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Orlando tenants feel pinch of rent spikes

Metro Orlando rents spiked by as much as 15 percent during a year-long period when rents nationally declined, making Central Florida less affordable than some California markets, including Sacramento, a new report shows.

The biggest jump in rental rates hit smaller units. An influx of new complexes filled with one-bedroom units pushed up the average rental on those apartments by 15 percent from a year ago and 5 percent from a month earlier, reaching an average $1,170, according to research released Tuesday by the analytics firm Zumper. Household income in Metro rose 1.2 percent during that period, the federal government reported.

Rosalinda Hernandez, 60, works as a bill collector and lives with her mother in the east Orlando area. She said she keeps a close watch on the apartment market and finds no property managers offering discounts.

“If you don’t have someone to live with, you can’t make it,” she said.

For landlords, the region has been identified as a standout for its rising rents.

Brian Alford, market economist for the CoStar Group, said Orlando’s annual rent growth is one of the best in the nation. The four-county area had fourth highest year-over-year rent gains among the nation’s top 54 metro areas, he said.

“Orlando has seen rent growth across both luxury and workforce housing, which is not the norm,” he said.

The boost in prices repositions the Metro Orlando area from a region considered affordable to one where renters have to search harder to find deals. Apartments with two bedrooms rose at about half the rate of one-bedroom rentals and averaged $1,290 in October.Universal Orlando announces two new hotels

While rents in Orange, Seminole, Osceola and Lake counties rose by double-digit amounts from a year earlier, rents nationally declined by about 1 percent.

The Orlando area’s rent hikes come even as thousands of new units are rolling onto the market with 4,500 new apartments added in October, according to ALN Apartment Data.

Within the region, Clermont appeared to have one of the lower occupancy rates with less than 90 percent of units filled while the Eustis/Leesburg and DeLand areas appeared to have a shortage of rentals with virtually no units available in September, ALN reported. In the University of Central Florida area, east Orlando and Oviedo had an occupancy rate of 94 percent.

Tenants renting houses in the Orlando region did not escape the spike with those rents rising more than 4 percent in September, which was higher than the increases of 3.5 percent nationally, according to Morningstar. Higher rents don’t seem to be scaring away tenants with vacancy rates of 4.8 percent in September, which was down slightly from a year earlier. Nationally, vacancy rates for rental houses were 5.9 percent.

Looking ahead, conditions are unlikely to improve for renters with an influx of prospective renters following hurricanes, said Ryan Coon, an author who writes on landlord issues..

“We’re continuing the see rents climb in Orlando, especially as the housing market remains tight post-Irma,” Coon said. “This trend bodes well for landlords looking to invest in the area.”

 

DINER EN BLANC RETURNS TO ORLANDO ON NOVEMBER 10TH 2017

 

Can you believe it’s already been a whole year since the very first Le Dîner en Blanc – ? Get ready to toast the city for the second time! As per the tradition, this season’s spectacular culinary event will take place in a new secret location. We can’t tell you where, but we can tell you when…

Save the Date! Friday, November 10, 2017

 

 

 

 

Register at https://orlando.dinerenblanc.com/register

Last year, was a beautiful inaugural event at with over 1000 elegant guests.

Lake Nona Social has partnered with Le Dîner en Blanc Orlando again this year.

We will be giving out Invites to this year’s event. Make sure to download the Lake Nona Social App to be notified when.

MICHAEL PHELPS TO ENDORSE LAKE NONA LAGOON BUILDER

Michael Phelp has signed a deal to become an ambassador for Crystal Lagoons, the builder of the upcoming mega lagoon which will be apart of a new Lake Nona Resort.

As an ambassador, the 28-time Olympic medalist will help bring awareness to Crystal Lagoons goal. Which is to bring swimming and water sports activities to communities around the world via Crystal Lagoons’ industry-leading technology that transforms ordinary landscapes into majestic crystal clear lagoons.

Earlier this year, Crystal Lagoons signed a deal with Tavistock Development Co. LLC to build an 11-acre mega lagoon at a new resort planned near Lake Nona’s U.S. Tennis Association National Campus located in Lake Nona.

Fall Adult Tennis Programs at the USTA National Campus

Adult Programs

Our Adult Programs offer something for all levels of play and experience. Just starting out? Try our Play Tennis Fast or Tennis 101 program. Played before? Tune up your game with our singles and doubles specific training sessions. You’ll practice the best shot selection and patterns of play in a game-based format. Our programs aim to give you a great workout too! Look for our Cardio Tennis and Live-Ball programs for non-stop action.

Generally our adult programs will be offered on our Har-Tru (clay) courts. Occasionally an event conflict will move a program to the state of the art, Plexicushion courts. Our Adult and Adult/Child programs on the Family Zone courts offer the opportunity for families to enjoy the great sport of tennis together.

To meet your busy schedule most classes are offered as a daily drop in reservation – or save by signing up for the entire session. Please note: drop-ins are accommodated if space is available in the class and are encouraged to be reserved at least 24 hours in advance.

