Hojin’s Southwest Orlando Real Estate Scoop

Foreclosures and short sales have become a commonplace in the Dr. Phillips and Windermere market as well as most other areas in Orlando and bringing your home’s value down. It appears we’re all at the mercy of banks to set prices for our homes.

You’d think the appraisers would take this into account when valuating homes that do not involve banks, but who do you think hires appraisers? Appraisers raised appraisals for banks during the boom and now lowering appraisals in the bust. I don’t know about you, but that’s not exactly a free market system setting prices is it?

I remember the days when home sellers would not accept a price for their home out of concern they would bring the value of their friend’s home down the street. Well, the banks don’t care about this and we’re at their mercy to set home prices.

A significant proportion of home sales in SW Orlando this past year involved banks this past year and their actions will have a significant impact on our home’s value…. not in a good way neither.

For a healthy market to return to our area, artificial manipulations have to cease and that won’t happen until the foreclosures and short sales are mostly gone.

I don’t know when that’ll be, but you can be assured that the worst is over.

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The Orlando Regional Realtor Association released the latest statistics for the Orlando real estate market today and the numbers show a continuing trend towards a stable market with inventory levels hovering just below 16,000. The number of homes on the market has been around the 16,000 mark for the past 6 months.

One concerning statistic is the number of sales closed which dropped from 2,410 in December 2009 to 1,742 in January 2010. The months of December and January are not the most desired months to close traditionally and perhaps there’s a silver lining with the number of new contracts increasing from 2,984 in December 2009 to 3,579 fro January 2010.

Although the latest stats show a slight step back overall, they’re still showing signs marching toward a stable market which would be welcome to many of us that have been following the real estate market in Orlando.

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FHA recently announced some changes to it’s program that will be in effect in the coming months. Among the changes are a higher Mortgage Insurance Premium of 2.25% effective April 2010 which is a .5% increase, a requirement for a higher minimum FICO or credit score to 580, reduced the seller concessions to 3% from 6%, and temporarily lifted the no 90 day flipping rule. For more detailed information about the changes, visit http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf

According to fha.com, the currently loan limit for an FHA loan in Orange County, FL is $353,750. Why they threw in the extra $750 in the limit is beyond me but it’s well above the average price of a home in Orange county so it’s a reasonable limit nonetheless.

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Sometimes you see things in your day that feel like a sign to you… literally. I noticed this sign driving back from watching the Super Bowl last night and lo and behold there’s a Hojin St. in central Florida. Does this mean I’m in the right profession? I’ll take it as a sign that it is.

How many places in this country has real estate with your name on it.

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Being a realtor since 1997, I’ve assisted buyers of all types and personalities with varying degrees of the idea of a perfect home. No one ever likes the same thing and at times it seems that home doesn’t exist but we always find just the right home. For me, it’s one of the most gratifying aspects of my business.

The video below confirms what I’ve learned over my many years helping home buyers… there’s a perfect home for everyone somewhere. Thanks to callchristoday.com for the find.

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A period of stagnation characterizes the second half of 2009 in the Orlando real estate market according to the latest statistics released by the Orlando Regional Regional Association. The number of sales haves been hovering around 2,000, the inventory around 15,000, and mortgage rates around 5%.

Let me tell ya, stagnation is a good thing at least for now. It means prices are starting to stabilize. If you’ve been following the market the past few years, I’m sure you’ll agree.

Real estate is cyclical which goes in the following order: boom, bust, and stagnation. This means the next cycle is a boom although we don’t know exactly when the next boom will commence. The last boom and bust occurred in the early 90’s with the S&L scandals and the market was stagnant for nearly a decade. Just as in those times, the federal government printed a lot of money to bail out the financial institutions and we all know this is a catalyst for inflation which we’ll have to deal with in the near future.

For now, things appear to be stabilizing for the Orlando real estate market and mortgage rates are about as low as they’ve ever been.

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A glance at the 2009 real estate statistics for Orange County, FL shows a marked improvement in the market over the past 12 months. Most importantly the supply of homes currently stands at a healthy 6.4 months and the number of sales have hovered around 1,5o0 for the second half of 2009.

There’s still a heck of a lot of short sales and foreclosures on the market and I believe it’s gonna be a part of the real estate landscape for a while. It’s probably the last hurdle to overcome before return to a normal market.

Just a few years ago there was no such thing as foreclosures or short sales. The last time I remember there being a good amount of foreclosures on the market was 1997.

That being said, things are looking up and on progress towards a stable market here in Orange County.

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Pictured here is the oldest residence in Windermere that’s still in use today. It’s reportedly hand built by Cal Palmer who played an integral role in the development of Windermere as well as a major contributor to the citrus industry here.

This historic home is currently owned by John Luff who’s family has resided in Windermere since the beginning.

It’s located at 306 Palm Street along the shores of Lake Butler with Bird Island within view on the horizon and adjacent to 2nd Avenue where many of the Windermere elite reside including Glenn Jackson of Heller Brothers Citrus fame and former mayor Bob Pleus.

The neatest thing about these two streets is that it’s a peninsula that juts out between Lake Butler and Wauseon Bay that catches the refreshing cool breezes that travels between the waterways. Anyone who’s spent a day in the hot summers here can appreciate this luxury. Those cool breezes reportedly made this peninsula a popular place to reside in with the early settlers of Windermere.

Today, 2nd avenue is one of the few residential streets in that’s paved.

Alongside the massive mansions that lines the shores of Lake Butler, there’s also some neat history that we can all appreciate.

related post: Cal Palmer Memorial in Downtown Windermere

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One of the neatest things about living in SW Orlando is being so close to various conventions that take place at the Orange County Convention Center that can range from surfing to BBQ and everything in between.

Some of the events that’s interesting are the Surf Expo January 14-16, the PGA Merchandise Show January 28-30, the Central Florida Boat Show March 5-7, and Photoshop World Conference March 24-26.

In any case it’s a huge complex that’s enjoyed by people from all over the world and adds tourism dollars to SW Orlando.

virtual tour: Orange County Convention Center

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