Why You Need a Realtor If You’re Purchasing a Disney Area New Built Home

Purchasing a new built home from a builder can seem like an easy task for a buyer who lives 10 minutes up the street and can monitor the process however if you live out of state or in another country the new construction avenue can be a complicated process if you don’t have someone looking out for you and your home here in the area.

Read Also: Top 5 Best New Home Disney Area Resort Communities

Disney Area Builder’s Sale People Are Not Working For You!

This is the number one rule that buyers always seem to get confused about.  You walk into a new home sales office and are greeted by some friendly faces.  You browse the models and then talk with the builders sale rep for a while about the community.  You establish a rapport with this sale person and you now feel like you know, like and trust him/her.  This may very well be the case but this sales rep works for the builder just like a seller’s agent works for the seller of a house.  If you want your best interest represented and you want someone looking our for YOU not the person who gives them their weekly paycheck than you must seek the professional assistance of a local Realtor who knows the area.  This service is usually always free to you (the builder pays your Realtor) and the Realtor has a fiduciary duty to you not the builder.

Read Also: Why Builder’s Sales People Are Not Looking Out For Your Best Interest

Disney Area Realtors Will Be Your Eyes and Ears While You’re Away

Most any Realtor that you choose to represent you in your new home purchase will be more than glad to become your eyes and ears while you’re not around.  A good Realtor will drive by your property while under construction at least one to two times per week, take pictures, check on the property and report back to you with this information. Often times the builders sales reps are just too busy selling more homes and peddling paperwork to take this type of time out of their day for you.   Without pictures of the progress on your home you really have no way of knowing

how far along the home is in completion,
if everything is being installed correctly,
if the upgrades you ordered actually end up in the house

and the list can goes on.

Read Also: Coolest Things That Your Disney Area Real Estate Buyer’s Agent Can Do For You

Important Walk Thrus and Check Ups You May Not Be Able To Make
One of the most important jobs your Realtor can perform for you is the final walk thru.  This is when the home is completed and you are required to walk thru and inspect the property, sign off that everything is or isn’t okay and order any last minutes fixes or repairs.  If you don’t have anyone you trust to do this for you and you can’t do it your self you may end up in the position of having your home sit past the closing date and incurring additional fees for holding up the closing until you can get down here to inspect it. Realtors are virtually the only professionals that are willing to do this for you without charging you a fee (the builder pays their commission).  Home inspectors will charge you upwards of $300 to preform this action.  I can’t tell you how many time I have done walk thrus for my clients that lived out of state or country because they couldn’t get a flight out or they just couldn’t make it at that time.  Had they not appointed me as their Realtor it would have cost them thousands in the end.

IMPORTANT!!!
In closing I want to add that if you are considering a Disney area new home purchase and you want to be represented for free by a Realtor that you should always consult the Realtor of your choice before you visit the property. many builders will not compensate your Realtor and allow them to represent you if they are not the first person to escort you or register you for that community.

UK to US Real Estate Glossary

According to NAR Vacation Home Buyer Statistics, many of you wonderful Disney area real estate buyers are from the UK.  Because Real Estate in Orlando in very different than in the UK I’ve decided to post this UK to US Real Estate glossary for all of you out there reading from afar.  I hope this helps with your Disney area real estate purchase!

Agreement in Principal (known in the United States as Appraisal)
An assessment made by British Mortgages Abroad of an applicant’s ability to pay for a home and confirmation of the amount the applicant may borrow.

All Inclusive coverage (known in the United States as Homeowner’s Insurance)
Insurance coverage protects your property and any structure attached to it, like the garage or screened porch. Any materials on your property that are being used to extend or repair the fabric of the building, such as timber or bricks being used for an improvement, would also be covered.

Application (same)
A form commonly referred to as a 1003 form, used to apply for a mortgage and to provide information regarding a prospective mortgagor and the proposed security.

Application Fee (known in the United States as Origination Fee)
A fee charged by the lender to cover the administrative costs of setting up a mortgage. This will include the preparation of documents and certain processing expenses in connection with completing a mortgage account.

Building Insurance (known in the United States as Hazard Insurance)
Insurance protecting against loss to property caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

Completion (known in the United States as Closing)
In property transactions, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes the transaction.

