Posts

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

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.

 

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.

Florida’s housing market in July

Existing home sales dropped 8%

ORLANDO, Fla. –.Existing home sales dropped 8% inventory shortage, rising prices. NAR Closed sales of single-family homes statewide totaled 24,083 last month, down 8 percent from July 2015, reflecting the state’s current shortfall in inventory.

“Florida’s supply of for-sale homes remains tight, which is putting pressure on median prices and having a dampening effect on closed sales,” said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “But the state’s strong jobs outlook and growing economy are attracting more and more new residents, which provides a solid foundation for the housing market. Florida businesses created 26,500 jobs in July and our population is growing by more than 1,000 new residents each day, according to recent economic reports.”

Home sellers continued to get more of their original asking price at the closing table in July: Sellers of existing single-family homes received 96.4 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $223,238, up 11.6 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in July was $160,000, up 6.8 percent over the year-ago figure.

In July, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 56th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in June 2016 was $249,800, up 5 percent from the previous year; the national median existing condo price was $231,600. In California, the statewide median sales price for single-family existing homes in June was $519,440; in Massachusetts, it was $380,000; in Maryland, it was $291,892; and in New York, it was $248,500.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,934 last month, down 11.5 percent compared to July 2015. Closed sales data reflected fewer short sales and cash-only sales in July: Short sales for townhouse-condo properties declined 41.1 percent while short sales for single-family homes dropped 34 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Compared to July of 2015, closed single-family home sales were down in 18 out of Florida’s 22 metro areas this July,” said Florida Realtors® Chief Economist Brad O’Connor. “This translates into a statewide sales decline of 8 percent year-over-year, which is the largest drop we’ve seen for any month in 2016. But a closer look at the data shows the same underlying trend we’ve been seeing all year, which is that these sales declines are occurring almost exclusively in sub-$200,000 price tiers.

“Florida continues to suffer from a drought in the supply of affordable housing for sale, resulting from the gradual exhaustion of the state’s inventory of distressed properties and the lack of new construction in these price ranges. The same story is largely playing out in the markets for condos and townhouses.”

Inventory was at a 4.3-months’ supply in July for single-family homes and at a 5.9-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.44 percent in July 2016, significantly lower than the 4.05 percent average recorded during the same month a year earlier.

Housing market sees 2Q 2016 increase in listings, prices

Realtors, Housing market sees 2Q 2016 increase had more new listings, higher median prices and fewer days to a sales contract during the second quarter of 2016, according to the  Realtors.lake-nona-homes-for-sale

Closed sales of single-family statewide totaled 76,748 in second-quarter 2016, up 1.4 percent from second-quarter 2015.

“Florida continued to add new jobs, which attracts new residents, encourages economic growth and strengthens the housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Traditional housing sales increased statewide over the three-month period, while sales of distressed properties continued to decline. In another positive sign, new listings for single-family homes over the three-month-period rose 2.9 percent year-over-year.”

1055023_700

Orlando Homes

 

The statewide median sales price for single-family existing homes in second-quarter 2016 was $220,000, up 10 percent from the year-ago period, according to data from Florida Realtors. “Existing home sale prices throughout most of Florida’s metro areas are continuing to exhibit robust year-over-year growth,” said Florida Realtors Chief Economist Brad O’Connor. “Demand is strong and supply is limited. The inventory of homes at the more affordable end of the price spectrum – which includes the vast majority of distressed properties – continues to decline significantly, and new construction has not come close to making up the difference.”

Meanwhile, traditional sales for single-family homes increased 14.4 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written. In second-quarter 2016, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 42 days for single-family homes and inventory was at a 4.3-months’ supply, according to Florida Realtors.

The interest rate for a 30-year fixed-rate mortgage averaged 3.59 percent for second-quarter 2016, down from the 3.96 percent average during the same quarter a year earlier, according to Freddie Mac.

‘Boomerang’ buyers poised for Homeownership

Seven years after the housing crash, Orlando has been dubbed a “” as former homeowners begin to restore their credit enough to purchase another house. Check out this Video on the now.’Boomerang’ buyers poised for homeownership in Orlando.  https://www.youtube.com/watch?v=D1azdK3G4_k

More than almost anywhere in the country, Metro Orlando has the makings of a housing market poised to benefit from foreclosed homeowners ready to buy again, according to a report released Tuesday by RealtyTrac.

The first wave of more than 100,000 foreclosures and short sales engulfed the Orlando market seven years ago, and some of those former homeowners have cleaned up their credit in that time. Whether they re-enter the market depends largely on wage increases and home-price appreciation.

