Orlando among nation’s next boom towns

Here’s a bit of bright news for recession-weary Central Florida:

Forbes has ranked Orlando 10th in a list of US cities poised to become America’s next boom towns.

The cities, Forbes says, have struggled through the recession but both are well positioned for strong growth once the economy finds some sustainable mojo.

Of Orlando and Phoenix, Forbes.com writes..

“They still have more jobs now than in 2000. Their demographics remain surprisingly robust. Despite some anti-immigrant agitation by local politicians, immigrants still seem to be flocking to both of these states. Known better as retirement havens, their ranks of children and families have surged over the past decade. Warm weather, pro-business environments and, most critically, a large supply of affordable housing should allow these regions to grow, if not in the overheated fashion of the past, at rates both steadier and more sustainable.”

Orlando was the only Florida city that made the top 10.

Topping the list was Austin, Texas, followed by Raleigh, N.C.

and some new growth rates based on projections from the 2010 census …

Orange County, FL expected to lead Florida growth

Orange county is projected to lead the state in growth over the next 30 years, according to new population estimates. Orange is expected to increase its population by 670,000 by the year 2040, outpacing Miami, Tampa and Palm Beach.

The new projections are the first based on the 2010 census. They show Orange County outpacing Miami-Dade and Hillsborough counties, while Osceola County is predicted to add more people than Broward County.

“The expectation is that eventually we will get out of this recession and things will return more to normal,” said Stan Smith, director of the Bureau of Economic and Business Research at the University of Florida.

Orange County also will benefit in the future from the continual movement of the state’s population from coastal areas into interior counties, said University of Central Florida economist Sean Snaith.

Florida, in recent decades, has begun to mirror California, where the expense of living in Los Angeles and San Francisco spurred growth inland, Snaith said.

“As the cost of living in the coastal areas becomes more expensive, that squeezes population growth toward lower cost-of-living areas,” he said.

Another indication, hopefully, that the recession may be truly over here in the Sunshine State of Florida.

A great time to buy!

Bill Cowie President

www.britishhomesgroup.com

Orlando, Florida

Kissimmee Office 407 396 9914
Direct (Mobile) 407 620 7777

British-American Chamber of Commerce Advisory Board

Email Us

The BRITISH HOMES GROUP Florida
2960 Vineland Road | Info@britishhomesgroup.com or (+1) 407 396 9914

Foreigners Bag $82 Billion in US Property Bargains in Past Year

Foreigners bought $82 billion worth of American property in the 12 months ending March 2011 according to the latest data from the National Association of Realtors. A 24% increase on last year.

Canadians led the way with a dominant 23% of all foreign sales going to Canadian buyers, China came in second with 9% and Mexico, India and the UK tied for third at 7%. Brazilian and Argentinian buyers – counted together – accounted for 5% of sales to foreigners, up from 2% in the previous year.

“In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory,” Ron Phipps, president of the Realtors association and president of Phipps Realty in Warwick, Rhode Island, said in a statement today.

According to the report foreign demand is being fuelled by the combination of falling prices and the weak dollar giving foreigners even bigger discounts. According to the S&P/Case – Shiller index of home prices in 20 US cities, prices in February 2011 were down 33% from the July 2006 peak, with unemployment and the huge volume of foreclosed properties being sold at a discount hurting values across the board. Zillow inc recorded an 8.2% fall in prices in the first quarter.

According to the report by the NAR foreigners accounted for 8% of the $1.07 trillion in US house sales in the year ending March. The report said that half the sales ($41 billion, up from $25 billion last year) went to immigrants who had moved to America in the past 2 years and those holding visas, and the other half went to international investors.

62% of foreigners paid in cash with no mortgage during the period according to the report, and the most popular states were Florida, California, Texas and Arizona, accounting for 58% of foreign purchases between them. According to the NAR on top of the discounts foreigners are buying because of rental opportunities, the potential for long term capital appreciation, and because the US is still seen as a safe place to invest.

It’s still not too late to bag a Florida villa bargain – but only if you start your hunt NOW …….. before all of the bast bargains are bagged by other foreign (e.g. British) investors!

Happy (Bargain) Hunting!

