Orlando Real Estate

Shaq to the Rescue
June 12th, 2008 12:13 PM

You have got to read this article that was in the Orlando Sentinel earlier this week. Shaquille O'Neal is putting together a plan to buy mortgages going into foreclosure then selling the homes back to the owner with better financing terms. The idea is to help people that are losing their home because their interest rates are forcing them out. I am sure he is expecting to purchase the mortgages at a discount which will give him is profit margin. There are obviously issues with this, but at least he is willing to take the chance.

http://www.orlandosentinel.com/orl-shaq1108jun11,0,6343816.story

I say good for Shaq, and shame on the mortgage companies for not doing more of the same. Of course Shaq may get discouraged when he starts dealing with the mortgage companies.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 12th, 2008 12:13 PMPost a Comment

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Looking at the numbers as they stand so far, the one that really stands out is the median price of the sold listings. As of this morning there have been 1,156 closed sales with a median price of $219,990. That is definitely on the higher end of what I have been seeing the last couple of weeks. When all the sales are entered over the next couple of days, that could change a bit. I also am confident the number of sales will be an improvement over May's 1,276. It is also very likely the number of new contracts and total contracts will be better than May's numbers. As of this morning there have been 1,987 new contracts with a total of 3,574 total contracts pending. The inventory of homes for sale is only slightly lower while the inventory of homes in some stage of foreclosure is up a bit.

www.DavidWelch.com, www.RealEstateOptimist.com


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Posted by David W. Welch on June 30th, 2008 1:11 PMLeave a Comment

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There are currently 26,853 active listings in the tri-county area. Contracts pending in the same area have risen over the 3,600 mark to 3,613 as of today. Roughly 36% of the contracts are on homes in some stage of foreclosure. Right now there are 4,917 homes active in a foreclosure status. This is the only real negative number I have seen, since the active number of properties in a foreclosure status is rising at about 100 homes per month since I started watching them. As of this afternoon there have been 949 closed sales with a median sales price of $218,500 both numbers are on track to exceed May's numbers. Approximately 21% of the closed sales so far in June are in a foreclosure status. New contracts also appear to be a bit ahead of the pace set in May and April with 1,762 new contracts so far this month.

www.DavidWelch.com, www.RealEstateOptimist.com


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Posted by David W. Welch on June 26th, 2008 3:58 PMLeave a Comment

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June 26th, 2008 8:39 AM

This is not so much real estate news, but I think it does indicate that business people around the world recognize the strength of the Orlando economy. This project you can read about in this Orlando Sentinel article is estimated to cost $200 million. We will be the first site for one of these big observation wheels in North America.

As far as national economic news goes, the Fed looks like they may have no choice but to start raising rates later this year. While the rates that they control are short term and not mortgage related, investors will likely push mortgage rates up as well. I am seeing higher rates being quoted already, and it would not surprise me to see mortgage rates upwards of 7% by the end of the year.

If the rate climbs to 7%, the median price of $214,000 last month would have to drop another 6% to $201,000 to keep the mortgage payment the same. The numbers I am looking at right now suggest the median price may stay fairly stable. In fact June's median is likely to be slightly higher. I'll blog more about that later.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 26th, 2008 8:39 AMLeave a Comment

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June 25th, 2008 8:04 AM

If you are faced with selling a home for the first time, please check out the resources on my web site www.DavidWelch.com. I find that even the most experienced sellers that I work with have questions and concerns. I will take the time to speak with you about market conditions overall, what is happening in your area specifically, and give you feedback and make recommendations for your property. Every home is unique, and every home owner has an individual situation. Before I just list a house, I ask a lot of questions then I listen. If you are looking for an agent that has your best interest in mind, give me a call. It would be my honor to help you with the sale of your home.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 25th, 2008 8:04 AMLeave a Comment

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Header
Header_2
Listings Photo
$319,900.00
3573 Gatlin Place Circle

Orlando, FL 32812



Beds: 4.0 Rooms: 4
Baths: 2.00 Sq. Ft.: 2289.00
Garage: 2.0 Built: 1992
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

David W. Welch
RE/MAX 200 Realty
407-629-6330 x399
www.davidwelch.com



 
  Visit this listing at Here

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Posted by David W. Welch on June 24th, 2008 2:27 PMLeave a Comment

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June 23rd, 2008 6:06 PM

Just a real quick look at the numbers. Closed sale so far 804 with a median price of $218,875. The number of homes in a foreclosure status is 4,847 which is up a little bit. Total active listings in the tri-county area is 26,770 which is still down a bit from last month.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 23rd, 2008 6:06 PMLeave a Comment

