4 Fla. metros at top of ‘best cities to invest’ list

4 Fla. metros at top of ‘best cities to invest’ list

– Sept. 28, 2016 – GOBankingRates surveyed 61 out of the 100 most populous cities in the U.S. to find the best and worst cities to own investment property. And according to their analysis, Orlando ranked No. 1 as the top metro area in the U.S.

, with Tampa coming in second.

Overall, four Florida cities ranked in the top 15. Miami came in at No. 10 and Jacksonville at No. 13.

GOBankingRates offers a map of the best and worst investment cities on its website.

To create the rankings, the study analyzed the following factors:

  • Employment growth: the percent change in the city’s number of employed people year-over-year
  • Population growth: the percent change in the city’s population year-over-year
  • Increase in home values: the percent change in the city’s median home value year-over-year
  • Years to pay off property: the number of years it would take for rental income to pay off the median home value

15 best cities to own investment property

  1. Orlando
    2. Tampa
    3. Denver
    4. Seattle
    5. Austin, Texas
    6. Reno, Nev.
    7. Dallas
    8. Portland, Ore.
    9. Raleigh, N.C.
    10. Miami
    12. Nashville, Tenn.
    13. Jacksonville
    14. Charlotte, N.C.
    15. Richmond, Va.

15 worst cities to own investment property

  1. Anchorage, Alaska
    2. Pittsburgh
    3. Chicago
    4. Virginia Beach, Va.
    5. Cleveland, Ohio
    6. Honolulu
    7. Detroit
    8. Tulsa, Okla.
    9. Omaha, Neb.
    10. El Paso, Texas
    11. Wichita, Kansas
    12. Cincinnati, Ohio
    13. Memphis, Tenn.

    Lake Nona "green living"

    Lake Nona “green living”

    14. Baltimore, Md.
    15. Winston-Salem, N.C.

“Growing populations in the top 10 cities on our list are fueling the need for more housing,” says Cameron Huddleston, Life + Money columnist for GOBankingRates. “That’s why these cities are such great places to own investment property now. On the other hand, the cities at the bottom of our list have seen little-to-no population growth, so the demand for housing isn’t as high – which means real estate investors won’t do as well there.”

Study insights

  • Five out of the 10 best cities to own property are located in Florida and Texas.
  • Population levels are declining in places like Anchorage and Cleveland, pushing them to the bottom of the list.
  • When it comes to real estate investments, Midwest isn’t best – none of the Midwest states made it into the top 15 of the best states to own investment property.
  • Seattle, Austin and Reno rank among the top 10 places to own investment property. However, it takes 17 to 19 years to pay off median home values in these cities based on yearly rents.

Uptick in home sales for Orlando

Uptick home sales Orlando!screen-shot-2014-11-17-at-8-12-17-am  Mid-summer drop in home sales rectified itself in Orlando and throughout the state during August, a new report shows.

In August, sales of single-family houses in Orange, Seminole, Lake and Volusia counties increased 8.2 percent from a year earlier. The increase marked a sharp turnaround in direction from a 6 percent, year-over-year sales drop during July, according to report from Florida Realtors.

Trends were similar across a state where year-over-year sales increased 5.5 percent in August after declining 8 percent in July. Brad O’Connor, chief economist for the real estate association, said the boost in sales effectively erased all of the losses from July.

“In the present case, it’s possible that a number of sales that might ordinarily have occurred in July were pushed back into August,” O’Connor said. “Basically, if you consider the data over July and August together, the net growth rate continues the trend we’ve been seeing all year of slow-but-positive growth in the single-family market.”

O’Connor added that a month’s worth of sales numbers isn’t enough to determine a market’s direction.

What the numbers mean at a neighborhood level is that almost 200 fewer houses sold in Metro Orlando during the peak sales month in July of this year compared with July 2015. The Orlando housing market grew stronger last month, increasing to 3,150 sales in August from 3,108 sales in July

Orlando homeowners saw sales prices — and equity — increase more in the four-county metropolitan area than average price increases across Florida metros. Across the state, the median price of $225,000 was up 12.6 percent from a year ago.

