Florida Property Auction Updates.

May 16th 2009
 
Blue Springs Auction: (Scheduled)

    * Large Acreage Lots
    * Opening bids of $25 K to $29 K
    * There are two homes for sale too.
    * There are 28 lots to be sold.
    * 10 of the lots will be sold “Absolute”
    * The event will be held on site.
    * Register: http://www.britishhomesgroup.com/florida-property-auctions.php

Town Homes in Melbourne: (In process)

    * Numerous “fee simple” town homes.
    * Two car garages in each of the units.
    * Previously sold in the Mid $400’s
    * Opening bids of $95,000 for each.
    * Luxury finishes (granite and crown moldings)
    * Adjacent to the Intracoastal Waterway
    * Auction tentatively scheduled for May 30th
    * Register: http://www.britishhomesgroup.com/florida-property-auctions.php

Future auctions to include condos on both the east and west coasts of Florida, as well as some single family homes near the Disney World location.

Resgister to receive auction updates: http://www.britishhomesgroup.com/florida-property-auctions.php

If you are currently considering buying a home in or around Orlando, recent statistics and an article in today’s Orlando Sentinel reveal that the ‘Timing is looking Good’.

Auctions, short sales, foreclosures and just plain and simple ‘too good to miss bargains’ are attracting investors, hedgefunds and first time buyers from all areas of the globe. Lenders are being more responsive with their short sale process and some are even offering 100% financing if you buy their own bank owned properties.

Existing-home sales in the region have started rising again compared with a year ago. And half the deals involve bank-owned foreclosures or “short sales” — properties for which the bank has agreed to take less than the amount owed on the mortgage.

48 percent of sellers nationally are now getting multiple purchase offers for a single property, nearly double the 25 percent rate during the same period last year.

The Orlando Realtors’ foreclosure analysis, released Monday, showed for the first time the extent of distress sales in the local market. Of the 1,653 homes sold by the association’s member agents in the core Orlando market last month, 700 were bank-owned.

Read the full article here…

http://www.orlandosentinel.com/business/orl-bizdistress16041609apr16,0,4691113.story

6 Bedrooms 3 Bathrooms 3000 Square Feet

3000 sq. ft. 6 bedroom (or 5 and a Den) and 3 full bath. Granite counters, stainless steel appliances (yes the fridge too), W/D, alarm, rounded corners, 18×18tile in wet areas all for $239,990.

Please Click Here to make an enquiry on this huge home or call 0800 096 5989 (free from the UK) or +1 407 396 9914 from all other areas.

THIS IS NOT A SHORT SALE. THIS IS A BANK OWNED PROPERTY THAT IS PRICED RIGHT AND READY FOR SALE TODAY!

Buy-to-Let this great Florida property.

This house has never been occupied – it is virtually brand new, built in 2006.

4 bed, 2 bath, 1900 square foot home.

Master suite with garden tub & dual sinks.
Kitchen opens up to the large family room.
Brick paver driveway.
No rear neighbors – backs up to orange grove with views of the lake.

Ideal for cash-buyer.

This is a great opportunity for homeownership at a fraction of the homes original value. Don’t delay!

Please call 0800 096 5989 or +1 407 396 9914 and ask for Jim.

Info@britishhomesgroup.com or contact us here:

There were just 7 properties left from the weekends Reunion auction held in Orlando Florida. If you would like to make an offer on any of the below properties please contact us here: info@britishhomesgroup.com

Click on the images to see full descriptions of the individual properties.

1208 Radiant Drive – Reunion Florida

1210 Radiant Drive – Reunion Florida

1519 Corolla Drive – Reunion Florida

7603 Heritage Crossing Way #202 - Reunion Florida

7818 Whitemarsh Way - Reunion Florida

7841 Palmilla Court - Reunion Florida

7849 Palmilla Court - Reunion Florida

Please contact us here to make offers on these Florida homes or call 0800 096 5989

Do you have a BMA loan on your Florida Property?

The US dollar, as you probably know, has rapidly risen to a 6-year high against the pound – from $1.80 – $2.00 a few short weeks ago to the low $1.60’s at time of this email.

If you currently have a Sterling mortgage on your Florida home this could be an ideal time to re-finance it into dollars – and potentially reduce your Florida mortgage amount by 10-15%.

The mother of Lee Weaver, our Director of Operations, recently refinanced her UK mortgage, for example, and reduced the outstanding loan on her Florida villa by over $22,000.

from Mrs. Weaver’s note…

Thank you Chris and BHG for looking after my Florida interests all of these years and letting me know that it was a good time to consider changing the mortgage on my Florida home from pounds to dollars. I was fortunate with my home value to be able to include most of the costs in the process and still reduce my original US loan balance by just over $22,000.

A $200,000 mortgage taken out at $1.95 would reduce to $169,231 when converted back at $1.65. That’s over a $30,000 principal reduction.

To see if the time and circumstances are right for you, please give us call, or complete the short form by clicking the link below, for an evaluation of your current mortgage position and refinance options – as always, without obligation or cost.

