From Lee Rosa:

Yes, Values are going to continue to "adjust", which is why I asked.

My outlook is Pre-2005 values. When we negotiate we will be attacking at a base of Pre-2005. You will be safe there.

Many Agents will battle me on the outlook - however I am assured that you are looking for a "shoot straight" agent.


I recently moved back to Orlando and as a homebuyer am taking this approach.

Thu May 22 2008, 13:56

Smartloobylou,
Well I would always trust my instincts! After all its a major purchase. I think that the market still has a bottom. I do not have a crystal ball,BUT will waiting for more of a drop be in your best interest?
I would suggest that with over 26000 homes in inventory ( Central Florida) that the selection is awesome! Yes there may still be a bit of a drop,but when the market finally DOES hit bottom,do you think that maybe the folks on the fences out there will make their move and the selection will dwindle. So what to do? I think doing some research and having a short list of properties you are interested in is a good start.
Hope this helps.
Rick.

Thu May 22 2008, 10:40

Yes, Values are going to continue to "adjust", which is why I asked.

My outlook is Pre-2005 values. When we negotiate we will be attacking at a base of Pre-2005. You will be safe there.

Many Agents will battle me on the outlook - however I am assured that you are looking for a "shoot straight" agent.

I am that agent.

407.227.9182 - my cell.

Wed May 21 2008, 13:36

we would be paying cash for land, part US funded mortgage for resale property - does this help?

Wed May 21 2008, 13:11

There are many different frames of thought -

The first question that must be answered (this puts everything into perspective):

Are you financing in America or are you buying cash?

This is very important --

please email me your answer:

Lee@LeeRosa.com

Wed May 21 2008, 07:13

"Timing the Market" is the absolutely wrong way to look at this situation. Several of my colleagues are correct, IF one could know when the bottom (or top) of a market cycle was coming, we would be Trillionaires. The only true way to know the peak or the valley is with rear-view vision. It's almost always 20/20.

The real question to ask is "will I harm myself with an investment on a golf course property in Orlando if I buy in the next 120 days?" The answer will be somewhere between "probably not" to "not likely" to "depends on your holding period". And, any of these aswers will vary depending on the location of the home, golf course and the conditions you buy it in.

As you are somewhat seasoned as a real estate buyer & investor, I am sure you will ask further questions of the real estate professional working with you as you move forward. More data can be reviewed to show you we are at or very close to the bottom of most markets in Central Florida. Now it is time to look at the details of the home and community which interests you to determine the micro-market details of a purchase. That is where the fun begins and you get what you really want.

Mon May 19 2008, 11:58

I am copying a report from "The Housing Predictor". Their predictions were pretty much dead on last year.

These predictions were made the beginning of 2008. Prices in my city, Jacksonville, have already moved by approximately 1/2 of the prediciton percent for my city. I would think Orlando has already experienced a similar change in price since December. Perhaps one of the Orlando Realtors can comment.

Record foreclosures and lower prices along with 900 new residents moving into the Sunshine State each day have produced a new type of market. The bubble burst long ago in Florida. Prices have dropped by as much as half from their record peak and ready buyers who are willing to be patient are negotiating some of the best deals in years.

The housing bust started earlier in Florida than any other state, so it stands to reason that Florida will pull out sooner than most others. Hurricanes, higher interest rates and the credit crunch produced a mammoth storm to quell its markets. An increasing inventory of property, including many new homes and condos are attracting buyers.

The city that makes Mickey Mouse’s east coast home in Orlando has seen record foreclosures as a direct result of fall out from the mortgage mess. Prices have been falling in Orlando for almost two years and it isn’t over yet. Orlando is forecast by Housing Predictor to deflate 8.5% in 2008.

Here is a link to the full report. http://www.housingpredictor.com/florida.html

Reuters published this in January about Orlando Real Estate

"The Fund's 2008 Real Estate Forecast shows that Orlando continues
to be the strongest residential real estate market in the state
because of its large share of fast-growing industries, such as
tourism, healthcare, education and defense manufacturing."

Here it that link:
http://www.reuters.com/article/pressRelease/idUS105545+07-Ja…

The University of Floirda has done a study that indicates that Florida is nearing the end of the housing bust and that prices are beginning to stabalize.

Here it that link:
http://news.ufl.edu/2007/03/08/housing-market/

As all of the Local experts have said no one really knows for sure but a lot of studies suggest that recovery is on its way.