Many programs are offered for specific levels listed as NTRP levels (3.0, etc.).  For assistance in determining your NTRP rating Click Here.  This will guide you in your registration of our programs.

Adult programs are for players ages 18 years and older. 


Play Tennis Fast – Nemours Family Zone

Designed for the new or returning adult player to learn tennis basics in a fun environment.  On the Family Zone’s 36 ft. and 60 ft. courts, players are able to serve, rally and score as quickly as possible while developing their fitness and skills.  Red and Orange balls used to facilitate learning. Racquet size: 25-27 inches.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Fall 2 – 10/23-12/22 (9 weeks)- Schedule coming soon!

Tennis 101

Learn the game or brush up your skills if it has been awhile since you last played. Daytime and evening classes available. Sign up by the session or drop in for individual sessions.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Reserve a Drop In for an Individual Class
Fall 2 – 10/23-12/22 (9 weeks)- Schedule coming soon!

Cardio

Enjoy a heart-pumping workout and hit balls continuously. Improve your fitness and your tennis simultaneously. Daytime and evening classes are available. Sign up by the session or reserve a drop in for individual classes.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Reserve a Drop In for an Individual Class
Fall 2 – 10/23-12/22 (9 weeks)- Schedule coming soon!

HITS

Similar to our popular Cardio classes, but with a play-based focus. Enjoy our “High Intensity Training Sessions” for a heart-pumping workout and hit balls continuously. Daytime, evening and early morning classes are available.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Reserve a Drop In for an Individual Class
Fall 2 – 10/23-12/22 (9 weeks)- Schedule coming soon!​​​​​​​

HITS 90

Similar to our popular cardio classes but with a play-based focus. Enjoy our 90 minute “High Intensity Training Sessions” for a heart-pumping workout and hit balls continuously. Daytime, evening and early morning classes are available.
Reserve a Drop In for an Individual Class 

Live-Ball (3.5+)

A fun and energetic hour of pro led doubles style point play.  The serve, return and “down time” in between points have been removed and really amp up the energy and fun!  Come join us for live-ball play and continual focus on moving from defense to offense. Sign up by the session or reserve a drop in for individual classes.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Reserve a Drop In for an Individual Class
Fall 2 – 10/23-12/22 (9 weeks)- Schedule coming soon!​​​​​​​

Doubles Training

Combine strokes and tactics in these lively game-based sessions.  Practice doubles situations with active play.  Professional/Coach will feed and review technique and shot selection.
Fall 1 – 8/14-10/21 (10 weeks) – NOW OPEN!
Reserve a Drop In for an Individual Class

4 High-Return Updates for the Home

Construction to start on Lake Nona’s first age-restricted community

Lake Nona’s owner has a project in the works that will bring a new residential option to the growing southeast Orlando community.

Development Co. LLC is planning a new 216-unit active adult community called The Gatherings at Lake Nona. The community would be built on 9.7 acres about one mile east of the VA Medical Center in Lake Nona off Laureate Boulevard.

The community also will include a pool, a 4,400-square-foot clubhouse, shuffleboard, standalone garages and a 218-space surface parking lot. Tavistock Development filed for an environmental resource permit on Aug. 1, and has submitted specific parcel master plan documents to the city of Orlando.

Beazer USA appears to be the builder of the project, according to documents. Donald W. McIntosh Associates Inc. is the project engineer/surveyor; Aecom Inc. is handling ecological sciences work; Broad and Cassel is the legal counsel; and GAI Consultants is handling landscape, irrigation and hardscape.

This project is poised to create new construction and vendor opportunities for local firms, and will bring a new residential market to Lake Nona that already boasts more than 11,000 residents in its single-family homes and multifamily complexes.

Tavistock takes steps forward on Lake Nona Town Center’s next big phase

Developer Tavistock Development Co. LLC on March 9 is expected to go before the city of Orlando’s Southeast town design review committee with a specific parcel master plan for what’s being called Phase 2A — a significant piece of the $780 million, 3.8 million-square-foot open-air lifestyle and entertainment center planned for Lake Nona.

has submitted plans that include:

  • 1.2 million square feet of mixed-use development, including a brewery, bowling alley and medical fitness facility
  • About 200 hotel rooms
  • 3,200 parking spaces, including surface spaces and garage spacesLos Angeles Real Estate

The Lake Nona Town Center’s $70 million first phase included two office buildings — one completed and one now in the works— plus restaurants, a dual-branded Marriott hotel and structured parking, as previously reported by Orlando Business Journal.

The request to expand the second office building to six stories also is on the March 9 review committee agenda, as OBJ previously reported .

Meanwhile, the Lake Nona Town Center is a long-awaited project meant to serve local residents, students and workers in the 11,000-acre southeast Orlando community, but likely also will attract some tourists, as previously reported by OBJ.

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.

