Monthly Archives: May 2008

Economic Growth Still Strong in Orlando – Commercial Real Estate Sector Holding Steady

According to one of the Nation’s top Commercial Real Estate analysts, Robert Bach, the economy is still growing and Central Florida continues to make progress.  Bach believes the picture is stronger than even a few months prior.  To date there has not been a negative quarter for Gross Domestic Product Growth and the credit crisis is easing a bit.  The US Commerce Department estimates first quarter economic growth at 0.9 percent which is slightly higher than their first prediction.

Most seem to believe that turbulence will continue toward the end of 2009 with relief beginning in early 2010.  Rising oil prices could be a change factor in this equation however.  Overall nationally, certain markets are continuing to thrive.  Farm belt states are benefiting from increased crop prices while oil and gas states are thriving off the energy boom.  Recently, job loss has been tamed by growth in education and health-care hiring.  Federal tax rebates are likely to cause a short term economic stimulus as well. 

Orlando’s commercial real estate sectors, including retail, office and industrial, are holding steady.  Vacancy rates currently rank on par or better than national averages. 

Looking for your Orlando Dream Home?  Now may be the best time to invest.  Contact British Homes Group for information about multi-currency mortgages or buy to let villas in the Orlando Area.

Orlando Kissimmee Number Two Metro Growth Market

Southern Business and Development Magazine has listed Orlando in the top two metro growth markets for 2008.  According to the magazine, the area has posted strong growth indicators for the last six years.  Economic diversity is one of the main factors lending to such strength.  The Orlando market has thriving enterprises in a wide range of segments such as: aviation, manufacturing, digital media, film and television, conventions, entertainment, tourism, distribution, simulation, photonics and optics, software and life sciences.  The life sciences segment has raised the bar for Florida growth and development with the addition of entities like the Burnham Institute for Medical Research and the UCF College of Medicine.  Several hospitals and research labs are also under construction in the Orlando area. 

Sustainable regional growth is due in large part to strong population growth and job creation as well as plans for a 60+ mile light rail system from Volusia County to Osceola County.  Last but not least is the new found housing affordability in Central Florida.  One positive result of the bursted national housing bubble.

Are you looking for an Orlando investment villa? Please use our complimentary Orlando Area MLS Search

Selling Your Orlando Villa in a Florida Buyer’s Market

The supply of villas for sale in and around the Orlando Real Estate market continues to grow.  While many analysts predict the market has hit bottom and will rebound into 2009, others believe we’re still at least a year out.  These are new challenges for home sellers, if you must sell now what can you do?  When the competition is tough – strategy is in order.  Following are a few proven strategies to help get your home sold in a buyer’s market:

Price:  One of the largest keys to your success is pricing your Florida home right.  In a buyer’s market the only thing that matters is what the buyer is willing to pay.  Don’t price your house at what you think it is worth, price it right for the market.  An over-priced listing will be ignored and may lose freshness and appeal over time.  Some seller’s fear pricing too low and leaving money on the table – if your house is under priced it’s possible you’ll receive multiple offers that would drive it back up to fair market value.

Market Research:  Get a comparable market analysis for your Orlando villa.  You need to know about your competition and where the market has these products priced.  Look at the most recent six month window of data, make adjustments for locations, age, sizes, upgrades, etc and come up with a range of values that makes sense based on this data.  Also see if you can get a list of the most recent sales in your neighborhood in comparison to their original listing prices. 

Internet Strategy:  Most buyers search the Internet to research buying a home.  Work with your Realtor to utilize Internet tools to your advantage. 

First Impressions:  Curb appeal is more important than you might think.  Often times buyers don’t have the ability to visualize their new home through the clutter of yours.  First impressions are key, if a buyer makes a connection on the first showing a home will often sell.  So get your home into selling shape!

Pre-Sale Inspection:  If your Orlando villa is older or in need of a few repairs you might want to consider having a pre-inspection done.  Get proactive – have those repairs taken care of before you put your home on the market so you can say you have a clean inspection report.  This can be a significant selling advantage, inspection items are often no fun for a buyer to deal with.

Flexibility:  Be prepared to deal with anything.  In this market buyers will probably expect to pay less than the asking price.  They will show up armed with market data and their own comparable market analyses.  Try to leave your emotion out of the picture, if a buyer is serious there may be a price they are willing to pay and you are willing to take.  Don’t reject a first offer flat out, present a reasonable counter offer and let them know you are willing to work with them to close the gap.  If the offer is way off base then ask your prospective buyer what data they used to determine their offer.  Often times you can use this knowledge to explain why you feel the house is worth more (for example upgrades and finishes that their comps did not take into account).

British Homes Group can help!  Contact us today for a comparable market analysis of your Orlando Villa.

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Virtual Disney? Twisney.com Provides Disney Enthusiasts with a Quick “Realtime” Fix

Scott Mitchell, a software developer from Naples, recently developed Twisney.com – an application that allows Disney visitors to map their park vacation in realtime.  Visiting Disney?  Now your friends and family can tag along … virtually!  Mitchell’s website is a massive database allowing photo and text uploads from park visitors to map their excursions and share experiences with other visitors or family and friends back home. Using a combination of Twitter, Flickr and Microsoft Virtual Earth – Twisney users can post photo and text to the blog in realtime.  All that’s needed is either e-mail, text messaging, IM capability or a Twitter account.  If you have a mobile device you can send live reports directly from the park!

