House Buyers are gaining the most power in Orlando

By   – Editor, Business Journal

After years of competitive house bidding wars and rising prices, a new data analysis from Zillow shows it might finally be a good time to buy a home in many U.S. markets — especially in Orlando.

Zillow researchers looked at three factors to determine which of the largest housing markets are becoming more buyer-friendly: an increase in the share f listings with a price cut; projected increase in rent appreciation over the next year; and relative to the past.

Based on those factors, the best places for buyers this winter include:

  1. Orlando
  2. Boston
  3. Seattle
  4. Las Vegas
  5. Charlotte
  6. Columbus
  7. Portland
  8. Sacramento
  9. Minneapolis
  10. Dallas

Here in Orlando, there are 6.8 percent more listings with a price cut compared to last year, rent is projected to increase 1.4 percent in the next year, and it costs about 20.2 percent of the monthly median income to pay the mortgage on the typical home.

Zumper National Rent Report: November 2018

As we approach the slow moving season, many of the 100 cities on our report have started to experience downward monthly rent trends. However, a lot of the mid to lower tiered markets are still continuing to play catch up with the most expensive cities with large year over year rental growth rates even into these cooler months. In the top markets, the most expensive 10 cities remained the same last month, though there was some shifting at the bottom with San Diego moving up to become tied with Santa Ana and Seattle dropping to 10th. Meanwhile, the city with the fastest growing rent last month was Spokane, up 5.6%, and the rental market that took the biggest rent dip was San Antonio, down 5.4%.

Overall, both the national one and two bedroom rents grew 0.7% last month, settling at $1,203 and $1,432, respectively. On a year over year level, one bedroom rent is up 2.3%, while two bedrooms have increased 2.9%.

The Zumper National Rent Report analyses rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.

If you’re interested in a more in-depth explanation of how and why we calculate our rent data, view our methodology post.

To keep up to date with rent changes across the country, like or follow Zumper on FacebookTwitter, and Instagram. In the market for a new place? Search apartments for rent on Zumper.

Latest figures on Housing outlook and Economy

Housing policy experts and community activists have long been concerned about access to mortgage credit in underserved neighborhoods. Insufficient access to credit, attributable to outdated underwriting
guidelines or a legacy of discrimination can hinder housing wealth creation and economic development.
For many years, the federal government’s collection of Home Mortgage Disclosure Act (HMDA) data has provided one benchmark of whether advances are being made in providing credit to these communities.
Disadvantages with this loan-level data set are the long lag before their release and the public availability of only calendar year data rather than higher frequency, such as monthly. While descriptions of what constitutes an underserved area may vary, one metric is the Federal Housing Finance Agency’s (FHFA)
definitions of both low-income and minority census tracts.1 The Agency uses these to assess the affordable housing performance of the government-sponsored enterprises it regulates. We compared the annual trend in the HMDA data with what we have in CoreLogic’s public records, and then used
CoreLogic data to update the trend through July 2018. (Figure 1) What we found was that CoreLogic’s public records tracked very closely with the trends in the HMDA data.2 Further, the share of home purchase mortgage lending in low-income areas or moderate-income minority census tracts has increased steadily from the low point in 2012 and 2013. For 2018 through July, this share was the highest since 2010. The increase in 2018 occurred even though the FHA share of purchase-mortgage lending is less than it was one year ago. FHA-insured loans tend to have a higher share of low income
and high-minority census tract lending than conventional. (Figure 2) But the share of conventional loans made in low-income and minority areas has steadily grown over the last six years, in part because
Fannie Mae and Freddie Mac have begun to fund conventional loans with three-percent down payment and up to 50-percent debt-to-income ratios. We will continue to monitor these trends with our public records data. Further increases in the share of loans made in underserved neighborhoods are likely as their local economies improve in the coming year.

Opportunity Zones but great Investment Yes!

It’s not quite lottery level buzz, but talk of the tax rewards and potential of Opportunity Zones has tax lawyers, developers, municipalities and business development pros clamoring for answers and angles.

Still, in its early stages, U.S. governors helped the Internal Revenue Service and U.S. Treasury define eligible census tracts as official zones in May and June. Initial draft regulations about the program provided a fair amount of broad specifics — until late on Oct. 19. That’s when the IRS delivered hotly anticipated detailed rules on Opportunity Zones in a 74-page report reflecting a long period of public comment.

Here’s why Opportunity Zones are getting a lot of attention.

If you have capital gains, the new bipartisan supported provision found in 2017’s tax reform means an individual or institution can park those capital gains into what is known as a Qualified Opportunity Fund. That fund is used only to create investment within the designated census tracts or group of tracts.

