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Orlando, FL Real Estate News

By Walter DiLoreto, Real Estate Short Sale Specialist
(PHP Houses)
You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.A real estate agent does a lot more than you may realize.Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of what’s likely your largest purchase ever. And that’s exactly what you want and deserve.This is at least a part of the reason why a recent survey from Bright MLS found an overwhelming majority of peopl...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
HUD Unveils Proposed Changes to Mortgage Process Within days, the federal department of Housing and Urban Development plans to unveil sweeping proposed changes to the American mortgage application process and real estate settlement system.The rule changes are the end-product of HUD's five-year effort to streamline mortgage disclosures, promote comparison shopping by loan applicants, and to stamp out eleventh-hour surprises at closings -- where fees come in hundreds or thousands of dollars higher than initial estimates.Realty Times obtained a point by point summary of the proposals in advance of their official release by HUD. The changes are designed to radically overhaul the current, much-criticized "Good Faith Estimates" (or GFE) disclosures and the "HUD-1" closing procedures.Among the...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Weak Economic Reports Drive Mortgage Rates Downward According to Freddie Mac's Weekly Survey Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.5 point for the week ending March 6, 2008, down from last week when it averaged 6.24 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.The 15-year FRM this week averaged 5.47 percent with an average 0.5 point, down from last week when it averaged 5.72 percent. A year ago at this time, the 15-year FRM averaged 5.86 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.34 percent this week, with an average 0.5 point, down from last week when it averaged 5.43 percent. A year ag...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Don't Get Caught In Mortgage FraudIt's like a Train Wreck. Mortgage fraud is among the top concerns of those investing in real estate. If you get caught in a mortgage fraud scheme it can create a financially painful and emotionally distressing situation. While there are many reputable and trustworthy mortgage providers, the lengthy documents filled with legal jargon make conditions ripe for misunderstandings. So before you sign, consider the following:1. Read every page of every document. 2. Sign documents only after seeing that the original and the copy contain the same contents. Be sure to get your copy. 3. Make sure there is no false or even slightly fibbed information on your loan paperwork. 4. Check the license background of your broker. 5. Ask how much your mortgage broker is earn...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Mortgage rates dropMortgage rates sank this week, reflecting investors' worries about the country's economic health.Freddie Mac, the mortgage company, reported Thursday that 30-year fixed rate mortgages averaged 6.03 percent for the week ending March 6. That was down from last week's 6.24 percent, which had been the highest in more than three months."Weak economic reports that indicated declines in the job market, slowing in manufacturing and low consumer confidence drove bond yields lower this week and mortgage rates followed," said Frank Nothaft, Freddie Mac's chief economist. "Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week's upward jump."Other mortgage rates also fell this week.Rates on 15-year, fixed-rate mort...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
Home foreclosures hit record highHome foreclosures soared to an all-time high in the final three months of 2007 and probably will keep rising, evidence of homeowners' suffering and the economic danger from the meltdown.The Mortgage Bankers Association said Thursday the proportion of all mortgages that slipped into foreclosure set a record, 0.83 percent, from October through December. The previous high, 0.78 percent, came in the July-through-September period."Clearly it's the worst it's been," At the same time, more homeowners fell behind on their monthly payments.The delinquency rate - when payments are at least 30 days past due - for all mortgages climbed to 5.82 percent, the higher since 1985. The rate was 5.59 percent in the third quarter last year.Homeowners with tarnished credit wh...
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By Tony Marino, Realtor, Broker, Owner
(Real Living Real Estate Solutions)
 I know everyone in the US of A and across the pond think of Orlando as this huge city... (Of course, the 50 million visitors stopping to visit the Mouse and Friends blows reality out of proportion.) Quite the contrary, Orlando's million-ish people implanted from around the world is very small... The city is such a baby, every decision on the development of downtown Orlando will have significantly more impact on the future of Orlando than some older larger cities.  The downtown development board including  the mayor, Charr Midkiff , Naeem Coleman and others are at the top of their game and working hard to make sure they stay on top of all the changes in downtown Orlando.  They were instrumental in the implementation of the ambassador program which is designed to make downtown visitors f...
