“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.

TENANTED ORLANDO CONDO WITH PROPERTY MANAGEMENT IN PLACE – $69K.

Want a bank owned foreclosure deal but without all the bank hassles? This could be your ticket. Bank owned pricing from a private seller from overseas.

This Madison Condominium is located in MetroWest, Orlando just 10 minutes from Universal Studios and 20 minutes from Disney. It comes with a tenant already in place with a lease until March 2012 and the option to renew. Low monthly maintenance fees and taxes means this Orlando condo cashflows and both prices and rents are on the rise again.

The community is beautifully landscaped and well managed with low delinquencies and few foreclosures. Resort-style amenities include a pool and spa, fitness center, sand volleyball court, pool tables and clubhouse.

The condo is managed by a professional Orlando property management company for just 10% of the monthly rent making it an easy, hands-off investment. Just collect rent and sell again in 3-5 years. Or leave it empty and make it your new holiday home!

Call MetroWest’s real estate specialists on: 407-290-3408 for more  information.

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.

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.

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.

The operative word is “should.” Not all condo associations are the same. Before you buy, be sure to check into how diligent the association is. Are they up-to-date on reserve studies? How often in the last 10 years have they raised fees? Do they have an lawsuits pending and how many delinquencies to they have on their COA fees – how many foreclosures or Lis Pendens?

Condos also come with an extensive set of rules. This means the condo nazis can and will tell you can do to your home and what you can’t. They can prohibit improvements, pets, home-based businesses, and subletting. The positive side of these rules is that your condo community should stay uniform, updated, and in good order. If you have an issue with a neighbor, you can often bring them to task if they are out of order.

As every up has it downs, there are some drawbacks to owning a condo. One primary negative is the overall lack of storage. Generally, you have no garage, attic, basement, or backyard storage shed to house those Christmas decorations and other junk.

Back to those monthly COA fees (“maintenance fees”). For the entire time you own the condo, you will be expected to pay fees. While these go towards upkeep and amenities, it is an added financial burden that one must consider on top of purchase prices. Additionally, you are still responsible to pay your monthly fees even if your condo is entirely paid off. Some folk object to this. Remember however, that owning a single family home isn’t much cheaper. Pool boy: $100 a month; yard care: $100 a month, termite and pest control… insurance, roof repairs and so it goes on. These are usually all covered in condo fees, but not in regular homes. In the end, the fees work out about the same.

Condos can make great homes and great real estate investments. Be sure to do your due diligence when researching what community is right for you!

See our sister site if you’re interested in buying condos in Orlando and our specialist downtown website for downtown Orlando condos for sale. Or just call: 407-290-3408.

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.

In August the average sale price was $115,000.00, a 15.12% increase from this time last year and a 21.18% increase from January of this year. Another strongly positive indicator from these statistics shows a decrease in the number of available properties by 39.19% from August 2010. Orlando apartment and condominium sales seem to be leading the pack with 51.84% less inventory compared to 35.54% single family dwellings in the same period last month. Not surprisingly, sales under contract also reflect this improvement in the market. There are almost 1,000 more today than a year ago. 

What does this mean? First, it means that while buyers are paying more, they are in a higher income earning category than over the past few months. Orlando steadily continues to draw from a population of affluence. This is supported in the Florida Board of Realtors statistics from August 2011.

These numbers reflect that while in most cities the percent of sales increased a greater amount than Orlando, the average sale price was significantly less than the previous year. Orlando not only showed a marked increase in the number of sales and in the median cost of each sale. It also means that the Orlando real estate market is reaping the benefits from lower interest rates generated from other parts of the country. 

Another way to gauge the Orlando real estate trends in the immediate future is to look at a one week comparison of new listings and average asking prices compared to the rest of the country. The Department of Numbers website reports that as of September 19, 2011, the inventory of available homes in Orlando is up 0.3% as opposed to the majority of cities reflecting a negative listing rate per cent. It is also the highest per cent in all Florida cities reported. In addition, the average listing price has the third highest increase in the country, only behind San Francisco, CA and Tucson, AZ.

As the country recovers from the crippling events the real estate market has been enduring, slow but steady gains are very encouraging. When not only compared to the entire country, but cities in Florida, the statistics strongly suggest what the business elite have always known. Orlando will continue to be a destination for prospective residents and home owners.

For more information on MetroWest Orlando real estate sales, email: Info@MyMetroWestRealty or call: 407-290-3408.

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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!