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Richard Riley
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Direct: (407) 361-5253



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RE/MAX Properties SW II
2075 Town Center Blvd.
Orlando, FL


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Orlando Area Homes – Poinciana may become a city

Posted by Richard Riley | on Sunday, September 6th, 2009 at 10:11 am
Category: Foreclosures, Housing Market, Neighborhood.
Tags: , , ,

In the Orlando area Poinciana is the area which is known for having a large number of homes in foreclosure.  Its location, south of Kissimmee, is mostly in Osceola county but is listed in the MLS as being part of Kissimmee.  This creates confusion for buyers who may want to live in Kissimmee but not 14 to 18 miles south of Kissimmee in Poinciana.

In December of 2008 the Association of Poinciana Villages contracted with the University of Central Florida to conduct the Poinciana Incorporation Feasibility Study.  The study was completed on August 28th, 2009.  The study concluded that Incorporating Poinciana into a city was feasible and suggested city boundaries, possible revenue sources, services the city government could provide and the property tax rate of 3 mils.

For more information or a schedule of public meetings to be held in September 2009 see the September 5th article in The Osceola News Gazette.

If incorporated as proposed, Poinciana as a city will be in both Osceola and Polk counies with approximately 74,000 residents.  In Osceola county it will extend northeast to include many subdivisions which, although presently in the county, certainly consider themselves more a part of Kissimmee than the distant Poinciana.  It will be interesting to see what develops.

To search for Orlando homes visit http://www.richardrileyrealtor.com/

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Orlando FL Area – Bank Owned Condo Prices Increasing

Posted by Richard Riley | on Tuesday, July 28th, 2009 at 1:46 pm
Category: Condos, Foreclosures, Housing Market.
Tags: , , , , ,
There has been a lot of activity in the condo market in the Orlando FL area this year.  A large inventory coupled with low prices has fueled a strong market.  Investors are being attracted by the low prices and individuals are buying condos as rental properties with the expectation that they will profit when the market recovers.
The ratio of selling price to list price is an indicator of the firmness of the condo market and could also give a hint about the overall market  Obviously the selling price is a market value and the listing price is a “marketing” value.  However, when there are hundreds of sales per month one could argue that the marketing bias in setting list prices has been compensated. 

 

Under the suppositions and limitations of the foregoing we can look at the Orlando FL Condo data for this year to date.

Selling Price as percent of List Price

Month          Average          Median

Jan.                   94                      95

Feb.                   94                      95

Mar.                  94                       95

Apr.                   96                       97

May                   96                      97

Jun.                    97                      98

Jul. to date    100                     100

Perhaps the increase in the median value, for example, looks small at this point but a trend does seem to be starting.  Most trends are easy to identify when they are full blown and obvious but hard to recognize in the very early stages.

In the above data we may be seeing the very early stage of a recovery trend.  Many bank owned properties are getting multiple offers in the current market and prices are being bid up just by the number of interested buyers.  We’ll have to keep our eyes on the Orlando FL Condo data for August to see whether we are seeing a trend or a mirage.

To search for Orlando homes or Orlando FL area condos click on www.richardrileyrealtor.com

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Hunter’s Creek – (Orlando, FL) Sales Increasing

Posted by Richard Riley | on Monday, June 22nd, 2009 at 10:34 pm
Category: Community, Housing Market, Neighborhood, Real Estate, Uncategorized.
Tags: , ,

Hunter’s Creek, located in beautiful south Orlando, continues to be an attractive and desirable place to live, work and play.  Judging by recent real estate activity many others also appreciate this fact.  More people are looking for a place in Hunter’s Creek to call home every day.

Let’s look at some recent data.  Every time another family decides to buy a property in Hunter’s Creek the status of a property for sale is changed from active to pending in the Multiple Listing Service.  In March, 5 single family homes changed status because offers to purchase were accepted.  This number increased to 9 in April and 17 in May.  Already this month (June  2009) 23 homes will have new owners and it’s only the 22nd of the month.

Condos and townhouses are also experiencing increased demand.  In March there was only 1 purchase contract which led to a pending listing.  That number increased to 8 in April and 9 in May.  Already this month 17 pending condos or townhouses can be found in the MLS.

Yes, Hunter’s Creek continues to be a much sought after community in which to live.  However, there may be a little more we can learn from these numbers.  Condos, for example, are difficult to finance in the current market.  More and more are being sold to investors for cash.  Could this mean that real estate investors think the  bottom of the real estate market is near or already here?  Maybe so, but we’ll have to watch the final June numbers to be able to reach a more reliable conclusion . . . at least about Hunter’s Creek.

For information about Hunter’s Creek visit www.hunterscreek.net

To search for homes in the Orlando area visit www.richardrileyrealtor.com

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Raise Tax Credit & Keep Rates Low

Posted by Richard Riley | on Thursday, June 11th, 2009 at 1:53 pm
Category: First Time Home Buyers, Homes for Sale, Housing Market, Mortgages, Real Estate.
Tags: , , ,

In order to help return stability and growth to the U.S. housing market the Housing Working Group of Business Roundtable has made bipartisan recommendations to raise the tax credit, keep mortgage rates low and modify eligibility requirements for the tax credit among other items.

The recommendations of Business Roundtable, an organization of leading U.S Corporation CEO’s, include:

1. Keep mortgage rates at historically low levels for at least one year,

2. Expand the current first time home buyer tax credit from 10% up to $8,000 to 10% up to $15,000,

3. Remove income restrictions on the first time home buyer tax credit and

4. Include all primary residence purchases for one year.

Other recommendations deal with conforming loan limits, mortgage lending practices and a review of foreclosure mitigation and loan modification programs.

In its current form the Federal First Time Home Buyers Tax Credit is limited to 10% of the cost of the home up to a maximum of $8,000.  First time home buyers and those who have not owned a home during the last 3 years are eligible.  All types of homes are eligible; single family homes, condos, townhouses etc. as long as they will be used as principal residences.  The tax credit is “refundable” which means it is a credit toward your federal income taxes.  It will either reduce the taxes you owe or any excess above the taxes you owe will be refunded to you.  If you don’t want to wait until next year when you file your taxes you may file for your refund after closing on your new residence and receive your entire refund.

The tax refund is available for individuals who have an adjusted gross income of no more than $75,000 ($150,000 if filing jointly and phases out at $95,000 and $170,000.  No repayment is necessary unless you sell the residence within 3 years in which case the entire amount of credit is recaptured upon sale.  Currently, you must close on your home before December 1st 2009.

To search for Orlando or Kissimmee area homes visit www.richardrileyrealtor.com

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  • Avg. Days on Market: 69

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