Bill Cowie President

www.britishhomesgroup.com

Orlando, Florida

Kissimmee Office 407 396 9914
Direct (Mobile) 407 620 7777

British-American Chamber of Commerce Advisory Board

Request more information on buying a home in Florida or submit a Custom Search Request

The BRITISH HOMES GROUP Florida
2960 Vineland Road | Info@britishhomesgroup.com or (+1) 407 396 9914

Nearly 40 percent of the 23 most-popular U.S. cities among non-American visitors to Trulia are in Florida, according to a blog the property search site launched today.

The blog, Trulia Insights, will feature data visualizations of housing data on a weekly or bi-weekly basis. The first such infographic details the U.S. cities to receive the biggest share of traffic on the site among non-American visitors in the first quarter. About 5 percent, or 1.4 million, of the site’s unique visitors during the first quarter were from abroad, Trulia said. The site attributed the high level of interest among international site visitors to “falling (U.S.) home prices and currency exchange rates in their favor.”

The most popular American cities were Los Angeles and New York, which were among the top five most-searched cities for visitors from the United Kingdom, Australia, France, Germany, Brazil, Italy, Russia, the Netherlands, Sweden, China and India. Nine of the 23 most popular cities were in Florida with Cape Coral, Fort Lauderdale, and Miami taking the lead.

That interest may be due to both deep discounts on the state’s real estate and a perception that the state is “friendlier to non-citizens,” the site said.

Florida cities were especially popular with folks from Canada, the country with the biggest share of traffic on Trulia from abroad. The United Kingdom had the second-biggest share, while Australia had the third-biggest share.

Bill Cowie President

www.britishhomesgroup.com

Orlando, Florida

Kissimmee Office 407 396 9914
Direct (Mobile) 407 620 7777

British-American Chamber of Commerce Advisory Board

Request more information on buying a home in Florida or submit a Custom Search Request

The BRITISH HOMES GROUP Florida
2960 Vineland Road | Info@britishhomesgroup.com or (+1) 407 396 9914

Central Florida Market Trends First Quarter 2011

Signs of a stabilizing real estate market through out Central Florida are continuing to strengthen. Home buyers are steadily leaving the sideline and entering the home search process. Out of state and foreign home buyers are realizing that the Florida market has bottomed out and they are jumping in to purchase second homes, vacation homes and investment properties.

I am pleased to provide you with our Central Florida Market Trends for the first quarter of 2011.

First quarter 2011 single family homes sales were up 3.8% over the same time period in 2010.

Central Florida condominium sales were up only slightly at 1.28% over the same time period in 2010.

Overall, Central Florida sales were up 4.58% for the first quarter of 2011 over the same time period in 2010.

New contracts written have steadily increased since December 2010 with just over 4,500 new contracts written in March 2011.

In March, the median price of Orlando area existing home sales increased for the second consecutive month to $103,000. However, the March 2011 median price is 6.36% less than the median recorded in March 2010.

The increase in the overall median price is attributed in part to an increase in the number of “normal” homes sales which have higher selling prices than foreclosures and short sales.

In the first quarter of 2011, 72% of all homes sold were in some form of distress. It is anticipated that this number will decline as distress inventories are sold off and more “normal” home sales continue to rise.

The number of homes listed for sale was down to 12,533 in March of 2011, which is 22.75% below the inventory reported in March 2010.

There are currently 10,115 single family homes listed in MLS, which is 16.25% below March of 2010.

The current pace of sales translates into an average of just over 5 months supply, the lowest since December 2005.

Declining home inventories may have a positive effect on some home prices due to the supply and demand.

All cash sales have continued to stay above the 50% mark for the last year.

The sale of $1 million plus properties remains strong, although at a somewhat lower pace then what we say in the first quarter of 2010.

As we enter the Spring and Summer selling months we are forecasting that sales will continue to climb and home inventories will continue their decline, which will make the selling process more interesting with multiple purchasers pursuing the best properties that are well priced.

Bill Cowie President

www.britishhomesgroup.com

Orlando office 407 396 9914

Request more information or submit a Custom Search Request

The BRITISH HOMES GROUP Florida

2010 Market Trends Review and 2011 Forecast Observation

· 2010 Started out very strong through the second quarter. This was fueled by the governments Home Ownership Tax Incentive Program, which artificially stimulated the real estate market.

