http://www.trulia.com/voices/Home_Buying/Why_are_there_so_many_listed_properties_at_Venetia-142701the community?en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/Earl, I know you know someone that may know someone that knows something about Central Florida real estate, and you should know I know someone that knows someone that knows all about Utah real estate. Why not we agree, you stick to Utah and We will stick to Florida. Your data about this area - well Earl, it is very lacking. I know you are so very into this, but I have to tell you, it is so different on the ground. johnMon, 06 Jul 2009 12:44:28 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-West_Jordan_UT-194645/http://www.trulia.com/voices/profile/Real_Estate_Pro-West_Jordan_UT-194645/John has raised the issue of whether I understand anything about the Florida market. For the past five years now I have been teaching real estate investing to a number of students nationwide, including many from the Florida market. One of the things I try to teach my investing students is how to interpret what’s going on in various markets around the country. Right now I have two students who are negotiating on several short sales in the Orlando market. One of them recently was told by the bank, that the borrower was not yet six months behind, and therefore the bank didn’t have time to deal with that short sale. One of the tools I teach them to use is called a house price index report (HPI). It is a report published by an agency of the federal government that monitors the changes in house prices throughout the country. The latest issue of the HP I report show that in the last year, the Orlando/Kissimmee market had housing prices that dropped 14.97%. However the last quarter of that year showed a reduction of housing prices of .15%, or about .6% annualized. From those two numbers is easy to see that in the last year, that housing prices were falling at a pretty significant rate, but towards the end of that year it appears that housing prices are reaching the bottom. One of the things that the HPI report does not show is related to the foreclosures. One of the things that the federal government is currently doing is encouraging the banks to delay foreclosure of many of the properties that are currently in default, until they have sold some of their REO inventory. What this has done is created an artificial bottom to pricing. This is because as the REO inventory begins to lesson, the banks become less likely to negotiate a reduction in prices. The problem with this is that the inventory of pre-foreclosure homes is rapidly increasing, but in most cases they’re not hitting the market so it appears like we are at the bottom. We more than likely have hit the bottom, but the way the federal government is encouraging the banks to do this will mean that we will have an extensive supply of REO properties for a long time to come. In addition we still haven’t even started to deal with the negative amortization mortgages, the first group of which should’ve started resetting in about May or June of this year. So again, my suggestion is take advantage of the current sale of homes in the Orlando/Kissimmee market. It is very likely that you’ll never see prices this low again in your lifetime. But make sure that you do so by buying with caution. If you’re expecting housing prices to appreciate in the next little while, it is my belief that it will take a couple years for us to work through the huge pent-up supply of pre-foreclosure properties. So contrary to what was stated, Mr. Cline was not trying to predict the market, but merely to interpret the data that’s out there so as to make an intelligent decision about the current state of the economy. The truth is I am incredibly bullish about buying real estate right now. I personally believe that with what the federal government is doing and we’re going to have a significant amount of inflation in the years to come. Those who don’t take advantage of real estate prices today will really wish that they had five or six years from now.Sat, 04 Jul 2009 21:50:30 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Kissimmee_FL-125517/http://www.trulia.com/voices/profile/Real_Estate_Pro-Kissimmee_FL-125517/Joyce: There is nothing wrong with the community. Actually is a very nicely design townhouse community on the edge of the city of Kissimmee. It was originally built as a short-term rental. That has changed and now a large percentage are full time residents. During all of 2008 only 8 units sold, $90,000 to 135,000. So far in 2009 18 units have sold, $63,000 to $96,000. Currently there are NO foreclosures available in the community....which is one of the reasons there were so many sales. It is a pattern in Kissimmee, during