With recovery just around the corner. Prices may not get much lower. Perhaps your Orlando Realtor can negotiate a purchase price that is 5% or more below the current market price. It is a sure bet that interest rates will begin to rise as soon as the sales show indication of increasing and any savings on price at that moment will be lost due to higher interest rates

Good Luck on your purchase.

Cathy Sloan
RE/MAX Specialsits
Jacksonville, Florida

Mon May 19 2008, 11:36

I bought my own lot and built on it a few years ago, we also looked recently for my sister. If you are talking about vacant land, i have not seen a change in prices for lots at all since I was looking a few years ago. Houses have gone down but lots havent budged in my opinion.

Mon May 19 2008, 09:16

Wow..scary to be considered a Local Expert... Seriously..the market is almost an entity unto itself. If you interview 10 Realtors, you'll get 10 different opinions...reason being..nobody really knows. A home's value is determined by what a buyer is willing to pay for it. SInce Real Estate is not really a 'liquid" asset and is generally a long term investment, I would say that the present time is as good a time as I have seen to buy. What makes this seem so scary is the folks who bought in 2005 or so when property values were unrealistically inflated are now realizing they can't afford the payments and are having to sell the properties realizing either no gain, or even a loss. The media isn't helping either. There may still be a drop in prices, but it would appear that the "bulk" of the dropping has occurred. Then again..it's just an opinion.

Thu May 15 2008, 12:23

The truth is, if we could accurately judge the market, we'd all be millionaires and none of us would have negative equity. And if I could do that, then I'd get out of real estate and into the stock market! If you're from the UK or Canada, then hedging your currency against the dollar could be a far more important factor. With two dollars to the pound in the UK, you stand to lose a lot more by mis-timing the exchange rate. If the dollar strengthens and you start getting just $1.7 instead of $2.0 then you stand to lose a lot more than worrying if the house you want drops by another $5-10k. Here are a couple of blogs we've posted on the subject:

http://www.condometropolis.com/blog/2007/09/29/why-arent-buy…

http://www.condometropolis.com/blog/2007/12/05/mortgage-term…

http://www.condometropolis.com/blog/2007/11/12/overseas-cond…

Good luck and feel free to contact us for further advice. We work with a lot of overseas buyers.

Thu May 15 2008, 05:50

Morning Smartloobylou,

Home sales are already picking up in the Davenport area.
I believe we have hit the bottom in this area. There are still some reposessions that
are for sale.
The exchange rate is already starting to drop, $1.94 this morning. Down from $1.97 2 weeks ago.
3 cents isn't much until you start talking about purchasing a home.
For a $300,000 house at today's rate -about 154,639 in pounds.
2 weeks ago -152,284 in pounds.

If I can be of service, please feel free to contact me.

Thu May 15 2008, 05:05

We experienced a nice increase of activity during the past season. We look at the next 3 months as an indicator of what's to come. If there is a notable increase in activity compared to last years same period, this could ce an indication of "the light at the end of the tunnel.

However, if there is no improvement compared to the same period last year, our feeling is this "correction" will be an extended affair.

Early on, we are seeing signs of activity....let's hope it continues.

The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net

Thu May 15 2008, 04:16

Hi there

Here is a little 'snippet' of information we sent our clients recently:
'
Recent data we are receiving from the Orlando Board of Realtors indicates that since March of 2008 the number of existing home SALES has been increasing, which we are interpreting as price stabilization and will lead to inevitable price increases at some point in the unforeseen future.

This news, coupled with the beginning of the high SUMMER rental period for (May, June, July, August) which are PEAK “move-in” dates for LONG TERM renters, plus the prime Summer months period for SHORT TERM rentals, leads us to believe that we have a fairly short window of opportunity to facilitate purchases at advantageous prices for buyers.

Many units are being purchased by investors for both the short term and long term rental markets.'

There are signs, locally, of market stabilisation. Of course, it still comes down to location and the quality of the property being offered.

As interntaional agents with our own Florida staff we have access to 99% of properties currently being offered.

If we can be of any help, please contact us either in Florida, or Europe (UK).

We reently opened an office in Moscow and will be promoting both rentals and sales there shortly.

Our main website is below, our Orlando website is: www.orlandorealestate-li.com/

You will find our contact details there.

Hope this helps.

Geoff Berry

Thu May 15 2008, 03:52