Lake Nona Properties

Buying a Home 48% More Affordable Than 2006

Home prices may be reaching new highs lately, but buying a home is still significantly more affordable than it was during the 2006 housing bubble, accordingLake Nona Properties to a new report by RealtyTrac. Low interest rates have largely contributed to keeping homes more affordable in recent months, according to the analysis.

Monthly payments on an average-priced home – including property taxes, home insurance, private mortgage insurance, and assuming a 3 percent down payment – required 36.5 percent of the average wage nationwide in the first quarter. That’s slightly down from 37.4 percent in the first quarter a year ago, but it marks the most affordable level since the first quarter of 2013 – when affordability was 33.5 percent, according to RealtyTrac’s analysis.

“Although home prices continue to outpace wage growth in the majority of local markets, this analysis somewhat surprisingly shows that affordability is actually improving in most markets thanks to falling interest rates and slowing home price growth, which is allowing wage growth to catch up in some markets,” says Daren Blomquist, vice president at RealtyTrac. “At the national level, buying an average-priced home in the first quarter of 2015 was the most affordable it’s been in two years and nearly twice as affordable as it was in the second quarter of 2006 — when affordability was its worst in the past 10 years. At the local level we’re seeing several bellwether markets where wage growth matched or even outpaced home price growth over the past year.”

Housing affordability was highest in the last decade in the first quarter of 2012 – that’s when a monthly house payment required 32 percent of average wages. On the other hand, buying a home was the least affordable in the last decade in the second quarter of 2006. Monthly payments then required a whopping 70.7 percent of average wages, according to RealtyTrac’s analysis.

The average home price remains 12 percent below what it was in the second quarter of 2006 – the least affordable level in the last decade. During that same time period, the average wage nationwide has increased 34 percent and the average interest rate on a 30-year fixed-rate mortgage has dropped 44 percent during that time period. That has helped boost affordability by 48 percent, according to RealtyTrac’s analysis.

The most affordable counties in the first quarter, according to RealtyTrac’s analsyis, were:

  1. Hamilton County, Fla.: 5.6% of the average wage was needed to make monthly payment on an average-priced home
  2. Saint Louis County, Mo.: 8.3%  average wage needed
  3. Saint Louis City, Mo.: 9.4% average wage needed
  4. Lake County, Ind. (in the Chicago metro area): 9.5% average needed
  5. Fairfield County, S.C. (Columbia metro area): 10.3% average needed

Source: realtormag.realtor.org

 

Chicago Real Estate

The most expensive zip codes in 15 major US cities

This is an interesting article we found on some very expensive places to live all around the US!Florida real estate

City life is expensive — but city life in the swankiest neighborhoods in the US can be outrageous.

The median listing price for homes in the quaint Boston neighborhood of Beacon Hill is over $3.7 million. And if you head to Atherton in San Francisco, the median home price exceeds $10 million.

Online real estate site Trulia analyzed the median price per square foot of homes across the biggest metropolitan areas in the US and provided Business Insider with a list of the most expensive zip codes in each.

Here, we’ve highlighted the most expensive zips in 15 major cities, ranked in order of price per square foot of real estate, the neighborhood (or island) they’re most closely associated with, and the median listing price in each neighborhood.

15. St. Louis, Missouri: 63124 | Ladue

Missouri Real estate
A home in Ladue.
Median listing price: $889,495

Price per square foot: $248

14. Tampa, Florida: 33786 | Belleair Beach
Tampa Florida Real Estate
A Belleair Beach home.
Median listing price: $725,000

Price per square foot: $380

13. Newark, New Jersey: 07078 | Short Hills
Newark Real Estate
A home in Short Hills.
Median listing price: $1,849,500

Price per square foot: $409

12. Dallas, Texas: 75201 | Arts District
Dallas Real Estate
The Arts District of Dallas.
Median listing price: $862,500

Price per square foot: $455

11. Denver, Colorado: 80202 | Lower Downtown
Denver Real Estate
Downtown Denver.
Median listing price: $574,800

Price per square foot: $478

10. Chicago, Illinois: 60603 | Loop
Chicago Real Estate
Cloud Gate, the famous sculpture at Millennium Park in Loop, Chicago.
Median listing price: $895,500

