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“Dog Friendly” Orlando is a city for pets

 This is “possibly” the best news ever: The City Beautiful is a pet paradise, according to a new study.

Orlando was ranked as the second-most pet-friendly city in the country behind Scottsdale, Ariz., according to a newWalletHub study.

In 2017, Americans spent $69.51 billion in total U.S. pet industry expenditures and are expected to spend $72.13 billion in 2018, according to the American Pet Products Association.

In total, 60.2 million American had a dog in 2017, while 47.1 million Americans homes had a cat, according to American Pet Products Association pet owners survey. Americans own 89.7 million dogs and 94.2 million cats nationwide.

In Central , several businesses are barking up the right tree and making a lot of money in the pet industry.

Take one of Orlando Business Journal’s Fast 50 companies, Woof Gang Bakery Inc. The firm, known for its gourmet doggy treats and natural pet foods, raked in $47.4 million last year, up 117.8 percent from $21.8 million in 2015. Woof Gang CEO Paul Allen previously told OBJ that he wants to grow his pet-centric bakery from 100 stores to 500 in the future by offering a variety of pet services in the shops.

In order to determine which cities were the best — and worst — for pet friendliness, WalletHub analyzed 24 key factors to determine which locations were “purr-fect” for pets. Check out how stacked up in these key areas:

  • Dog friendly restaurants: No. 1 
  • Veterinarians per capita: No. 3
  • Pet businesses per capita: No. 8
  • Dog friendly shops per capita: No. 10 
  • Minimum pet-care provider rate per visit: No. 10
  • Animal shelters per capita: No. 15
  • Animal trainers per capita: No. 25
  • Weather: No. 28
  • Strength of animal protection laws: No. 39
  • Walk score: No. 50

Best cities for career opportunities

7 Things to know today

By   – Editor, Orlando Business Journal

Good morning, Orlando!

If you’re looking for a city offering low unemployment, affordable homes, and high pay, then you need to head to Ames, Iowa, according to a new study from SmartAsset.

For its fourth annual study, SmartAsset ranked 355 cities on metrics that included a change in total employment, median income, annual housing costs and career support such as counselors and higher education teachers.

Utah claimed two spots among the top 10 cities because of affordability and job opportunities. Included in the top 10 were Provo, Utah, Pocatello, Idaho, Greeley, Colo., Huntsville, Ala., Logan, Utah, Lafayette, Ind., Wausau, Wis., Spartanburg, S.C., and Dayton, Ohio. Alas, Orlando didn’t make the top of the list.

And be sure to check out these other Monday headlines:

South Florida developer aims for new Orlando development

A Miami-based developer is squaring up a new development on a former golf course near Mall at Millenia into nearly 1,000 condo or multifamily units along with commercial retail space. More here.

Space Coast Launch Services LLC lays off 102 positions

Space Coast Launch Services LLC will shed 102 jobs from its location at Patrick Air Force Base. All layoffs will happen on Sept. 30, according to a Worker Adjustment and Retraining Notification filed on July 26. More here.

Of the 10 best cities to raise a family, nine were either in the Midwest or the South, which was due largely to lower mortgage expenses for homeowners, shorter commutes, strong local economic conditions, and lower infant care costs. Meanwhile, Orlando ranked as the 44th best place to raise a family. See the full study here.

NASA names first astronauts for SpaceX, Boeing space station missions

NASA has revealed the nine astronauts — seven men and two women — who will fly the first American-made commercial spacecraft to and from the International Space Station. More here.

More than a third of college students go hungry

As students get ready to head back to school for the fall, here’s a new study worth noting: Buying nutritious food is a problem for more than a third of American college students, many of whom are working at low-income jobs, living off financial aid and student loans or raising families as they work towards a degree.

Why KPMG and USTA built a home in Orlando’s Lake Nona

Located just ten minutes from International Airport sits , one of the nation’s fastest-growing communities on a mission to support a holistically healthy living. Lake Nona encompasses over 13,000 residents and more than 10 million square feet of residential and commercial facilities, including the University of Central Florida () College of Medicine and Nemours Children’s Hospital.20170506_NONA_0005-blog
Aerial view of the Lake Nona community, ten minutes from Orlando International Aiport.

