Orlando Florida Real Estate News by DeVito Homes

Imoveis na Planta em Celebration

2012-09-03T07:00:00.001-07:00

David Weekley Homes, estara construindo uma nova fase em Celebration chamada Spring Lake at Celebration:

Vejam alguns detalhes sobre nova fase de construção em Celebration Florida- Spring Lake at Celebration Community:

Spring Lake tera aprox. 261 lots/terrenos e teremos 4 possiveis estilos de imoveis:

- Townhomes- entre 148-167metros2 (sobrados geminadas com 2 andares)---- 95 unidades (3-4 predios) a partir de +US$200.000- Duplex- 3 andares- entre 176-195metros2---- 14 unidades (7 predios)--entre $300.000-$400.000- Casas- Single Family Homes 30ft - entre 158-195metros2--- 106 unidades--- plantas com todas suites master no segundo andar--- entre $300.000-$400.000-Casa- Single Family Homes 40ft- entre 185-250 metros2--- 46 unidades--- suites master no primeiro ou no segundo andar dependendo da planta-- entre $300.000-$400.000
Inicio de empreendimento ate final de Dezembro. Vendas a partir de Marco/Abril. Modelos de plantas para estar prontas ate Abril/Maio. Primeiras vendas com entrega de chaves ate o ultimo trimestre de 2013

http://www.devitohomesorlando.com

Condo sales threatened by loss of FHA backing for loans

2011-11-08T06:06:00.000-08:00

Today the Orlando Sentinel Article Condo sales threatened by loss of FHA backing for loans By Mary Shanklin

Orlando's condominium market, one of the hardest-hit in the country, faces further challenges because of federal policy changes that now limit mortgage financing for buyers seeking to purchase available units.

Of 68 condo complexes in the Orlando area, 44 have already lost a big part of their financial lifeblood: the mortgage-backing power of the Federal Housing Administration, which generates loans with some of the lowest down payments in the industry.

Another 12 complexes in Orlando are scheduled to lose their FHA approvals in the next six months.

In the past, most condominiums received open-ended approvals for FHA-backed mortgages, but the government changed that policy in 2009 and started limiting approvals to two-year terms. With those initial two-year approvals expiring this year, homeowner associations are now at a loss for how to get their condo complexes back on the federal mortgage-guarantee list.

"You've taken away a really viable purchasing tool at a time when the economy would really benefit from those buyers," said Fort Lauderdale lawyer Sandra Krumbein, who specializes in condominium law.

"Homeowner associations now have to get approvals [every two years], and that's what's causing the hoopla," she said. "The associations and their managers have no idea what to do to get approved."

Nationally, 25,000 condominium projects lost their FHA approvals from the U.S. Department of Housing and Urban Development during the first nine months of this year, and fewer than 10 percent of those have been reapproved or recertified. A condominium must have the approval before buyers can purchase its units with FHA mortgages.

Orlando real-estate agent Maria Garcia said she has represented buyers interested in purchasing condominiums who have had to look elsewhere because so few of the complexes locally are approved. And those that have approvals, such as the Vue at Lake Eola tower in downtown Orlando and condominiums in Baldwin Park, often have price tags and association fees that are too rich for first-time buyers, she said.

Faced with a limited pool of cash buyers, she added, most condominium complexes will see their prices slip further as a result.

"It's not a good outlook for condominiums," Garcia said. "The financing is pretty much the biggest issue. That's hindering the market — the ability to get financing — and the property will continue to depreciate."

A general lack of mortgage financing for condominiums has already taken a toll on prices. House prices have dropped, too, but not nearly as much as condo prices. In Orlando, the median condo price has fallen 64 percent since 2006, from $166,100 to $60,500 as of September. House prices, meanwhile, have fallen 52 percent during that time, from $262,900 to $125,200, according to Florida Realtors.

And while condo prices nationally dropped 18 percent from 2008 to 2010, they fell 57 percent in the Orlando area.

A HUD spokesman said the reason so few condominiums have found their way back onto the FHA mortgage-approval list is that some association boards may not, for whatever reason, want the federal green light for such mortgages. Also, some condo projects may be plagued with problems that prevent re-approval, such as having too many investor-owners or too few financial reserves.