Completion Date (known in the United States as Origination Date)
The date on which the loan is funded.

Counterpart Contracts (known in the United States as Agreement of Sale)
A written document in which a purchaser agrees to buy properties, which the vendor agrees to sell, under certain agreed conditions. Also known as a “Sales Contract”.

Credit Report (same)
A report on an individuals historic willingness and capacity to make payments in accordance with their loan agreements in the past. This report is provided to British Mortgages Abroad by an outside credit-referencing agency.

Decision in Principal (known in the United States as Pre-Approval)
A process in which British Mortgages Abroad will offer a decision in principal. This opinion is based entirely on the credit search history available to British Mortgages Abroad. The pre-approval is not binding and not necessarily accurate because British Mortgages Abroad will not have yet verified the application details.

Deposit (known in the United States as Down Payment)
The agreed percentage of the purchase price the buyer pays, in cash, at the time the property transaction closes (“completes”).

Direct Debit (same)
A method to set up a regular payment to be automatically paid from a bank account.

Disbursements (known in the United States as Closing Costs)
The various expenses involved in closing a property transaction that are in addition to the purchase price. Closing costs will include title insurance fees and other relevant charges such as a Credit Report fee.

Equity Release (known in the United States as Cash-Out Refinance)
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs and the amount required to redeem other mortgages against the property. In short, a refinance transaction in which the borrower receives additional cash that can be used for any acceptable purpose.

Estate Agent/Property Developer (known in the United States as Realtor)
A real estate broker or an associate holding active membership in a real estate board affiliated with the National Association of Realtors. Unlike estate agents Realtors in the United States must be licensed by the state in which they are selling property and must follow up with continuing education every 2-4 years.
Flat (known in the United States as Condominium)
A structure of two or more housing units. Only interior area of a particular unit is individually owned. All the owners of the individual units jointly own the remainder of the property (land, building and other amenities).

Flood Insurance (same)
A form of insurance designed to protect property owners from loss due to the defined peril of flood. It is required for properties located in federally designated flood areas.

Insurance Schedule (known in the United States as Homeowner’s Insurance Declaration/Insurance Schedule)
A document accompanying a homeowner’s insurance policy whose purpose is to verify that the property quoted in insured.

Interest (same)
Money paid to the lender for the use of borrowed funds, usually expressed as an annual percentage.

Loan Term (known in the United States as Maturity)
The term of the loan, or the number of years for which the loan funds are advanced.

Loan To Value (LTV)
The percentage size of the loan in relation to the value of the property.

Mortgage Conditions (known in the United States as Loan Terms)
Necessary conditions of a loan which specify the amount borrowed, interest rate, maturity, method of repayment, etc.

Mortgage Payment (same)
The regular monthly payment that a borrower agrees to British Mortgages Abroad.

Offer of Advance (known in the United States as Commitment Letter)
A formal offer by the lender which states the terms under which it has been agreed to lend money. Also known as a “loan commitment.” This letter will indicate the conditions that must be satisfied before release of funds.

Open Market Value (known in the United States as Fair Market Value/Market Value)
A figure that is the highest amount a purchaser would agree to pay for a property and the lowest amount the vendor would be prepared to sell at.

Pre-Contractual Stipulation (known in the United States as Contingency)
A clause or condition within a contract stating what the buyer or seller must satisfy before the purchase can be completed.

Prepayments (known in the United States as Prepaids)
Those expenses of property which are paid in advance of their due date and will usually be pro-rated upon sale, such as taxes, insurance, rent, etc.

Procuration Fee (known in the United States as Commission)
An agent’s fee for negotiating a real estate or loan transaction, often expressed as a percentage of the purchase price or the loan amount.

Promissory Note (same)
Your loan agreement with the lender detailing all the rights, obligations and conditions of the loan.

Purchase Contract (known in the United States as Sales Contract)
A written agreement between the vendor and purchaser stating the conditions that need satisfying for the sale to complete. Also known as an “Agreement of Sale.”

Redemption (known in the United States as Payoff)
Complete repayment/settlement of the principal balance along with interest and any other amounts due. The payoff of an account occurs either over the full term of the mortgage, through monthly repayments, or through early redemption.

