downtown of shops, offices, condos and public spaces that would give this bedroom suburb a heart.

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FHA to step in, finance at-risk loans

USA TODAY, a division of Gannett Co. Inc., Noelle Knox. Contributing writer, Alan Gomez.

WASHINGTON DC Aug. 31, 2007 Some homeowners with risky subprime adjustable-rate mortgages will be able to refinance before they lose their home to foreclosure, with the help of steps President Bush will announce today, senior administration officials said Thursday night.

An estimated 80,000 homeowners with bruised credit and subprime ARMs they can no longer afford will be able to refinance loans, which the Federal Housing Administration (FHA) would insure.

The move marks a historic expansion of the role of the FHA, a Depression-era agency that has traditionally served low- and moderate-income families and first-time buyers, but not delinquent borrowers. Nearly 16 percent of subprime borrowers are behind on their ARMs, and an estimated 2 million subprime ARMs totaling about $600 billion will reset to higher rates through the end of next year.

To qualify for the new benefit, homeowners would have to prove they paid their loan on time before it reset to a higher rate and must have at least 3 percent equity in the home.

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• Jul. 11, 2007 - Orlando Has The Numbers

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Wow! The news for Central Florida is just getting better.

First:

July 18, 2007

Source: CNNMONEY

Money magazine’s top 2007 Best Place to Live.

The magazine, whose annual selection of attractive locales has the power to turn a sleepy borough into a blossoming hot spot, says that this year it focused on small cities, between 7,500 and 50,000 in population. It chose areas that offered the best combinations of economic opportunity, good schools, safe streets, things to do and a real sense of community.

It also added a ranking for ethnic and racial diversity, and it paid special attention to home prices and property taxes. That meant that some expensive locales that had done well in the past slid in the rankings.

Here’s the top-10 list:

1. Middleton, Wis.

2. Hanover, N.H.

3. Louisville, Colo.

4. Lake Mary, Fla.

5. Claremont, Calif.

6. Papillion, Neb.

7. Milton, Mass.

8. Chaska, Minn.

9. Nether Providence, Pa.

10. Suwanee, Ga.

Second:

Source: Bizjournals

The web site of American City Business Journals Inc., has ranked Orlando, based on a 12 part formula, as the best city in the U.S. to start a business.

Third:

Couple this this with a press release from the National Association of Realtors® that Orlando is to be the #1 job producer in the U.S. for the next three years.

The two projects listed below are up for vote in the next few weeks, both will have a major impact on Central Florida. With the approval Orlando will become a World Class City, Disney has donated 35,000,000 to the project showing their support.

Orlando is a town on the move!

Conceptual Drawing of Orlando's Downtown Revitalization

Venue Estimated Cost

Renovated Citrus Bowl $252,000,000

Orlando Performing Arts Center 376,000,000

Events Center 385,000,000

Total $1,013,000,000

In addition, this level of spending would support approximately 10,800 jobs during the construction period, which is estimated to be three to four years for completion of all projects.

Upon start up the operations of the proposed Venues would generate approximately $619.4 million in output per year, including approximately $247.1 million in earnings and supporting approximately 7,500 jobs per year.

These numbers don't included the creation of new business and jobs to directly/indirectly support the vast reach this infrastructure investment will have on Orange, Seminole, Polk, Lake and Volusia Counties.

What does this all add up to? Jobs and Home sales!

Update:

Orlando City Commissioners voted YES 7/24/2007

Orange County Commissioners voted YES 7/26/2007

Orlando adds the words New & Fun, to the Worlds International City's vocabularies.

Those in the know are saying the economic impact from this will be as if a second Disney had come to town.

This project along with commuter rail will give Orlando the final parts of the equation needed to place our City and the Central Florida region among the Top International City's of the World. And while many may disagree with the comparing of Orlando to cities, whether National or International, that are rich in history and architecture, just being old is no longer a criteria, and although we will never be a London, Washington DC or Tokyo, our city offers something the residents of these and other cities populations don't have and want, fun. No other city in the world offers more fun for all ages than Orlando, Florida, what other city in the world can say it brings fond memories to 60,000,000 plus people who visit yearly. But lets not forget how new our city is, it's the part of the equation that gives us the ability to build projects like these, we're not spending tons of money to maintain or repair old infrastructure.

Central Florida Commuter Rail - DeBary to Osceola

The 31-mile Phase 1 segment would serve 12 stations, linking DeBary to Orlando. Service could begin as soon as 2010 – just as FDOT starts a major I-4 reconstruction project through the heart of Central Florida, from State Road 434 in Longwood to Kirkman Road in southwest Orange County.

For route and station layouts follow this link http://www.cfrail.com

Vote Status For Commuter Rail By County

THE VOTE BY COUNTIES:

Orange County - YES VOTE 7/17/2007
Seminole County - YES VOTE 7/24/2007
Osceola County - YES VOTE 7/30/2007
Volusia County

News

Volusia code enforcement to handle vacation rental complaints:

Residents in unincorporated Volusia County have a new place to take complaints about vacation rentals in residential neighborhoods: code enforcement. After wrangling with the issue for at least two years, county attorneys have said county codes don't allow hotel-like, short-term rentals in residential zoned neighborhoods. Officials had been prodded largely by complaints from residents in Wilbur-by-the-Sea about things like late-night fireworks and loud music they said were associated with transient renters. Those types of complaints lingered in limbo until last week. County officials had mulled an ordinance like the one Ponce Inlet passed in 2003 that bars rentals of less than a month anywhere but specific tourist districts, but decided it wasn't necessary. Short-term rentals are not listed as permitted uses in residential districts, and uses that aren't listed aren't allowed, County Attorney Dan Eckert told council members last week in DeLand.