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By Carey Light, Light Team of Wemert Group Realty
(Wemert Group Realty)
It has been brought to my attention that I made an error on my post regarding the scheduled completion of the new Lake Nona Area High School off Narcoossee Rd.  I made an error in typing "2008-2009", it should be "2009-2010" (Must have been wishful thinking!)  Please accept my apologies for any confusion!You may check out the school district's website at www.facilities.ocps.netIf you have additional questions, or would like more information about the school, the Lake Nona area or real estate in general, please give me a call!Warmly,Carey LightKeller Williams Realtywww.Carey@CareyLight.com321.297.4330
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By Lisa Spalding, REALTOR, CDPE
(Casa Latino Four Corners, REALTOR, CDPE)
It's not what we DO in life that we regret so much; rather, it's usually what we DON'T do in life that we seem to regret...I almost missed out on a great day at the Magic Kingdom!So, if you know me at all, you'll know that I have posted hours to work at real estate on certain days.  I take real estate VERY seriously.  So seriously, in fact, that when I'm working, I'm 100% THERE for my customers.  (On the other hand, when I'm not working and I'm with my family, if you call me, you'll usually get a voicemail about what I'm doing and when I'll call you back.)  I usually take two days off per week; one day on the weekend and one day during the week.  My one day off during the week is Wednesday.  I take Wednesday off to be with family.  I keep my youngest son home on Wednesdays and we usuall...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
Vistas at Phillips Commons in Dr PhillipsVistas at Phillips Commons is located on Wallace road between Dr Phillips and Turkey Lake road.  Just a year old this community boast Concrete tile Roofs, Brick Paver drives and walkways.  Don't forget the care free lifestyle in this Gated Community featuring lawn-care service and exterior maintenance.  Bay Vista residents enjoy the summer time fun in the community Pool and Cabana and the convenient location to world class shopping, culture, night life & area theme parks !!Home price range from the mid to high $200,000 with features Granite Counter Tops, 42" Cabinets, Ceramic tile flooring and Screened enclosures. TeamConnect just listed 6969 Slaven Three bedroom Three Bath unit with over 1,600 sq feet for $289,000.  Call us today for a private s...
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By Jerry LaRose, Orlando, Windermere FL. Real Estate, ABR, GRI, e-PRO, CLHMS
(Orlando Realty Partners)
HUD Unveils Proposed Changes to Mortgage Process The federal department of Housing and Urban Development plans to unveil sweeping proposed changes to the American mortgage application process and real estate settlement system.The rule changes are the end-product of HUD's five-year effort to streamline mortgage disclosures, promote comparison shopping by loan applicants, and to stamp out eleventh-hour surprises at closings -- where fees come in hundreds or thousands of dollars higher than initial estimates.Realty Times obtained a point by point summary of the proposals in advance of their official release by HUD. The changes are designed to radically overhaul the current, much-criticized "Good Faith Estimates" (or GFE) disclosures and the "HUD-1" closing procedures.Among the key changes ...
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By Debbie Summers
(Charles Rutenberg Realty )
In a previous post - Five Things To Do In Central Florida In March, one of my suggestions includes the Arnold Palmer invitational.  I bought tickets to the tournament weeks ago for my husband's birthday, hoping that I would have an opportunity to see Tiger Woods.  ESPN has just reported that Tiger is playing and I checked his website and his next scheduled tournament is The AP Invitational... YEAH! If you want to see the greatest golfer of all time, get your tickets now! Considering a Move to Central Florida?Do you want to  Buy or Sell a home?Contact Debbie Summers, REALTOR®, ALHS, e-PRO, RE/MAX Central RealtyPlease contact Cas and Debbie for all of your real estate needs in Seminole County, Lake Mary, Sanford, Longwood, Altamonte Springs, Casselberry, Winter Springs, Oviedo, Winter Par...
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By Judy Chapman
(Referral Network of Illinois LLC)
Maybe I’m looking for a silver lining, but several headlines hit my eye yesterday. Legendary Florida Builder Says the Housing Bust is at the Bottom Florida home builder Arthur Rutenberg, 80, says you can take it to the bank: The home-building bust is at or near bottom. “Anyone who buys a home right now will say in five years, ‘I’m glad we bought when we did,’” Rutenberg says. Bank of America CEO Sees End to Housing Woes Bank of America’s CEO Ken Lewis recently spoke with the South Florida Sun-Sentinel about the housing market. “At best, it’s a guess, but my anticipation is that by the end of the year, we’ll begin to hit a bottom. But we’re not going to see improvement for several more quarters. Prices will begin to normalize, but it will take some time and some pain.” Fed Chair’s Goal i...