Redemption Penalty (known in the United States as Prepayment Penalty)
A charge a borrower pays to redeem or part redeem a loan before it is due.

Redemption Penalty Clause (known in the United States as Prepayment Clause)
A clause that confirms the amount of the principal balance of an account the borrower may pay earlier than expected with or without penalty. The terms acceptable to British Mortgages Abroad vary acconding to the product selected.

Remortgaging (known in the United States as Refinancing)
Taking out a new loan to pay off an existing mortgage. This is usually done to obtain a lower interest rate or to borrow further funds against the equity in a property that may have built up since the original purchase.

Rental Property (known in the United States as Income Property)
Properties owned with intention of producing an income. Also referred to as “non-owner occupied property” or “rental property.”

Repossession (known in the United States as Foreclosure)
Legal Process by which a borrower in default under the terms of a mortgages ceases to have an interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being used to reduce or clear the mortgage debt.

Security (known in the United States as Collateral)
Any property given as security for repayment of a debt.

Self Declaration (known in the United States as Low-Documentation)
Below a stated LTV, British Mortgages Abroad only require the applicant to state the source and the affordability of the mortgage applied for, without providing supported documentation payslips or trading accounts.

Settlement Statement (known in the United States as Closing Statement)
Can be known as the “HUD-1″. The final statement of costs to be paid to close a loan or to purchase property.

Survey (same)
A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property’s principal features.

Title Company (same)
A company that checks the title of the property you want to buy. If they are satisfied with their enquiries they will provide you and the lender with the reassurance of insurance cover to protect your future interests (see below for definition of Title Insurance).

Title Deeds (known in the United States as Certificate of Title)
A written document stating that the title to a piece of property is legally vested in the present owner.

Title Insurance (same)
The insurance that protects British Mortgages Abroad, along with the homeowner, if an owner’s policy is purchased against losses resulting from problems with the title of the property, or unknown liens (charges) or other inconsistencies relating to the title of the property.

Title Search (same)
An examination of public records, laws and court decisions to identify any material facts regarding liens (charges) along with ownership of any given property.

Total Charge for Credit (known in the United States as Finance Charge)
Charges levied by British Mortgages Abroad that include all of the interest due over the life of the loan, in addition to certain other charges related to a loan.

Truth-in-Lending Act (TILA)
A law applicable in the United States requiring disclosure of the credit terms of finance transactions using a recognised format. This is intended to help borrowers compare the lending costs, terms and conditions of different lenders. Also known as “Regulation Z.”

Underwriting (known in the United States as Loan Processing)
Steps taken by British Mortgages Abroad from the time a loan application is approved or declined. This process includes receiving the application, credit searches (investigation) and the overall underwriting assessment of the application.

Unencumbered (same and also known in the United States as Clear Title)
Title not burdened by mortgages, charges (liens) or legal questions.

Valuation (known in the United States as Appraisal)
An estimate of the market value of a piece of real estate made by a competent professional (the appraiser) who knows local property and prices.

Villa Management (known in the United States as Property Management)

What is Short Term Rental Investment Property Near Disney?

I often get asked the same questions by vacation home buyers and one of the most common of them is “What is Short Term Rental Investment Property?”  I’m going to explain this concept to you as simply as possible.

Short Term Rental Investment Property is the term for  a unique concept that only works in specific locations when all the right conditions exist. One of the critical factors that is necessary for this program to work is zoning regulations. Residential real estate property rentals in most areas require a Long Term Lease ( 7  months or longer), but because of special zoning regulations in the Disney area, three of the surrounding counties have approved certain communities to be zoned Short Term, which is 1  day or more. Another key element that is needed to make this program so successful is renters seeking a short term villa. Orlando just so happens to have tourists in droves just waiting to rent out vacation homes near Disney World.  So you see Kissimmee, Clermont and Davenport all have the perfect formula to provide you with short term rental investments near Disney.