the last 9 months our foreclosure inventory has been drying out. Check my blog for more on that. http://www.trulia.com/blog/antonio_vega-pacheco/? There are 2 other communities with the same design, same builder, that are closer to Disney. That is Villas at Seven Dwarfs, as of today also out of Foreclosures. And there is Lucaya Village, a community with on-site short term rental management which beautifully landscape and much closer to Disney. Units are in very good condition and as of today there is 1 available: http://mfr.mlxchange.com/Pub/EmailView.asp?r=343835574&s=MFR&t=MFR Let me know if you have any questions, or if you want information about other townhouourse communities in the area. You can look at my website www.SearchKissimmeeHomes.com to set personalized alerts for homes matching your needs. Tony.Vega@ColdwellBanker.com 407-791-9086Sat, 04 Jul 2009 15:39:43 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/Woops I should add, currently we have 20,788 contract pending closing fo total of 55,149 homes under contract since 1 Jan 2009 11 of the pending are in Venetian bay and 25 closed sales since the first of the year. Currently the are 16 active for sales. Now, if they are going under contract on a rate of 36 in a half a year (6 per month) and you have 16 for sale - you might need to hurry.Sat, 04 Jul 2009 11:52:49 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sorrento_FL-611731/Well, UT is somewhat removed from the Florida market, so I don't know how tuned in UT is to FL - maybe very well. I am a Florida agent, about who lives about 40 miles from Kissimmee, and we really have buyers, they might not be from West Jordan UT but they are buyers. My MLS, which includes Kissimmee, shows 34,361 closed SALES since 1 Jan of this year. This does not include all sales, just the ones closed in MLS. So "No one wants to buy in a market that is falling" might overstate the situation. We are having a 1/2 price sale here in Florida, some look at it as an chance to buy. Florida, and else where has had booms and busts before. If you would have bought land, lots of land , in the 1920's bust here in Florida, odds are you would be a very happy camper today. Very old as well. As a Trained Economist, I am taught, those that predict the future are of two minds: Those that Know they don't know how to forecast the future and those that don't know they don't know. If you are thinking about moving to Florida, this Might be the time for you, or not. In any case, Mr. Clines advise: "Buy with Caution" Is VERY good!!!!! Come check us out, find you a good Real Estate agent and have a look for yourself. I could help you. John 352-978-4539 PS Utah is a good place too I hear, but I don't know alot about it.Sat, 04 Jul 2009 11:27:51 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Kissimmee_FL-177143/http://www.trulia.com/voices/profile/Real_Estate_Pro-Kissimmee_FL-177143/I have one unit a 4/3 furnished in there right now. And I am currently working on listing three more. Many communities here in 2005 and 06 did not install any investor restrictions. And many people bought more than one unit at as much (like in my case) $297,000 and today they are priced at aprox $100,000. In the last month we have begun to have many, many foreclosures sell within a week or two and now prices are starting to slowly creep up. Even the unit I have listed will be closing (SELL FOR) over the original asking price of $90,000. Keep in mind these are short term rental communities and they are close to Disney. That is another reason things are selling fast. Hope that helps. Paul Antonelli E-Pro Realtor Coldwell Banker Ackley Realty "Your Residential, Short Sale & REO Specialists!" 3264 Greenwald Way, Kissimmee, Florida 34741 Office: 407-846-4040 Fax: 407-846-3407 Cell: 321-443-4028 E-mail: Info@PaulAntonelli.net Website: http://www.OwnAHomeInCentralFL.com Local Foreclosures: http://www.paulantonelli.net/dealsSat, 04 Jul 2009 11:15:10 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-West_Jordan_UT-194645/http://www.trulia.com/voices/profile/Real_Estate_Pro-West_Jordan_UT-194645/Most of Florida, Kissimmee included, were involved in massive house appriciation during 2002 through 2007. Because of the high appriciation, investors rushed in to find anyghing they could buy. Builders built as much as they could sell. This leff an over supply of homes. then prices started to fall. In some cases, they fell 25% or more per year. Righ now no one wants to buy in a market that is falling. There are so many forclosures, that the banks can keep up with them. The market is pretty close to the bottom down there right now by the way. But it will take a long time for prices to start to go up again. Buy with caution.Sat, 04 Jul 2009 10:59:39 -0700