Posts

Orlando Eye developer submits plans for luxury lakefront homes

A well-known developer is moving forward with plans to put 13 multimillion-dollar on the last large developable land tract off the Butler Chain of Lakes.

Unicorp National Developments Inc. on Sept. 12 filed a preliminary subdivision plan in Orange County to build a 13-lot single-family development on 16.59 acres of The Hubbard Estate.

The development would be inside Arnold Palmer‘s Bay Hill community just west of the golf course on the shores of Lake Tibet in Orange County, Orlando Business Journal previously reported.

Unicorp has selected a couple of builders, including Jones Clayton Construction Inc., which provided renderings of the first speculation home that will be built in the neighborhood at 9000 Hubbard Place. A name for the subdivision has not been finalized yet.

Unicorp President Chuck Whittall previously told Orlando Business Journal the home prices would range from $5 million-$15 million.

The owners of The Hubbard Estate — the 2012 Hubbard Family Trust — authorized on June 13 Orlando-based Bio-Tech Consulting Inc. to make a conservation area determination on behalf of Unicorp, OBJ previously reported.

Jones Clayton Construction was not immediately available for comment.

Unicorp is the developer behind the I-Drive 360, Westside Shoppes, the Starflyer under construction on International Drive, and a host of other projects.

Home sales drop—again—and will continue ‘unless supply miraculously improves’

House . Real Estate Sign in Front of a House.

After a brief improvement in June, home sales continued their downward slide in July, with buyers signing fewer contracts to purchase existing .

An index of so-called pending home sales, which represent closings one to two months from now, fell 0.8 percent compared with June, according to the National Association of Realtors. That is the fourth monthly drop in the past five months. June’s reading was also revised lower. The index is now 1.3 percent below a year ago and has fallen on an annual basis in three of the past four months.

“Buyer traffic continues to be higher than a year ago, the typical listing has gone under contract within a month since April,” said Lawrence Yun, chief economist for the Realtors. “The reality, therefore, is that sales in coming months will not break out unless supply miraculously improves. This seems unlikely given the inadequate pace of housing starts in recent months and the lack of interest from real estate investors looking to sell.”

 The supply of homes for sale at the end of July came in at 2.11 million, 9 percent lower than a year ago. That has fallen year over year for 26 consecutive months.

The housing market remains stuck in a holding pattern with little signs of breaking through. The pace of new listings is not catching up with what’s being sold at an astonishingly fast pace,” Yun added.

Closed sales to buy existing homes fell more than expected in July, with Realtors citing the lack of supply as the primary reason. Prices are also a factor though. The median price of a home sold in July hit $258,300, the highest July price on record. Mortgage rates have been falling through the summer and are now sitting at 2017 lows, but they are still slightly higher than one year ago. Rates have been so low for so long that they provide little relief from the fast-rising prices.

California, which boasts the priciest and tightest in the nation, saw sales slip across the board in July. The number of homes for sale fell yet again and prices hit decade highs.

“The San Francisco Bay Area posted modest year-over-year gains in home sales this May and June, but a tight inventory and waning affordability have taken a toll, and July 2017 sales fell to the lowest level for a July in six years,” said Andrew LePage, research analyst at CoreLogic.

Pending home sales in the Northeast fell 0.3 percent for the month and were 2.4 percent above a year ago. In the Midwest, sales decreased 0.7 percent for the month and were 2.8 percent lower than July 2016. In the South, sales declined 1.7 percent from June and were 0.2 percent below last July. In the West, sales rose 0.6 percent for the month but were 4.0 percent below a year ago.

Yun noted that national sales numbers could weaken more than expected this fall, due to the disruption in the Houston housing market from Hurricane Harvey.

Orlando-area home sales down despite record job growth

http://www.orlandosentinel.com/business/94337272-132.html

Home prices and sales in the core Orlando market were down in July from the month before during what is usually the peak summer buying season.

