Florida Real Estate, Tourism and Immigration News

4 Bedroom, 4 Bathroom Pool Home in Kissimmee, FL

The property is unfurnished but does come with all kitchen appliances and washer/dryer. The development is within a 20 minute drive of Disney. The price is an amazing $150,000!

Great investment or second home opportunity – close to all attractions. 

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

BRITISH HOMES GROUP

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.
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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

BRITISH HOMES GROUP

April 22, 2010

From today’s ORLANDO BUSINESS JOURNAL

Orlando home, condo sales up in March

Existing home sales in Florida rose 24 percent in March, with 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, said Florida Realtors.

In addition, while March’s statewide existing-home median price of $137,000 was down 3 percent from $141,300 a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.

Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure, with 7,148 units sold compared to 4,387 in March 2009.

March’s statewide existing-condo median price of $96,900 was down 11 percent compared to the year-ago figure of $108,500, but it was 5.1 percent higher than February’s statewide existing-condo median price.

In metro Orlando, 2,489 existing home sales took place in March, a 36 percent increase over 1,828 in March 2009.

The median price for homes in March 2010 was $132,200 in the metro area, a 12.7 percent decrease from $151,500 in the year-ago period.

Meanwhile, 790 condo units sold in March compared with 364 a year ago, a 117 percent increase. However, the median price fell 11 percent to $49,700 compared with $55,700 a year ago.

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

BRITISH HOMES GROUP

April 21, 2010

Time ripe to buy US homes before prices rise – poll

By Lynn Adler

NEW YORK, April 21 (Reuters) – Most consumers think U.S. homes are affordable and the time is ripe to buy as many expect prices to rise in the next year, a new survey showed on Wednesday.

U.S. home buyers remain worried about the economy. But with average home prices down about 30 percent nationally from 2006, mortgage rates low and federal tax credits still in play, more than 80 percent of buyers see this as a good time to purchase, a Century 21 Real Estate LLC poll found.

The First-Time Home Buyers and Sellers survey by the Realogy Corp. unit polled consumers who bought or sold their first home within the past year or planned to do so within the next year.

“Today’s market presents a generational opportunity for home buyers and current home owners looking to leverage their market position,” Rick Davidson, president and CEO of Parsippany, New Jersey-based Century 21, said in a statement.

The housing market is showing signs of stabilizing after its deepest plunge since the Great Depression, though a rapid recovery is highly unlikely with unemployment hovering just below 10 percent.

Recovery will be sporadic and slow, most analysts agree, constrained by restrictive lending standards and a stockpile of foreclosed properties that must also be sold.

Almost half of first-time home buyers and sellers expect home prices to increase over the next year, the survey found.

Such indications of improved sentiment have been in short supply and eagerly sought in the midst of the important spring home sales season. Spring sales are especially important this year as some major government backstops are yanked.

The Federal Reserve on March 31 ended its purchases of more than $1.4 trillion in mortgage-related securities aimed to hold down mortgage rates, rejuvenate housing and the economy.

Meantime, buyers eligible for an $8,000 first-time home purchase tax credit or a $6,500 repeat-buyer credit need to sign contracts by the end of this month and close on loans by the end of June.

Eighty-four percent of first-time buyers surveyed by Century 21 are aware of the credit and 64 percent of those who are in the market for their first home said they qualify.

The same percentage of sellers were aware of the move-up buyer credit, though just 33 percent said they qualified.

Home prices, the tax credit and low interest rates were the top three reasons first-time buyers decided to enter the market.

Personal/family reasons and home prices were the main factors leading owners to sell their house for the first time.

Home prices also drove about half of the sellers surveyed to move up to bigger homes, and about 37 percent to change neighborhoods.

Losing money and getting offers near their asking price were the main concerns for sellers.

About 40 percent of those polled were more worried about the economy than a year ago, Century 21 said, and market conditions generally favor buyers. However, about half of first-time buyers see prices rising by next spring, helping reestablish a balance between buyers and sellers.