Don’t Prepare To Move Until You’ve Actually Closed on the House

Anyone who has bought a home will tell you: it can be a long, drawn-out process. Sometimes what seems like a done deal, even going into escrow, can backfire and you have to start shopping for a home all over again. For the sake of your finances and your loan, hold off any moving plans until all the closing documents are officially signed.

It seems like common sense, but there are so many “this is it” moments during the homebuying process that it’s easy to jump the gun. Credit.com explains:

Hiring a moving company when you have not signed your final loan documents is just plain unnecessary and it sets you up for failure. If you have a moving company come on a certain day and for whatever reason your house doesn’t close, things can become problematic. Hire a moving company after you’ve signed the final loan documents. Same goes for purchasing furniture, especially if those funds come in the form of credit or cash in the bank — close on the house first, then go shopping. Short-term gratification is not worth the risk.

Even  can be problematic. I signed up for a travel rewards card after receiving the final loan documents, and the mortgage company called and emailed incessantly asking why I did that—and I hadn’t even received the card. Of course, there’s no harm in planning the move and figuring out what you’re going to do, but you want to postpone any large purchases until everything is official and final. Otherwise, you can throw a wrench in the mortgage process.

Purchasing a home is a major milestone that tops many people’s lifetime to-do lists—and maybe their list of financial fears too. But it certainly doesn’t have to be a scary or stressful experience. With time, care, and research, you can take control of the home-buying process.

Because while house hunting for the first time can be exciting, tales of regretful home-buying mistakes and the not-so-distant meltdown have also given it a bad rap for being a stressful and confusing process. It doesn’t have to be—that’s why we created this handy nine-step checklist, which helps explain how to prepare to buy a house—and help safeguard your finances in the process.

NAR: Foreign buyers see Lake Nona as profitable investment

Lake Nona Medical City draws many International Buyers– January 2, 2017 – International home sales in the U.S. declined in the past year, but are at their second highest level in recent years and over six percent of total existing-home sales in value. According to the National Association of Realtors® 2017 Profile of International Home Buying Activity, interest in U.S. properties continues to grow, signaling that America continues to be regarded by international buyers as a great place to own property.

The survey, which asked Realtors to report their international activity within the U.S. for the 12 months ending March 2013, showed that total international sales were $68.2 billion, down approximately $14 billion from the previous year. The decline is attributed to a number of temporary factors, including economic slowdowns in a number of major foreign economies, tighter U.S. credit standards and unfavorable exchange rates.

Of total international transactions, $34.8 billion (51 percent) were attributed to foreign buyers with permanent residences outside the U.S. and $33.4 billion (49 percent) were attributed to buyers who are recent immigrants or temporary visa holders residing for more than six months in the U.S.

“Foreign buyers are experiencing hurdles not only abroad, but also here in the U.S. when it comes to purchasing property,” says NAR President Gary Thomas. “Difficult economic conditions, particularly in Europe, have impacted foreign buyers, but several factors in the U.S. have also affected their purchasing power here. Tight credit standards have made financing challenging for immigrants, and low housing inventories have made finding a house difficult. However, none of these factors appear to be permanent.”

Foreign buyers continue to have a substantial interest in U.S. properties. Over a five year timeframe more than 70 percent of Realtors reported a constant or increasing level in the number of international clients contacting them.

Twenty-seven percent of Realtors said they worked with international clients this year. The most important factors influencing their purchases were the U.S.’s desirable location and the investment potential of the real estate market.

Realtors reported purchases from 68 countries, but five have historically accounted for the bulk of purchases: Canada (23 percent), China (12 percent), Mexico (8 percent), India (5 percent) and the United Kingdom (5 percent). These five countries accounted for approximately 53 percent of transactions, with Canada and China the fastest growing sources over the years.

Canadian buyers were reported to purchase properties with a median price of $183,000, with the majority purchased in , Arizona and California. Chinese buyers tended to purchase property in the upper price ranges with a median price of $425,000 and typically in California. Sixty-two percent of Mexican buyers purchased property in California and Texas, with a median price of $156,250.

“Many factors influence foreign buyers’ decisions on where to purchase in the U.S., but the most important are proximity to home country, presence of relatives and friends, availability of job and education opportunities, and the climate,” says Thomas. “International buyers also differ on the type of desired property. Some are looking for trophy properties while others are interested in modest vacation .”

Five states made up 61 percent of reported purchases: Florida (23 percent), California (17 percent), Arizona (9 percent), Texas (9 percent) and New York (3 percent).

About half of foreign buyers preferred to purchase in a suburban area, while a quarter preferred a more central city/urban area. A majority purchased a detached single-family home and 63 percent used all-cash.

Based on the reported international transactions, the mean and median prices of purchases were higher when compared to purchase prices of domestic buyers. For the 12 months ending March 2013 the median international home price was $275,862, and for domestic buyers it was $179,867.

The types of homes purchased by international buyers frequently tended to be different from the types of homes purchased by domestic U.S. buyers. International buyers are more likely to be substantially wealthier and looking for a property in a specialized niche.