“We are now paying in rent what we couldn’t afford in mortgage back then,” said Orlando resident Hilary Liermann. Following a short sale of her Gotha home in 2010, her family of four now lives in the Dr. Phillips area. She said they could consider buying a home again, depending on her family’s income and on home prices in their school district.

In the four-county Metro Orlando region, more than 123,000 “boomerang” buyers who lost their in foreclosure and short sales since the market crashed in 2007 could regain the ability to purchase houses through 2022, according to RealtyTrac.

Typically, it takes seven years for homeowners to repair their credit score after a foreclosure, or as little as four years for homeowners who went through a short sale. Andy Insua, Florida director of mortgage for Fifth Third Bank, said new types of mortgage loans are even more forgiving of distress-home sales.

Northlake Park home photo

Homeownership

But potential boomerang buyers might still face problems.

“There’s going to be some head winds for people coming back into the market: One is that wages haven’t grown significantly, and prices have gone up, so affordability has come down,” Insua said. “And, also, the inventory in that space is thinner, so it can be tougher to find what you’re looking for.”

And then there is a “kind of emotional scar tissue” and also a lack of understanding that prospective buyers may, in fact, qualify for a mortgage, Insua added.

In Dr. Phillips, Liermann said it’s been nice to see her children settle into high-performing schools and to call the landlord last summer when the air conditioning needed to be replaced. Financially, though, it’s not easy to write a mortgage-sized check for the monthly rent. And while renters risk being forced to relocate if their landlord decides to sell, the pain of a short sale isn’t easily forgotten, she added.

Boomerang Buyer

“We’re real nervous, and we’re kind of putting it off and putting it off … maybe in the next few years,” she said Tuesday.

During the last 10 years, Orlando’s homeownership rate has dropped from 77 percent to 66 percent, property records show. About a third of Orange County’s new residential construction last year was apartments — more than double the rate from the housing-boom years of 2003 through 2006, property records show.

A shift of former Orlando-area homeowners from their rentals back into homeownership could strengthen the housing market, but it could also signal weakening demand for new apartments and the region’s expanding pool of rental houses.

“It’s not a slam-dunk they’re going to become buyers. At this point, it’s still a wild card,” said RealtyTrac Vice President Daren Blomquist. “But how they behave moving forward will affect a lot of people in the industry.

“If they do move forward, that could be a problem for some of these developers who are counting on them to remain renters for some time.”

RealtyTrac outlined three factors driving the boomerang market for Metro Orlando:

•The area has enough former homeowners to purchase 13 percent of the housing stock in the four-county area during the next seven years.

•Orlando-area buyers pay a median of just 23 percent of their income for a median-priced home — far below the 28 percent point at which a market is no longer considered affordable.

•The two Orlando groups most likely to have lost their homes — Generation X and baby boomers — have grown larger from 2007 to 2013, the real-estate-research company found.

 

New 120-room Holiday Inn Lake Nona

Pioneers USA, an Orlando missionaries organization, has filed plans with the state to build a new estimated $12 million-$20 million Holiday Inn Valencia College hotel on more than 6 acres it owns near Valencia College’s Lake Nona Campus and the future U.S. Tennis Association complex.

A four-story, 120-room Holiday Inn Express hotel is proposed for the land, which sits on a larger Pioneers-owned chunk of land that’s home to an existing KOA camp ground, a church and other structures. The nearly 100,000-square-foot hotel would take up 2.28 acres and may create up to 200 temporary construction jobs and nearly 100 hotel jobs.

Industry estimates would put the construction cost of a new 120-room hotel at about $101,000-$172,000 per room for mid-range to upscale hotels, or between $12 million-$20 million.

The contractor on the project is Lake Mary-based The Collage Cos., with Altamonte Springs-based Forum Architecture & Interior Design Inc. and Longwood-based Tri3 Civil Engineering Design Studios as the designer and civil engineer, respectively.

There already are several Holiday Inns and other InterContinental Hotel Group hotels near Lake Nona due to its proximity to Orlando International Airport.

This would be yet another investment near Lake Nona, which has been booming in residential, commercial and other real estate development like the USTA tennis complex and Vista Park, a new 4,400-home neighborhood in the pipe line for that area.

Shops, eateries planned near Lake Nona

Looks like more space for shops and restaurants is on its way to the area near the Orlando International Airport.

Plans for Vista Park — a new mixed-use neighborhood slated for 1,572 acres north of State Road 528 and west of State Road 417 in Orlando — now include up to 80,000 square feet of retail space, up from the original 20,000 square feet, city of Orlando documents showed. This gives construction firms a larger potential job, and gives businesses more opportunities to set up shop in the neighborhood.