The midpoint price for an area that includes mostly Orange and Seminole counties was $220,000 in July, down from $222,500 the prior month, according to a report released Tuesday by Regional Realtor Association.

More dramatic than the slight softening in prices was the 14 percent, month-over-month drop in sales to 3,347 for July. Typically sales boom as families relocate prior to the start of the school year.

The association cited a slim inventory of listings as the culprit for what has been a less-than-spectacular summer.

“Would-be first-time homebuyers are being kept on the sidelines by limited inventory and rising prices,” said Bruce Elliott, president of the association and broker associate with Regal R. E. Professionals LLC. “However, rising prices have slowed some of the investor activity, which could mean slightly less competition for at the lower end of the market.”

Compared with a year ago, Orlando’s median home price for July was $14,000 higher.

Orlando real estate Serina Marshall said millennials in particular face a challenge as wages stagnate and prices rise for a group of would-be buyers who are affected by student loan debts, too. Renters in that age bracket also deal with rent spikes and find themselves with few options at lease renewal time.

“Those prices are being jacked up a lot and people are being forced to move out of their apartments to find something more affordable,” said Marshall, an agent with Re/Max Town Centre.

What has not grown from a year ago is the pace of monthly sales, which held flat from a year earlier. The flat sales growth comes despite record job growth for Orlando, which averaged 150 new jobs daily during a 12-month period that ended in June, according to a review of federal jobs numbers.

The headwinds facing newly employed Central Floridians are home prices rising 6.8 percent during a year-long period in which wages rose about 1 percent, according to the federal housing department. Making ownership an even more distant dream, financing has become costlier. July buyers secured average interest rates of 4.01 percent, which was up about a half point from a year ago and up slightly from a month earlier.

Within the four counties that make up Metro Orlando, only Lake showed strong sales growth in July from July 2016. Sales there were up more than 12 percent, while sales in Orange and Osceola counties were largely flat and Seminole was down more than 8 percent.

U.S. Mortgage Rates Move Lower in Mid-July

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. mortgage rate dropped in mid-July, after two straight weeks of increases.

Sean Becketti, chief economist at Freddie Mac, “Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.”

Freddie Mac News Facts:

  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.

Existing-Home Sales Retreat 1.8 Percent in June

Existing-Home Sales Retreat 1.8 Percent in June

WASHINGTON (July 24, 2017) — Existing-home sales slipped in June as low supply kept selling at a near record pace but ultimately ended up muting overall activity, according to the National Association of Realtors®. Only the Midwest saw an increase in sales last month.

Total existing-home sales1, https://www.nar.realtor/topics/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month’s decline, June’s sales pace is 0.7 percent above a year ago, but is the second lowest of 2017 (February, 5.47 million).

Lawrence Yun, NAR chief economist, says the previous three-month lull in contract activity translated to a pullback in existing sales in June. “Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” he said. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”

Added Yun, “The good news is that sales are still running slightly above last year’s pace despite these persistent market challenges.”

The median existing-home price2 for all housing types in June was $263,800, up 6.5 percent from June 2016 ($247,600). Last month’s median sales price surpasses May as the new peak and is the 64th straight month of year-over-year gains.

Total housing inventory3 at the end of June declined 0.5 percent to 1.96 million existing homes available , and is now 7.1 percent lower than a year ago (2.11 million) and has fallen year-over-year for 25 consecutive months. Unsold inventory is at a 4.3-month supply at the current sales pace, which is down from 4.6 months a year ago.

First-time buyers were 32 percent of sales in June, which is down from 33 percent both in May and a year ago. NAR’s 2016 Profile of Home Buyers and Sellers – released in late 20164 – revealed that the annual share of first-time buyers was 35 percent.

“It’s shaping up to be another year of below average sales to first-time buyers despite a healthy that continues to create jobs,” said Yun. “Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.”

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage declined for the third consecutive month, dipping to 3.90 percent in June from 4.01 percent in May. The average commitment rate for all of 2016 was 3.65 percent.