Orlando Ranks High in Most Popular Cities According To Forbes

With all the negative press surrounding Orlando lately it’s such a breath of fresh air to see Orlando recognized for many of  its positive attributes.  According to Forbes Orlando was recently ranked #4 in the Most Popular Cities category and if you’ve ever lived or vacationed here you can probably understand why. Here are some of my own personal reasons:

1. I was hanging at the beach all day with my daughter this past Sunday while the rest of America froze their pickled petunias off.

2. When I’m bored I pack a lunch and go hang out at Sea World, Universal or Disney with my daughter.

3. I get to watch the space shuttle launch live and if I don’t feel like driving the 40 minutes I get out my telescope and watch it in HD from my patio.

4. Watching the Disney fireworks has become a regular part of my child’s bedtime routine.

5. I own one jacket and it’s mostly for decoration.

6. My shoe rack consists of almost all flip flops and one pair of sneakers

7. My daughter’s shoe rack consists of 10 different pairs of Crocs and one pair of sneakers.

8. Palm trees are not just a tree they are a way of life.

9. Instead of taking marine biology class in high school students are now able to take the class at Sea World.

10. My neighbor had to beat an alligator with a broom to get it out of his garage.  It was very funny, not the gator part but the broom part. I laughed.

11. Growing up in South Florida my weekends were usually always spent at one of the local beaches.  When it’s cloudy you get mad at the weather and don’t leave home.

12. You learn to handle road rage and accept all types of drivers at a young age.  It’s a very enlightening experience.

What are some of your top reasons for loving life in Orlando, FL??

Drive Through Cigarette Stores- Classy

Tacky Fabulous wrote a quick piece on this drive through tobacco store.  I can’t help but laugh. . .  She says “After all, why would anyone want to have to get out of the car and walk 50 paces on a sunny day to buy smokes when you can remain completely sedentary within a cloud of your own nicotine?”

I would write something further but I can’t stop laughing and besides I think she did a tacky fabulous job of summing it up!

7 Most Popular Disney Area Neighborhoods For Villa Bookings

When considering the investment of a piece of Disney area real estate to use for a vacation home or short term rental your number one consideration when buying shouldn’t be which neighborhood you think is the coziest or which house has the nicest window treatments but rather which home is going to bring me in the best return on bookings.  I’m going to profile seven of the most booked Disney area neighborhoods based on my experience working in the short term rental business.

Lake Berkley -Kissimmee, FL

If this isn’t the most booked out community in Kissimmee I don’t know what is.  The homes in this community were averaging 30-40 solid booked weeks per year.  Alot has changed in the economy over the past year however I don’t think this neighborhood will suffer as much as most of the booking in Lake Berkley are repeats visitors who love the community.  You also can get a great home for the price right now.

Lake Berkley Homes For Sale

Florida Pines- Davenport, FL

Located off the famous 27 strip in Davenport this community has that good old inland Florida feel.  As the name states it’s filled with Pine trees (though I always prefer palms) and the homes are in good shape.  It remains to be one of the more popular neighborhoods in Davenport for bookings despite the recent downfall of many of the major tour operators.  Homes are affordable which still makes Florida Pines a good short term rental investment.

Florida Pines Homes For Sale

Four Corners- Davenport, FL

A newer neighborhood with probably some of the best prices in Davenport right now.   This neighborhood has a booking track record and guests continue to come back year after year for more.  Four Corners has been having it’s share of crime due to the recent flood of foreclosures and vacant homes but that’s been common in almost every neighborhood these days.

Four Corners Homes For Sale

Calabay Parc- Davenport, FL

Calabay Parc is very popular with foreign visitors.  It’s one of the more upscale neighborhoods in Davenport and most of the homes in it would be considered an executive level with management companies.  Like Four Corners and Lake Berkley, Calabay Parc has it’s loyal guests that come back year after year.

Calabay Parc Homes For Sale

Lindfields- Kissimmee, FL

Though not the most esthetically pleasing neighborhood in my opinion, it continues to book like crazy due to it’s awesome location to Disney and it’s affordable nightly rates.  The homes are older and the neighborhood is not as impressive as some of the others but when you consider the low price you will pay for the home and the return on the bookings that neighborhood has been seeing it easily becomes a no brainer why Linfields is one of the better holiday villa investment choices.

