Orlando Real Estate Blog

Nothing beats new…and builders want to sell sell sell.  They are currently under some stiff competition from bank owned properties and have been forced to drop pricing. The community that I have found, that I can say, is the best value that I know of is called “Southern Fields” and the builder is KB Homes.  They build big homes at a low price…now you can push the price way up with upgrades…but don’t do that, that is what time and Home Depot are for.

This is amazing…one home is a 5 bed 2.5 bath for only $203,900…that is only $59.00 psf.  Be a real ”playa” and throw another $20k in for a 3 car garage and a patio in the back…even then you are only looking at $65 psf.  And the location is great…in Clermont, Florida just off of 27 and only a mile and a half south of Hwy 50.  It is also surrounded by other more expensive homes which is always a good thing.  This area is also still seeing solid sales… all things considered.  This is an excellent area just outside of Orlando and is a major growth area of Central Florida.  Plenty of new retail development has also taken place over the last couple of years just down the street from this site.

I would be more then happy so send you a full price list and site plan so feel free to call or email me for further details.

Calling all builders or individuals looking to buy right.  We have 13 finished lots available in the beautiful community of ”The Lakes” in Lake Alfred, Fl.  This community is just outside Orlando and is close to I-4.  These lots are all around 55X120 in size and can accommodate a home over 3,000 sq ft. The developer of this community had over $60,000 into each lot and they can now be bought at @ 66% off..that is only $18,500.00 each!  Builders…buy one or two at a time…what an opportunity.  These are the last few lots left in this community and you will see some of the photos below that show the high level of construction already used in the community.

Just across the street from this community you will find the city’s own nature preserve on 112+ acres nestled along the north shores of Lake Rochelle. This is the former Mackay Estate residence and is available for weddings and other special events. The sprawling gardens will include scenic nature trails, an inviting playground, fishing pier and canoe launch area. Feel free to contact the park at 291-5270 for more information.

Feel free to contact me for more information at any time!  407-595-6306

We have been looking around for opportunities in the Windermere community of Summerport.  The location is great, the builder was good, and the amenities are just what you would want.  The problem is that most of the homes sold at the peak of the market in mid-2006.  This deal in particular was for a 4 bed 2 and 1/2 bath + bonus room, pool, a conservation view and 3,115 sq ft.  Sold in 2006 for $577,000…the bank agreed to our offer of $265,000 cash after a long waiting period.  During that time we have seen things further deteriorate in the community…the “RESET Button” has been pushed….and unfortunately the “Reset Button” is not the same thing as the “Easy Button”.  This is greater then a 50% reduction in value.  At one point you see a home that looks great and the two beside it have not been maintained at all and look horrible. 

How long will that one guy hold out? Who will bail him out?  At this moment you can buy homes for a lot less then they can be reproduced for, interest rates are low and your dream home is closer to your grasp than you thought possible. The only thing to keep in mind is that if you do buy today, it will take some time for the banks to sell all of the inventory they have coming online and that you will have to look at some sorry lawns for a year or so. The good news is that very little land around this community is available for development due to traffic and school concurrency issues so the competition for reselling these home in the future will be low…if you can imagine that. 

I have been working with a savvy cash buyer and we just come across a great deal. It is for a house that sold for $153,000 on March 7th 2007….we can now buy it for $50,000!!!! That is a drop like few I have ever seen.  Now keep in mind this is in a rough section of town, needs a little work and was built in 1959; but to see such movement by the bank is amazing and welcomed.  This will allow a lot of inventory to burn off the market. 

It is a buyers market…even if you do not have cash.  Quite frankly since we are going in so low on a lot of these homes I would say 80% of the time we are getting beaten by a financing deal.  I have a great lender at Resource Mortgage named Eric Papalini that can get you set up to go after these bank owned properties…we just need to get your ducks in a row and make sure the bank has nothing to push you back on. 

I just went to this house and it is in very good condition and is located in a great little community in the Metrowest area called Stonebridge Lakes.  This community is very close to the Valencia Community College West campus and Universal Studios.  The community is gated and includes the groud maintenance for $180 per month which is not too bad.  The curb appeal of the community is great since all of the lawns are mowed and the grass is green…I loved the look

The Vitals…give me the vitals….

• Bank owned and on the market for 73 days
• 4 Bedroom 2 bathroom with 1,684
• Tile roof with a pond view
• zillow.com high value of $385,000 and current value of $269,000
• The bank is asking $225,000 and I think that is a very good price. 

This property is available as of right now…call for more details

A deal or not a deal…That is the question!

It is easy to get shell shocked by the doom and gloom news, seemingly ever falling property values and a constant barrage of campaign commercials.  But I maintain, that right now, a silent gold rush is upon us.  Smart investors have been sitting on the sidelines amassing cash since 2004 for this very day.  We now have property values at or below levels that allow an investor to Cash Flow a rental property!  While I know it sounds crazy….people making money in real estate and all…but what better time to buy? 

Let me tell you about a great deal….lets call it Bank Owned Deal #1.

• Located in Windermere, Fl.
• 4 Bedrooms 2 and 1/2 bathrooms
• 2,690 Sq. Ft. Heated with a garage
• Conservation Lot with Lake View from the second floor
• Asking price of $249,900 which is only $92.90 per square foot
• Zillow estimates the Current Value at $332,000 with a high a year or so ago of $474,000
• Sold for $456,000 on 4/12/20006….wow wow wee waa….I would like to meet that appraiser!

I am also of the opinon that we could acquire the house for less…especially on a quick close and cash deal.  The really crazy thing is that you could get FHA financing with only 3.5% down…that is just $8,746.50! The good thing is that at this sales price it represents an affordable payment compared to the areas average income.

Now how about Bank Owned Deal #2 ….

• Located in Vista Lakes near the Orlando International Airport
• 3 bedroom 2 bath with 1,756 heated square feet
• Covered Patio, wood floors, vaulted ceilings…ect ect…
• Asking price of $166,500 that is only $94.33
• Zillow estimated value of $220,500 with a high value of $316,000 a year or so ago!
• Sold for $254,800 on 8/29/2005
• FHA down payment of only $5,927.50

This deal is only a few miles from all the development going on at Lake Nona and is very close to Down Town! 

If you would like further details on any of these properties please feel free to call me or email me at any time…I have a ton of other properties as well in some great locations!  The time to buy is when nobody else is…especially when the prices are low!

Just a word of caution on FHA loans some offers with FHA financing may not be accepted by the lender as FHA has stringent inspection requirements with some cosmetic items affecting approval, and some of these bank owned properties are in rough shape.