Price per square foot: $599

9. Washington, DC: 20004 | Penn Quarter
Washington Real Estate
Penn Quarter buildings.
Median listing price: $499,900

Price per square foot: $609

8. Seattle, Washington: 98039 | Medina
Seatle Real Estate
A home in Medina.
Median listing price: $2,998,000

Price per square foot: $746

7. San Diego, California: 92118 | Coronado
San Diego Real Estate
Hotel del Coronado.
Median listing price: $1,799,000

Price per square foot: $866

6. Boston, Massachusetts: 02108 | Beacon Hill
Boston Real Estate
The streets of Beacon Hill.
Median listing price: $3,750,000

Price per square foot: $1,290

5. Los Angeles, California: 90401 | Downtown Santa Monica
Los Angeles Real Estate
Downtown Santa Monica.
Median listing price: $2,070,000

Price per square foot: $1,304

4. Orange County, California: 92662 | Balboa Island
California Real Estate
Houses on Balboa Island.
Median listing price: $2,950,000

Price per square foot: $1,443

3. Miami, Florida: 33109 | Fisher Island
Florida Real estate
Fisher Island.
Median listing price: $5,900,000

Price per square foot: $1,586

2. San Francisco, California: 94027 | Atherton
California Real Estate
A home in Atherton.
Median listing price: $10,247,500

Price per square foot: $1,669

1. New York, New York: 10007 | Tribeca
New York Real Estate
Tribeca, Manhattan.
Median listing price: $5,105,000

Price per square foot: $2,829

Source: BusinessInsider.com

 

Investment Properties

Why Chinese investors are pouring money into US real estate

No, Paul Revere didn’t yell that — rather, it’s what some real estate market makers are saying as a result of the China being in the red (no pun intended).

With a recent precipitous drop in its stock market, the aftershock has lead to an upswing in purchase contracts being inked for American real estate.

The inverted exodus of capital flow from the Chinese is a natural phenomenon because money typically flows outward from a countries’ border when economic calamity is either actual or perceived. In this case, it appears to be just a burp.

Who’s to blame for this trend? Try not to say Donald Trump — that’s too easy of a punchline these days. And if you’re using that line, you’re not likely as hip as you think you are.

Investment Properties

Eddy Galeotti / Shutterstock.com

Industry watchers have stated that the sudden collapse in the Shanghai Composite, along with the devaluation of the yuan over the past several weeks, might be a prophetic harbinger for U.S. real estate.

“Au contraire” say those who are bullish. In a classic textbook example of contrarian thinking and the unavoidable “yin and yang” of market movements, herds are not always followed. Other market watchers astutely point to the real-time capital outflows from a troubled China that are going to the relative safety of American soil.

The capital outflows from a troubled China are going to the relative safety of American soil.

Given that Chinese stocks have crashed 40 percent since June and wiped away trillions of dollars in market value, this says a lot about Chinese staying power when it comes to keeping their chins up and going elsewhere with their money.

“There’s a fear that Chinese buyers, who have been such a market maker in parts of the United States, may pull back,” said economist Jim Costello of Real Capital Analytics. “Those fears are a little unfounded.”

Costello — and others like him — points out that the resilience of Chinese capital is simply not poppycock, but is, in fact, real, based on the numbers.

According to one reputable online source: Commercial real estate isn’t the only type of property seeing large inflows of Chinese money. The country’s investors have also been active in residential realty.

They bought $28.6 billion in American residences from April 2014 through March 2015, accounting for 28 percent of all foreign purchases by dollar volume, according to data from the National Association of Realtors.

The homes they acquired tended to be on the luxury side; the average house in the U.S. sold for $255,600, but Chinese buyers spent on average $831,800 for their American homes.