Almost 80 percent of those polled said mortgage rates are either somewhat or very affordable. Low rates influenced 46 percent of owners to sell for move-up reasons and another 43 percent to change neighborhoods.

Thirty-year mortgage rates have averaged around 5 percent through the first three months of this year, rising slightly in April, according to home funding company Freddie Mac.

But as many banks have tightened lending practices, the vast majority also said that getting a home loan is either somewhat or very difficult.

Century 21 said that most of those who moved or plan to move are staying between 10 and 50 miles of their current homes, suggesting market conditions may be spurring the transactions rather than demand for big geographic changes or job relocations.

The on-line survey was conducted with 708 respondents from March 12-16 by MarketTools, Inc.

Sincerely,

Bill Cowie  President

www.BritishHomesGroup.com
Kissimmee Office: 407 396 9914 begin_of_the_skype_highlighting              407 396 9914      end_of_the_skype_highlighting
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

BRITISH HOMES GROUP

April 15, 2010

From our colleagues at Moneycorps:
 
“The Pound benefitted from strong data released last week, including better growth estimates, rising house prices, and strong manufacturing statistics. Recent Sterling volatility concerning a possible hung UK Parliament was somewhat alleviated with the announcement of Britain’s general election, to be held on the 6th of May.
 
Uncertainty over these elections will still likely bring volatility as government agencies lean toward either the Tory or the Labor Party views for addressing Britain’s budget crisis. The result of this debate, basically whether to continue or to halt government spending post-election, will determine the success of the economic recovery. Although Sterling has indeed broken the trading range seen over recent weeks, looming fears leading up to the election should keep pressure on the currency.
 
Yesterday’s better-than-expected trade balance figures out of the UK, a £6.3 billion February deficit against the forecasted £7.3 billion deficit, was a vast improvement to the £8 billion deficit reported the previous month. With the lowest UK deficit reported since August, Sterling moved above the 1.54 GBP/USD technical barrier.
 
With the most US jobs created in three years in the month of March, it is natural that consumers are becoming more comfortable spending. Yesterday’s announcement of a widened trade deficit in the United States revealed economic growth, with a push from Americans purchasing more foreign-made goods, the highest demand since 2008. Watch for US unemployment & housing data being released this week.”
 
Recent Trading Range: $1.48 – $1.55

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If you already own a home here and you are considering short or long term renting the home, or if you are considering buying a home (anywhere in Florida) please use one of our contact options below – The British Homes Group

We are located on the NW Corner of 535 and US highway 192 above the Edwin Watts Golf Shop and across the road from the Publix super market. Please feel free to visit anytime Monday through Friday, 9 – 5pm.

Our local number is: (+1) 407 396 9914

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

BRITISH HOMES GROUP

April 9, 2010

From today’s Orlando Sentinel – Mary Shanklin

Home prices edge up in March
 
Sales of existing homes in Orlando increased and prices rose about 5 percent from February to March, signaling the approaching April 30 deadline for a federal homebuyer tax credit.

Anxious for a recovery in the recessed market, the association noted that closings for March had increased more than 40 percent from a year ago. And it reported that its members filed 4,662 new sales contracts during March, bringing the area’s pending sales more than 10,000.

“The record number of pending sales confirms the strong increase in demand as buyers try to take advantage of the tax credit before the April 30 deadline,” said the association’s Chairman of the Board, Kathleen Gallagher McIver, RE/MAX Town & Country Realty.  “If homebuyers want this tax credit, they must act now.”

Buyers must have a contract signed by April 30 to qualify for the credit, which is worth as much as $8,000. The sale must be closed by June 30.

Prices, meanwhile, had improved from February to March but were still down 19 percent from a year earlier. The median price for an existing home in the Orlando area last month was $110,000, with “normal” sales prices increasing 2 percent to $166,500 and short sales prices rising 10 percent to $105,000.

Homes of all types spent an average of 92 days on the market before coming under contract in March 2010; a year early they were on the market for an average of 11 days longer. The average home sales prices was 94.36 percent of its list price, up from 92.74 percent a year earlier.