Properties typically stayed on the market for 28 days in June, which is up from 27 days in May but down from 34 days a year ago. Short sales were on the market the longest at a median of 102 days in June, while foreclosures sold in 57 days and non-distressed homes took 27 days. Fifty-four percent of homes sold in June were on the market for less than a month.

Inventory data from realtor.com® reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in June were Seattle-Tacoma-Bellevue, Wash., 23 days; Salt Lake City, Utah, 26 days; San Jose-Sunnyvale-Santa Clara, Calif., 27 days; San Francisco-Oakland-Hayward, Calif., 29 days; and Denver-Aurora-Lakewood, Colo., at 30 days.

“Prospective buyers who postponed their home search this spring because of limited inventory may have better luck as the summer winds down,” said President William E. Brown, a Realtor® from Alamo, California. “The pool of buyers this time of year typically begins to shrink as households with children have likely closed on a home before school starts. Inventory remains extremely tight, but patience may pay off in coming months for those looking to buy.”

All-cash sales were 18 percent of transactions in June, down from 22 percent both in May and a year ago, and the lowest since June 2009 (13 percent). Individual investors, who account for many cash sales, purchased 13 percent of homes in June, down from 16 percent in May and unchanged from a year ago. Fifty-six percent of investors paid in cash in June.

Distressed sales5 – foreclosures and short sales – were 4 percent of sales in June, down from both May (5 percent) and a year ago (6 percent) and matching last September as the lowest share since NAR began tracking in October 2008. Three percent of June sales were foreclosures and 1 percent were short sales.

Single-family and Condo/Co-op Sales

Single-family home sales dipped 2.0 percent to a seasonally adjusted annual rate of 4.88 million in June from 4.98 million in May, but are still 0.6 percent above the 4.85 million pace a year ago. The median existing single-family home price was $266,200 in June, up 6.6 percent from June 2016.

Existing condominium and co-op sales were at a seasonally adjusted annual rate of 640,000 units in June (unchanged from May), and are 1.6 percent higher than a year ago. The median existing condo price was $245,900 in June, which is 6.5 percent above a year ago.

Regional Breakdown

June existing-home sales in the Northeast fell 2.6 percent to an annual rate of 760,000, but are still 1.3 percent above a year ago. The median price in the Northeast was $296,300, which is 4.1 percent above June 2016.

In the Midwest, existing-home sales rose 3.1 percent to an annual rate of 1.32 million in June (unchanged from June 2016). The median price in the Midwest was $213,000, up 7.7 percent from a year ago.

Existing-home sales in the South decreased 4.7 percent to an annual rate of 2.23 million (unchanged from a year ago). The median price in the South was $231,300, up 6.2 percent from a year ago.

Existing-home sales in the West declined 0.8 percent to an annual rate of 1.21 million in June, but remain 2.5 percent above a year ago. The median price in the West was $378,100, up 7.4 percent from June 2016.

Mortgage rates again fall lower

U.S. mortgage rates again ticked down this week, according to Freddie Mac.

The 30-year fixed mortgage averaged 3.94 percent for the week ending June 1, down from 3.95 percent the previous week.

Favorable mortgage rates aided U.S. home sales, and the booming refinance market.

“In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low.”

The historic low for 30-year rates was 3.31 percent in November 2012.

Here on the local front, home prices, including distressed sales, increased by 7.5 percent in March 2017 in the Orlando metro area compared with March 2016, according to CoreLogic.

7 things to know today and housing market nears 2006 price peak

Good morning, Orlando!

We all have been watching the Orlando-area housing market with great interest in the past year, as sales and median prices continue to increase, and inventory shrinks.

Now, a new CoreLogic report sheds some light on exactly how much activity is taking place not only here in Central Florida, but nationwide as well.

U.S. home prices are up 7.1% in March, data from analytics company CoreLogic shows. And home prices, including distressed sales, increased by 7.5%t in March 2017 in the Orlando metro area compared with March 2016.