In August, the midpoint price for a home that sold in Orange, Seminole, Osceola and Lake counties was $229,000 and that was up 13.4 percent from August 2015, according to the report.

In areas on the edge of the four-county Orlando region, prices increased from a year earlier — except for in The Villages. Prices in that senior retirement mecca were at a midpoint of $210,000 in August and that was down by 13 percent from a year ago but the relatively small pool of 93 sales may have thrown off comparisons.

In Polk County, the midpoint price of $169,900 was up 20 percent from a year ago; Volusia’s median price of $210,000 had increased 16 percent; and Brevard’s median of $195,000 was 15 percent higher over a year.

Welcome to Village Walk Lake Nona

A Pulte Homes family brand, DiVosta Homes has been constructing award-winning communities throughout Florida since 1960 and has been consistently ranked highest in customer satisfaction by J.D. Power & Associates.

DiVosta is best known for its “Walk” community concept – a unique neighborhood design where almost every home includes a lake view, and residents have easy access to the community’s Town Center via pedestrian bridges and “village walks.” The Town Center serves as a social gathering place and offers many unique conveniences and amenities. An onsite activities director helps to coordinate resident-driven programs and events.

virtual-tour-220601-03-1474443383 homes are beautifully landscaped and situated on home-sites facing lushly landscaped streets and include high standard specifications levels. Our experienced sales and customer relations personnel expertly guide the homebuyer through every phase. These high standards, construction, service, and neighborhood design make DiVosta “Walk” communities one of the most prestigious and sought-after places to live.

Move-in ready, this home has a new fence and custom painting done for you! Enjoy entertaining in the spacious, open-plan, four-bedroom,
two-and-a-half-bath, two-story home with 3008 square feet. Enjoy a glass of wine while watching beautiful sunsets overlooking the water.

virtual-tour-220601-06-1474443385This kitchen has dark 42-inch cabinets, subway tile back splash, under- and over-cabinet lighting and beautiful granite counter tops. With
stylish gray walls and large porcelain tile throughout the lower level, this home has a modern feel. The generous master bedroom is on the
first floor and has a large walk-in with custom closet system. Convenience is everywhere you look, with a home office area, mudroom and
laundry right off the expansive kitchen and great room. Upstairs there are three more bedrooms and a loft big enough for several uses at
once. The tile roof, brick paver drive, walks and patio add to the luxury feel of this Cypress model. Meander through this unique guard-gated
neighborhood full of waterways. Meet with friends at the 26,000-square-foot town center, where you have access to the clubhouse featuring
gathering and multipurpose space and a catering kitchen. The mail room, covered lanais, state-of-the-art fitness center, resort-style
swimming pool, lap pool, six clay tennis courts, basketball court, full-time community activity director, tot lot and more all add to the value of
your new home

.

Spectacular Investment Opportunity

THE BEST FAMILY LIVING LOCATION in highly desirable Lake Nona – Waters Edge. Great open-floor concept wonderful for entertaining.virtual-tour-220627-22-1474461325
Rooms are efficient and bright. Master located on 2nd floor, large 2nd 3rd bedrooms. Oversize cabinets in Kitchen and bathrooms / added
storage, Garage & parking pad in alley. Amenities include family YMCA membership, guard-gate, and lake access for canoeing/kayaking,
community pool, playground, picnic area, and tennis and basketball courts. *Conveniently located near 528 (Beachline) and 417 (Greenway),
Medical City, Valencia th (7)College, UCF Medical Campus, Sanford-Burnham Medical Research Institute and the NEW VA Hospital and USTA (US
Tennis Association) complex w/ 100+ tennis courts. The new amenities that are on the horizon are a 3 story golf range,health food store,high end resort and 55 and older community. If you want to enjoy fishing,skiing,swimming and picnics

JUICE BIKE SHARE OPEN TO RIDE IN LAKE NONA/ORLANDO

Brightly colored orange bikes will be on Lake Nona roads as Juice Bike shares their official launch. The popular program that has taken Orlando by storm officially opened the Lake Nona/Orlando site. Introducing Juice Bike Share to Lake Nona has been in the works for months with careful planning to identify heavily trafficked central hubs for bike exchange locations.  The program opened with thirty bikes across three stations.

orange-bike

Lake Nona bike share locations include: Lake Nona Town Center, Laureate Park Village Center and Guidewell Innovation Center.