Linfields Homes For Sale

High Grove- Clermont, FL

This is such a cool neighborhood.  It’s one of the only vacation home neighborhoods in Clermont that I am a fan of.  It has a very California feel to it when you drive through and apparently is a booking magnet.  Most of the vacation homes in there are usually booked up compared to other neighborhoods.  It’s location right off 27 and 192 is prime for everything.

High Grove Homes For Sale

Regal Palms- Davenport, FL

And the grand finale wouldn’t be complete if I didn’t mention Regal Palms.  I have this love/hate relationship with Regal Palms simply for the reason that if such a nice community with some of the best amenities in davenport but the club membership fee is so high I sometimes wonder if it’s actually worth the investment.  In any event the tourist love Regal Palms and it has almost a cult following of guests who come back every year.  This neighborhood books and if you’ve ever seen it you understand why.  Prices are low in regal Palms right now due to foreclosures so if there ever was a time to justify the amenity fee it would be now.

Regal Palms Homes For Sale

6 Most Common Expenses Associated with Owning a Disney Area Vacation Home

If you’re in the market to invest in a sunny vacation home near Disney World in Orlando,Florida then lets talk money.  These are five of the most common expenses that you could and most likely will incur when you own a vacation villa near Disney and use it for short term rental use.  These are NOT your settlement expenses but rather your recurring expenses associated with ownership.

(For information on vacation home settlement expenses please contact us directly for a free quote)

1. Orlando Property Management (Villa Management) Fees

If you live outside of the Disney area (within a few hours or more) than management is a must in my opinion.  They rent out and maintain your Disney area vacation villa, condo or townhouse for you.

Cost To You: $150 and up per month

2. Orlando Resort Community Amenity Fees
So you think that just because you own in the community means they let you use the amenities for free?  Well they do (depends on your definition of free) but they certainly don’t let your lovely house guests.  There are a handful of specific resort communities in Davenport and Kissimmee, Fl that tack on this lovely fee to you so that your guests can utilize amenities such as the pool and gym facilities.

Cost To You: Anywhere from $10 per each booking day on up to a flat fee of $250 per month on top of your management and HOA fees.

Read Also: Disney Area Vacation Home Communities That Charge Owners Amenity Fees

3. Orlando Homeowner’s Association Fees

Probably the most unavoidable fee that exists in Davenport, Kissimmee and Clermont vacation home communities.  The fee you must pay to the homeowners association that covers that upkeep and maintenance of the community itself.  This is important because if you do not pay this fee the HOA (homeowner’s association) can put a lien on your property.

Cost To You: Ranges from around $30 per quarter on up to over $250 per month

Read Also: 4 Davenport, FL  Neighborhoods with Some of The Highest Homeowner’s Association Fees

4. Property Maintenance Fees

These fees are the costs of Orlando vacation home ownership.  These fees include expenses such as:

• Pool maintenance
• Yard maintenance (sometimes covered by your HOA and sometimes not)
• Utility expenses (power, water, cable, phone etc)

Cost To You: Could start anywhere from $250 per month combined and can go up from there depending several factors.  I always recommend to estimate higher than lower.

Request an Estimated Kissimmee, Davenport or Clermont Vacation Home Expense Sheet Specific To Your Purchase

5. City, County and State Short Term Rental Taxes

Just when you thought you were getting off easy here comes good old Uncle Sam with his hands in your vacation home.   You will only incur these fees when you rent your property out not when you stay in it.  You can only be taxed on money that you make so every booking is considered money you made according to the government.  If you’re using a management company they usually take care of sending this money in for you.  I still always recommend consulting with a Davenport, Kissimmee or Clemont vacation home tax specialist.

Cost To You: Usually around 13.5% with everything taken directly off the top of your booking revenue (percentage can vary depending on county)

6. Short Term Rental Insurance

This policy is required by just about any Davenport, Kissimmee or Clermont vacation home management company before they will rent your property out.  The minimum coverage they require is usually around $1,000,000 but I have seen some companies willing to lower their requirements to half of that for coverage.  In any event this vacation villa insurance policy is an expense you will have on top of your traditional homeowner’s insurance policy.

Cost To You: $1,000,000 policy’s range around $200-$300 per year.

