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February 18, 2008

Need a loan to build? You better come prepared.

Filed under: Orlando Condos — Thimble @ 8:50 am

It’s a sobering experience when a bank won’t give you a $5 million revolving line of credit to build a housing development in one of the worst states in the country right now for real estate. I remember the good ol days – not too long ago when a developer could pay: a savvy architect to master up some blueprints, a creative mind to draw up some colorful sketch of a high-rise (with of course those fancy cars that haven’t been invented yet parked on or zooming down the street, to the skinniest people sipping their morning cup of Joe while the wearing all the latest fashion on a beautiful sunny day…but I digress) and voila – he could get all the financing (bridge, construction, and mezzanine – thanks NCO Capital) he could ever want.

Well – have the tides turned or what!?!? Developers ofnew condos, mid-rises and master-planned communities are having to check their egos and pizzazz at the door when they enter a lending institution (what we like to call banks) and really plead their case in order to get their project a certain amount of funding. Most developers that I have researched are simply waiting this dry spell out and hopefully will start building again in a year or two. This can be seen in many parts of Florida and really all over the country – especially with condos. Many Orlando condos for sale are not going vertical simply because developers can’t secure the type of funding needed in this housing market. Is the end of this market in site?

December 29, 2007

Orlando Condos- Condo Market Heating Up

Filed under: Hot Markets,Orlando Condos,Uncategorized — FISH @ 8:50 am

Orlando

Orlando is not just Mickey Mouse and Disney World any more. It is Condo World!

While come condo markets have slowed, Condos in Orlando are still a wise and hot investment. Orlando has many positives driving the market including the weather, proximity to Disney World, Conventions, and a growing business population.

Our team recently attended the International Builder’s Show in Orlando and over 100,000 people attended the event. We visited a lot of the developments that we represent and the amount of cranes on the ground is incredible.

www.newcondosonline.com is the first and largest new condo advertising website in the country. With a network of over 20 million unique visitors per month, www.newcondosonline.com proudly showcases 20 new condo developments in Orlando.

The website recently began a partnership with The Condo Store based out of Atlanta to help market many new condo developments online. Several new condo developments in Orlando just started on www.newcondosonline.com.

Capri at Hunter’s Creek is a brand new condo conversion in Orlando with units starting from only $140,000. Capri at Hunters Creek offers one, two and three bedroom condominium homes in the heart of it all in Orlando and offers a great product for first time home buyers and investors.

Tradition Towers is an amazing new property just added to www.newcondosonline.com. This 39 Story luxury mixed use condo project will transform the skyline of downtown Orlando and offer an amazing alternative to single family homes in this market. The project is also attracting buyers from all over the world. Their mission is “to provide a highly unique opportunity for luxury condominium living within the revitalized and rejuvenated downtown district of Orlando.”

Intermezzo at The Rialto is another great new condo project by Wood Partners that is now showcased on www.newcondosonline.com. With units from $300,000, this property offers a large array of amenities and fits perfectly into the Orlando condo market.

Orlando condos are heating up. Sales are strong and a large amount of new developments offer plenty of choices for home buyers. More information about all these brand new developments can be found on the Orlando Condo page of www.newcondosonline.com.

http://www.newcondosonline.com/orlando-new-condos

NCO & Jaymor Group Take on Orlando

Filed under: Orlando Condos — Frogman235 @ 8:50 am

The MonarchNew Condos Online recently joined efforts with The Jaymor Group out of Canada to promote new

Orlando condos. The Jaymor Group was founded in 1989 and has evolved into one of Canada’s premier real estate investment companies that specialize in developing multi-family residential housing across the state of

Florida. New Condos Online and Jaymor have joined together to promote two of their latest projects.

The Monarch in downtown

Orlando is a 24 story luxury condo tower offering 179 new condos. The Monarch inspires new architectural innovations and more luxury amenities making it one of the most exclusive residences in the downtown area.