Biking is not only good exercise and a green transportation option, it’s also a great way to explore new areas in your community. Joining Juice Bike Share gives you access to more than 200 bikes across Central Florida. Since opening in Orlando, the more than 4,000 active members have ridden more than 23,000 miles. Wow. Now that is a lot of coverage. Let’s see how many more we can add in Lake Nona.

Using the bike share is easy. You simply reserve a bike at any of the Juice locations via a mobile app. Unlock your bike and ride away. Rental rates vary with options by the hour or monthly membership. To get started simply register at JuiceBikeShare.com.  And remember … you are always welcome to visit Allyn and Pam Maycumber, and their team, at the Keller Williams Realty Advantage III office  9161 Narcoossee Rd, Orlando, FL 32827  Phone 407-251-1314.  Located next door to Tijuana Flats restaurant

Chicken Salad Chick To Open First Lake Nona

fn_chicken-salad-030_s4x3-jpg-rend-sni12col-landscapeChicken Salad Chick, the nation’s only southern inspired, fast casual chicken salad restaurant concept, announced today it will be expanding in Florida with its first location in Lake Nona. The new restaurant will open on Tuesday, Sept. 27 and is located at 9470 Narcoossee Road. This location is owned and operated by existing franchisee team Adam Reeves and Carol Lynn Upshaw, who also own the Chicken Salad Chick restaurant near the University of Central Florida. Their Lake Nona restaurant marks the 16th Chicken Salad Chick location in Florida and the brand’s very first free-standing location with a drive-thru unit.

During grand opening week, guests will enjoy southern hospitality through giveaways and specials at the new Chicken Salad Chick restaurant:

  • Tuesday, Sept. 27 – The first guest will win a free pound of chicken salad per week for an entire year; the next 99 guests receive a free pound of chicken salad per month.*
  • Wednesday, Sept. 28 – The first 50 guests to purchase a Chick Special will receive a limited edition Chicken Salad Chick RTIC Tumbler.
  • Thursday, Sept. 29 – The first 100 customers will receive a Meet the Chicks punch card. Guests can try one free scoop of the chicken salad flavor of the week for 16 weeks, allowing guests to taste every Chicken Salad Chick flavor.
  • Friday, Sept. 30 – The first 50 guests to purchase a meal will receive a complimentary Chicken Salad Chick mini cooler and koozie.

All guests who make a purchase within the first week of business can also enter themselves into a drawing to win a free Yeti Cooler, valued at $400. The drawing will take place on Saturday, Oct. 1 and the winner will be notified the same day.

Adam was first introduced to the brand through his old friend and Chicken Salad Chick founder, Kevin Brown. After spending 16 years in the investment industry, he decided to take on a new challenge and opened his very own Chicken Salad Chick restaurant in Orlando with his mother-in-law, Carol Lynn Upshaw, who has worked as a mortgage broker for the past 25 years.

“Kevin and I were great friends for years and used to eat chicken salad every afternoon after football practice,” said Adam Reeves, Lake Nona Chicken Salad Chick franchisee. “Today, 25 years later, I’m honored to be a part of this amazing concept that he helped build from the ground up. The brand’s culture and menu offerings have been so well received by the Orlandocommunity, and I’m confident the residents of Lake Nona will be just as impressed with everything Chicken Salad Chick has to offer.”

The Chicken Salad Chick concept, born in Auburn, Ala., was established in 2008 in the kitchen of founder, Stacy Brown. When Stacy discovered that the local county health department would not allow her to continue making and selling her delicious recipes out of her home kitchen, she overcame that obstacle by launching her first restaurant with the business expertise of her future husband and fellow founder, Kevin Brown. Together, they opened a small takeout restaurant, which quickly grew; the company now has 62 restaurants across the Southeast.

Chicken Salad Chick in Lake Nona will be open Monday – Saturday from 10:30 a.m.8 p.m. For more information, visithttp://www.chickensaladchick.com, or call 407-271-8236. Follow Chicken Salad Chick on Facebook, Twitter and Instagram for the latest news and trends.