This window of opportunity may be short and we are expecting a lot of inquiries so please provide as much information on the form as you can

http://www.britishhomesgroup.com/refinance-your-sterling-loan.php#refinance

Sincerely,

Christine Doran
General Manager
www.BritishHomesGroup.com

Property in America: In the land of opportunities

The US housing market crash dwarfs our own – but now could be the time to buy, says Graham Norwood of the Telegraph (www.telegraph.co.uk)

The 2008 crash in British housing prices began in a land far, far away – the USA, to be precise. But whereas our slump shows no signs of bottoming out, across the Atlantic it’s a different story. Property prices are now so low that for some, investing in real estate seems irresistible. Sheila Harrison, a commercial property agent from Bedfordshire, has just bought a three-bedroom, two-bathroom home in Naples, on the west coast of Florida, for $200,000 (£100,015). This was only 50 per cent of its value in late 2007, but she reckons its price will bounce back in the years to come."It’s not actually an investment," says Harrison, a commercial property agent who lives in Ampthill and runs her business in Luton. "It’s a second home in a place I love and I’m not going to rent it out. But I’ve studied the US market and prices aren’t going to go down forever."It isn’t just a case of the pendulum swinging. "The dollar-sterling exchange rate is fabulous and prices in the US are so low," she says. "For £100,000, I’ve got a home that was built for domestic buyers, so it has a top specification. The developer needed to sell quickly, so I’ve got a bargain."She is not the only Briton defying the gloomy headlines about the American market….read the full article here

UK RESIDENTS OFFERED FREE LUXURY HOLIDAY TO ORLANDO AS PART OF LENNAR HOMES INCENTIVE PACKAGE

THE BRITISH HOMES GROUP Florida, experts in providing sales and loans advice to UK property owners in Florida, is giving away a luxury family holiday as part of a package of incentives to encourage UK buyers to consider a LENNAR HOME.  Lennar Homes is the third largest developer in the USA and Florida’s leading developer in 2007.

The free family holiday, worth up to $7,500, includes:

Limousine rides to and from your UK home to a major UK airport
Return airfares to and from Orlando or Sanford International Airport
Limousine rides to and from Lennar Homes’ spectacular new resort community, Paradise Palms
3-Night, 4-Day stay in a 4-bedroom luxurious, fully-furnished town home
Car rental during your stay
VIP property tour of Paradise Palms and The Shire at West Haven Villas
Day passes to a theme park of your choice
Options to extend your stay at special rates

Two resorts, minutes from Walt Disney World in Orlando, have been selected by the British Homes Group for the special treatment:

Paradise Palms – Kissimmee, Florida

http://www.britishhomesgroup.com/paradise-palms.php

offers two-story town homes that come with private, screened, heated swimming pools. Each home is fully furnished with GE CleanSteel appliances and flat-screen TVs in the living room and all bedrooms.

The “Sabal Palm” floor plan offers 4 bedrooms and 3 bathrooms at 1,780 sq. ft. The “Beach Palm” offers 4 bedrooms and 3 bathrooms, also at 1,780 sq. ft.and the “Royale Palm” floor plan offers 5 bedrooms and 4 bathrooms at 1,967 sq. ft.

The Paradise Palms community, just 8 minutes from Walt Disney World, has something for everyone. The superbly-equipped multi-million dollar clubhouse and surrounding amenities are available to both residents and guests. Amenities include a 24-hour manned security gate, resort style pool with tiki bar, waterfalls and grottos as well as a heated spa and children’s pool.  Alongside the pool area is the Tiki Bar and Grill serving drinks and refreshments to order.  

Paradise Palms Resort also features a movie theatre, tennis, basketball and volleyball courts, fitness centre and sauna, tetherball, bocce, badminton, Internet Lounge, game room and gift shop.

The on-site management company that can provide short-term rental assistance should purchasers choose to rent their town home while they are not using it. 

Other promotion incentives include:

• A $10,000 reduction on the current price of the property
• a $6,000 allowance towards mortgage closing costs (legal fees)
• Payment of the first years’ homeowners association service charges and maintenance costs (approximately $5,000)

The Shire at West Haven – Davenport, Florida

http://www.britishhomesgroup.com/the-shire-at-west-haven.php

is a development of 4 and 5 bedroom detached villas with 3 and 4 bathrooms and 2-car garages. The “Hampton” floor plan is priced at $385,990 (£194,531), the “Woodford” floor plan is priced at $460,990 (£232,330), and the “Nottingham” floor plan is priced at $490,990 (£247,410).

The villas have private, screened, heated swimming pools, on oversized plots.  Community amenities include tennis, volleyball, children’s play area, clubhouse with fitness centre and lounge. West Haven is located in close proximity to Champions Gate (a 36-hole championship golf course), and Walt Disney World  is just 15 minutes away.

Other promotion incentives offered by Lennar include:

• Lowering of the price of the home by $10,000
• a $6,000 allowance towards mortgage closing costs (legal fees)
• an array of energy saving products and features
• GE appliances fitted as standard
• A furniture voucher worth up to a $20,000

For the British buyer, the value of these incentives is multiplied by the currently highly favourable currency exchange rate of the U.K. pound against the U.S. dollar which makes buying Florida real estate cheaper than it has been for years.  