Mitchell hopes that users will share information helpful to other Disney visitors such as instant news about wait times for popular attractions.  Park visitors with mobile devices would then be able to check the status from anywhere.  All it takes is a quick email to twisney@twisney.com.

Will the idea catch fire?  Who knows, but for now Disney enthusiasts have a new technology tool to share their experiences with those who stayed home.

Take a look at Twisney.com for a demonstration and appendix of popular "virtual" Disney terms.

Relocating to the Orlando Area?  Visit BritishHomesGroup.com for an Orlando MLS Search. 

Sterling Back on the Rise? Now is the Time to Buy Florida Investment Properties

In the last few weeks the Sterling has waivered between 1.945 and 1.965, but analysts predict an increase in coming days.  Days ago the estate agency conglomerate, Rightmove,  announced that asking prices for UK property were up by 1.5% in May immediately lifting Sterling rates for about 10 minutes – the populace soon realized however that actual transactions were running at only 50% of numbers from a year ago which in turn brought rates back down.  A potential slowdown in the UK economy follows on the heels of the US economy "recession".  Many wonder whether the US is truly in recession or if the credit crisis is almost over.

Many commentators believe that the dollar will become stronger in the next 12 to 18 months due to a lag in world economy behind the US.  For this reason, the next time the Sterling approaches 2.0 may be one of the last opportunities for awhile.  Rates are expected to return back down to around 1.85 by Christmas time.  Buyers – NOW is the time to invest in your Florida dream home.  The Orlando tourism economy remains stronger than ever, yet vacancies from the credit crunch have created quite a few deals on Orlando area buy to let villas.

Contact British Homes Group today for your best multi-currency financing opportunities.

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Will Orlando Retirement and Active Lifestyle Communities Go Green?

Several home builders believe that baby boomers are looking for environmentally sensitive communities.  Boomers are hitting retirement age and many are looking for "active lifestyle" or specialized retirement communities.  Some builders are capitalizing on this trend and offering eco-friendly and energy-wise homes.  Below are some features you might expect to find in an eco-friendly home:

  • green-fiber recycled insulation
  • motion sensor triggered lighting
  • energy efficient windows and appliances
  • electric vehicle charging stations
  • solar powered fans
  • Solar hot water systems

Shea Homes, one of the nation’s largest home builders, is debuting in the Florida retirement market with Victoria Gardens in DeLand.  They are building similar homes in California, Arizona and Washington.

An AARP survey found that nearly half of all boomers consider themselves environmentally aware.  Fortunately going green doesn’t necessarily mean boomers will have to give up any luxuries.  In fact they are looking for luxury living in combination with energy efficiency.  Many may even be willing to pay a premium for such luxuries combined with environmental awareness.  Although boomer buying patterns haven’t yet substantiated this sensitivity – it seems to be the next "trend" in retirement living.  Will other Florida real estate communities follow in the footsteps of Victoria Gardens?  This remains to be seen, but with average energy reductions from 40-75% it seems likely. 

Please contact the British Homes Group for Orlando real estate or home loan information.

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Has the Florida Property Market “Hit Bottom” – What Does the Future hold for Florida Real Estate?

According to a recent article entitled, "The Housing Crisis is Over" by the Wall Street Journal, analysts believe it is likely that April 2008 will mark the bottom for the US housing market.  While many make take this as difficult news, what it really means is that the trend is no longer worsening.  All indicators point to a slow and steady return to health.  According to national trend, home sales peaked in July of 2005.  This "bust" has lasted nearly three years yet numbers indicate 15-year lows. 

So what does this mean for the Florida Property Market?  What will stop the decline?  Technically the tables will turn due to sheer affordability.  Boomers are all coming into retirement ages and Florida is an increasingly popular place for those folks to retire.  Tourism and the local economy in the Orlando area remains strong.  Affordable home prices will drive the market back to health slowly but surely.  In fact, the boom made housing unaffordable for many Americans and International second home owners.  Home prices increased so much that people could just not afford to live in them, and thus those people stopped buying altogether.  Since the boom, prices have fallen approximately 10-15% while incomes continue to grow slowly.  The levels have come back into check. 

According to the Wall Street Journal, "In the past five major housing market corrections, every time home sales bottomed, the pace of house-price declines halved within one or two months".  While the news has been extreme during the last several cycles, the message here is that things likely won’t get worse.  The market is beginning it’s slow correction and we are heading out of this crisis.  In the meantime, Florida is a buyer’s market – there are many deals to be had – especially for Brits looking at investment properties.  With the combination of the market crisis and the strength of the Sterling, there has never been a better time to pursue buy to let properties in Florida.  For sellers, it looks like the key is time.  There is no place to go but up.

For more information about buy to let properties, Florida Villas or currency converting mortgages, please contact the British Homes Group.

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