Each month, the cover of Insight East Orlando is carefully chosen to represent the issue being discussed during that particular month. The cover represented to the left is the March 2007 issue focusing on Real Estate & Construction.
Featured on the cover is the newest Exit Real Estate team from Exit Real Estate Professionals of Lake Nona. Each year, our annual real estate issue is one of our most popular.
The discussions below are from this featured issue and issues related to real estate and construction from previous years.
Entries by Publisher (20)
Beyond the Bombs
One year ago, when news came out that the Vista Lakes area had been used as a bombing range during World War II, immediate concern was for the safety of the children at Odyssey Middle, smack in the bulls-eye of the affected area. Next, the question of whether private and other public areas were safe. The Army Corps of Engineers commenced a clean-up effort to find any unexploded bombs, debris or contamination. While that effort is still underway (despite earlier assurances they’d found everything, many more bombs were found this past spring), there is no end date in sight.
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Commercial Real Estate Still Strong
Commercial real estate throughout the Central Florida region is still going strong, despite the residential side of the business falling off 20-30% in some areas, according to Mark P. Wylie, president and CEO of the Central Florida Chapter of Associated Builders and Contractors, Inc. The ABC is a non-profit commercial construction trade association chartered and incorporated here in 1973; it represents more than 550 member companies. Central Florida is one of the largest ABC chapters in the country, and offers business development services, continuing education classes and more for its members.
Many of the large projects currently underway were funded, permitted and planned in 2006 and 2007 with construction activity based on economic growth from the early part of the decade. Wylie says, “Commercial real estate is more of a lagging indicator of the economy.”
Foreclosure Facts
Foreclosure. Quickly becoming one of the most dreaded words in the English language because of its power and prominence, foreclosure is looming over millions of homeowners today. There are more than 7,000 homes in one phase or another of foreclosure just within seven East/Southeast Orlando zip codes, according to RealtyTrac.com, one of the most quoted sources for foreclosure information across the country. The site also reports that the number of Americans who may lose their home to foreclosure more than doubled in August 2007 from a year prior as subprime borrowers with adjustable-rate mortgages saw their monthly payments increase.
Rental State
Before the housing boom went bust, homeownership was considered by many to be a good investment. Now, with the mortgage foreclosures epidemic, renting may look more attractive. According to popular myth, renters are just throwing their money away. But when you buy a home, you’re paying for closing fees, mortgage interest, property taxes, private homeowners’ insurance and maintenance and other costs that may never be recouped. The reality is that, sometimes, renting is a better option.
SOLD: If the Price is Right
With home sales slumping and inventories on the rise, experts say getting your home sold depends a lot on pricing it correctly. Ultimately, the value of your home is what a reasonable buyer is willing to pay within a reasonable time, period. The right price doesn’t necessarily take into account what you paid for it or what you still owe on it, but these days it’s hard to take the emotions out of setting a price. It requires a close look at comparable home sales in your area, as well as making an assessment of the condition of the real estate market.
Florida Referral Network will donate $1,000 from your next real estate transaction to your favorite local charity, including UCF. Visit www.floridareferralnetwork.com for information.