Nationwide, home prices will increase by 4.9% year-over-year from March 2017 to March 2018, CoreLogic forecast. The property data provider said its Home Price Index is only 2.8% away from its 2006 peak. The index is expected to reach the previous peak during the second half of this year with a forecasted increase of almost 5% over the next 12 months.

Prices in more than half the country already have surpassed their previous peaks, and almost 20%t of metropolitan areas are now at their price peaks, according to CoreLogic.

Strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S., said Frank D. Martell, CoreLogic president and CEO..

Flash Back on Orlando Real Estate Market!

Are you ready for a real estate “flash back” from now to 10 years ago? Here are some interesting facts for you take in and contact Allyn and Pam Maycumber of Keller Williams Realty Advantage III for a detailed FREE market analysis of your home today.
 

According to the National Association of Realtors, existing-home sales took off in March 2017 to their highest pace in over 10 years, and severe supply shortages resulted in the typical home coming off the market significantly faster than in February and a year ago. Only the West saw a decline in sales activity in March.

Total existing-home sales, which are completed transactions that include single-family , townhouses, condominiums and co-ops, ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downward revised 5.47 million in February. March’s sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales since February 2007 (5.79 million).

Lawrence Yun, NAR chief economist, says existing sales roared back in March and were led by hefty gains in the Northeast and Midwest. “The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” he said. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”

The median existing-home price for all housing types in March was $236,400, up 6.8 percent from March 2016 ($221,400). March’s price increase marks the 61st consecutive month of year-over-year gains.

Total housing inventory at the end of March increased 5.8 percent to 1.83 million existing homes available , but is still 6.6 percent lower than a year ago (1.96 million) and has fallen year-over-year for 22 straight months. Unsold inventory is at a 3.8-month supply at the current sales pace (unchanged from February).

Lawrence Yun also noted, “Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year.”

Properties typically stayed on the market for 34 days in March, which is down significantly from 45 days in February and 47 days a year ago. Short sales were on the market the longest at a median of 90 days in March, while foreclosures sold in 52 days and non-distressed homes took 32 days (shortest since NAR began tracking in May 2011). Forty-eight percent of homes sold in March were on the market for less than a month.

“Last month’s swift price gains and the remarkably short time a home was on the market are directly the result of the home building industry’s struggle to meet the dire need for more new homes,” said Yun. “A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market. Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose for the fifth straight month in March to 4.20 percent from 4.17 percent in February. The average commitment rate for all of 2016 was 3.65 percent.

First-time buyers were 32 percent of sales in March, which is unchanged from February and up from 30 percent a year ago. NAR’s 2016 Profile of Home Buyers and Sellers – released in late 2016 – revealed that the annual share of first-time buyers was 35 percent.

All-cash sales were 23 percent of transactions in March, down from 27 percent in February and 25 percent a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in March, down from 17 percent in February but up from 14 percent a year ago. Sixty-three percent of investors paid in cash in March.

Distressed sales – foreclosures and short sales – were 6 percent of sales in March, down from 7 percent in February and 8 percent a year ago. Five percent of March sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in March (18 percent in February), while short sales were discounted 14 percent (17 percent in February).

Single-family and Condo/Co-op Sales

Single-family home sales climbed 4.3 percent to a seasonally adjusted annual rate of 5.08 million in March from 4.87 million in February, and are now 6.1 percent above the 4.79 million pace a year ago. The median existing single-family home price was $237,800 in March, up 6.6 percent from March 2016.

Existing condominium and co-op sales increased 5.0 percent to a seasonally adjusted annual rate of 630,000 units in March, and are now 5.0 percent higher than a year ago. The median existing condo price was $224,700 in March, which is 8.0 percent above a year ago.

Regional Breakdown

March existing-home sales in the Northeast surged 10.1 percent to an annual rate of 760,000, and are now 4.1 percent above a year ago. The median price in the Northeast was $260,800, which is 2.8 percent above March 2016.

In the Midwest, existing-home sales jumped 9.2 percent to an annual rate of 1.31 million in March, and are now 3.1 percent above a year ago. The median price in the Midwest was $183,000, up 6.2 percent from a year ago.