Orlando mortgage broker Rob Nunziata, who sits on the boards of several condo and homeowner associations, said such boards are so busy dealing with day-to-day upkeep and financial issues that their members generally aren't focused on the importance of getting back on HUD's mortgage-approval list.

"Over the last couple of years, it's been very important — especially with the first-time buyer who does not have the 20 [percent] to 30 percent down payment needed to get the Fannie Mae orFreddie Mac loan," said Nunziata, president of FBC Mortgage Inc. "It is extremely valuable and helpful if a condo is FHA-approved."

HUD issues the FHA stamp of approval for condominium complexes. In the past, the federal agency periodically recertified particular condominium projects, and it also had the power to pull a complex's FHA approval if it was having serious problems. But now condo complexes automatically lose their federal mortgage backing after two years, and their associations have to apply to get back on the federal list and attest that the development is free of any potential problems.

Even though the federal government does not charge condo associations to apply to get back on the FHA-financing list, association members may put themselves at risk of prison time and fines if they assert that a condo community has no problems involving legal issues, construction flaws or other disputes, some industry experts say.

As a result, associations are basically forced to hire lawyers or groups with FHA-approval experience, those experts say, and that expertise costs money.

mshanklin@tribune.com or 407-420-5538

That is why having an experienced real estate professional that can help you find you condo in Central Florida is key in today's market. Contact us at info@devitohomes.com

According to the Orlando Sentinel: Bank of America offers $20,000 short-sale incentive to homeowners

2011-10-10T07:05:00.000-07:00

From the Orlando Sentinel:

Bank of America offers $20,000 short-sale incentive to homeowners

Bank of America, the nation's largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure. See the full article.

Enjoy!

DeVito Homes Group

Century 21 Real Estate Professionals

Short sales lose appeal among first-time buyers according to a Florida Realtors Article

2011-09-29T12:13:00.000-07:00

According to Florida Realtors article many first time buyers are opting out of short sales, mainly due to process delays and uncertainty if the offer will be accepted, see the original article below:

Short sales lose appeal among first-time buyers

WASHINGTON – Sept. 29, 2011 – Short sale transactions are becoming less popular among first-time homebuyers. Buying a home in a short sale transaction may offer a huge bargain – sale prices average 27 percent lower than non-distressed properties – but more first-time home buyers say the processing delays aren’t worth the trouble.

First-time buyers’ share of all short sales dropped to 39.7 percent of transactions in August – a three-month drop and the lowest share ever recorded for first-time homebuyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. In November 2009, first-time homebuyers’ share of short sales reached a peak of 54.1 percent of all short sale transactions.

With bargain deals, why are short sales losing their appeal?

Buyers complain that short sale transactions take too long to close, with approval times often taking several months after a buyer submits an offer. Some buyers, frustrated at the delays, place offers on multiple properties with plans to close on whichever one is approved fastest.

The average time on market for short sales is 16.6 weeks, and the majority of that time is spent waiting for short sale approval, the HousingPulse Tracking Survey found.

Source: “First-Time Buyers Losing Interest in Short Sales,” RISMedia (Sept. 26, 2011)

© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688

Disney to build "Avatar" land in Animal Kingdom Theme Park According to the Orlando Sentinel

2011-09-21T09:41:00.001-07:00

ORLANDO SENTINEL:

Disney to build multiple-attraction 'Avatar' land in Animal Kingdom theme park

By Jason Garcia

The Walt Disney Co. plans to build a multi-attraction "land" based on the movie "Avatar" in Disney's Animal Kingdom as the first step in a broader licensing deal that will lead to similar attractions in Disney parks worldwide.

"Avatar is just a set of worlds that is really rich and offers so much to explore, we thought that offering a land-based approach gives us a much better opportunity to explore,"Walt Disney Parks and Resorts Chairman Tom Staggs said in an interview following the announcement.

Disney said it would begin construction of Animal Kingdom's Avatar land in 2013 and expects to open it to guests about five years from now. A company executive indicated that the price tag would be approximately $500 million.

The deal announced Tuesday gives Disney exclusive theme-park rights to use elements from the 2009 blockbuster and from sequels due out in 2014 and 2015. "Avatar," which was directed by James Cameron and grossed nearly $2.8 billion in worldwide box-office receipts, is widely considered one of the most valuable intellectual properties not already tied up by a theme park.