Notable Orlando zones include Carver Shores, Washington Shores, Rosemont, Mercy Drive, the Packing District (west of Orange Blossom Trail), West Colonial Drive, East Colonial Drive (GOAA properties), Parramore (south of Church Street), the SoDo area (west of Orange Avenue) and the northeast corner of Semoran Boulevard and Curry Ford Road.

If you leave those deferred gains in a fund for seven to 10 years, then you don’t pay the capital gains for that period. While real estate is the sweet spot, the program was initially developed as a job creator — so it also applies to gains on sales of businesses, too.

“Those gains are deferred, but on top of that, anything you earn in the Opportunity Zone is tax free,” said Mike Miedel, director at Pinellas Economic Development. “It’s a tremendous opportunity for people.”

Buchanan’s Opportunity Zone practice team of Lisa Starczewski and Bill Conaboy has been on a whirlwind tour, the lawyers said, reacting to high interest from clients of all types.

The new details Friday were heavily anticipated, Starczewski said, and it’s going to take some time digest and understand. “There are still a number of open questions,” she said. But in one big move, the government extended the period over which an investor can take advantage of the program’s 10-year gain exclusion to as late as the end of 2047.

“They also answered some simpler questions like, can a Qualified Opportunity Fund be an LLC?” Starczewski said. “Yes, they can, and that was the right answer; and while it was just a clarification, it was nice to know so people didn’t feel like they had to create a limited partnership or corporation.”

Ahead of the Friday regs, PCED’s Miedel said it remained unclear how much people can use the funds for housing or hotels. “I think we are pretty safe with our target industries. The problem is how much of that investment will get sucked away from our types of projects into other things that would be secondary industries.”

Starczewski’s bottom-line takeaway: The program continues to be pro-taxpayer.

“As a practitioner, I think it is helpful guidance and I think it is designed to be facilitative,” she told OBJ sister paper the Tampa Bay Business Journal on Saturday. “I am happy to see that because it gives me a platform where I can say to clients, the IRS and Treasury are trying to help make these transactions work.”

With some level of confidence, Opportunity Zone subject matter experts can now have an easier time predicting what the feds will do in the next set of regulations based on the approach they took in the first one.

Nursing most dangerous job in America? It ain’t what you’d expect?

 

There’s a headline that might surprise: Working in state-run and residential care facilities were riskier than being a police officer or a firefighter in 2016.

Since 2012, nurses and health aides in state-run residential care and nursing settings have accounted for the highest rates of injury and illnesses tracked by the U.S. Bureau of Labor Statistics. The industry reported 164,300 employee injuries and illnesses in 2016 and racked up an incident rate that was roughly 30 percent higher than what was recorded by emergency workers in the nation’s police and fire departments.

once considered the most dangerous in the country still pose deadly risks to workers – landscaping, roofing and highway construction reported more worker deaths than any other industry over the past 21 months, according to federal data. However, the documented dangers posed by nursing and other service-related fields highlight ongoing shifts in how Americans earn a living, and experts say will continue as more and more traditional blue-collar jobs are automated or made obsolete altogether.

Deborah Berkowitz, program director of worker safety and health at the National Employment Law Project, said the high injury and illness rates in nursing are indicative of the physicality and strains of the job. She said back injuries in particular are a problem.

“Not only are they lifting patients out of the bed, but they’re repositioning them, they’re trying to prevent patients from falling,” said Berkowitz, whose nonprofit advocates for low-wage workers. She previously served as chief of staff for the U.S. Occupational Safety and Health Administration from 2009 to 2015.

Property Man – Bob Massi Features Lake Nona and Orlando

features in a recent episode… Not only is Lake Nona and one of the fastest growing cities across the nation, but the here is perfect for . Orlando is used as a meter for the real estate market because of the booming economy and the constant influx of new residents and visitors. In this episode, Bob Massi answers why Orlando is so successful and features Lake Nona and as one of the fasted growing community across the nation. Bob takes a tour around Orlando and Lake Nona to see why the market is so successful. The most important message to take away about Orlando is, as most cities across the nation feel the ups and downs of the economic rollercoaster, Orlando is the first to recover and last to feel the pinch.

Watch as Bob Massi uncovers the reasons why Orlando truly is the city beautiful…

As always… comment, like and share. Your feedback helps us know how to help you better!

-The Maycumber Team of WeKnowOrlando.com

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Orlando OKs conditional plan for $107M Creative Village apartment complex

The City Commission today helped move forward two pieces of the planned $1 billion, 68-acre, mixed-used Creative Village in downtown.

The commissioners voted unanimously during the Sept. 4 city council meeting to give conditional approval of a $107 million, 390-unit apartment complex. The Creative Village Design Review Committee still wants to review certain aspects of the apartment project such as the streetscape, parking, architecture, and appearance, before it gets full approval.