Existing-home sales in the South in March rose 3.4 percent to an annual rate of 2.42 million, and are now 8.5 percent above March 2016. The median price in the South was $210,600, up 8.6 percent from a year ago.

Existing-home sales in the West decreased 1.6 percent to an annual rate of 1.22 million in March, but are still 5.2 percent above a year ago. The median price in the West was $347,500, up 8.0 percent from March 2016.

Once again, if you would like a detailed analysis of your specific neighborhood then contact us www.WeKnowNona.com and www.WeKnowOrlando.com – call at 407-251-1314. Whether you are buying or selling it is imperative to have all the facts at your disposal to make an informed decision. Our homes are typically one of our greatest assets in our portfolio.

Home Sales Spiked in March…and Sold Fast

Inside the Release, by on April 21, 2017

An abnormally warm winter, strong consumer confidence and robust underlying demand ended up being the perfect formula to push existing-home sales in March to their highest pace in over 10 years.

More notably, despite the fact that supply is extremely tight and buying a home has gotten more expensive, home sales are up convincingly from a year ago nationally and in all four major regions.

In addition to the 4.4 percent leap in sales last month, equally impressive was the fact that typically sold 11 days faster than in February and 13 days quicker than a year ago. There’s no question that buyers are struggling to find an affordable home to buy, and when they do, they have to act very fast just to have a chance.

To reiterate what NAR Chief Economist Lawrence Yun said during this morning’s press conference: “sales will go as far as inventory does.”

EHS1

EHS2

EHS3

EHS4

EHS5

Florida’s Housing Market Continues to Show Rising Prices in Feb. 2017

ORLANDO, Fla. – Florida’s housing market continued to report a tight supply of   and rising median prices in February, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide remained relatively flat last month, totaling 18,033, down only 0.5 percent compared to February 2016.

“Florida’s is growing, with more jobs being created,” said 2017 Top Awarded Allyn Maycumber with Keller Williams Advantage in Lake Nona. “And a growing economy boosts the state’s housing sector as well. However, many local markets are reporting low inventory of for-sale homes at a time of increasing buyer demand. For sellers, it’s a good time to list their homes, as they continue to get more of their original asking price at the closing table. In February, sellers of existing single-family homes received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent.

“In these kinds of market conditions, serious home buyers must be prepared to act fast, and work closely with a local Realtor to find the right home for their needs and their budget.”

The statewide median sales price for single-family existing homes last month was $225,000, up 12.5 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 February was $167,500, up 11.7 percent over the year-ago figure. February marked the 63rd month in a row that statewide median prices for both sectors rose year-over-year. 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 January 2016 was $230,400, up 7.3 percent from the previous year; the national median existing condo price was $217,400. In California, the statewide median sales price for single-family existing homes in January was $489,580; in Massachusetts, it was $330,000; in Maryland, it was $261,868; and in New York, it was $250,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,949 last month, up 4.1 percent compared to February 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 39.6 percent while short sales for single-family homes also dropped 39.6 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Florida’s market for existing single-family homes in February continued to perform in line with what we’ve seen over the past year and a half,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Due primarily to fewer distressed properties on the market, sales of single-family homes edged down. However, non-distressed sales of single-family homes were up almost 10 percent year-over-year, showing that the traditional market – as opposed to the niche distressed market – is healthy and continues to grow.

“Meanwhile, Florida’s condo and townhouse sales are off to very good start in 2017. Coming off a 6.2 percent year-over-year increase in January, condo and townhouse sales rose 4.1 percent year-over-year in February. For perspective, the last time statewide condo and townhouse sales rose on a year-over-year basis for two consecutive months was in August and September of 2015.”

For the second consecutive month, inventory remained at a tight 4.2-months’ supply in February for single-family homes, and was at a 6.4-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 4.17 percent in February 2016, up significantly from the 3.66 percent average recorded during the same month a year earlier.