· 2010 Close sales peaked in June with 3,059 closed transactions and then declined monthly through November followed by an up-tic in December of 18%.

· 2010 year end sales were 19.57% ahead 2009 sales.

· Listing inventory has steadily declined with just under 15,000 listings on the market in December 2010, which is considerably below the nearly 26,000 listings that were on the market in February 2008.

· After 5 years of declining home values, many property owners are coming to the realization that we will not see a quick recovery in home prices.

· We are seeing signs of more home sellers returning from the sideline and repricing their properties to what we are calling the “New Price Normal” allowing them to sell their current home and move on to purchase their new dream home at prices that are 40% to 60% below the market peak and in some situations we are seeing some properties under valued.

· 50% of all closed monthly transactions are for cash.

· Central Florida’s luxury market of $1 Million plus properties in 2010 dramatically out performed $1 Million plus sales in 2009, with Orange County seeing the bulk of the sales activity.

· Distressed sales which include bank owned properties and short sales continues to be an active part of our overall Central Florida sales, hovering in the 65% to 70% range monthly for most of 2010.

· Short sales and bank owned properties will continue to be an active part of our market in 2011, which will continue to hold back area home price increases.

I am pleased to provide you with our updated January through October 2010 Central Florida Market Trends report which reflects a 20% drop in October sales compared to October 2009.  The report also reflects a month over month sales decline from our June 2010 market peak.

The following are highlights and market observations from October 2010:

• October single family sales were down 28% from the same time period in 2009 and declined 23% from September 2010.
• October condominium sales totaled 434, slightly ahead of October 2009, and down 9.16% from September 2010. 
• October overall sales declined 35% from the June 2010 market peak and were down 20.13% from the same time period in 2009.
• New Home sales contracts filed in October 2010 totaled 3,466, down 10% from the same time period in 2009.
• Central Florida’s overall pending contracts totaled 8,817, down just slightly from the same time period in 2009.
• All cash transactions continue to dominate with 53.57% of all closed sales in October 2010 closing for cash – the highest all cash sales month for the year.
• In October 2010 there were 15,441 homes available for purchase through MLS, down 1.92% from the same time period in 2009 and the single lowest inventory month for 2010.
• Distressed sales, which include bank-owned properties and short sales, continue to be an active part of our overall Central Florida sales.  The total number of distressed sales in October total 67%. Distressed sales since February 2010 have ranged between 65% to 70% of all sales monthly. 
• Central Florida’s luxury market of $1 million plus properties is performing substantially stronger in 2010 over 2009 with Orange County seeing the bulk of sales activity.  Through October 2010 Orange County reported 145 $1 million plus property sales followed by Seminole County with 20 $1 million plus sales.

The luxury end of the market continues to see more consumer confidence, which is resulting in more property showings and luxury home sales.  It is our belief that luxury home sales will continue to strengthen through 2011. 

I hope you find this information helpful and I will continue to keep you updated on Central Florida’s Real Estate Market Trends.

November 7, 2010

From yesterday’s US “Stock Market Review”:

Why Should You Invest in US Bank Foreclosed Properties?
 
Bank foreclosed properties are not just for real estate investors who are in the habit of buying homes in clusters for maximum discounts. First-time home owners can also benefit from these distressed properties as offers instant equity at very reasonable terms. Others also purchase foreclosures to build wealth, using their existing home as collateral.

In fact there are many ways by which businesses and individuals can benefit from bank foreclosed properties. This is all because of the high volume of homes available and the fact that they are owned by banks who are not in the real estate business. This situation has created a buyer’s market where banks are willing to offer incentives and perks just to close a sale.

Bank Auctions

A way by which banks dispose these properties is through a public auction. Once a foreclosure is made final a schedule for an auction is published in newspapers and posted at the county courthouse. If you are planning on purchasing a home in this manner, you have to know that these are cash sales and the property cannot be inspected prior to the auction. But then there are other ways to conduct your due diligence check like driving down to the home and surveying its exterior as well as checking out its title in the court house.

Real Estate Owned Homes

Homes that do not sell at these auctions, and there are many of them, end up as properties of the bank otherwise known as real estate owned homes. Banks appoint a real estate broker to sell these homes for them. Buyers can make their offer through these representatives. This offer can either be accepted by the bank or this may be answered with the bank’s counter-offer. Buyers are allowed to make one last offer based on that counter-offer which the bank may either accept or reject.
 