It seems that Orlando continues to fly above the real estate storm and perform as one of the best markets in

Florida. Why is this? I believe that Orlando was never oversaturated with investors early on as many of the other markets like Miami,

Ft.

Lauderdale, etc. When the investors pulled out of these markets many projects that relied on investment traffic died.

Orlando, however, seems to have remained steady and only continues to flourish. The price points offered in

Orlando are typically much lower in comparison to the “hot” markets of early 2000. Condos never seemed to over inflate in price and developers continued to make

Orlando more of an urban center than it ever was in the past. Obviously there has been some population growth and vacation traffic is always high.

Orlando has always experienced extremely high business travel as well.

Jaymor and NCO are working on another great project in

Daytona Beach called Osprey Landings. Strategically located near one of the best NASCAR race tracks in the country, Daytona International Speedway, Osprey landing offers the best of all worlds. Again, the price points in the project are extremely favorable as well starting from the low $120’s. You just don’t find prices like that in many other popular destination markets in the country.

Will we see these favorable price points move up as the other markets have? Possibly, but I do not think it will happen at the rate it has in the past. Price inflation has historically been driven by investors and speculators. The days of purchasing a new condo or pre-construction condo expecting to “flip” it and run with a large profit are over. Some of the low price points in

Orlando are driven by more conversion product hitting the market. Condo conversions are less expensive for the builder and can be quite profitable if done correctly. Builders have to be careful not to cut corners on cost though and risk lawsuits later on down the road. We have seen too much of that here in

San Diego!

What else does

Orlando have in store for the condominium market?

Orlando Condos- Amazing Buying Opportunities

Filed under: Orlando Condos — admin @ 8:50 am

The Orlando Condo market presents a number of amazing choices for home buyers and investors right now. There are some very cool incentives going on as well. WorldQuest Resort is offering to lease back the condos you buy for a 2 year period if you purchase now. This is a way for an investor to have a nice income stream and get in the market at the right time in Orlando. Being so close to Disney World, Orlando is a top vacation spot and resort community and the population and real estate values continue to grow. With the massive convention center in Orlando, large conference such as the National Association of Home Builders are help there every year.

The Blue Rose is another exciting community there that we advertise for. This is a massive condo/hotel with 1300 units and will be on the largest new condo projects in the country. Orlando has a alot to offer for everyone. It is not just Disney World Anymore. We found a great article about the top 207 things to do in Orlando. If you are planning a vacation to Orlando anytime soon, you should check this out here 207 Things to do in Orlando

Orlando Condo Sales

Filed under: Orlando Condos — Frogman235 @ 8:50 am

When looking at regional home sales, we often compare sales on a monthly basis to the same month in the previous year. Is this a good method to predict how the market is doing? Possibly. Under the current market conditions however it would seem more prudent to compare on a quarterly basis, but that’s not usual how its done. In

Orlando for example, single family home sales and condo sales dropped in April as compared to April in 2006. 207 existing

Orlando condos sold last month which is a 57% decrease from April of last year. We are noticing the median sale price for

Orlando condos
are also decreasing slightly.

Interestingly though on a state-wide level, median condo prices increased in April 2007 as compared to prices in April 2006. Also on a state-wide level, 1,000 fewer condos were sold this April as opposed to last April. What does all this mean?

One thing that we can all feel better about is that condo sales are expected to start increasing during the second half of the year. Of course, many think only the optimists feel this way while the pessimists say we haven’t seen the worst yet. Only time will tell.

We have noticed at New Condos Online that Orlando seems to still be one of the most active and affordable markets in the state of Florida. More condo conversions and hotel conversions exploded in this area during the past few years providing a broad base of affordable attached housing. The prices of

Orlando condos on average are quite lower than some of the other markets. There is still a large volume of high end properties for sale including luxury condo hotels.