Black Lake Park in Winter Garden, Florida Has Big Plans for Neighborhood Stop Sign Abusers

I just got word today that the Black Lake Park homeowners association has worked out a deal with the Winter Garden police department to set up stop sign traps in the community beginning asap.

Last week there was an unfortunate event that sparked the HOA to hold a meeting a put this plan into accident.  Two cars collided near the front entrance of Black Lake Park. The accident took place inside the community, both passengers remained uninjured however the cars weren’t so fortunate.

There is a stop sign when you first come into the community straight ahead right before the park and clubhouse.  I have seen cops hiding in the bushes right there and writing tickets.  I recommend stopping at all the stop signs in Black Lake Park in order to avoid an unwanted ticket.  I don’t believe these cops will be showing any mercy.

Homes For Sale in Black Lake Park Winter Garden, FL

3 Communities with Some of The Highest Homeowner’s Association Fees in Davenport, FL

1. Vista Park
$602 per month.

Coming in at numero uno thanks to the mandatory rule that you have to use their property management company for short term rentals.  The HOA fee itself is not so bad at $122 per month however this particular community has a requirement that you have to use their own property management company for your bookings and management.  Their monthly property management fees are $480 per month.  It includes pool and lawn care as well as pest control however when you add that mandatory fee with the HOA you get a whopping $602 per month.  Some buyers would argue they could outsource those services for much less and others love the one stop shop effect.

Homes for sale in Vista Park

2. Bahama Bay Condos
$425 per month

Condo associations usually always have higher HOA fees for the reason that they include so much more than the typical single home community (building insurance, exterior maintenance, etc).  The fees on this community may be a bit high but I was told by the HOA that first floor condo units pay less HOA than second and third floor.  I guess it really pays to live on the first floor in this community.

Condos for sale in Bahama Bay

3. Regal Palms
$385 per month

Regal Palms, one of the most sought after resort communities in Davenport, FL that also charges one of the highest amenity fees. The Homeowner’s association dues are only $135 per month which is very reasonable however there is a mandatory club membership fees of $250 that is required if you or your guest want to use any of the club facilities including their pool and lazy river. Oh and did I forget to mention the $10 per day fee plus tax on your bookings?

Townhouses for sale in Regal Palms

All information contained is pulled directly from mid florida multiple listing service and deemed reliable but not guarunteed. Information should be verified with homeowners association before making assumptions.

Real Estate Sales are up in Orlando, Florida

Article from Orlando Regional Realtor Association

The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008 while the area’s average interest rate dropped to its lowest point since May of 2005, creating market conditions that further tilt in favor of buyers.

Home sales are up, with members of the Orlando Regional Realtor® Association involved in the sale of 17.71 percent more homes in January of this year than January of last year: 957 to 813. Geographically, Osceola County recorded the greatest increase of sales activity amongst the four counties in the Orlando MSA: 120.51 percent. Lake and Orange counties posted sales increases as well (25.63 percent and 42.83 percent, respectively); Seminole County sales declined 16.24 percent.

“Buyers are responding to lower prices and mortgage rates,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., “but uncertainty about the economy is creating hesitancy and pent-up demand. Additional actions, such as the proposed homebuyer tax credit and an increased availability of mortgages, are needed to stimulate the sales that will decrease inventory and stabilize prices.”

The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its upward trend to 3,830. There are 121.25 percent more homes under contract in January 2009 than compared to January 2008 (1,713).

The decrease in median price drove the area’s affordability index to another record high of 165.27 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,136 can qualify to purchase one of 12,122 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $245,046 or less.

The first-time homebuyer affordability has increased to 117.52 percent.

The area’s average interest rate was 5.28 percent in January 2009, the lowest level since May 2005.

Homes of all types spent an average of 104 days on the market before being sold in January 2009, and the average home sold for 92.63 percent of its listing price (a decrease from December 2008’s 92.83 percent). In January 2008 those numbers were 117 and 94.16 percent, respectively.

The majority of single-family homes (111) that changed hands in January 2009 were sold in the $200,000 – $250,000 price range; 75 homes sold in the $140,000 – $160,000 category and 71 homes sold in the $160,000 – $180,000 category. Four hundred seventy-four homes sold for less than $200,000 in November, and 198 sold for more than $300,000. On the far ends of the scale, 13 homes were sold for $1 million or more while 52 homes sold for less than $50,000.

