Monday Market Report – What’s the Value in Going Green?

Recently I had a listing which was appraised at less than the sales price. This isn’t completely uncommon in a shifting market. I recently wrote a post about what causes this discrepancy as we shift from a buyer’s market to a seller’s market. Regardless of the reason for the appraisal variances common in today’s market, one of the issues I had with this particular report was that there was no value given for the variety of Green features this home has. This energy efficient home in Orlando is rare for the area of Downtown Orlando where older homes are notorious for high electric bills!

Green technologies in a home can make a huge impact in the long term energy use and footprint a home and it’s owners have on our planet. However, the appraiser either didn’t notice the list I provided or did not associate any value to them. Going Green in your home has not completely caught on in the Orlando area as much as cities in the Northwest; but to assume there is no value is simply not accurate. More and more buyers are looking for these features in a home and are willing to pay a premium for them.

In fact, appraisers have just been provided a special addendum to accurately note the energy efficient features and add the appropriate value to the appraisal report. Yet so many real estate professionals and appraisers alike aren’t familiar with this addendum. Be sure when you’re listing your energy efficient home in Orlando that you contact an agent familiar with these Green Features and can assist you in getting all the value you can out of them!

As you consider adding energy efficient systems to your home, research cost versus value and be sure to keep all the paperwork for improvements you make so if you do decide to sell in the future you can be sure all are accounted for in an appraisal. Your home is your biggest asset – choose an expert that understands the value.

Contact me Today to learn about Energy efficient options and what they can add to your home’s value.

407-494-2820

Kathryn@ThinkLiveBe.com
Search Orlando Homes Today

 

Image credit: Leslie Science Center Nature House via Everystock via Creative Commons License

 

Monday Market – Historic Homes

If you’re anything like me, you love historic homes in Downtown Orlando.  This is one of the reasons I focus on selling in the Downtown Orlando area.  I love the charm of an older home and they just do not build them like they used to!  The craftsmanship of these homes is always in style.

I recently read a blog post on the Preservation Nation Blog (blog written by the National Trust for Historic Preservation) about how to shop for a historic house.  If you love the charm of an older home and daydream about owning one check out this post:  How to Find a Historic House!   Or start searching for your new…I mean old…home today.

If you are interested in selling your home in one of Orlando’s historic districts contact me today to learn how to market the special features and what buyers are looking for in an older home!

407-494-2820 direct

ThinkLiveBe.com

 

Image Credit:  J. Carter Brown / Kitty Kelley at Everystock via Creative Commons License

 

Market Report – Bidding War

Can you believe it is already almost April?!  This year has flown by so far.  In the real estate business we will start to look at the first quarter and compare the activity to last year.  Are we headed in the right direction?

It seems that we are.  I recently did a presentation for the Mills 50 mainstreet district about the top reasons that we are headed in the right direction.  I left one thing out from the 5 factors that I discussed.  Heavy competition!

I haven’t put an offer in on a house in Orlando this year where there weren’t multiple offers.  That is huge!  Multiple offers means that the seller has the negotiating power.  I touched on the low inventory in my recent presentation to Mills 50 which is largely the cause behind increasing prices; but bidding drives prices up further.

No one has really mentioned that it is truly a sellers market in Orlando now.  Unless the listing is greatly overpriced or there is a functional issue, homes are selling very quickly and often times with multiple offers.  In many cases buyers are offering above listing price to ensure they get the house and are the winning bid.

This is a huge change from a few years ago.  For the buyers who wanted to “wait” until the prices hit bottom.  Sorry to tell you it’s too late.  The lowest median price was actually in around January and February of 2011.  When the market shifts it seems to happen in the blink of an eye and you cannot time it perfectly.  However, the market is still ripe with opportunities for buyers!   Don’t delay while the interest rates are still at historically low rates.  The average interest rate last month was 3.21%!!

Looking to find a home in Downtown Orlando, College Park, or Winter Park?  Search all the listings at ThinkDowntownHomes.com

Image Credit:  ”Getting in the Mix” from Everystock via Creative Commons License

 

Go Local Wednesdays – Manicures and Mimosas in Thornton Park

This weekend you can enjoy a mimosa, get a manicure, and people watch in Downtown Orlando’s favorite neighborhood for locals!  Lambs Eat Ivy Salon located at 804 E Washington St  will be featuring Manicures and Mimosas on their front patio from 11:30 am – 3 pm.  The weather is just right to enjoy a manicure alfresco in Thornton Park!

