MetroWest Master Association Hosts Holiday Celebration Event
MetroWest Master Association (MWMA) hosted a successful 1st Annual Holiday Celebration free community event for the MetroWest community on Sunday, Dec. 4, 2011, at MetroWest Golf Club where more than 200 people gathered, including City Commissioners Samuel Ings and Phil Diamond, for an evening of holiday fun.
“The goal of our events is to bring the MetroWest community together to enjoy theoutdoors and their neighbors,” says Stina D’Uva, president, MetroWest MasterAssociation Board of Directors. “We plan to make our Holiday Celebration an annualevent and will offer other community-building events throughout next year.”
The holiday event featured complimentary photos with Santa and Mrs. Claus, live holiday music by Side by Side, the Dickens Carolers, a tree lighting and free hot chocolate, coffee, and treats. The celebration also served as a “Toys for Tots” collection site where many gifts were received for children in need this holiday season.
For more information on Orlando’s MetroWest including homes for sale, contact MetroWest Realty on 407-290-3408.
Investors Invade MetroWest
MetroWest Orlando Condos – Demand Still High
After our Canadian Invasion Condo post last month, Channel 9 Eyewitness News aired the story on Thursday.
Two coach loads of Canadians toured the Central Florida region including Orlando where we took them on a tour of the Madison condos in MetroWest. Most were looking for distressed condo sales and foreclosures, be they single family homes, townhomes or condominiums. Many have since purchased and according to the news segment, some have plans to increase their condo portfolios.
These deals are open to all but cash is a must. Contact us here at MetroWest Realty for more information on these deals and to put in an offer to the banks. Proof of funds required at time of offer and must be able to close in 4-5 weeks. Inspections are usually granted. Call: 407-290-3408 or email: Info@MyMetroWestRealty.com
Check out the original post with the Channel 9 news video at Condo Metropolis Orlando.
Element Condos, MetroWest: Converting again?
The Element at MetroWest Orlando was one of many apartments that converted to condos curing the condo conversion craze of 2005-2007. Now, many sales later, there are plans for the Element to revert back to apartments. We’re not talking keeping them as condos and just renting them out until the market improves here… we’re talking complete disolution of the COA itself – not good news for anyone who purchased there.
According to the Orlando Sentinel, California-based Karlin Real Estate bought the Element earlier this year, and started unwinding the condo association a couple of months later. This could spell disaster for those residents who bought into the condominiums at the height of the real estate bubble who could now be forced to sell their condos at a loss. The reason being that units that sold for $170K are now worth only about $70K - and that’s all the new owners would be required to offer the current owners for their condos.
The problem here and the cause of this is that more units were left unsold than sold… and so when the bank took them back from the developer and sold them to a new owner, the new owner has a majority interest and can control the fate of the entire condominium.
Clearly the advice for investors is a.) avoid buying even bank owed condos at the Element at this time and b.) find out if your targeted condo complex has a large number of units that remain unsold that could be in the hands of a Receiver, bank or other entity that may be able to control the fate of everyone else that lives there.
For more information on what’s hot and what’s… well, what you should avoid like the plague, stay tuned to the Orlando Condo Blog and contact Orlando’s condo specialist brokerage, Condo Metropolis on 407-290-3408 or email Info@CondoMetropolis.com.
Free Golf!
FREE GOLF & FAMILY FUN – METROWEST GOLF CLUB TO HOST
INAUGURAL MARRIOTT FAMILY GOLF FESTIVAL
Golfing Families are Invited for a FUN Day of FREE Golf Activities & Instruction
Marriott Golf, one of the world’s premier golf operators, is once again reaching out to families all over the world and promoting “togetherness in golf.” Located at 2100 S. Hiawassee Road, Orlando, FL, MetroWest Golf Club today announced that it will be hosting its first annual Family Golf Festival on Saturday, October 29, from 9 a.m. to 2 p.m. Read on…
MetroWest: Condo or Single Family / Townhome?
Many buyers are looking for more space. Others are downsizing, or investing; these buyers are on the search for a home that will be easy to care for and if retiring, will give them plenty of chances to be active and social.
Condos offer a wealth of opportunity. Most have clubhouses, gamerooms, gyms, and common outdoor meeting areas. Others go above and beyond with organized mixers, dances, movie nights, and more – particularly for those buying in 55 and over communities. You won’t find those included in MetroWest’s real estate inventory however.
Typically, owning a condo means you no longer have to worry about mowing your yard, maintaining landscaping, cleaning or scooping sidewalks, or making large-scale repairs. You pay a fee each month that pays for your portion of this upkeep. Your condo association should also have a reserve fund that is held for large repairs, such as roof replacement, when the time comes. Read on…
Orlando Real Estate Trends
Analyzing the Late Summer / Early Fall Orlando Real Estate Trends
Guest Post by Paige Taylor
The end of summer is a time when some of Central Florida’s businesses may see an annual bump in sales. The influx of part-time residents and tourists bolster many of the markets. In real estate, just the increased numbers of people buying and selling real estate is a boon to the success of any Realtor, however this phenomena will not influence the market for several months. What inference can we draw from recent activity to predict the growth trends of real estate in MetroWest and Orlando in general?