Companies have been attracted to Lake Nona for its extensive land options, proximity to Orlando International Airport, groundbreaking gigabit fiber optic technology (named one of only nine Iconic Smart + Connected communities in the world) and all-inclusive community amenities.

In 2018, the United States Tennis Association (USTA) celebrated a one-year anniversary for its new “Home for American Tennis” at Lake Nona. ’s new Home for American Tennis is the biggest and most innovative facility of its kind in the world, with revolutionary technology built into its 100 outdoor tennis courts – recording training data that coaches and professionals from around the country can take back to their communities.

IMG_3050-blog
USTA’s National Campus in Orlando.

USTA needed a location that would supply enough space for its 63-acre facility and embody the principles of the association. USTA not only found the land it needed to build its new Home in Lake Nona; it found a collaborative community that embraces its mission of inspiring human performance. And by partnering with UCF, Visit Orlando and Visit Florida, USTA felt confident that it could fill its stands at its national and international tournaments.

“It became clear early on that Orlando was our new home because this is an exciting, energetic place to be,” Gordon Smith, Executive Director and Chief Operating Officer of USTA.

In 2017, KPMG began on its new global learning, development and innovation facility. As KPMG’s largest capital investment ever, it was imperative for KPMG to find a location that fit a long list of important criteria: the right culture, climate, community partnerships, incentives, transportation and more. KPMG needed a place that would foster an innovative and collaborative environment for employee training. KPMG considered 49 potential cities including Chicago, Atlanta, and Dallas before choosing Orlando.

KPMG-learning-facility-blog
Rendering of KPMG’s new global training center.

Orlando’s Lake Nona met and exceeded KPMG’s criteria for their largest capital investment project ever. Not only did the city’s future-forward vision resonate with KPMG, but the company was able to fly directly to 90 percent of its other office locations from Orlando International Airport.

“One of the key factors in choosing Orlando was the innovation we see here,” KPMG’s U.S. Chair and CEO Lynne Doughtie said. “The Lake Nona area is known for innovation, and that factor was lacking in many other cities we considered. Of course, all the recreational opportunities in the area are also a big draw.”

KPMG’s $400 million learning, development, and innovation facility in Orlando is scheduled to be complete by the end of 2019.

Happy Sellers and Buyers,and Customers

As a Real Estate  for over 28 years, my ultimate goal is to let my experience and knowledge help my customers realize their goal, which is to sell or buy there home.  Do I get asked how  I differ from all the other agent’s out there? Well, the answer is my experience and my past record does speak for itself not only in what I do but how I do it! Most agents will do the minimum marketing to save a dollar in their pockets and never think “out of the Box”. My team is taught to always find new ways to get every unique customer’s home out to the largest population of potential buyers and sellers by concentrating not on the cost but to find the qualified buyers and sellers. All agents will do the general work as to put you in MLS (Multiple Listing Service} and send out postcards but what else do they generally do? Well if your working with our team you not only get the Standard marketing you get Worldwide Marketing with over 86 different websites as well as we as a team call your neighbors and our database of over 14,000 people to let them know you have placed your home on the market or you are looking for a particular home. In short, we always go above and beyond to help our customers not only get what they want but to save as much money as possible in the process and make everything very smooth all the way through closing.

https://youtu.be/aZ7Dc9cMHGU

 

3 BENEFITS, YOU MAY NOT HAVE KNOWN ABOUT INVESTING IN REAL ESTATE

  1. YOUR FIRST HOUSE SHOULD BE YOUR FIRST INVESTMENT HOME

There are many benefits to buying your first home as a real estate investment. Being young, this may get you your first taste of financial freedom and benefit you for years to come. Perhaps you are in college, renting out the other rooms in your house to other students not only pays your mortgage but making the lease through their parents makes it a stable income. This just builds foundations for your next steps which are upgrading or investing in multiple properties.