Inventory

There are currently 22,613 homes available for purchase through the MLS. Inventory increased by 89 homes from December 2008, which means that 89 more homes came onto the market than left the market. Compared to last year, the January 2009 inventory level is 12.09 percent lower than it was in January 2008 (25,724).

The inventory level reflects a 23.63-month supply at the current pace of sales, which is up from the 15.59-month supply recorded in December 2008 and down from the 31.64-month supply recorded in January 2008.

There are 16,403 single-family homes currently listed in the MLS, a number that is 2,951 (15.25 percent) less than this time last year. As usual, most (2,305) are listed in the $200,000 – $250,000 price range. Condos currently make up 4,191 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,019. Most condos (410) are priced below $50,000, with another 393 priced between $100,000 and $120,000. The majority of duplexes/town homes/villas (322) are listed in the $120,000 – $140,000 price category.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area has increased by 44.57 percent. A total of 133 condos changed hands in January of this year compared to 92 in January 2008. The most (50) condos in a single price category that changed hands were in the $1 – $50,000 price range, more than double the number (22) that were sold in the next most populated category ($60,000 – $70,000). No condos whatsoever sold for more than $250,000 in January.

Orlando home buyers purchased 84 duplexes, town homes, and villas in January 2009, which is a 55.56 percent increase from January 2008 when 54 of these alternative housing types were purchased. The majority (17) of duplexes, town homes, and villas sold in January 2009 fell into the $140,000 – $160,000 price category.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 37.15 percent when compared to January of last year. Throughout the entire MSA, 1,281 homes were sold in January 2009 compared with 934 in January 2008.

Each county’s January 2009 to January 2009 sales comparisons are as follows:

Lake: 25.63 percent above 2008 (201 homes sold to date in 2009 compared to 160 in 2008);
Orange: 42.83 percent above 2008 (657 homes sold to date in 2009 compared to 460 in 2008);
Osceola: 120.51 percent above 2008 (258 homes sold to date in 2009 compared to 117 in 2008); and
Seminole: 16.24 percent below 2008 (165 sold to date in 2009 compared to 197 in 2008).

For detailed statistical reports, please visit www.orlrealtor.com and click on Housing Statistics on the top menu bar. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA Realtor® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Statistics on the sales of area homes that are sold without the assistance of a REALTOR® are available in the Real Estate Index, a report produced jointly by ORRA and the Real Estate Attorney’s Fund.

50+ Sites To Market Your Orlando, Florida Vacation Villa On

Once you purchase your Orlando, Florida vacation home investment you’re going to want to start booking it out in order to offset your expense of owning it.  If you’ve decided not to take the management route, or even if you want to get extra bookings if you did, here are over 60 great sites with strong google placement that you can start exploring to get your property exposed to thousands of Disney bound travelers. This is also a great resource for any travelers seeking a short term vacation home

The Big Boys

These sites have not only made a name for themselves but have international recognition.  They are on every travelers bookmarks page and dominate Google as well.  In my opinion every owner who is serious about renting out their vacation home should be on at least one of these power house vacation home sites.

Cyberrentals.com
Greatrentals.com
HomeAway Vacation Rentals
Rentalo.com
VacationHomeRentals.com
Vacationrentals.com
VRBO.com
Viscape.com

The Local Yokel

There’s nothing like a hyper focused site that is focused on just your city or state.  The search engines love these types of sites and you’re sure to get great exposure and more serious inquiries.  Often times people that have vacationed in the area before look for these type of sites to find a vacation rental.

A1floridarentalvacation.com
myholidayhomerental.com
traveling2florida.com

Free For All

Who doesn’t love free? Just saying that magical word seems to have therapeutic effects on our wallets.  These sites all offer free villa advertisement.  Some offer it in the form of a free trial period and some are just plain free. 