This comes after nearby homeowners raised concerns with the development, including 20,000 square feet of retail not being sufficient for the 4,300 homes and 20,000 square feet of offices Nona parking garage 2also planned for Vista Park. “This is a compromise we had agreed to at a quasi-judicial hearing,” said Miranda Fitzgerald, land-use attorney with Lowndes, Drosdick, Doster, Kantor & Reed PA, who represents the land owner. Mockingbird Orlando LLC, an entity related to South Florida casino and horse racetrack owner John J. Brunetti, owns the land.

Jay Thompson, managing partner of developer Palm Beach Gardens-based Land Innovations LLC, has had his eyes set on Vista Park and catty-corner property, Starwood DRI, for a “mini Lake Nona” that may create an economic impact of $4.5 billion, he previously told OBJ. Plans for Starwood DRI include thousands more , square feet of retail, office and industrial space.

Orlando’s city council during a July 25 meeting approved Vista Park getting a planned-development zoning as it’s consistent with the city’s comprehensive plan. The project can now move forward after concerns from home owners were reviewed by a hearing officer.

The project still needs to be reviewed by the state Department of Economic Opportunity, and specific zoning ordinances need to go before the city. Overall, development is not expected to begin until 2018, Fitzgerald told OBJ.

Meanwhile, the land slated for Vista Park is being cleaned up, as World War II-era bombs are buried beneath it. Permits for the clean-up process were issued last summer, Fitzgerald said.

Interest rates soften- buyers have few options

Mortgage interest rates dropped during June but the improved home financing did not boost overall sales in the core market, a new report shows. Median prices in an area of mostly Orange and Seminole counties increased to $207,000 during June – up 15 percent from a year earlier and up about 2 percent from a month earlier, according to a report released Friday by Orlando Regional Realtor Association. Allyn Maycumber of Keller Williams Advantage says that with such a limited supply of on the market,it is making it very difficult to find buyer’s the right home. What the market needs is a influx of well priced homes to offset the abundance of new buyer’s entering the market.money

In the Lake Nona area of Orlando, Florida we do have a strong new housing development engine, and that is indeed giving our local buyers more options than most buyers across the country. Remember if you are interested in new construction let us represent you. The builder already factors in our compensation, and we carefully review your new home build contracts to make any needed changes to protect you. Meet us personally, or verify our single agency representation for you by email. The same applies to existing home sales. Our real estate expertise with Florida sales contracts is extensive, and so very important for one of the most critical asset purchases in your life.

 

offices, homes, more in the pipeline

Looks like more development is on its way to to further grow a neighborhood and new sports district.

The city of Orlando on July 11 approved development plans in the southeast Orlando community for new , offices, showrooms, private athletic fields, mixed-use buildings, fitness centers and more. Lake Nona’s developer, Development Co. LLC, now can move forward with its plans that’ll create new construction opportunities, further develop a high-end neighborhood and develop land near the future U.S. Tennis Association’s 63-acre, $100 million campus that’s opening by year-end.

Here’s what’s coming:

  • Phase 7: Tavistock plans to expand its Laureate Park neighborhood by 54.8 acres that are between Tavistock Lakes Boulevard and Nemours Parkway. The property has 207 lots and will be used for more single-family homes and townhomes.
  • Laureate Park Neighborhood Center Phase 1: Tavistock will develop a 6,300-square-foot, mixed-use building; a 2,300-square-foot, multi-purpose building; a 3,000-square-foot fitness center; two swimming pools and neighborhood green space on 10.77 acres north of Tavistock Lakes Boulevard and east of Sachs Avenue. Later phases of the Laureate Park Neighborhood Center call for 141 housing units, including townhomes, condos, single-family waterfront homes and boutique apartments.
  • Sports Village at Lake Nona: Tavistock will develop 31.1 acres west of Performance Drive and south of the USTA facility where it plans to build up its 300-acre Sports & Performance District. An 18,877-square-foot office building, two 50,000-square-foot buildings with office and showroom space, six athletic fields with a 23,750-square-foot building for ancillary uses, and 700 parking spaces are plannorlando cityed for the property.

Tavistock announced last April it planned to develop a 50,000-square-foot office building in its sports hub. also announced earlier this year it’s opening a new 23-acre training facility next to the USTA campus in 2017. It appears the new development plans line up with these prior announcements, but it is not confirmed if they are related.

Meanwhile, Tavistock also recently filed plans in preparation for a new hotel or resort in Lake Nona. Tavistock seeks to combine three parcels between Lake Nona Boulevard and the Lake Nona waterway into a single designation to streamline development plans for a future hotel or resort, sources previously told Orlando Business Journal. It’s not clear if these plans are related to the sports district, but Tavistock leaders previously said a resort and spa is needed near the sports district to accommodate traveling athletes and their families.