Disney said it plans to build multiple-attraction lands based on the film's fictional world of "Pandora," including themed shops and restaurants and entertainment. It's the same approach Universal Orlando has taken with its wildly popular Wizarding World of Harry Potter, which has fueled huge attendance and guest-spending gains since opening in Universal's Islands of Adventure theme park last year.

Cameron said he initially thought Disney would want to build only an individual ride based on his film.

"I quickly realized that their vision for this thing is far beyond what I imagined," he told reporters. "It was kind of thrilling that they wanted to do a land and really bring the world of Pandora to life."

More Avatar lands would follow down the road. Disney currently has five theme-park resorts worldwide and is building a sixth in Shanghai, China.

"We obviously appreciate that this was a film that was enjoyed by millions globally. So it's now a global product," Disney Co. President and Chief Executive Officer Bob Iger said. "We can clearly leverage the global interest in this property in multiple places, although we don't have any plans at the moment or specifics to announce to you."

Disney will license the rights from Cameron's Lightstorm Entertainment studio and Fox Filmed Entertainment.

The Avatar land should provide a huge jolt in the arm for the 13-year-old Animal Kingdom theme park. The youngest of Walt Disney World's four theme parks has been criticized by some park fans for lacking attractions and not amounting to a full-day experience on par with the Magic Kingdom or Epcot.

The last major new ride added to Animal Kingdom was the Expedition Everest roller coaster, which opened in 2006. That ride cost more than $100 million.

A precise date hasn't been set for completion of the Avatar attractions in Animal Kingdom, but an opening sometime in 2016 could allow Disney to capitalize on a fresh wave of fan interest in the 'Avatar' film franchise from the two sequels currently in development. Cameron said the tentative plan is to release the first sequel around Christmas 2014 and the second around Christmas 2015.

"The timing seems to work out well in terms of the sequels," Cameron said. "Really, what we need to resolve is how much of the elements of the second and third films are incorporated into the Avatar land."

Although it prefers to use its own characters and franchises, Disney has licensed third-party content before for use in its theme parks. The company has deals for "Star Wars," "Indiana Jones" and "American Idol," among other properties. But Disney's use of those properties has generally been limited to standalone attractions or, in the case of Star Wars, an attraction plus a relatively contained surrounding area.

Disney's plans for Avatar appear far more ambitious. Staggs said the project would be similar in scope to "Carsland," a 12-acre themed area based on the Pixar animated films "Cars" and"Cars 2." When Carsland opens next year in Disney California Adventure, it will include multiple attractions, stores and restaurants.

It's an approach that has been phenomenally successful for Universal and "Harry Potter," which it licenses from author J.K. Rowling and Warner Bros. Entertainment. In addition to themed attractions, Wizarding World, which opened in June 2010, includes shops and eateries peddling fare from the Potter universe, from magic wands to mugs of butter beer.

Sales of food and merchandise in Universal's theme parks were up 90 percent during the first half of 2011 to $171 million. Attendance at the two-park resort soared 52 percent.

Staggs said it is possible that Disney's Avatar land will include food and merchandise based on items found in films, though he said the project is still in very early design phase.

Although Avatar is a science-fiction movie, the film is set on a lush, Earth-like planet with its own flora and fauna. Staggs said that made it a natural thematic fit with Animal Kingdom, which designers always envisioned as including mythical animals in addition to living and extinct ones.

"We just felt like Avatar was the perfect and most amazing mythical world we could think about exploring," Staggs said.

jrgarcia@tribune.com

WE FEEL THIS WILL BE A GREAT ADDITION TO DISNEY. ENJOY! DEVITO HOMES GROUP WWW.DEVITOHOMESORLANDO.COM

FOUR SEASON AT GOLDEN OAK AT WALT DISNEY WORLD RESORT

2011-09-14T07:15:00.000-07:00

Today, a press release is going out from the Four Seasons concerning the building of their luxury resort hotel right here at Golden Oak at WALT DISNEY WORLD^® Resort. There is a story in today’s “Orlando Sentinel” on page A 14.

We are excited to share the news that Four Seasons just announced they will be breaking ground this year on their elegant resort, bringing a tradition of guest service and quality that is a perfect blend with Golden Oak at Walt Disney World Resort.