While the ends of September numbers are not yet available, the trend through August and early September looks very encouraging. Orlando remains active in real estate sales and continues to be one of the top twenty cities in the country searched for property acquisition. According to statistics posted from the Orlando Regional Realtor Association the average interest rate is at a sixteen year all time low while the median sale price jumped fifteen percent. This interest rate is the lowest since the Association started tracking. The second next lowest interest rate was 4.28 in October of 2010 as opposed to 4.26 at the present time. The rate has dropped from 4.53 as reported for July. Read on…
MetroWest Celebrates
Orlando’s MetroWest continues its tradition of local community involvement by celebrating this year’s National Public Lands Day at Bill Frederick Park at Turkey Lake on Saturday September 24, 2011 from 9.00am to 3.00pm with special family activities, including a 5K run.
Entry fee is just $20. Packet Pick Up race day only starting at 6 a.m. Pre-Register online at: www.altavistasports.com For More Information Call 407.246.4486.
MetroWest: Canadian Invasion
The Canadian Invasion continued today with over 100 Canadians on 2 buses pulling into the Madison Condos in MetroWest Orlando for a tour and quick lecture by our team on the best way to pick up foreclosures and bank owned / distressed inventory. Eyewitness News 9 came along for a the ride and they had their hands full with investors who were keen to talk and ready to buy.
MetroWest’s real estate foreclosure inventory has been the target of overseas investors since the condo crash began in 2006. First it was the Brits who came, then the south Americans and as their respective economies crashed, it seems only the Canadians are hanging in there.
“Canadians still have equity in their homes,” said Marcus Burke, broker for Condo Metropolis and MetroWest Realty. “They’ve been fiscally more responsible over the last decade and so they also have savings in their bank accounts. Add to that, the strength of their dollar and it makes perfect sense for them to invest in Orlando real estate.”
The average spend of an overseas investor is $50-100K on a condo conversion, on an all-cash basis – the only viable option when dealing with the banks. “The real problem these days is actually finding inventory,” said Burke. “While locals are still speculating that we’re not even at bottom, investors know that bottom for condos hit last year and inventory is very low. We’re seeing about a dozen offers on every unit that hits the MLS and prices have actually risen about $10K in the last 12 months. It’s a sellers market for this limited inventory and lot of locals either can’t or won’t grasp that yet.”
Look out for the Eyewitness News 9 special report with Josh Benson next month!
Renting? With Prices Like This?!
A lot of folk seem to be obsessed about whether or not we’ve hit bottom. When I’m asked what I think on this subject, my response right now is “Who cares? Look at the fantastic deals out there!”
Truly, my advice is stop obsessing about exact bottom and just do the math, because that’s all that matters. If I have a 2012 Ferarri worth $100K for sale for $20K, do you really care if you could maybe get it for $18K by waiting a couple of months? I’d take it at $20K every day - with or without the wheels. Are you kidding me? I say again, do the math and stop worrying about what everyone else may or may not be doing. That’s what real investors do. They don’t follow the crowd, they follow their instincts and they follow the logic that the math dictates.
If you’re currently renting and have dreamed of owning a home, now may be the perfect time. Trulia.com is reporting that during the month of July, buying was cheaper than renting in 74% of the country’s 50 largest cities.
What’s tipping the scale to make buying cheaper than renting? Of course, it’s the declining home prices and historically low interest rates. Recently, interest rates for 30-year and 15-year fixed have been hovering near 4%. Also, the increased demand for rental units is pushing rents up, making now a good time to buy as purchasing a home is cheaper than renting one in most major U.S. cities.
This is making purchasing a home enticing for those who are planning to stay for several years and have the ability to put down a downpayment of about 20 percent.
And as reported by CNNMoney.com, Arlington, Texas; Sacramento, California; Phoenix, Arizona; and Jacksonville, Florida, “all had buy-rent ratios of eight,” according to Trulia.
New York is the highest city to rent a home (of the 50 markets surveyed). And to buy in that city would cost about 36 times as much, pushing the purchase price to about a million dollars.
Loans are tricky right now, however. With stricter lending requirements, having cash to put down is a make-or-break factor in purchasing a home. Buyers often have to come up with 20% and that can be a big chunk (or even all) of a person’s savings. Also, note that the money usually has to be “seasoned”. In other words, the downpayment money can’t just suddenly appear in your savings account only days before you decide to buy a home. Ask your real estate agent and loan officer for more details.
For more information on MetroWest Orlando homes for sale, foreclosures and short sales, see our site via the link or call us on: 407-290-3408.
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Condo Metropolis LLC
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Info@MyMetroWestRealty.com