The commissioners also gave full approval for a 9,221-square-foot central cooling system building for the planned Downtown, a campus that will be shared by the University of Central Florida and  College The UCF energy plant building will include condenser water pumps and cooling towers located outside the building. The structure will be the only plant for the downtown campus.

The apartment complex is a joint venture between Orlando-based Ustler Development Inc. — whose related Creative Village Development LLC is the master developer of Creative Village — and Coral Gables-based apartment developer The Allen Morris Co. The project is slated for a 1.6-acre site on the southwest corner of Amelia Street and Terry Avenue, which is known as “parcel M,” according to city documents.

Creative Village is expected to attract 8,000 faculty, staff and students when UCF Downtown opens in fall 2019 — two to three times more people than initially anticipated, according to Ustler Development Inc. President Craig Ustler. The number of apartment units was increased from 250 in the previous plan to 390 in July due to that increased demand.

The apartment complex, which could open by mid-2020, will feature mostly studio and one-bedroom units, each with a washer and dryer. The ground floor has a 6,500-square-foot commercial space that may house a food and a social hall. The project also will include a 570-space parking garage, a public courtyard, and a beer garden, said Ustler.

  • Dallas-based Mill Creek Residential Trust plans to build an estimated $59 million-$90 million, 250- to 300-unit market-rate apartment complex on the east side of Central Park.
  • Ustler Development and Development Ventures Group Inc. are underway on a 15-story, $105 million student-housing project with 600 beds and 105,000 square feet of educational space leased to UCF and Valencia College.
  • Winter Park-based Atlantic Housing Partners LLLP is building the $60 million, 256-unit Amelia Court at Creative Village mixed-income community.

These projects add to the boom in apartment in the region. Orlando reported a 3.2 percent vacancy rate in the multifamily sector, which is among the lowest for Southeastern cities, according to the most recent report by Charlotte, N.C.-based Real Data Inc. There are more than 11,700 apartments in Central Florida’s construction pipeline, and roughly 30 percent of those units are being built in downtown Orlando.

The average monthly apartment rent for the central submarket, which includes downtown Orlando, is $1,499, up from $1,381 a year ago, Real Data reported. Occupancy rates are expected to remain higher than 95 percent over the next year, well above average among Southeastern cities, which should trigger even more rent growth, according to the report.

UCF Downtown also is expected to bring a major economic impact to the area. The campus is forecast to generate 2,000 jobs and a $205 million economic impact in the next few decades. “There’s a lot of different facets — certainly there’s the economic development aspect of growing our downtown and having the university campus there,” Orlando Mayor Buddy Dyer told Orlando Journal. “It’s good for UCF and the students who will have internships and be closer to businesses that are in their majors.”

Central Florida’s 25 Wealthiest ZIP Codes

What’s the value of your home? What college degrees do you have? What’s your household income? What type of work do you do?”

Why so many nosey questions, you might ask?

Well, these were just a few of the key indicators behind creating American City Business Journal’s Wealth Index Score.

To determine which ZIP codes are Central Florida’s most affluent, Buffalo Business Journal Projects Editor Scott Thomas created a methodology exclusive to American City Business Journals. To see where your ZIP code ranks among Central Florida’s wealthiest, according to ACBJ’s Wealth Index

Orlando 32814
Orlando 32814
$101,628 Orange 7,477 31.70%
2 Windermere-34786
Orange Country
Windermere 34786
$91,884 Orange 34,328 27.80%
3 Oviedo-32766
Seminole County
Oviedo 32766
$90,208 Seminole 15,905 20.00%
4 Longwood-32779
Seminole County
Longwood 32779
$83,695 Seminole 30,400 23.40%
5 Orlando-32827
Orange County
Orlando 32827
$81,089 Orange 7,650 17.60%
6 Orlando-32832
Orange
Orlando 32832
$76,281 Orange 18,216 12.70%
7 Lake Mary-32746
Seminole County
Lake Mary 32746
$75,966 Seminole 41,247 15.90%
8 Orlando-32836
Orange County
Orlando 32836
$72,143 Orange 18,351 28.20%
9 Sorrento
Sorrento 32776
$69,417 Lake 11,049 8.30%
10 Maitland-32751
Orange County
Maitland 32751
$68,505 Orange 21,620 17.70%
11 Montverde
Lake County
Montverde 34756
$67,552 Lake 3,548 17.60%
12 Orlando-32804
Orange County
Orlando 32804
$66,811 Orange 17,565 14.60%
13 Oviedo
Oviedo 32765
$66,675 Seminole 60,485 14.80%
14 Orlando-32828
Orange County
Orlando 32828
$64,212 Orange 61,636 13.20%
15 Winter Park-32789
Orange County
Winter Park 32789
$64,173 Orange 25,039 23.70%
16 Longwood-32750
Longwood 32750
$62,857 Seminole 22,903 9.00%
17 Eustis-32736
Eustis 32736
$62,698 Lake 9,342 10.20%
18 Apopka-32712
Orange County
Apopka 32712
$62,272 Orange 44,222 11.60%
19 Orlando-32819
Orange County
Orlando 32819
$62,251 Orange 27,248 16.90%
20 Kissimmee-34747
Osceola County
Kissimmee 34747
$62,240 Osceola 15,940 11.70%
21 Winter Springs-32708
Seminole County
Winter Springs 32708
$61,813 Seminole 43,715 13.90%
22 St. Cloud
St. Cloud 34772
$61,674 Osceola 27,889 7.10%
23 Orlando 32829
Orlando 32829
$60,966 Orange 19,965 5.00%
24 Winter Garden-34787
Orange County
Winter Garden 34787
$60,208 Orange 53,496 13.40%
25 Clermont-34711
Lake County
Clermont 34711
$59,958 Lake 55,510 7.20%