The avg. US home sold for $255,600 — Chinese buyers spent on avg. $831,800 for American homes.

And furthermore, at least in the opinion of Jonathan Miller, president of the appraisal firm Miller Samuel based out of New York City, the turmoil in China might lead to more investment in American residential and commercial real estate.

“There are not a lot of investment vehicles in China,” said Miller. “You have the [Chinese] housing market, which is a pretty significant bubble. You have thousands of ghost cities that have been constructed.

“On top of that, you have a pretty volatile stock market situation. So there is some speculation that there actually will be outflow as a result of this, and maybe that will end up in the U.S.”

Chinese citizens are starting to think money in the bank isn’t safe because it won’t gain any value if the renminbi is still devaluing, so people will look to real estate as a solid investment channel, said David Ji of Knight Frank, an international real estate agency.

One might ask oneself, what’s that got to do with the price of rice in China? Well, it has everything to do with China.

As it stands, Chinese investors are exceedingly active in many major markets, such as New York. They are coming in droves.

Chinese are the leading foreign buyers of American homes. In fact, as stated earlier, they represent 28 percent of all homes purchased by foreign buyers last year.

Chinese bought $28.6 billion in American residences — 28 percent of all foreign purchases.

What’s the takeaway? Market corrections do work. And to the benefit of high-end American homeowners and their commercial property owner counterparts, the presence of Chinese buyers are a welcome sight.

Source: Inman.com

 

5 Top Motivators for Buying Now

Here are some interesting thoughts on what motivates people to move.  Hopefully to Florida and more specifically Lake Nona FL!

What are the main drivers in today’s home-buying decisions? Realtor.com® sought to find out in a recent survey of active house hunters taken this June and July through the BDX Home Shopper Insights Panel. According to the survey, here are the top reasons buyers identified as triggering them to start thinking about purchasing a home:

1. “I’m tired of my house.”

That was the top reason house hunters identified as wanting to move, cited by 28 percent of the panel. The average time in a home has risen since the last recession as more owners found themselves underwater and facing price declines from 2007 to 2011. “After four years of above-average price appreciation, confidence in the market has returned,” notes Jonathan Smoke, realtor.com®’s chief economist.

2. Interest rates are attractive.

Interest rates continue to be low and they were the second trigger that buyers identified among 27 percent of shoppers as why they want to act now. The average 30-year fixed-rate mortgage reached a low in January at 3.63 percent and continue to mostly average under 4 percent. Last week, Freddie Mac reported the 30-year fixed-rate mortgage averaged 3.86 percent. That’s a big discount compared to the average monthly 30-year fixed conforming rate since 1971, which was a whopping 8.39 percent. “Compared to that, interest rates will certainly remain favorable for many months ahead,” Smoke says.

3. Home prices are favorable.

In a 2012 realtor.com® survey, 47 percent of active home shoppers cited favorable home prices as the top trigger for buying. The price motivation has been decreasing, but it still remains one of the top triggers. Today, just 26 percent of home shoppers cite favorable home prices as a reason for buying. In June, the U.S. surpassed its 2006 peak as home prices zoomed to a record high – a median of $236,400, according to the National Association of REALTORS®. But on an inflation-adjusted basis, home prices today are still about 20 percent beneath the peak at the height of the housing bubble, Smoke adds.

4. “I’ve got more money to spend.”

Twenty-four percent of active home buyers say an increase in income is their primary trigger for buying a home now. Indeed, now several years post-recession, more households are financially better off. Among 25- to 34-year-olds surveyed, they cited having more money to spend as the No. 1 motivator in buying – cited by 35 percent of these “older” millennials, Smoke notes.

5. A change in family circumstances.

Eighteen percent of home buyers said a change in family circumstance or composition was their main reason for buying. More people are expanding their families: Births did rise last year and are expected to grow again this year as well.

Source: RealtorMag

 

We Know Nona

Thinking of Selling? 5 Reasons You Shouldn’t For Sale By Owner

Here are some great tips about selling by owner.  We are bias obviously but there are real issues to look out for when trying to sell your home.  They can cost you.