And, in another indication of how the market has changed during the last year, the current pace of sales translates into 7 months of supply; a year earlier the region had a 12-month supply.

Long road back home

Forecast: Housing prices in Orlando, Miami won’t return to 2006 peak until after 2039.

Orlando’s single-family home prices are unlikely to return to their 2006 peak for the next three decades, according to a newly released survey of more than 370 U.S. cities.

Prices have fallen 60 percent during the past four years in Metro Orlando, one of seven markets not expected to recover until some time after 2039, according to the analysis of Case-Shiller historical home-price trends released Thursday by Fiserv Inc.

The study went on to predict that Central Florida housing prices would fully reach bottom during the second quarter of 2011.

“The difficulty with Orlando and the other markets that got caught up in the housing bubble is that prices fell by more than 50 percent,” said David Stiff, chief economist with Fiserv. “Even if you have average appreciation of 3 percent annually, … it takes 30 years to get back to the peak.”

Another challenge facing Orlando is an oversupply of housing built during the boom, Stiff added. Federal home-buyer tax credits have been attracting buyers in recent months, but that demand may subside once the credits disappear this spring, he said.

Investors are rushing in and purchasing properties in Orlando and other markets, but that kind of activity isn’t likely to further “destabilize” the market – as it did during the housing run-up – because speculators now are largely cash buyers with mortgage payments that reflect local rental rates. Four or five years ago, investors used easy financing and then could not get charge enough in rents to pay off their mortgages.

Sean Snaith, who directs the University of Central Florida’s Institute for Economic Competitiveness, said the Orlando area’s recovery from the housing slump is likely to take some time. But he said the national Fiserv survey may not be taking into account employment forecasts that show relatively strong job creation for the region. The university, he added, foresees Orlando’s job market growing faster than that of other cities in the state.

“A lot can happen in three decades. This is one of the fastest-growing parts of the state. It will still have high growth again,” Snaith said. “We’re in a deep hole – we’re not buried alive.”

Bradley Hunter, a Florida economist for Metrostudy, a real estate research firm, said it’s “fanciful” to even poise the question of when prices will return to the peak of the buying frenzy. Speculating investors drove prices to levels that were inflated far in excess of the rental market and of what buyers could afford based on their incomes.

“I do agree it’s going to be a long time,” Hunter said of the recovery. “Some areas will begin to improve this year and other areas, next year. But getting back to peak levels? That’s asking for a lot, because those were unsustainable and unrealistic.”

Within Florida, the Fiserv/Case Shiller indexes showed Miami, Naples, Punta Gorda and Orlando all taking until at least 2039 to rebound to their peak prices. Other parts of the state would recover sooner: Gainesville, 2017; Jacksonville, 2020; Polk County, 2026; and Brevard and Volusia counties, 2027. The data economists analyzed originated from the Federal Housing Finance Agency and Moody’s Economy.com.

“Nationally, Fiserv Case-Shiller data point to a further, 7 percent decline in home prices through the end of this year, with a prolonged recovery beginning early in 2011,” Stiff said. “In many markets, the emphasis is on the word ‘prolonged.’

Mary Shanklin can be reached at mshanklin@orlandosentinel.com or 407-420-5538.
 
Thank you again 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

——————-

If you already own a home here and you are considering short or long term renting the home, or if you are considering buying a home (anywhere in Florida) please use one of our contact options below – The British Homes Group

We are located on the NW Corner of 535 and US highway 192 above the Edwin Watts Golf Shop and across the road from the Publix super market. Please feel free to visit anytime Monday through Friday, 9 – 5pm.

Our local number is: (+1) 407 396 9914

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

April 6, 2010
 
From today’s USA Today:

Surprise: US Home Sales Spring Forward

8.2% gain in February home sales was best since 2001

By Stephanie Armour, USA TODAY

Home buyers rushed to purchase previously owned homes in February, a shift hailed as the long-awaited start of the spring housing market.