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By Dawn Pratt, East Orlando Real Estate
Only 1 home was sold in the Waterford Chase area of East Orlando during the month of February. Buyers: The sale is on and this is your market- where are you?  Address Listing price Sold date Sold price 816 Eastcliffe $398,000 2/11 $370,000   Please visit my blog to learn more about news and events affecting the East Orlando Community of Waterford Chase: Waterford Chase, Orlando Real Estate Information
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By Alexander Harb, Dallas, Texas Real Estate Investing
(Knights Investing)
     Here is the Hunters Creek Listing update as of 3/5/2008:There are 165 homes for sale, up 15 homes from 150 as of 1/29/2008, my last entry.The prices start at $215,000 -- the same asking price last month and go as high as $758,000 --up $23,000 from $725,000 last month.These homes in this list have ALL these features PLUS more: Dishwasher, dryer, refridgerator,above stove microwave, disposal, oven/range combo,attached 2+ car garages with automatic door openers and MORE!They are ALL block construction with some of them having stone or stucco exterior coverings.Many of these homes are in gated controlled access subdivisions for security and peaceful surroundings.34 of these properties are either bank owned, in pre-foreclosuer, in foreclosure, the owner will assist with your closing cos...
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By Jerry LaRose, Waterford Lakes, Avalon Park Fl. Realtor
(Keller Williams classic Realty)
Don't wait too long to buy a home in today's market? While today's market plays to your advantage as a buyer, with reduced housing costs and favorable interest rates, are you sitting by waiting? When the market turns, today's bargains will be yesterday's missed opportunities.While it is conceivable that home prices may drop further, it is likely that the decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by having to pay off your mortgage at a higher interest rate making "playing the waiting game" a waste of time (and very little fun).This rate increase isn't just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jum...
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By Robert Schott & Paula Hemani, Your Link to Real Estate
(TeamConnect Realty)
Dr Phillips welcomes back Reiche & Silliman and Dr Phillips's newest community Venezia along the shores of Big Sand Lake.  The lake front community will have fifty three single family homes with twenty of those home-sites on Big Sand Lake.  The style will be Mediterranean with three car garages, concrete tile roofs and paver driveways, walks and porches.  There will be eleven floor plans to chose from ranging from 2,400 sq feet to 4,256 feet of living area in single and two story designs. A great feature about Reiche & Silliman having sold two already in Venezia is the standard Luxury Features included like Stainless Steel Viking Kitchen, Granite counter tops, Travertine floors in Master bath and built in entertainment center with fireplace.  All this and in the Dr Phillips Award Winnin...
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By Debbie Summers
(Charles Rutenberg Realty )
Contrary to popular belief you really can have another REALTOR as a close friend, it isn't all about competition.  Last month my friend asked me to cover her business while she went out of town for a family emergency.  While she was away I negotiated a contract on one of her listings, completed the inspections and held an Open House that she had planned weeks in advance.  A thank you was sufficient, but she went overboard... she treated me to a massage at the Ritz.A few weeks earlier she told me about a massage called Ashiatsu, a deep tissue massage that is performed with the masseuse's feet... yes I said feet.  She walked up and down my back and it was the deepest most relaxing massage I've ever had and I have had a lot of massages.  I can't say enough good things about my day at the R...
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By Dawn Pratt, East Orlando Real Estate
  Address Listing price Sold date Sold price 813 Jade Forest Ave. $274,900 2/6 $267,000 624 Lakescape Ct. $269,890 2/11 $269,890 13756 Bluewater Cir. $289,000 2/15 $285,000 712 Hollybrook Ct. $250,000 2/28 $230,000   Please visit my blog to learn about news and events affecting the East Orlando Community of Waterford Lakes: Waterford Lakes Real Estate Information
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By Dawn Pratt, East Orlando Real Estate
  Address Listing price Sold date Sold price 3948 Avalon Park West Blvd. $275,000 2/6 $275,000 14450 Florida Privet Dr. $239,500 2/8 $232,000 13444 Phoenix Dr. $328,184 2/11 $300,000 4525 Atwood Dr. $300,000 2/15 $310,000 4209 Cleary Way $269,000 2/20 $265,000 3673 Cassia Dr. $229,900 2/29 $220,000 4019 Yeats St. $244,500 2/29 $242,500   Avalon Park Real Estate Information  
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  What’s Happening in Our Area?Single Family Home Statistics for 32828   Postal Code 32828 December2007 January2008 February2008 Number of Sales 41 22 31 Median Sales Price $280,000 $284,000 $267,000 Median Sales Price per Sq. Ft. $124 $121 $119 Active Listings (homes for sale) 702 744 705 New Listings 137 196 129 Median Days on Market 107 120 145     EAST ORLANDO BUYERS: According to the data, we have about 2 years worth of inventory available in our market. This is a great time to buy in 32828! There are over 700 single family homes from which to choose. There are plenty of homes currently listed at or below market value and with interest rates still low- even better! Also, 100% financing is still available, and on top of that, many sellers are paying for your closing costs. Now is th...
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