  1. LOOK FOR THE LOWER END IN THE BEST NEIGHBORHOODS

People pay so much attention to the minor problems in a house, things that don’t cost very much to fix like carpet, floors, gutters, lawns, paint color, etc… When looking for an investment, these minor fixes can be a great bargaining tool when buying the house. By looking for the lower end homes set in the most desirable neighborhoods, you will save yourself more than enough to make those minor fixes after.

  1. LONG-TERM FINANCIAL SECURITY-

Owning rental-property can give you long-term financial security. Property values appreciate over time, meaning that your investment or land is going to be worth more in the future. Having a second steady flow of income can give you a head start in financial freedom, investing, saving, and retirement planning. Rule of thumb, consider three things… the location, location, location.

 

Orlando was the rated the 3rd in Best Places in the Nation to Invest in Real Estate in 2018. If you have any questions please feel free to contact us.

Contact the Maycumber Team at 

www.WeKnowOrlando.com

HOUSING INVENTORY: LOWEST IN DECADES

 

 

 

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the .

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the housing market.

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other homes came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed for sale at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

s Home Affordability at Breaking Point?

 

 

 

 

The combination of steadily increasing home prices and rising interest rates has impacted home by pushing up the monthly mortgage payment on median-priced by $150/month in just the first five months of 2018, according to the latest Mortgage Monitor Report released by Black Knight on Monday.

The monthly report, which looks at a variety of issues related to the mortgage finance and housing industry looked at the share of median income required to buy a median-priced home, while also exploring potential scenarios of home price appreciation, interest rate movement, and income growth to calculate their impact on home affordability over the next five years.

It found that even with incomes growing at a stronger-than-average rate, they haven’t been able to keep up with rising home prices and interest rates. Of all the states examined by the report, seven were less affordable than others and another 12 were heading up on the unaffordability index, the report said.

The seven states included Washington, D.C. that required 7 percent more of median income to make a monthly mortgage payment. Second on the list was California with a 6 percent increase, followed by Hawaii (5 percent); Oregon (3.5 percent); Maine (2.4 percent); Washington (0.7 percent); and Colorado (0.1 percent). It found that led by Washington, D.C., 14 states had a payment-to-income ratio higher than the national average of 23 percent.

“Though much of the country remains more affordable than long-term norms, the current trajectory would change that sooner rather than later,” said Ben Graboske, EVP of Black Knight’s Data & Analytics division. “We’ve modeled out multiple economic scenarios, some more conservative than others, and even with historically strong income growth, the current combination of home price and interest rate increases isn’t sustainable.”

Black Knight looked at multiple potential economic scenarios to get a sense of where affordability could be heading over the next five years and found that at the current pace of increases, affordability was an unsustainable prospect.

In the first scenario, Black Knight assumed that incomes continued to see strong growth, home prices kept rising at the current rate and interest rates rose by 50 basis points/year. With these numbers, the study found that in five years, home affordability would hit an all-time low.

For the second scenario, it was assumed that incomes remained strong, rates rose by 50 basis points/year, and home price growth decelerated to its 25-year average of 3.75 percent/year. Even with slower home price increase, Black Knight found that in five years it would take 30 percent of median income to make the monthly mortgage payment.

However, in the third scenario where home price appreciation slowed to 3.75 percent, interest rate increases were capped at 25 basis points/year and incomes remained strong, Black Knight found a more sustainable scenario emerging over the long run with national home affordability levels gradually rising to long-term averages in five years.

A Record-breaking Month for the Housing Market

April was a quick selling month for the , according to Redfin. sold faster during the month than any other month Redfin has recorded since 2010, with homes staying on the market for just 36 days on average. This is six days faster than April of 2017. Homes were more expensive as well, with the national home sale price crossing the $300,000-mark for the first time in Redfin’s history. The median national home price was $302,000.

“Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom,” said Redfin Chief Economist Nela Richardson. “As we enter peak homebuying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we’ve seen this year.”