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Yes, this is for real. I read this in the Orlando Sentinel today. A Tampa area condo is considering making the pool area clothing optional to help sell the units. The good news is that new and conversion condos have 15 day right of recision. That means you can check out who is actually using the pool for a couple of weeks, and decide if you still want to buy. This gives a whole new meaning to what commercial real estate professionals call a "free look" period. If you think a clothing optional pool will help sell condos let me know. I would love to hear your comments on this.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 20th, 2008 8:54 AMLeave a Comment

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June 19th, 2008 12:43 PM

I read something interesting last night about blogging and how it is perceived by women. Basically, women consider blogging to be a great way to learn about what is really going on in their areas of interest. I have had a couple of women recently contact me about my blog, and seemed genuinely interested in my opinion about Orlando real estate. They were not selling or buying right now, but they were both concerned about where the market is heading. Over the last several months I have also had a couple of men contact me as well. Looking back over the last year, 50% of my business has come from the internet, and most of those contacts have come from women. The majority of the buyers I worked with over the last year have been single women (the fastest growing demographic among real estate buyers). Currently almost half of the sellers I represent are single women.

Is this caused by blogging? I don't know, but I only started blogging last year. Prior to 2007, my typical source of business was personal referrals and repeat business. Since last year, half my business is coming from the internet and most of my customers from the internet are women. I hope this means there are folks out there that find the statistics I report and my take on them to be helpful and encouraging. Of course, remember me to your friends who need to buy or sell real estate. If you are a women and read my blog, please post a comment. I would like to know what your think.

www.DavidWelch.com,    www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 19th, 2008 12:43 PMLeave a Comment

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Gas prices are up, the Mississippi river is up, inflation is up, and the ante on presidential politics is up. If you remember the 70's, this probably seems a bit familiar. Gas prices were not skyrocketing, but you could not find gas to buy. Inflation and mortgage rate were running in the double digits and unemployment was close behind. They called it the misery index when you added the unemployment rate to the inflation rate. Our troops were in Vietnam, but there was the hostage crisis in Iran. The Munich Olympics, Watergate, China, and the Cold War was quite hot during this time.

We got through those tough times, and we will get through these. After all inflation remains relatively low, but the Fed is watching it closely. Food and fuel costs have skyrocketed, but core inflation remains below 3%. Mortgage rates are still running in the low 6% range, and unemployment is around 5.5%. Read the Bible, there will always be unrest in the Middle East, at least until Jesus comes back. The Iron Curtain has come down, and the Olympics are actually in China this summer. With fuel prices where they are, maybe we will finally put some serious efforts toward alternative renewable sources of energy.

If you really want to help. Buy a home. It stimulates your local economy. It makes more sense in the long run for your financial security. Don't buy a home as an investment for a quick turnaround, unless you are an experienced investor. Buy a residence to make it your home. If your are looking in the Orlando area, give me a call. I would love to help you with your purchase. 407-924-7670

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 19th, 2008 8:25 AMLeave a Comment

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June 18th, 2008 2:59 PM

When your home fails to sell it can be very disappointing. There are basically four reasons for this happening: promotion, network, condition and price. The first two deal directly with the agent and agency you choose to help you sell your home. The last two are up to you as the seller with input from your agent. When you hire someone to help with the sale of your home you should ask them about how and where they will be promoting your property. When you hire a Realtor, you should have your home on the MLS as well as realtor.com and other real estate advertising media.

During the listing appointment, your agent will probably come up with suggestions to help your property show its best, and on pricing that should get your property shown and sold. It is up to you as the owner to listen to these suggestions and decide what you will implement. For more information about this check out www.RemaxDifference.com.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 18th, 2008 2:59 PMLeave a Comment

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June 17th, 2008 9:02 AM

New contracts so far in June are continuing to outpace May with 1,063 new contracts written in the first half of the month. Closed sales stand at just over 500 with a median sales price of $219,000. The median fluctuates quite a bit on a daily basis, and this number is as of this morning. It has ranged anywhere between $212,000 and $219,000 when I have checked. The number of pending sales has climbed slightly higher, and is approaching 3,600 while foreclosures are hanging between 4,750 and 4,800. There was a moderately optimistic article in the Orlando Sentinel today too.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 17th, 2008 9:02 AMLeave a Comment

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June 16th, 2008 6:01 PM

Here in Orlando, we are finally getting much needed rain. Our friends in the Midwest are getting flooded, the folks on the West coast are facing more wild fires, and the Northeast has been enduring a heat wave. My thoughts and prayers go out to everyone around the country and even around the world that are facing some of mother nature's fury. We are truly fortunate to call Central Florida home. I know we faced our own terrible weather four years ago, but in all my 43 years I have never experienced anything like that. We are expected to see a more active Atlantic basin over the next several years, but have not felt the impacts of that since 2004. The afternoon showers we have had the last week remind me of the weather patterns we had when I was a kid.