Lee Weaver, of The British Homes Group, the UK’s favourite “one stop shop” for British villa owners in Florida says: “For the UK buyer, prices of property in Florida are at their lowest level since 2003. The choice is immense and the quality extremely high so it’s a true buyer’s market.  Through British Home Loans, our Orlando-based multi-currency mortgage brokerage company, British and European buyers have the option to arrange a mortgage in 9 different currencies – including Euros, Pounds and U.S. Dollars with future flexibility to change the currency, depending on personal or economic factors. With excess inventory, a reduction in prices, motivated sellers and a strong buying currency, there has never been a better time to buy a Florida home.

“We have never seen such a superb range of real financial incentives to bring the price down lower still.  Florida’s largest and most respected developer, Lennar Homes, has made it so very easy for Brits to come over to inspect the communities and choose which property type is best for them”.

To find out more information on the ‘Free Orlando’ offer please visit: http://www.britishhomesgroup.com/lennar.php or call Lee Weaver at British Homes Group on their UK to Orlando Freephone number 0800 096 5989.

Richard Way, Editor for the A Place in the Sun magazine asks Lee Weaver of the British Homes Group Florida for an update on the current Florida market.

Has the Florida Market hit rock bottom yet or is there still a fall in prices to come?

According to US industry expert Hank Fishkind the UK’s favourite Florida property market, Orlando, is either at bottom or close to it in terms of pricing. Although the housing slump overall will continue, Fishkind predicted that consumers looking for home prices in Florida (and particularly in Metro Orlando) to fall much more are not likely to be rewarded for their patience. Other industry and economic sector reports bolster his opinion; UCF economist Sean Snaith sees stabilization by mid-year and the National Association of Realtors (NAR) project median price increases by 2009. With unemployment at 3.9%, job growth steady, new movers to the state remaining strong and tens of millions of yearly visitors, Florida has too strong a foundation not to quickly recover from this pricing and inventory adjustment. I think that most people are aware of that and that’s why the world wide interest for Florida property right now.

Will 2008 be the year the market starts to turn around or level out?

Probably "level out". I visualise the letter "u" with a flat bottom and I picture the market just entering the bottom curve of the left line. I think the biggest determining factor of how quickly we move off that bottom line is inventory levels. Some coastal areas may lag behind a bit and maybe the condo-hotel market in general as lenders still seem unsure of the resale market for this property type.

Surely now is a good time for Brits to buy in Florida – with it being a buyer’s market and the Pound being strong against the Dollar? If not now when will be the optimum time for Brits to buy in Florida for investment?

Absolutely right now is a good time. Uniquely so from a British perspective. excess inventory + motivated sellers + strong pound = perfect UK "Buyers Market" Absolute, no reserve auctions like that of Stirling Sotheby’s (the Florida affiliate of Sotheby’s in the UK) will raise awareness of some of the current values to be had in Florida, bring short and mid term investors back and also help reduce inventory levels. The anticipated Bank of England base rate reductions could also have immediate effects on currency exchange rates, weakening some of the buying power of the Pound.

In the wake of the credit crunch, how available is credit for British buyers? Does the market suit cash buyers? What sort of finance is available for buyers?

A number of options are still available for British buyers. The biggest affect is more in the length of time to "process" the applications as lenders require more supporting documentation for their lower "loan to value" products. Stated income products are still available but at higher deposit levels. US Dollar fixed or adjustable products are common but by far the most popular is the multi currency product because of the ability to originate the loan in UK Pounds and the flexibility to switch it to Dollars (or Euros etc.) at a later date. With prices for 4 bedroomed pool homes hovering around £80,000 there’s no doubt cash sales are increasing. You do lose some tax advantages (interest deduction) and potentially increase risk on your primary home in the UK (if equity is released from it for the purchase) if you pay cash though. Short sale (pre foreclosure) and auction buyers normally need to move fairly quickly so most use the cash option for the short term and then refinance with an equity draw down on the US property as soon as things have settled.

What should British buyers be wary of when buying in Florida at the current moment?

One of the biggest things to be wary of would be pre-construction developers asking for high deposits. Florida is a very heavily "consumer protected" State, but when a developer stumbles (for whatever reason) at the pre-construction stage, recovery of invested funds can be very difficult. Check to see if "incentives to buy" are simply built in to the purchase price or are they of true value. If you want to rent out the home by the week, are there any restrictions imposed at the neighborhood or county level? Retain a Realtor that works well with you and one that listens too and understands your property goals. Here in the US one agent can show you any property so you don’t have to start from scratch explaining your needs every time you want to look at a different house. For your mortgages, ask for a ‘Good Faith Estimate’ from your mortgage company and be wary of ones that don’t align with other quotes…the costs probably appear elsewhere. Normal lines of precaution would also apply…how professional are they and what is the extent of their industry knowledge?, how long have they been in business?, are there any negative reports on websites or blogs about the development or company?, who are they associated with? what do their peers say of them? and, of course, what do their existing clients say about them!