Bank foreclosed properties for sale usually come with a title insurance and a minimum pest certification. The home will be free of former occupants as well as the bank will take care of eviction.

———–
 
“New” versus “Used?

And don’t forget – with the increasing availability of US developer mortgage financing – you can now buy not only a really inexpensive re-possessed Florida condominium but also, using exactly the same amount of cash as a deposit, you can own a brand-new townhouse or single-family villa ……. with a private pool in a great location close to Disney!

Just let us know and we we will help you find your dream holiday home in the Florida sun – and at the right price!

So call us now – while the Florida “Buyers Market” is at its peak!!

Sincerely,

Bill Cowie  President

www.britishhomesgroup.com

Orlando office – 407 396 9914

I hope you find this information helpful and I will continue to keep you updated on Central Florida’s Real Estate Market Trends.

Looking at buying a home somewhere in Florida? Use one of our easy contact links below. 

Request more information on this home or submit a  Custom Search Request

updated January – August 2010 Central Florida Market Trends, which reflects a post mid-year market adjustment following the expiration of the Homebuyers Tax Credit. The following are highlights and market observations for August 2010:

· August single family sales have continued to decline from a mid-year June high of 1,934. August new home sales totaled 1,592, a 2.91% increase over August 2009.

· Condominium sales remain active with 629 condominium sales in August, a 43.28% increase over August 2009.

· Overall sales have gradually declined from a mid-year peak of 2,834. Overall reported sales in August 2010 were 2,429, a 10.91% increase over August 2009.

· New sales contracts filed in August 2010 totaled 3,892, representing a 17.09% increase over August 2009 and have showed a gradual upward trending since May 2010. 

· Central Florida’s overall pending contracts dipped slightly in August 2010 to 8,945 homes under contract, which is 8.60% ahead of August 2009.

· All cash transactions continue to dominate with 51% of all closed sales in August 2010 closing for cash. 

· In August 2010 there were 16,535 homes available for purchase through MLS.  The overall inventory decreased by just 28 homes from July 2010.  The August 2010 inventory level is 1.06% higher than it was in August 2009.

· Distressed sales, which include bank-owned properties and short sales, continue to be an active part of our overall Central Florida sales.  The total number of distressed sales has remained fairly level all year with 68% of all homes sold in August 2010.

· Central Florida’s luxury market of $1 million plus properties is performing substantially stronger in 2010 over 2009 with Orange County seeing the bulk of the sale activity.  Through August 2010 Orange County reported 123 $1 million plus property sales, which is substantially above the 72 sales reported in August 2009.

Seminole County reported 18 $1 million plus sales in August 2010 compared with 12 in August 2009 and Lake County reported 6 $1 million plus sales compared with 2 $1 million plus sales in August 2009 . 

The luxury end of the market appears to be finding more consumer confidence and we anticipate seeing stronger luxury activity through the end of the year.  We are also seeing continued interest from our UK, Canadian, European, and South American buyers.

I hope you find this information helpful and I will continue to keep you updated on Central Florida’s Real Estate Market Trends.

Looking at buying a home somewhere in Florida? Use one of our easy contact links below. 

Request more information on this home or submit a  Custom Search Request

April 30, 2010

From today’s Orlando Sentinel…

University of Florida survey: Florida’s real estate has bottomed out

Are things about to turn around for real-estate properties both private and commercial, such as in downtown Orlando? According to 1 study, that is a real possibility even if it is far from a certainty at this point.
 
Florida real estate has hit bottom and is in the process of stabilizing, according to results of a quarterly survey by the University of Florida.

Private capital – both foreign and domestic – continues to enter the state in search of high-quality investments, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. As banks start to deal with their problem assets, more deals will come to market, he added.

Also, life insurance companies have started to reinvest in commercial properties after backing off for the past year and a half. Because those companies invest premiums from customers’ policies, they are not deterred by the lack of available bank financing, he said.

While most of the real estate professionals surveyed predicted the market probably won’t get any worse, few said it has actually begun to improve, Becker noted. “One of our respondents summed it up by stating that, ‘If anything, we will get less bad,’ ” he said.

“So if they think things aren’t going to get worse and they may actually get better, it follows that they’re going to want to start investing again,” he said.