We have had some pretty encouraging news as far as our real estate market is concerned. There was even some pretty good news today about the overall Florida economy. The rains will bring some much needed relief, and hopefully we will continue to see some relief in our housing market and additional growth in our local and state economies.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 16th, 2008 6:01 PMLeave a Comment

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June 12th, 2008 12:31 PM

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Posted by David W. Welch on June 12th, 2008 12:31 PMLeave a Comment

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Foreclosures For Sale Near Downtown Orlando

Homes For Sale Under $200,000 Near Downtown Orlando

Why spend hours searching? I update these lists weekly, and they link directly to the MLS. You can always find them at www.DavidWelch.com, or try www.OrlandoAreaRealtor.com.


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Posted by David W. Welch on June 11th, 2008 4:58 PMLeave a Comment

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The inventory of homes for sale in Orlando usually goes down at the end of the month as listings expire or are withdrawn. Usually they bounce back up within a couple of days, but they are staying lower so far this month. Total contracts continue to rise, and are approaching 3,500. There are 708 new contracts written so far in June compared with 585 for the first ten days of May. There are 295 closed sales in the first ten days of June compared with 350 in May, but sales often are not recorded for a couple of days. The closed sales so far in June have a median price of $212,751 compared with $214,000 for May. Foreclosures and pre-foreclosures are up a bit to 4,742 which represents about 18% of the total inventory.

Something else interesting is my positioning in Google. The top search people appear to use when looking for real estate in Orlando is "Orlando Real Estate". My web site has made it to the second page of the google results. Try it out. Just go to google.com and search for Orlando Real Estate. Go to the second page, and you will find www.DavidWelch.com. Thanks.


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Posted by David W. Welch on June 11th, 2008 2:43 PMLeave a Comment

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June 9th, 2008 2:28 PM

You can tell the numbers look better, because they came out a day early. Check www.DavidWelch.com for a link to the Market Pulse for June 2008. Pay special attention to the graphs showing new contracts, total contracts and sales. They really illustrate turnaround we have seen since the first of the year. Sales in May were nearly 57% better than January's sales. The improvement over April was not so dramatic, and new contracts remained flat compared to April. We are still seeing an improvement though in closed sales, total contracts, inventory and the months supply of homes for sale. The other improvement we saw in May is in median price which increased from April's $211,000 to $214,000.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 9th, 2008 2:28 PMLeave a Comment

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June 5th, 2008 12:29 PM

Check back a little later today for pictures and video of my new listing in Waterwitch Club. This great Conway neighborhood is truly an escape from the hustle and bustle of town, but just 10 minutes from downtown Orlando. This home is just a block from the Ferncreek boat ramp to Lake Conway. Just wait till you see the pictures and video of this property. It is like having your own nature preserve.

www.DavidWelch.com


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Posted by David W. Welch on June 5th, 2008 12:29 PMLeave a Comment

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I am just sorting through what this could mean for real estate in Orlando. Generally speaking, the international community should respond, and has already, positively to this statement. Bernanke's statement about inflation is probably the clearest signal from the Fed that they will not cut rates any further. This should give other countries greater confidence in the US economy. By holding the line on rates, the Fed is making a statement that they do not feel the economy needs additional stimulation (plus). It says that they will take actions necessary to hold off inflation (plus). This also keeps dollars out of the market, making the dollar more valuable (plus). The dollar being more valuable should curb oil prices (plus).

All of this should catch the interest of off shore investors. Buy property in Orlando now, while the dollar is still cheap. Prices have dropped here making our real estate even a better deal, but they may be stabilizing. Sales are increasing each month. Orlando has continued to add jobs, regardless of the economic slowdown. While prices may remain somewhat stagnant for a while, the exchange rate may be poised to move in the other direction. If offshore investors agree with this, look for some of our inventory here in Orlando to get picked up again by investors. That could actually speed up the real estate recovery.

www.DavidWelch.com


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Posted by David W. Welch on June 4th, 2008 8:11 AMLeave a Comment

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I just pulled up the May sales numbers, and it is looking pretty good. The trend of increasing sales is continuing with 1,223 closed transactions. The surpise number is the median price of those closed sales. The median is up from April's $211,000 to $215,000. If this holds true when the official numbers are published next week, we may see some encouraging press. The number of active, foreclosure and pendings are dropped at the end of the month. Nothing really stands out, since many listings either come off the market, go into contract or close toward the end of the month.

As I mentioned last week, one month does not make a trend, but I am looking for prices to stabilize some at this point. This is four months in a row of increasing sales, and that is a good trend. We typically see this in the spring each year, but it did not happen last year. The numbers are still low, so I hope to see this upward trend continuing into the fall.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 2nd, 2008 6:13 PMLeave a Comment

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June 2nd, 2008 8:24 AM

I will be out of the office all day today, so my latest May numbers will be late getting posted.

www.DavidWelch.com, www.OrlandoAreaRealtor.com


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Posted by David W. Welch on June 2nd, 2008 8:24 AMLeave a Comment

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