About Me
Experience: You want a broker with the experience needed to know the local neighborhoods, schools, market conditions, etc. With over twelve years of experience in the Orlando real estate market - I have the expertise and track record of success you are looking for in a broker. Follow me on Twitter at http://www.Twitter.com/RealtyOptimist and my blog will keep you up to date on Orlando Real Estate at http://www.RealEstateOptimist.com
Education: Having a Finance degree from UCF http://www.ucf.edu and an MBA from Rollins College in Winter Park http://www.crummer.rollins.edu means I can give you the benefit of my education regarding questions you may have about: financing your Orlando real estate, the paperwork, disclosures, making or negotiating an offer, and valuing real estate in Orlando.
Exposure: You can find my listings here at davidwelch.com, on realtor.com, remax.com, realtorlando.com, realest8orlando.com, orlandohomes.cn, zillow.com, craigslist.com, trulia.com, oodle.com, vast.com, google.com, yahoo.com, facebook.com, backpage.com, citycribs.com, newyorktimes.com, edgeio.com, propsmart.com, realestateadvisor.com, thehousingpages.com, livedeal.com, videohomes.com, homescape.com, house.com, CLRsearch.com, clickabledirectories.com, and others.
Excellence: You want a real estate agent who embraces the convenience of technology without losing the personal touch. Check out my blog where I try to keep you up on the latest in homes for sale in Orlando, Winter Park, Windermere, Winter Garden, Ocoee, Apopka, Belle Isle, and Conway. You'll love the resources available on my websites and the e-mail alerts that I send, but these will never replace the time I spend with you, serving as your personal guide through the Orlando real estate market and this exciting process.
Education: Having a Finance degree from UCF http://www.ucf.edu and an MBA from Rollins College in Winter Park http://www.crummer.rollins.edu means I can give you the benefit of my education regarding questions you may have about: financing your Orlando real estate, the paperwork, disclosures, making or negotiating an offer, and valuing real estate in Orlando.
Exposure: You can find my listings here at davidwelch.com, on realtor.com, remax.com, realtorlando.com, realest8orlando.com, orlandohomes.cn, zillow.com, craigslist.com, trulia.com, oodle.com, vast.com, google.com, yahoo.com, facebook.com, backpage.com, citycribs.com, newyorktimes.com, edgeio.com, propsmart.com, realestateadvisor.com, thehousingpages.com, livedeal.com, videohomes.com, homescape.com, house.com, CLRsearch.com, clickabledirectories.com, and others.
Excellence: You want a real estate agent who embraces the convenience of technology without losing the personal touch. Check out my blog where I try to keep you up on the latest in homes for sale in Orlando, Winter Park, Windermere, Winter Garden, Ocoee, Apopka, Belle Isle, and Conway. You'll love the resources available on my websites and the e-mail alerts that I send, but these will never replace the time I spend with you, serving as your personal guide through the Orlando real estate market and this exciting process.
My Q&A
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David Welch's Questions (0)
David Welch's Answers (18)
David Welch answered:
Peter,
I for one have never liked price per square foot. There are just too many variables with respect to the type of housing (ie condo, townhome, single family), the quality of finishes, and tract versus custom. I am not familiar with OCAO, and I am not sure what assessment you are speaking of. The property appraiser just came out with their working numbers published on June 1st, but those numbers are based upon 2008 sales. If that is the assessment you are speaking of, then it has already been accounted for in 2009 sales. I have seen new construction running anywhere from $60/sq ft to $200/sq ft. I live in Baldwin Park, and even within our neighborhood there is quite a variance depending on the different issues I mentioned. I don't know if this answers your question, except to say that I don't know if $140 is a good proxy or not.
I for one have never liked price per square foot. There are just too many variables with respect to the type of housing (ie condo, townhome, single family), the quality of finishes, and tract versus custom. I am not familiar with OCAO, and I am not sure what assessment you are speaking of. The property appraiser just came out with their working numbers published on June 1st, but those numbers are based upon 2008 sales. If that is the assessment you are speaking of, then it has already been accounted for in 2009 sales. I have seen new construction running anywhere from $60/sq ft to $200/sq ft. I live in Baldwin Park, and even within our neighborhood there is quite a variance depending on the different issues I mentioned. I don't know if this answers your question, except to say that I don't know if $140 is a good proxy or not.
David Welch answered:
The property appraiser's office sends out the trim notice in such a way that they are notified if that is no longer your mailing address. So they will find out that it is not your homestead. As far as tax breaks are concerned speak with your accountant or tax preparer, but you can depreciate the property. The depreciation is written off against the income from the property. You will have to recapture the depreciation when you sell. Also, some of the primary residence rules have changed, so you may be faced with a partial tax liability on capital gains. Again, check with the person that prepares your taxes for specifics about your situation.
Best of Luck
Best of Luck
David Welch answered:
I honestly don't know a lender that will do a second home loan on a condo for less than 20% down, and it will have to meet the other criteria I discussed. It will need to be 90% sold out and 70% owner occupied or second home. Unfortunately, most of what I am running into in the price range under $100K does not meet the criteria. It is the lack of financing that has driven the prices so low.
Best of luck with your search.