Worldquest Resort is one of the largest condo hotel projects in the area with condos from $300,000. The first phase of this new development was actually sold primarily to international investors. Approximately, 85% of those investors never even came to

Orlando to see the property. What is more apparent these days especially in the condo hotel industry is that the buyers and investors are much more savvy than in the past. Online market has provided buyers and investors all the information they need at their fingertips, so by the time the call the sales office they know the answers to most of their own questions. That means the sales staff better be up to speed!!

Orlando Condos: What Marks the Point of No Return?

Filed under: Orlando Condos — Frogman235 @ 8:50 am

With all the media surrounding the condo “slump” and the mortgage issues, experts from across the country are being asked to predict the end and “how bad it will get”. Even the experts know it is tough to tell where the market is headed. Of course we can look at historical data and market indicators, but many have done this in the past and been wrong. So who really knows?

Builders of Orlando condos for example are facing big decisions. The builders with projects that have not broken ground yet are probably better off than those who are “past the point of no return”. However, many Orlando condo buildings such as the Vue at Lake Eola are taking reservations and have cash deposits on a large portions of their units. Now it is a matter of how many will close. many are still confident that the progress made so far is a good sign that the projects will come out on top.

The builders of Orlando condos that haven’t broken ground yet are mostly on hold to wait things out. They are waiting to see signs of an upturn as well as to see what happens in the lending industry on the home buyer and construction side. Of course the other market indicators are still obvious. The demand has dwindled. Speculators have pulled out and construction costs have gone through the roof. I know, I know…this is nothing new that we haven’t all heard before. I think the main questions still is how will all real estate related companies weather the storm? Will there diversify their business model or just close up shop and ride it out.

Many real estate companies are having to lay off personnel in order to keep profit margins healthy. Hopefully, the experts saying this “slump in the condo market won’t be as bad as it has been in the past” are right!

Sky’s the Limit in Orlando

Filed under: Condos,Orlando Condos,condo metropolis,condometropolis.com — Marcus Burke @ 8:50 am

SkyCity is the latest Orlando project to be approved by the Orlando City commission. Two towers, mixed use, 300 million.“They’re crazy!” I hear you scream. “More downtown condos? Those developers are out of their tiny, concrete-ridden minds!”

True, the current downtown projects are having trouble selling, but construction on this baby is not expected to start until 2009 and they probably won’t be finished until 2011. By then the current condo glut should be pretty much used up – just in time for the baby boomer invasion. YAY.

Besides, much of the space is devoted to business. The first tower will be a 25-story office building – and the first ten floors will be for parking. Gotta have parking. The 11th floor will feature a 20,000 square foot luxury fitness center. Nice!

The second tower will be an even larger, 35-story building featuring both a hotel and, on the upper floors, just 120 condominiums. I think we can handle 120 more!

Knock knock? Who’s there? The Bigger Picture!

Filed under: Orlando Condos — Thimble @ 8:50 am

philadelphia condoI spent the last week in Philadelphia visiting family in my home town. What a great city! When I was growing up there no one lived downtown as they were no Philadelphia condos downtown at all. There was also a beautiful waterfront area on the Delaware River with tons of shops and entertainment but no condos at all. It was always a pain to get downtown, but that has since all changed. I actually purchased a unit in the first big condo project to go up in Philadelphia called Waterfront Square. I now rent that unit out to a tenant. This project was announced 5-6 years ago and was just recently finished. Since then, the entire city has fell in love with condos. There are new condo developments in the suburbs, on the main line in Philadelphia, in Olde City, in Penns Landing, and in Center City Philadelphia. There are about 30 high quality new projects for buyers ot choose from. We represent all the major condo projects including The Ellington, The Arts, Murano, and more.

There are so many active cranes in Philadelphia right now it is crazy. It is great that the city is getting such a good mix of unit types. There are a lot of loft projects and old townhome conversions as well. There is pretty much something for everyone with typical one bedroom pricepoints in the high $200,000′s to the high $300,000′s. I look forward to returning next year and see more Philadelphia condos going up.


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