*Eligible winners must be over 16 years of age and are required to download the CravingCredits app.

High-end driving range headed to Lake Nona

Lake Nona planning a three-story, high-end driving range and restaurant complex in the southeast Orlando neighborhood.

Tavistock Development filed an application for a 66,000-square-foot building and golf range with a restaurant, bar and event space, according to documents submitted to the City of Orlando.Homes for Sale in Lake Nona Florida

Floor diagrams show about 90 golfing bays as well.

The 15-acre project is dubbed “Drive Shack” in documents. The facility would have about 450 parking spaces.

Drive Shack is the same name of a golf-range brand being developed by equipment maker TaylorMade and real estate firm Newcastle Investments Corp. TaylorMade owner Adidas said in May it intends to sell TaylorMade as well as clubmaker Adams and apparel maker Ashworth, amid falling sales that saw competitor Nike announce in August it will stop making golf clubs.

A spokeswoman for Tavistock said she could not comment on the project, and Newcastle did not return a request for comment.

Tavistock also said that Drive Shack would have some interactive golf elements with its driving range, but did not give specifics.

At Drive Shack, the three-story building would have outdoor golfing bays that overlook the range. The first floor calls for a kitchen and lounge as well as a pro shop retail area.

The second floor plans call for a restaurant, lobby and event space as well as an additional retail area. The third floor is mostly golfing bays and a rooftop terrace.

Drive Shack would be one of two high-end golf driving ranges heading to Orlando, along with the Topgolf project in Orlando tourist district.

Topgolf is another three-story driving range project, which uses interactive game elements along with the traditional driving range format. That project is now under construction at Convention Way and Universal Boulevard and is expected to finished sometime in 2017.

Sports bars in Orlando that have interactive golfing simulators, in which customers can hit balls into a screen displaying golf courses, include Caddyshanks and Dewey’s. Those simulators also have training elements.

 

“Eviscerate” is the Proper Term for What?

Eviserate?

Florida’s 4th District Court of Appeal sent the real property and mortgage world into a frenzy this week after issuing its opinion in Ober v. Town of Lauderdale-By-The-Sea, dramatically weakening the protections of Florida’s lis pendens statute. It held that a lien placed on a property after the foreclosure judgment which arises from an action occurring post-judgment, is not extinguished by Florida Statute §48.23. The term most commonly used in emails and articles drafted by attorneys to describe the impact of this decision on the lis pendens statute is “eviscerate”. This type of hyperbolic word usage is fairly unusual for the real property and mortgage professionals impacted by this decision. In this case though, it is absolutely appropriate.  Eviscerate means to deprive something of its essential content. That is exactly what this decision has done. Further, the Court (and even Mr. Ober’s appellate brief) fails to address the issue of the trial court’s continued jurisdiction.

In Ober, after a foreclosure judgment was entered in 2008, the Town recorded liens on the property due to code violations occurring after final judgment. In 2012, the house sold to Mr. Ober at the foreclosure sale.  The Court held that the intervening liens were not extinguished and still encumbered the property.

Why is this news?

Section 48.23 of the Florida Statutes says that if you record a lis pendens, providing official notice that you are pursuing an action to enforce a lien that encumbers a given property, anyone who acquires an interest in the property during the pendency of the action shall take that interest subject to your lien. This is why a Florida foreclosure plaintiff does not have to continually run title updates to ensure it has not missed a new interest-holder.

The key here is the definition of “pendency of the action”. The Court mentions that Florida courts have regularly held that the lis pendens is no longer valid after final judgment is entered.[1] The cases cited do not contemplate a situation in which a court retains jurisdiction. In practice, that protection has been extended to include liens recorded up until the date of the foreclosure sale. In fact, Form 1.996(a) of the Florida Rules of Civil Procedure provides a template for a foreclosure judgment which includes a provision, “On filing the certificate of sale, defendants and all persons claiming under or against defendants since the filing of the notice of lis pendens shall be foreclosed.”