Four Seasons resort will be located within the Golden Oak community on 25.6 acres of land. Construction on the 444-room hotel is set to begin this December, with a target opening date in 2014.

Golden Oak residents will be welcome to take advantage of Four Seasons’ amenities including the spa with 18 treatment rooms, restaurants and event space, with fees determined by Four Seasons. Within Four Seasons resort, there will be several dining venues including a rooftop restaurant with views of the Magic Kingdom; a spa and fitness centre; four pools; sports facilities including tennis courts, basketball court and climbing wall; two recreational centres for children, teens and families; meeting and event space plus a business center. The development will encompass the Tom Fazio-designed Osprey Ridge 18-hole championship golf course, which Four Seasons will renovate and subsequently manage.

The Four Seasons resort development may add up to 40 Four Seasons Residence Club units and up to 90 Four Seasons Private Residences at a future date. Design of these units and residences has not yet started.

It will be exciting to see this construction begin. By the way, the construction of Summerhouse is well under way and should be finished early next Summer. It won’t be long until we can give you a tour of our private club, as well as some of the homes at Golden Oak at WALT DISNEY WORLD^® Resort.

Orlando sees first year-over-year uptick in home prices since 2007, according to an article on the Sentinel

2011-08-29T11:20:00.000-07:00

Orlando sees first year-over-year uptick in home prices since 2007

By Mary Shanklin, Orlando Sentinel
10:25 p.m. EDT, August 12, 2011

For the first time since Orlando's housing market began to tank four years ago, the area's median home price showed an increase from a year earlier, according to the July sales report released Friday by the Orlando Regional Realtor Association.

The median price for an existing, single-family home in July was $117,000, up from $110,000 the previous month. The local real-estate industry noted that prices have increased 23 percent from the beginning of the year.

Not only did prices increase from the previous month, they were 7 percent higher than a year ago, the first time since 2007 that local prices showed any gain from a year earlier, association data shows. The last time Orlando prices increased from a year earlier was in July of that year, when prices were more than double what they are now.

Prices have increased on a monthly basis occasionally in recent years, but the uptick from a year earlier is more significant in determining long-term trends, experts say.

The numbers defy national forecasts that have predicted declining Orlando home prices through early 2013, based on factors such as unemployment and homes in foreclosure or headed in that direction.

What some analysts don't take into consideration is that Orlando housing draws buyers beyond the local work force, said Roger Soderstrom, broker for Stirling Sotheby's International Realty.

"We're not gaining momentum by job creation but by informed buyers and investors," he said. "We're seeing some job relocations but it's not huge. We see more second-home buyers, pre-retirement buyers and investors. We're getting two and three referrals a week from Brazil. The Canadian dollar is strong, and the economic shakeout has put downward pressure on the dollar."

The Orlando area's price swing appears to be driven by an increase in the percentage of normal sales - transactions that are not distress properties. While those sales don't dominate the market, their numbers have grown for six straight months, with 42 percent of member sales fitting that category in July.

"With affordable prices and historically low mortgage interest rates, home buyer demand remains strong. A more rapid sales recovery is possible if banks return to normal and safe but sensible lending standards," said association Chairman of the Board of Directors Mike McGraw, owner of McGraw Realty Services PL of Apopka.

Even though prices are up, the market recovery continues to be slow because of short sales and foreclosures. The midpoint price for bank-owned sales in July was $80,000, and the median price for short sales was $98,000.

Overall, sales and listings are all down from a year earlier. The area had 2,147 sales in July, down 15 percent from a year earlier. Bank-owned sales dropped 49 percent from July 2010, and short sales increased 17 percent, indicating a possible shift on the part of lenders.

Rob Nunziata, president of FBC Mortgage, said the combination of relatively few houses on the market, affordable prices and low interest rates should continue to propel a recovery for the housing market.

"There's no reason the prices shouldn't continue to go up," Nunziata said. "They obviously are not going to spike. I think you'll see some slight appreciation."

At the current pace of sales, the area has a 4.8-month supply of homes in inventory. The number of homes available for purchase in the Orlando area declined in July by 210 homes and now rests at 10,349.

The area had 9,869 pending sales for July, less than half the pending contracts the market had a year earlier.