Best of luck with your search.
Were you approved for FHA or conventional? Are you purchasing as a home or investment? In the current financing environment, I would need to know the answer to both of those questions before I could even comment. If you are looking for investment, you cannot get financing for a condo. If FHA, we would need to check the property on the HUD approved list, then make sure it is 90% sold out and 70% owner occupied, which is tough to find.
David Welch answered:
Lisa,
You are right about the valuation techniqe. As Bill Donegan says they don't chase individual sales. They look at the overall sales for the area. They then apply that information across all the homes in the neighborhood to come up with basically bulk evaluations. As far as challenging valuation. It is probably a lot tougher now to be heard just because they are getting more challenges. I personally contacted them by e-mail at Orange county about my own house. I heard back the same day and they made the change right away. Of course, I was not really challenging the value, but the square footage they used. I figured for the area in question, it probably was not going to be worth my time to fight over changing the valuation.
Realtors have been fighting hard in Tallahassee to change the law as it applies to the "presumption of correctness" relating to property appraisals. Florida has operated under the presumption that the property appraiser is always right, which makes the burden of proof for the homeowner very tough in challenging valuation. I hate to admit it, but I honestly can't remember if we were finally successful in getting this overturned this year. I got caught up in some other issues we have been fighting as well. You can probably find out more on the Florida Association of Realtors website http://www.FloridaRealtors.org.
You are right about the valuation techniqe. As Bill Donegan says they don't chase individual sales. They look at the overall sales for the area. They then apply that information across all the homes in the neighborhood to come up with basically bulk evaluations. As far as challenging valuation. It is probably a lot tougher now to be heard just because they are getting more challenges. I personally contacted them by e-mail at Orange county about my own house. I heard back the same day and they made the change right away. Of course, I was not really challenging the value, but the square footage they used. I figured for the area in question, it probably was not going to be worth my time to fight over changing the valuation.
Realtors have been fighting hard in Tallahassee to change the law as it applies to the "presumption of correctness" relating to property appraisals. Florida has operated under the presumption that the property appraiser is always right, which makes the burden of proof for the homeowner very tough in challenging valuation. I hate to admit it, but I honestly can't remember if we were finally successful in getting this overturned this year. I got caught up in some other issues we have been fighting as well. You can probably find out more on the Florida Association of Realtors website http://www.FloridaRealtors.org.
Lisa,
Propert appraisers answer to the State of Florida Department of Finance I believe. They are actually bound by either statute or department rule to exclude bank sales when assessing the value of real estate. The only exception is if most or all the sales in the area are bank sales. When they make an exception may be more subjective. I am unsure how precisely the area is defined by the state, so there may be some Bank sales include foreclosed and short sales. In the eyes of the state those are unqualified sales. Every county property appraiser comes under the same requirements, so all jurisdictions in the state are following this rule.
The valuation method really is the same they have always used. They look at prior years sales in the area and apply those values with adjustments for size, bedrooms, bathrooms, pools, etc. This valuation model is always a year behind though. The 2008 taxes that you are seeing right now are based on 2007 prices which really did not change a lot from 2006 peak prices. We did not see prices really drop until last year, so I expect values to change more in 2009. Keep in mind though the local tax levying authorities, counties and cities still have the decision to adjust millage rates regardless of the values that are determined by the property appraiser.
Propert appraisers answer to the State of Florida Department of Finance I believe. They are actually bound by either statute or department rule to exclude bank sales when assessing the value of real estate. The only exception is if most or all the sales in the area are bank sales. When they make an exception may be more subjective. I am unsure how precisely the area is defined by the state, so there may be some Bank sales include foreclosed and short sales. In the eyes of the state those are unqualified sales. Every county property appraiser comes under the same requirements, so all jurisdictions in the state are following this rule.
The valuation method really is the same they have always used. They look at prior years sales in the area and apply those values with adjustments for size, bedrooms, bathrooms, pools, etc. This valuation model is always a year behind though. The 2008 taxes that you are seeing right now are based on 2007 prices which really did not change a lot from 2006 peak prices. We did not see prices really drop until last year, so I expect values to change more in 2009. Keep in mind though the local tax levying authorities, counties and cities still have the decision to adjust millage rates regardless of the values that are determined by the property appraiser.
David Welch answered:
Tim,
I have links to several property management companies here in Orlando. You can check them out to see what they have available at http://www.davidwelch.com/rentals
Good luck,
David
I have links to several property management companies here in Orlando. You can check them out to see what they have available at http://www.davidwelch.com/rentals
Good luck,
David
My Blog Posts
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New comment posted Fri Jul 3 2009, 09:59 by David Welch - 2 Comments
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My Listings
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Specialties
Residential homes, Condos, New Homes, Luxury Homes, Vacant Land, Commercial Office Sales
Experience
Latest:
Director for Flordia Association of Realtors
Board of Directors for 150,000 member Realtor Association
January 2006—present
Certifications & Awards
Who's Who.
Interests
I enjoy running around Baldwin Park and working out in one of the fitness centers in the neighborhood. UCF athletics, Winter Park High School Band, Glenridge Middle School Track and Band are usually places you will find our family.
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