The Jurisdiction Question

There is a gap in the rationale that the 4th District did not address—jurisdiction. The final judgment in Ober reserved jurisdiction to enter a deficiency judgment. The 2nd District put it well when it stated, “While the term “lis pendens” literally implies a pending suit, it is defined as the jurisdiction, power, or control which courts acquire over property involved in a pending suit.”[2]

That jurisdiction, power, or control is routinely reserved in the language of final judgments to extend jurisdiction to hear complaints for deficiency judgments[3]  and re-foreclosure. With deficiency judgments in particular, that jurisdiction extends beyond the date of the foreclosure sale, as the plaintiff will not know whether there is a deficiency until the property is sold.  The court in Ober retained jurisdiction and the lis pendens should have remained active until the foreclosure sale occurred when the court was divested of its jurisdiction. Why this issue was not raised in the appellate briefs is unclear.

What is the potential impact?

If a junior lien is not extinguished in a foreclosure, it must be satisfied or extinguished by re-foreclosure[4], in order for there to be marketable title. If a lien attaches post-judgment, a plaintiff is more likely to negotiate payment and satisfaction to avoid the delay and expense of re-foreclosing.

While all the intervening liens in Ober were individual occurrences that took place post-judgment, it is not clear how this opinion will affect liens that arise out of an ongoing duty where one incident occurs post-judgment but most occur pre-judgment, such as non-payment of HOA/COA fees or ongoing code violations. Can a HOA or municipality wait until a payment/fine is missed post-judgment to record the entirety of its lien, including all the past due amounts? We are likely to find out the answer to this question only after a parade of litigation.  The Real Property, Probate & Trust Law section of the Florida Bar has taken an interest in this case and predicts, amongst other things, that the decision will create uncertainty as to the status of title thus discouraging fair market bids at foreclosure sale. There is likely to be an increase in sale rescissions by third party purchasers if they discover large liens have attached to their property. If bids go down, that creates the potential for increased deficiency liability for borrowers. The unintended consequences of this decision could be quite broad. There is still time for Mr. Ober to file a Motion for Rehearing of this Opinion and the 4th District could clarify or revise its opinion; many real property and mortgage professionals are crossing their fingers tonight, hoping the Court will do just that.

law_book_with_wooden_judges_gavel_on_table_in_cg1p17942797c_th

 

[1] The Opinion cites the following cases: See U.S. Bank Nat’l Ass’n v. Quadomain Condo. Ass’n, 103 So. 3d 977, 979-80 (Fla. 4th DCA 2012) (“[T]he court presiding over the action which created the lis pendens has exclusive jurisdiction to adjudicate any encumbrance or interest in the subject property from the date the lis pendens is recorded to the date it enters final judgment”); Seligman v. N. Am. Mortg. Co., 781 So. 2d 1159, 1196 (Fla. 4th DCA 2001) (“[T]he court in the dissolution proceeding had jurisdiction over the property until final judgment . . . .”); Hotel Eur., Inc. v. Aouate, 766 So. 2d 1149, 1151 (Fla. 3d DCA 2000) (“Because a Final Judgment has been entered, the instant case is no longer pending and thus the Notice of Lis Pendens is no longer valid”); Marchand v. De Soto Morg. Co., 149 So. 2d 357, 359 (Fla. 2d DCA 1963) (“[T]he doctrine of lis pendens is the jurisdiction, power or control which courts acquire of property involved in a suit pending the continuance of the action and until final judgment therein”).

[2] Med. Facilities Dev., Inc. v. Little Arch Creek Properties, Inc., 675 So. 2d 915, 917 (Fla. 2nd DCA 1996).

[3] “A judgment of foreclosure is a final order, but ‘the law contemplates a continuance of the proceedings for entry of a deficiency judgment’ as a ‘means of avoiding the expense and inconvenience of an additional suit at law to obtain the balance of the obligation owed by a debtor,’Timmers v. Harbor Fed. Sav. & Loan Ass’n, 548 So.2d 282, 283 (Fla. 1st DCA 1989).” L.A.D. Prop. Ventures, Inc. v. First Bank, 19 So. 3d 1126 (Fla. 2d DCA 2009).