The 25 highest-paying jobs in the U.S.

 

Tech jobs make up 13 of the 25 highest-paying jobs in America for 2018, up from 11 in 2017, according to a new ranking from the job and recruiting site Glassdoor.

There are five health-care jobs on this year’s ranking, down from six in 2017, Glassdoor said. The top three jobs are all in health care.

“The fact that employers are paying top dollar for many techs and healthcare jobs reinforces how demand for these valuable skill sets continues to outpace the supply of talent with these experts,” Amanda Stansell, economic research analyst for Glassdoor, said in a prepared statement. “We know that salary matters a lot to job seekers when determining where to work, but it should not be the only factor to consider.”

Eight job titles are new to the ranking this year, including nurse practitioner, which has the highest number of current job openings at 14,931 positions.

Scroll through the accompanying gallery to see the 25 highest-paying jobs for 2018.

For a job title to be considered for this list, it must receive at least 100 salary reports shared (with Glassdoor) by U.S.-based employees over the past year through June 30, according to the site. Glassdoor also applies a statistical algorithm to estimate annual median base pay in order to control for factors like location and seniority.

Salary information hub Payscale.com provided us with a list of the 25 top-paid positions in the U.S. technology sector.

From database architect to a principal product manager and many jobs in between, the data provided to us show the median pay for a variety of tech titles in the U.S.

The median (50th percentile) pay is the annual total cash compensation in the U.S. — half the people doing the job earn more than the median, and half earn less.

The information shows the highest paid individual contributor, or non-management, roles in the technology sector.

Orlando Developer Starts plans for Large Development

 

 

Unicorp ’s most prominent developer is pursuing its latest $200 million projects in an area that’s heating up for retail developers — and that represents a major shift in the market.

That’s according to Jorge Rodriguez, executive managing director at Colliers International Central , who is representing Orlando-based Unicorp National Developments Inc. in the purchase of a roughly 150-acre site in Daytona Beach’s fast-developing area of Interstate 95 and LPGA Boulevard.

“[Historically], all the retail was along International Speedway Boulevard,” Rodriguez said. “What’s happening is Daytona’s gotten to the point where there’s no more land to be developed there … It’s jumped north to LPGA and I-95.”

New projects in that area likely will be more attractive to consumers, added John Albright, president, and CEO of Consolidated-Tomoka Land Co. (NYSE: CTO), Daytona Beach’s largest landowner and soon-to-be seller of the site Unicorp has under contract.

In fact, developers have been buying up chunks of land from Consolidated-Tomoka for years, creating a massive economic impact for the community. The largest land sale was to Minto Communities, which partnered with Margaritaville HoldingsInc. to build the $1 billion Jimmy Buffett-themed Latitude Margaritaville — a massive active-adult, the mixed-use community now under .

Additionally, the $91 million, 350,000-square-foot Tanger Outlets opened in 2016, and North American Development Group is anticipating a fall opening of its estimated $80 million, 400,000-square-foot Tomoka Town Center featuring T.J. Maxx, Hobby Lobby, Academy Sports + Outdoors and more.

Since 2011, Consolidated-Tomoka’s land sales in this area have resulted in $1.5 billion in total capital investment in Daytona Beach, adding more than 3,500 jobs, according to company documents.

“You have a large influx of new population, and a great regional draw as far as the interstate and LPGA [Boulevard],” Albright said. “It’s all coming together.”

Meanwhile, Unicorp plans to start construction on its new project in first-quarter 2019. The first 23-acre phase, dubbed Shoppes at Williamson Crossing, will feature about 100,000 square feet of un-anchored shops and restaurants. No tenants have been signed, but Unicorp President Chuck Whittall said his company is in talks with about 30 potential tenants.