Stop by this Saturday from 11:30 am – 3 pm and enjoy a relaxing weekend in Downtown Orlando.  First come first serve!  For more info visit their Facebook page or call  (407) 245-7006.

The Thornton Park area is full of small businesses to check out – make a day of it!

 

Go Local Wednesdays – Valentine’s Day Ideas

What are your plans for Valentines Day?  I’m not a huge fan of the holiday myself.  It might be the worst night of the year to make dinner plans so I think my significant other and I will order a yummy stuffed pizza TO GO.

If you aren’t a home body like me, here are a few ideas to enjoy Valentine’s Day in Orlando!

Winter Park:  A movie under the stars sounds like a romantic date for v-day.  Enzian’s Popcorn Flicks in the Park will start at 7 pm tomorrow at Central Park in Winter Park.  The movie of the night is a classic From here to Eternity.

Downtown Orlando:  Thornton Park’s 2nd Thursday wine walk is a pretty inexpensive date and sure to be enjoyable.  You can stroll through the new Thornton Park Main Street district from 6:30 – 10 pm and stop at various shops, restaurants and bars.  For only $10/person you complimentary wine/beer/little bites at various stops.

If you’re recently single or just hate Valentine’s Day, the Love Stinks Party at Neighborhood Rogue sounds interesting.  Stop by the fire pit and burn pics of your exes.  Check out more info on the Facebook event page.  This is just around the corner from the wine walk so there are discounts available for wine walk participants.

Hope you have a Happy Valentine’s Day!

 

image credit:  The finished product via Creative Commons

 

Monday Market Report – Audubon Park Values on the Rise

This is part three of the series about increasing values throughout Downtown Orlando neighborhoods.  As I mentioned last week, in 2012 there were over 2000 single home sales that took place within 5 miles of Downtown Orlando.  The median sales price of these homes increased from 2011 – 2012 and it seems the trend is continuing into the new year.

This week I’m going to talk about the ever popular Audubon Park.  This trendy neighborhood full of retro Florida ranch homes has  increased in value from 2011 to 2012.  There were actually more homes that sold in 2012 in this neighborhood than in 2011.  Currently there are only about 3 homes for sale in this highly sought after neighborhood and people keep asking when will there be more to choose from!  This lack of inventory will continue to drive up the values.

The median price increased in 2012 by just under 10% to about $160,000.  If the trend continues it will be on the rise in 2013 as well.   The median listing price for active and pending homes in this neighborhood is holding steady.

What does all this mean? 

You may finally have equity in your Audubon Park home!  Don’t miss your chance to sell.  Contact us today to sell your Audubon Park property.   Search for nearby Audubon Park homes for sale at our website.

Kathryn@ThinkLiveBe.com

407-494-2820 direct

*This information is based on personal data I have gathered from the local MyFloridaRegional MLS system.  It is deemed reliable but not guaranteed. 

Image: Personal of flowers near Downtown Orlando 

 

Monday Market Report – Eola Heights Home Values on the Rise

As I mentioned last week, in 2012 there were over 2000 single home sales that took place within 5 miles of Downtown Orlando.  The median sales price of these homes increased from 2011 – 2012 and it seems the trend is continuing into the new year.  Each week for the next few weeks I’m going to show you how the  median price is on the rise in some of our favorite Downtown Orlando neighborhoods!

This week I’m going to show you how Lake Eola Heights has increased from 2011 to 2012.  There were actually more homes that sold in 2012 in this neighborhood than in 2011 – almost double.  This increase in activity and demand has brought the values up quite a bit.

The median price increased in 2012 by over 20% to $275,000.  If the trend continues it will be on the rise in 2013 as well.   The median listing price for active and pending homes in this neighborhood is currently about $319,000.  That’s a huge increase over the last two years for this area.

The downside is that as the home values increased the average time on the market did as well. This is mainly because there are less home buyers searching at these higher price points and therefore it takes a little longer to sell.

What does all this mean? 

You may finally have equity in your Lake Eola Heights home!  Don’t miss your chance to sell.  Contact us today to sell your Eola Heights property.