The seasonally adjusted index of sales agreements jumped 8.2% in February to 97.6 from 90.2 in January, the National Association of Realtors (NAR) said.

Although many economists had expected a decline, it turned out to be the second biggest monthly rise on record behind October 2001.

After an anemic winter, home sales are now likely to continue showing steady increases, economists say, as buyers rush to complete purchases before a tax credit of up to $8,000 for first-time home buyers expires April 30. They cite other factors, including more jobs and economic growth, that could continue to propel a housing recovery.

“What we’re starting to see are people who have their eye on the tax credit make some moves,” says Joel Naroff at Naroff Economic Advisors. He predicts home sales will continue growing: “Job growth, the economy is coming back; Realtors are listing – everything seems to be working in the positive side of the cycle.”

Pending sales rose the most in the Midwest, at 21.8% in February from January. In the West, the index fell 4.8% in February. The Northeast rose 9%, and pending home sales in the South increased 9.2%. The data reflect contracts. Closings usually occur one or two months later.

Cheap home prices could also be drawing bargain-hunting buyers. Home prices in January fell 0.4% from December on an unadjusted basis, according to a report last week from the Standard & Poor’s/Case-Shiller index.

Anecdotal reports suggest March may also show gains in home sales, says Lawrence Yun, chief economist at NAR. That would be critical in helping reduce the overall amount of housing inventory. High levels of inventory dampen prices by reducing competition for homes.

Yun says that there may be some decrease in home sales in June through August, after the tax credit expires, and that higher interest rates near the end of the year could depress sales. Currently, the average interest rate on a 30-year, fixed mortgage is 5.08%, Freddie Mac says. “I’m optimistic,” Yun says. “By year end, interest rates could be closer to 6%. But with the improving economy and buyer confidence, that shouldn’t be a hindrance.”
If you already own a home here and you are considering short or long term renting the home, or if you are considering buying a home (anywhere in Florida) please use one of our contact options below – The British Homes Group

We are located on the NW Corner of 535 and US highway 192 above the Edwin Watts Golf Shop and across the road from the Publix super market. Please feel free to visit anytime Monday through Friday, 9 – 5pm.

Our local number is: (+1) 407 396 9914

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

March 30, 2010

We are delighted to announce that Mark Shore has joined the British Homes Group team.

British Realtor helping UK clients buying homes in the Orlando area.

We are sure that those of you who have worked with Mark in his over 30 years in the property and finance business in both the UK and US will agree that Mark is one of the most experienced, helpful and trust-worthy professionals in our business.

Mark hails from Bristol and moved to Orlando in 2003. Mark has now acquired an extensive and intimate knowledge of the DisneyWorld area of Central Florida. He also has access to more that 20,000 residential property “listings” in Central Florida’s current buyers market.

Mark has successfully bought and sold his own properties. And he is more than willing to share his actual, invaluable hands-on experience with his customers.

Mark has also already set up a “British Homes VIP Service” for UK buyers and sellers:

British Homes VIP Buyer Service – for UK property buyers who would like Mark to act as their sole “Buyers Agent” – at no extra cost – in finding the right property at the right price for them. Simple and safe!

British Homes VIP Sellers Service – for UK sellers who would like British Homes to feature their properties – again at no extra cost – on their web site, blog or other international publicity media.

You can contact Mark on info@britishhomesgroup.com or by calling (+1) 407 396 9914.

One such property, for example, is beautiful home – with a pool – close to Disney that was bought by a British Homes customer in 2003 for $196,000. The seller is now willing to accept $135,000 for a quick sale (see www.britishhomesgroup.com).

Thank you for your business – please tell your friends!

And welcome again Mark!

Sincerely,

Bill Cowie, Director
www.britishhomesgroup.com
Orlando, Florida

March 22, 2010

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
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Thank you again for your business.

Sincerely,

Bill Cowie  Director
www.BritishHomesGroup.com
Orlando, Florida

Dreamflights Annual Golf charity Tournament is set for April 23rd 2010 with a shotgun start at 8:00am.

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