In April the market gained a 5.7 percent month-over-month increase in newly listed homes , a welcome relief in a month that saw a 9.2 percent year-over-year decrease in available homes. Of all the homes for sale in April, 26.2 percent sold for above their list price, a year-over-year increase from April 2017’s 24.9 percent.

Redfin also notes that only 2.8 months of supply remained at the end of April, while six months of supply is the signal of a healthy market. Tough competition due to the limited supply has raised prices in every large metro; no metro area with a population of 750,000 or more saw any decline in prices in April.

 

 

According to Redfin, Michigan metros were the most competitive and fastest growing in the nation. Detroit experienced a 21.2 percent year-over-year price increase, the second highest in the nation behind San Jose, followed by Grand Rapids, where homes spent on average just nine days on the market.

“Detroit and Grand Rapids are no different than other cities dealing with low inventory. In addition, buyers are pouring in from the east coast, west coast, and Chicago, which is adding to the demand,” said Kent Selders, a Redfin Market Manager in Michigan.

See how inventory shortages and price increases are impacting other metros here.

Tavistock buys 1,000-plus acres of Orlando airport land for $64M

Lake Nona is expanding its boundaries south of and it now owns the land it needs.

Lake Nona developer  Development Co. LLC’s related entity TDCP LLC spent $63.9 million, or roughly $55,700 per acre, on May 10 for nearly 1,147 acres south of International Airport from the Greater Orlando Aviation Authority and the city of Orlando, Orange County records showed.

The three different parcels, two in Orange County and one in Osceola County along Narcoossee and Boggy Creek roads, will be used by Tavistock to develop a portion of a mixed-use project west of Narcoossee Road, north and east of Boggy Creek Road near the Orlando VA Medical Center, Tavistock spokeswoman Jessi Blakley told Orlando Business Journal.

The project, known as the Poitras planned development, includes:

  • 2,973
  • 100,000 square feet of commercial use
  • A school on 25 acres

Tavistock previously sought approval from the city earlier this month to rezone the property as a planned development with aircraft noise.

The 11,000-acre Lake Nona already has billions of dollars worth of underway and there’s even more growth ahead. See the photo gallery above for a sampling of Lake Nona projects in the works, and read more from OBJ‘s Doing Business in Lake Nona event from earlier this month.

The Impact of Supply Shortage on Luxury Housing

 

 

 

The supply shortage of is not limited to the median home only. The first quarter of 2018 saw the also feeling the heat of inventory shortage as prices for high-end homes saw the strongest appreciation in four years, according to a report on the luxury housing market by Redfin.

This quarterly report tracks home sales in more than 1000 cities across the country and defines a home as a luxury property if it is among the top 5 percent most expensive homes sold in the city during the quarter.

Prices for luxury homes rose nearly 8 percent to an average of $1.8 million during the quarter, Redfin found. However, this did nothing for sales of these homes which fell 20 percent marking four consecutive quarters of declining sales in this segment of the housing market.

“For the first time since changes to the tax code went into effect, luxury buyers could no longer deduct more than $10,000 in state and local property taxes or interest for mortgages over $750,000,” said Nela Richardson, Chief Economist at Redfin. “In a world of balanced supply and demand, these changes would have dampened price growth. Instead, this quarter saw the strongest luxury price appreciation in four years, demonstrating that the current inventory crunch is extremely broad-based and affects buyers at every price range.”

The inventory shortage is also escalating competition for luxury homes. The report indicated the average luxury home that sold last quarter went under contract after 82 days on the market, nine days faster than the same period last year. While only 1.5 percent of luxury homes were bid up over the asking price, that’s up from 1.3 percent in the first quarter of 2017.

In terms of regions, Florida and Nevada saw strong growth in prices of luxury homes with average sale prices in Vero Beach increasing 68 percent to $2.65 million over last year while those in Reno going up 51.3 percent. On the other hand, some cities known for their luxury homes actually saw a decline in prices.

Homes in Long Beach, California led this group of cities with prices falling 26.1 percent year-over-year in the first quarter. Prices in Washington, D.C. also saw a decline of 9.6 percent as did Fort Lauderdale, which saw prices falling 7.3 percent.