Kathryn@ThinkLiveBe.com

407-494-2820 direct

*This information is based on personal data I have gathered from the local MyFloridaRegional MLS system.  It is deemed reliable but not guaranteed. 

Image: Personal of flowers near Downtown Orlando 

 

Market Report – The Case of the Shrinking Shadow Inventory

The “shadow inventory” has been a term used in the last few years to describe homes that are in foreclosure or delinquent and not yet sold or listing on the market.  It has been looming over us for several years and caused much uncertainty for home sellers and buyers.  Sellers have been unsure when to list their homes and buyers held off on buying because they felt the market may still drop farther.

Well for the buyers that waited – sorry to tell you but the bottom of the real estate market in Orlando has come and gone.  The good news is at least you can still get record low interest rates and the affordability is still top notch!

For home sellers, now is the time to list.  The inventory has declined to a level that is in line with the number of buyers and in many price ranges it is considered a seller’s market.  This shift is largely due to the fact that this shadow inventory is shrinking.  The number of homeowners who are delinquent on their mortgages (the delinquency rate) has dropped to 5.41% in the last quarter of 2012.  Most economists expect it will continue to drop slowly in 2013.  This slowing of the delinquencies lends to a little more confidence that the foreclosure gap is closing up and the market will return to some normalcy in years to come.

Don’t expect sweeping increases in values just yet.  Although some neighborhoods have seen increasing values in the last few months, Florida was one of the hardest hit with foreclosures and still is one of five states making up 45% of the total number of distressed properties.  Real estate is local so check with us to see if now is the right time for you to list.

You can reach us at 407-494-2820 or Kathryn@ThinkLiveBe.com.   We specialize in Downtown Orlando, College Park, and Winter Park homes for sale.

Image Credit:  CalTech from KevinHasaCamera via Creative Commons License

 

New Year’s Resolutions + Cupcake Happy Hour

I don’t know about you but 2012 was a great year.  These last few weeks have been extremely crazy and often times the blog is the first thing to slack when I get busy.

My New Year’s Resolution is to be consistent with the blog.  I hate going to people’s blogs and the last post was from 2010!  I have been working hard trying to provide daily content.  Since I personally write all of my posts that can be a little time consuming for a busy agent like myself.   My goal for 2013 is to provide three posts a week to keep you up to speed on the real estate market in Downtown Orlando and Winter Park and the other events and local businesses who drive these communities.

My most popular categories in the last year have been the Monday Market Reports, Go Local Wednesdays, and the Friday posts titled “Who Says There’s Nothing to do in Orlando?”.  And so I look forward to providing you more of these types of posts 3 times a week so I can keep it consistent and relevant!

I hope you have enjoyed your holidays and I look forward to bringing you more content in the New Year!

P.S. It’s the first Friday of the month and that means Cupcake Happy Hour at Blue Bird Bake Shop in Audubon Park from 5-7 pm.  What a great way to  start the first weekend of the New Year?! Enjoy!

Image:  Personal Image taken of the Sanctuary Condos in Downtown Orlando 

 

Go Local Wednesdays – Small Business Saturday Where to Shop

HAPPY THANKSGIVING!  As many of you know Small Business Saturday is this weekend across the country.  These local businesses are what make our neighborhoods and communities such a great place to live.  If you’re out and about this weekend remember to shop local Orlando!  Here are a few websites to find locations of small businesses in the Orlando area with plenty of places to shop or dine this Saturday.

Winter Park 

Winter Park – Park Ave.

Winter Park – Hannibal Square 

College Park 

College Park – Edgewater Dr. and surrounding 

Another College Park directory for small businesses

Downtown Orlando neighborhoods

Downtown Orlando shopping - Central Business District

South Eola District  - Area South of Lake Eola

Thornton Park – Washington Ave.

Mills 50 District - Near where Mills Ave and Hwy 50 intersect

The Milk District – Robinson St near Bumby and Primrose

Ivanhoe Village – Orange Ave through Loch Haven Park area

Downtown South (SODO) area 

Audubon Park – Corrine Dr. (the photo is an image of a favorite shop of mine – Dear Prudence)

Baldwin Park 

Baldwin Park Village Center

 

What are your favorite local Orlando shops?

P.S. Please feel free to send me more suggestions for Orlando shopping and dining!