[4] Re-foreclosures are actions to extinguish junior liens that were missed in the initial foreclosure action. The right to re-foreclose passes with the title, so the purchaser at foreclosure sale may re-foreclose. It can be brought as a separate action, but can also be completed by re-opening the original action if the final judgment of foreclosure specifically reserves jurisdiction.

New home buyers face affordability

Orlando-area buyers in the hunt for new houses priced under $200,000 have less than a third the selection they did three years ago and now have to drive further to get it, a new study shows.

The amount of new Central Florida homes being built in the $150,000 to $200,000 price range dropped to 727 from 2,422 three years ago during a year-long period that ended in June, according to a report by MetroStudy.

Jim Reinert, vice president of land for KB Home, said affordability has become a key factor in buyers’ decision as Orlando-area home prices rose 12 percent in June from a year ago.

“Rising prices therefore force buyers to seek more affordable areas,” Reinert said. “Volusia may see an uptick, though Lake County, Northeast Polk County, and Northeast Osceola County are seeing more development opportunities.”

Central Florida’s busiest price range for new homes is $250,000 to $300,000, an increase of $100,000 from three years ago, reported MetroStudy, a new home construction research firm.

Also during the last three years, Metro Orlando wages in the region rose only 3.7 percent, according to the federal government.

“Pricing of new homes is a problem, as first-time buyers are being pushed further out of the Orlando core and/or into adjoining counties, and/or into smaller products,” the new report states.

Despite some price pressures, employment growth and a tight resale market still indicate a healthy new home construction environment for the near term, according to MetroStudy.

A pileup of relatively pricier homes in central areas is likely to add demand for affordable new housing in Polk and Volusia counties — farther from Orlando’s urban core and employment centers, the report stated.

The Villages senior-living community continued its longtime reign as the most active development in the overall Central Florida area, with 730 annual housing starts for the 12-month period. That sprawling project has double the number of new homes started as the second busiest project — Lake Nona in southeast Orlando. Last year, sales at The Villages dropped by 12 percent to 2,294 and Lake Nona’s sales volume was about 500 last year with a 19 percent increase from a year earlier, according to Real Estate Advisors.

The Reunion Resort in the Davenport area had the third-greatest number of new homes started during a 12-month period that ended in the second quarter.

The areas with the least amount of new-home-construction activity were Northeast Lake County, Altamonte Springs/Longwood, and Central Orange County, the report stated.

WWW.WeKnowOrlando.com or 407-251-1314

Top Central Florida projects by housing starts

The Villages, Lake County, 730

Lake Nona DRI, Orange County, 347

Reunion Resort & Club, Osceola County, 308

Summerlake, Orange County, 251

Windermere Trails, Orange County, 243

ChampionsGate, Osceola County, 227

Storey Lake, Osceola County, 209

Orchard Hills, Orange County, 194

Randal Park, Orange County, 184

Windsor at Westside, Osceola County, 162

 

 

New Lake Nona office building in the works

Steps are being taken to build a new office building in Lake Nona’s growing Town Center.

Building No. 2. include four-story, 100,000-square-foot

Tavistock Development Co. LLC’s entity, Lake Nona Land Co. LLC, on Aug. 22 applied for an environmental resource permit that could allow site work to begin on a 11.3-acre project dubbed “Lake Nona South Town Center Phase 1, Office Building No. 2.” Plans include a four-story, 100,000-square-foot Class A office building.

The planned facility will be similar in size to the Town Center’s first Class A office building that houses Tavistock’s headquarters, Regus, Nemours Children’s Hospital administrative offices and Nurse on Call near Medical City. An existing parking garage will stand between the new office building and the current one.

The project will create new construction, vendor, leasing and job opportunities for local firms. However, it’s just a small portion of what’s in the works at the Lake Nona Town Center that’s slated to become a 3.8 million-square-foot lifestyle and entertainment center with restaurants, shops, hotels and more. A new restaurant called Chroma Modern Bar + Kitchen will open there next month. See here for more on the Lake Nona Town Center plans.

The Lake Nona and Orlando International Airport area in second-quarter 2016 had more than 1 million square feet of office space with a 14.2 percent vacancy rate and a $27.49 average asking rent rate per square foot, according to a Cushman & Wakefield report.