Budget-tastic!
These websites are perfect for the budget conscious owner.  It’s a great idea to place your listing on one of the big boy sites first and pick one or two of these budget sites as a secondary means of advertising.

en.meowo.com
erhomes.com
findrentals.com
findvacationrentals.com
frbo.ca
holiday-home-rentals.co.uk
holidayhomes.ca
keyvacationrentals.com
onlinevacation.com
ovrentals.com
perfectplaces.com
Runawayrentals.com
scenicrentals.com
topchoicevacationrentals.com
Vacationhomes.com
Vacationhomes2rent.com
Vacationrentaldirect.com
VacationRentalPeople.com
Vacations-abroad.com
Vacationsbyowner.com
Vacationsfrbo.com

Syndicate Me

These websites not only give you advertising on one site but when you list with this group they syndicate your listing across numerous sites giving you maximum exposure for a minimum price.  Some are even free!

greatfamilyrentals.com
Guestofowner.com
vacation-homes-network.com
masterpiecerentals.com

Common Closing Costs for Central Florida Vacation Home Buyers

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Home inspection
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording
• Title insurance policy premiums
• Land survey
• Notary fees
• Prorations for your share of costs, such as utility bills and property taxes

In addition to those standard closing costs you will have additional fees associated with your Central Florida vacation home ownership such as :

• Property management fees
• State and county taxes
• Short term rental licensing
• Homeowners association

A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

Tigger Attacks Boy at Disney World

Yes this is actually real footage. . .

Cool Site to Advertise Your Florida Short Term Rental Villa for Free

I came across this neat site a I was browsing the web the other day and I wanted to share it with you.  It’s called Rentmeavacation.com and it’s totally FREE to advertise your short term rental villa on. It appears to be popping up on the first page of a google blog search with the search term “Kissimmee” so I imagine it gets a decent amount of traffic.

Pros:

- It has a currency converter that is very easy to use.
- It has very relaxed blog feel to it.  
- You can subscribe to the RSS feed to the specific area you are looking for a vacation rental in. 
-  It has mapping integrated in
-  Unlimited picture uploads
-  It’s completely free

Cons: 

- The search function is not very detailed
- There doesn’t appear to be any way to put your listing at the top
-  Not very many bells and whistles

You get what you pay for but this is a great site to utilize as a free source of advertising your villa. 

10 Questions You MUST Ask Any Orlando Property Management Company Before Hiring Part-2

6.  How many of your bookings come from tour suppliers vs. retail?

It’s very important you know about this.  Management companies get their bookings two different ways.  The first way is from a tour supplier; this is a fancy word for a travel agency. 80% of most of their bookings will come from a travel agency and you will not get the high rates that were quoted to you by the company.  Tour suppler bookings are always discounted because of the volume of bookings they send.  The other way they get bookings is through their direct efforts and marketing. This is where you will get the higher rates that are usually quoted to you on paper.  So keep in mind if the majority of your bookings are coming from tour suppliers the majority of your rates are going to be much less than the retail rates. 

7. Do you have a 24-hour emergency line?

In the event of an emergency (power outage, locked out, broken air unit, etc) it is absolutely essential to your guests that someone can be reached 24 hours a day.  Make sure to ask if this number rings to a real person or a pager. It’s best to have a real person on the other end of the phone.  Your guests will appreciate it much more and will be more likely to come back again if the service was good.

8. Are you located within 15 minutes of my home?

This goes with the question above.  If something were to happen and it required immediate assistance how long will it take someone to get out to the home? It’s best to stick with a company who is no further than 10-15 minutes away. It also makes it much easier for your guests when picking up keys.

9. Do you charge a cancellation fee?

Beware of these sneaky fees hidden in the sales contract.  There is usually a fee that is assessed to you if you choose to leave before your designated contract period.  A company that wants to lock you in and make you pay to leave is not a company I would recommend going with.  If you are not happy with the service and they are not delivering you should be able to cancel with reasonable notice and be released free of charge. Obviously if the company is doing their job properly and you are satisfied you will not want to leave. Be sure to find out their cancellation policy before signing that dotted line.

10. Do you have a quality assurance department?

This is a dedicated team of people that the management company has hired to go out and inspect your home before and after every guest arrives to make sure nothing has been stolen, broken or vandalized. If a company does not have a quality assurance person going out to the property before and after arrivals I recommend not going with that company. Too many problems could arise that you may not find out about until it’s too late.    

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