While South Florida is one of the state’s strongest areas with its diverse economy, steady migration and influx of foreign capital, Orlando, Tampa and Jacksonville are also picking up.

“Florida’s big cities – those four areas – are less bad off than the rest of the state, and they’re going to be quicker to recover than other places,” Becker said.

The retail and office markets are in the worst shape and will likely continue to struggle until job growth improves and frees up more discretionary spending by consumers, the survey concluded.

Apartments continue to be the strongest sector in the state because of high demand from people moving out of foreclosed homes, Becker said.

Statewide, Florida’s new-home market will continue to be slow as more and more foreclosures become available on the existing-home market, Becker said. “That competition makes it very difficult for new homes to get built and purchased, because buyers can often get an equal or nicer home for a much cheaper price on the foreclosure market,” he said.

The report is more optimistic than some recent economic forecasts, which have predicted the market may further soften through at least the end of the year.

David Stiff, chief economist for Wisconsin-based Fiserv Inc, predicted in March that Orlando residential prices would fall by double-digit percentages through the third quarter and then increase by less than 2 percent from late 2010 until late 2011. Fiserv’s report predicts that housing prices in Florida will fall in all 22 of its largest markets, with prices in Miami falling by one-third through the third quarter of this year.

Mary Shanklin can be reached at mshanklin@orlandosentinel.com or 407-420-5538.
———————-
 
Thank you for your business – please tell your friends!

Sincerely,

Bill Cowie  President

www.BritishHomesGroup.com

Kissimmee Office: 407 396 9914

Member: British-American Chamber of Commerce

Our Email Address: Info@BritishHomesGroup.com

Quick Contact Request

http://www.britishhomesgroup.com/contactus.php

Customised Property Search Request

http://www.britishhomesgroup.com/floridaproperty.php

From today’s USA Today:

Investors with cash are buying US houses

By Stephanie Armour, USA TODAY

More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.
The share of home sales involving all-cash transactions was 26% in January, up from 18% a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions. Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.

Other NAR data also show a pickup in investment activity.

Home purchases made by buyers identified as investors climbed to 17% in January, up from 15% in December and 12% in November.

“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”

Many investors say they’re financing their purchases with cash on hand, rather than borrowing.

Evan Spinrod of San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5% annual return on his investment. Some of his homes are worth about $165,000. “I’m still looking,” Spinrod says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”

Leonard Baron, a real estate professor at San Diego State University, has bought three homes with cash in the San Diego area in the past eight months, ranging in price from $100,000 to $130,000. He rents the properties.

Baron says now is an ideal time to make such purchases. “It’s because prices have dropped so much and rents really haven’t,” he says. “The deals were unbelievable.”

Some Realtors also say they’re seeing increased investor activity.

“Flippers, rehabbers, investors … are, in fact, buying,” says Lisa Johnson, with Coldwell Banker Residential Brokerage in Haverhill, Mass. “I’m getting builders who have stopped building and are instead buying up condos and single-family homes to fix them up and sell them. It’s a neat change I haven’t seen in four years.”

All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.

“You have to have cash to be able to close quickly and have negotiating power. Cash is king,” says Tanya Marchiol, president of Phoenix-based Team Investments, which buys about 70 properties a month with cash it raises from investors. “We do want to flip it or generate cash flow (through renting it out). Now is the time to buy for cash flow. We know the market is going to rebound.”

Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value.

That’s the philosophy of Jim McClelland of Tinley Park, Ill.

He is buying about 120 to 150 entry-level homes in the Chicago area this year and owns a total of about 300 properties.

He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.

That’s because so many prime-rate borrowers who bought more expensive homes have gone into foreclosure.

He puts about $60,000 into upgrading a property, then rents it out.

“Do I think this year will be a better time to invest than in 2009? Yes,” McClelland says. “There have always been foreclosures. The difference now is you get a better home for the same kind of money. You’re sitting on better inventory. People get into real estate for financial independence. It’s not a quick fix. It appreciates. It doesn’t happen overnight.”

For more information contact info@britishhomesgroup.com or Telephone (407) 396-9914
——————–

Thank you again for your business.

Sincerely,

Bill Cowie  Director
www.BritishHomesGroup.com
Orlando, Florida