In today’s market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

 2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Source: Article Source

 

Lake Nona Medical City

Lake Nona Medical City

Lake Nona Medical City is a 650-acre health and life sciences park in Orlando, Florida, United States. It is located near Orlando International Airport and within the master-planned community of Lake Nona. The city is home to the University of Central Florida’s Health Sciences Campus, which includes the university’s College of Medicine and Burnett School of Biomedical Sciences. In the future, the campus will also house UCF’s College of Nursing, College of Dental Medicine, and a teaching hospital.

The medical city also includes the Sanford-Burnham Medical Research Institute, Nemours Children’s Hospital, a University of Florida Academic and Research Center, and Valencia College at Lake Nona. In addition, a Veterans Affairs Medical Center began seeing clinical patients from February, 2015.

The concept of the medical city began in October 2005 when the Tavistock Group donated $12.5 million and 50 acres of land to the University of Central Florida to help establish a medical school.  In March 2006, the Florida Board of Governors voted to approve UCF’s proposal to build a medical college at Lake Nona, and the school greeted its first students in Fall 2009. In 2012, UCF purchased an additional 25 acres of land at Lake Nona to construct a teaching hospital.

The medical city is surrounded by education facilities, five million square feet of commercial and retail space, and a mix of residential options. Upon completion of construction of the various projects, UCF’s Health Science Campus will accommodate as many as 5,000 upper division, professional, and graduate students and faculty members in the health-related programs, and include up to two million square feet of research and instruction space. It is estimated that the medical city will create up to 30,000 jobs and have a $7.6 billion impact on the economy over the next decade.

Lake Nona is a 7,000-acre master-planned community. Forty percent of the community has been reserved for open green space and lakes. Lake Nona’s amenities include a planned 334-acre city park, 44 miles of planned trails, a number of community parks and 1,000-acre of lakes and waterways.

Article Source: Wikipedia

Lake Nona Tavern Nona Blue

Nona Blue

Hospitality, superior service and the highest level of food quality define Nona Blue. Choose from unique light fare, one-of-a-kind Handwiches or “Nona Blue Plate Specials.” Steaks, chops Nona Blue Tavernand fresh fish beckon from the hardwood grill, while “Sweet Endings” please the palate beyond expectation.

Relax in comfort as Nona Blue’s Bar Chefs prepare the freshest seasonal cocktails. An extensive wine list, 16 craft beers on tap and a selection of regional single malt whiskies provide an unforgettable evening. Enjoy the sights and scents of our display kitchen from the indoor bar, or bask in a warm Florida evening at the outdoor patio bar.

Enjoy the modern tavern concept as never before at Nona Blue. Leave the day behind amidst exposed brickwork and rich, dark mahogany. Inside this warm, and inviting atmosphere lies a dining and drinking experience hand-crafted by the master team at Nona Blue.

Nona Blue Location:

9685 Lake Nona Village Pl, Orlando, FL 32827
(407) 313-0027
http://nonablue.com/

See Nona Blue Reviews on Yelp

See Nona Blue Reviews on Zomato

 

Lake-Nona_homes

Laureate Park

Laureate Park is a new and up-and-coming community with lots of amenities and community events. To keep up with any upcoming events in Lake Nona, just follow the Nona Facebook page.

At the center of Laureate Park is the Village Center, with an Aquatic Center, lakeside restaurant and cafe, and a fitness facility.   The resort-style Aquatic Center has already opened.  The Aquatic Center features two large pools, lounging areas and a sand volleyball court.  A ‘Family Pool’ is home to a zero-entry pool, deck jets, water cannons and a 25 foot tall dumping bucket.  The adult ‘Quiet Pool’ features private cabanas, free form pool areas and 4 Jr. Olympic lap lanes.

Laureate Park is home to the following builders:

– Ashton Woods Homes

– David Weekley Homes

– Minto Communities

– Taylor Morrison Homes