Orlando Real Estate Blog

Going into business sale…everything pretty much 50% off…50% off of houses, buildings, land, lots, ect ect….supplies are plentiful…however interest rates are low low low and these prices will not last…as ridiculously high as things had been priced in 2006…..properties are equally rediculously low today…when you can buy a well built and very good condition single family home in Orlando that is 3/2 block with a two car garage for only $69,900.00 and it is not owned by a bank or short sale…prices are LOW.  This time will not last….call us today if you have any Real Estate needs

Today marks the beginning of FLUSA Properties, LLC….we look forward to providing you with the latest in Real Estate news, information and services….if you need anything at all please feel free to contact us.  We look forward to sharing our experiance with you so you can make better informed decisions when you look to sell or buy Real Estate today or in the future…. 

A few months back I reported on some horrible auction experiences.  Of late we have been attending several auctions…some better then others.  The one I see to be the best at the moment and has the most professional setup is REDC which specializes in bank owned aka REO properties.  I have attened several auctions to date held by REDC, with my clients, and we have bought3 properties.  All proved to be good deals…  However, we had been the highest bidder on several occasions only to have the bank refuse our winning bid…all of the properties have a “reserve bid” amount that is the lowest the bank will take, unfortunately they do not share that amount with you until they tell you it has not been met with your bid.

Before you go…do your homework, and have me attend with you, it doesn’t cost you a penny and you get my services.  Many times I have seen properties bid up to prices above what the property is currently listed for. I saw one sell for $50K that was listed for $40k…yikes!  Why would you pay more then the bank has it listed for in the MLS….plus REDC charges a 5% premium on top of that.   Keep in mind that the banks I have done deals with recently, and it has been about 12 in the last three month, have always taken less then the list price.  DO NOT PAY MORE THEN THE PROPERTY IS LISTED FOR!!! That is just crazy and shows you how a fool and their money are surely parted.

Still our favorite way to approach bank owned properties is via the MLS and traditional methods.  We have an inspection period (Which is not granted in an Auction Property) and you don’t have a room of people bidding against you for the same property.  I guess people are competitive by nature and when you want some thing, you want it and will pay a little more to get it even if it is not the best financial decision.

So go to the auction, buy something…the timing could’t be better, but be sure to do your homework on the properites and do not pay more then the property is listed for.

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.

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. 

Today we have just contracted on a bank owned house with a cash deal for a 4/2 1960 sf on conservation in a gated community close to the Lake Nona area for $155,000.  This home sold in 2006 for $335,000!  No joke that is more than a 50% reduction.  We have several deal set up to close by the end of the month.  The banks want to get things off of the book prior to the end of the year and now is the time to make it happen.  Our deal is set to close on the 21st of this month…The iron is hot and it is now the time to strike….call or email me to get going.

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. 

Sometimes it is fun to see what people can create with almost unlimited budgets.  I was looking at some finished lots in Windermere and came across Ken Griffey Jr’s new home.  He sold his house in Isleworth and built this home in a real nice part of Windermere on a lake with over 10 acres of land…the builder was Ray Coudriet…one of the areas most respected custom home builders.  I couldn’t count all the garage’s but it was A LOT of them… I am sure the Griffey’s put a lot of time and work building their dream home and the results look amazing…the public records have the house at 24,457 sq ft heated.

It was a cloudy day but as you can see the house goes on and on and on….and has a double wall on the side to keep the riffraff out..so I couldn’t get in!

                     Casa De Homerun!

You feel pretty good right now…you just cast your vote for your candidate of choice…one promises “change”…another a “new direction”…semantics I guess…but I applaud you for exercising your rights!  While you may feel as if your choice, made today, will be the most important decision you made over the last couple of years…it doesn’t have to be.  You can choose to pick a new home for you and your family; at a price that would have sounded impossible just a year ago. Invest in yourself, invest in America, buy a new house!  Or don’t and remember this opportunity you let slip by, on the day you cast your vote for America’s future, you also could have invested in your own! Mark this election day down as the day opportunity, change, and a new direction stared you in the face…what are you going to do with it?

You can qualify for a loan as long as you earn enough (have a job) and have good credit.  Yes, you need to have good credit…not perfect…but good and you know if your credit is good or not. If people are constantly calling you for payments, your credit is not good.  If your credit is in the tubes I know people that can help you work to improve your credit score.  FHA loans only require 3.5% down and have great rates, plus first time home buyers have many tools available to bring home ownership into reality for you. 

Invest in your family, buy a new house this year!