Homes are taking longer to sell than they did a year ago, with a median of 101 days on the market in July, up from 84 days a year earlier.

mshanklin@tribune.com or 407-420-5538

Could this be another indication that the Orlando property marketplace is beginning to turn-around at long last? T
his could be the right time to invest in your Florida home today! Contact us at info@devitohomes.com

Own Your Home in Miami Versus Renting

2011-07-12T06:39:00.000-07:00

According to Forbes there are certain cities that it is better to by than rent you home - Miami Florida being one of the cities to own a home versus renting one. Check out the The Best Cities to Own and Best Cities to Rent Article on Forbes: http://cptl.st/91XOZL

REALTOR® Magazine-Daily News-7 of 10 Renters Say Owning a Home Is a Top Priority

2011-07-06T12:37:00.000-07:00

Buying a homes is still a top priority for most Americans. There are many financing opportunities for first time home buyers is Central Florida. Check out this article posted today regarding real estate and buyer options available in today's housing market: REALTOR® Magazine-Daily News-7 of 10 Renters Say Owning a Home Is a Top Priority

Realty Times - Mortgage Rates Mixed; 30-Year Fixed Continues To Hold Steady

2011-07-03T09:10:00.000-07:00

There are some signs of economic improvement in the housing and real estate markets in Central Florida Realty Times - Mortgage Rates Mixed; 30-Year Fixed Continues To Hold Steady

Office vacancies slowly retreating

2011-07-03T08:48:00.000-07:00

The increase of businesses may offer hope for the Metro Area. Office vacancies slowly retreating

Orlando apartment rents expected to rise this year

2011-06-27T07:35:00.000-07:00

According to a Orlando Sentinel article Orlando apartment rents expected to rise this year . This may be an indicator that many investors who purchased real estate will be reaping the benefits of the rental market. There are many properties for sale in Central Florida today and investing in the real estate market affords many opportunities for buyers.

Mortgage Help Reaches few Floridians

2011-06-22T15:29:00.000-07:00

According to an article on Florida Realtors.org 80% of the thousands of applicants seeking mortgage assistance in Fl have been rejected by the state's version of the federal governments Hardest Hit Fund mortgage assistance.

Florida likely past foreclosure peak

2011-06-17T07:23:00.000-07:00

Florida likely past foreclosure peak According to this article there was a 14% drop in foreclosure notices to Metro Orlando homeowners from April to May. This may be one of the indicators we are looking for in terms of property value and inventory. Check it out. Thanks, DeVito Homes Team!

Orlando-area ‘normal’ home sales up in May According to Bizjournals

2011-06-16T08:01:00.000-07:00

Orlando saw a growing number of non-distressed (short sales and bank owned) home sales. These "regular sales" have been rising for the last 4 months. In Orlando distressed properties made up 62.53% of sales in May. If the current sales pace continues there will 4.63 month supply of homes in Orlando, which will be the lowest since December 2005.

Freddie and Fannie take action on the foreclosure ordeal in Florida

2010-11-02T10:33:00.000-07:00

Fannie and Freddie remove foreclosure files and suspend the foreclosures previously given to a Florida law firm after concerns were raised about the firm's practices.

Foreclosures affecting voting?

2010-10-29T11:38:00.000-07:00

12 states have issued guidelines for people facing foreclosures. People are required to vote in the county in which they reside, but for some in the middle of the messy foreclosure process this may be confusing, basically if you are still in the middle of the process and have not moved out yet, you can vote in your county and assigned precinct, now if your foreclosure process is complete (you have exhausted your right to appeal or redemption) then you are required to update your address (if your still living the same county it is relatively simple). In some states you can make an address change all the way up to the day of election. You must re-register if you moved out of the county or state. You should check with the state to verify if you are allowed to still use your address after foreclosure if you have not yet established a new permanent address. Here is a good link to get specifics: http://www.eac.gov/voter_resources/contact_your_state.aspx

Foreclosure mess?

2010-10-27T11:45:00.000-07:00

Monday Bank of America started to revive foreclosure proceedings in 23 states. They reported that errors in foreclosure documents are only in tiny numbers of its cases. All in all we should be in better shape than we were 2 weeks ago as the review continues. Most cases were found to be handled properly and home owner's should feel better about the process.