MLS# O4996622 9801  TURF WAY # 6, ORLANDO FL 32837  $ 27,500

Exterior Front	Kitchen
Kitchen	Living Room
Master Bedroom	Master Bedroom
Bath2	Bedroom 2
Bedroom 2

Check out this charming 2 bedroom 2 bathroom home with screened patio overlooking mature trees.  First floor convenience means no stairs, and this community is close to everything:  theme parks, shopping, downtown, and all major roadways. Don’t let this one get away!!

For the latest status on this property and many more in the Orlando area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. U.K callers dial: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted.

Visit www.hunterscreekhomevalues.com or www.hunterscreekhomesforsale.com for information on all properties for sale in  Hunters Creek Orlando.

According to a government report, new home sales jumped 26.9 percent for the month of March. This was the largest advance since April of 1963. This rebound can be attributed to several factors. The tax credit for first time home buyers is about to expire April 30th so there is a rush of Buyers trying to beat the deadline to take advantage of the tax. Another factor is the weather for January and February may have slowed production of new construction. Lastly, Builders have been offering great incentives for Buyers to purchase homes. There will always be an appeal for new construction over resale homes.
So does this show rebound for new construction? Only time will tell if the number of unit built will keep increasing. Key months to watch will be May and June figures to see if the end of the tax credit has any effect of new construction sales. Central Florida and areas surrounding Orlando have seen similar increases in new construction. Resale inventories on resale homes are at a 4 year low and mortgage rates are still very competitive hovering around the 5.25% -5.5% range.
Only time will tell what impact the recent sput in sales really means. One month of increases does not show a trend to recovery but it is a bright spot when looking to find some positive news in an economy trying to recover.

2010 is here so what does the Real Estate outlook for Central Florida look like for the coming year. We can expect pretty much the same as 2009. With all 5 year ARM loans coming due, we can expect a fresh round of foreclosures for the year.  The American Banking Association (ABA) is expecting 1.9 million foreclosures for 2010 slightly up from 2009.

Lawrence Yun, chief economist for the National Association of Realtors expects 2010 to be another favorable year for home buyer as market conditions and tax credits are boosting home sales throughout the country. First time home buyer $8000 tax credit was extended to April 30^th so we can expect the first quarter for the year to be very busy with buyers looking to take advantage of this tax credit.

The vacation home market which was hit the hardest with foreclosures is seeing many bargain hunters and investors looking to take advantage of this segment of the housing market. For Central Florida this is no exception. Vacation homes around the Walt Disney area were hit hard with foreclosures as many owners saw their property values plummet on high price properties that were purchased during the boom years. With values cut almost in half, vacation properties are seeing many international buyers come into the market who had passed on properties during the peak years of home sales.

Overall we can expect a steady stream of foreclosures for 2010 making the year another banner year for home buyers. Tax credits and favorable pricing will drive the sales throughout 2010. While inventory will be steady buyers can also expect competition from investors looking to pick up hot foreclosure properties.

With the news from federal investigators last week that imported Chinese drywall has higher levels of home chemicals than domestic versions, here’s how to tell if your home has the imported drywall.

While the Consumer Product Safety Commission isn’t aware of any definitive tests to determine if a home has the drywall, there are still some steps to take and common telltale signs to watch out for before tearing apart your walls, according to the commission and other experts.

First, contact your home’s builder, who may be able to answer the question immediately. If that’s not an option or if your builder isn’t helpful, look for signs of the problem drywall, including a sulfuric (think rotten egg) smell in the home and corrosion (a blackening) of metal items like bathroom fixtures, electric socket copper wires, air-conditioner copper coils and copper pipes. (On its Web site, the Product Safety Commission has images of what such corrosion looks like as well as a Q&A on the subject within its broader drywall information center).

Many consumers in homes with the drywall have also reported health problems like itchiness, breathing difficulty and headaches as well as frequent failures of heating and cooling systems, refrigerators, dishwashers, televisions, microwaves and other appliances. The general belief is that Chinese drywall releases chemicals that corrode wiring.

There also are other unscientific tests. If your home has central air-conditioning, Danny Lipford, a television home improvement expert, recommends hanging a piece of silver jewelry or a silver utensil on a string in front of the return air filter and watching it over a few days to see if it corrodes. It’s a trick he learned about at a recent industry event.According to Mr. Lipford, most of the Chinese drywall tends to be in homes that were built or remodeled in recent years by larger contractors and builders. The Consumer Product Safety Commission said it had received >nearly 2,000 reports from residents in 30 states, the District of Columbia and Puerto Rico, most of whom said their homes were built in 2006 and 2007. The most reports have come from Florida.

If you suspect your home has Chinese drywall, Mr. Lipford suggests going into your attic and raking back insulation to see if you can find a made-in-China stamp or the name of a manufacturer, though not all Chinese drywall has such markings. You may also want to hire a building inspector to confirm the presence of the drywall, consult with a lawyer about your options and contact your home builder, who may be able to work something out with you. The Consumer Product Safety Commission also wants all consumers to report complaints here. Eventually, there may be a more scientific or at least agreed upon test for distinguishing Chinese drywall from its American counterparts. The Consumer Product Safety Commission and other agencies, which plan to release the results of a 50-home study and a corrosion study later this month, are working toward developing a testing approach, said Scott Wolfson, an agency spokesman.

As the November 30^th deadline fastly approaches, lawmakers and the IRS are reviewing the very popular $8000 tax credit for first time home buyers. This tax credit which is first time home buyers allows them to file for the special tax credit on their 2008 or 2009 tax filings. While the program has been extremely popular with buyers there are concerns about the cost of the program as well as fraud by people who do not qualify.

The IRS has identified over 19,000 people who claimed the credit but had not yet purchased a home and 74,000 who had filed for the exemption that had prior home ownership. The IRS is currently reviewing all claims for the exemption and expects to take steps to those who fraudulently made claims.

Congress is currently reviewing the success of the program as well. While viewed as very popular several senators have raised concern about the cost of the program. 1.5 million Families have filed for the tax credit for a cost of $10 billion dollars. There are talks to have the program extended thru June 30, 2010 and make it available to all home buyers.  Whatever is decided there will be measures to watch the cost of the program as well as any fraud that may occur.

Based on the current market conditions congress will address some sort of extension for this program. With midterm elections a year away you can expect many members of congress supporting some kind of bill to keep the housing market going in the right direction.

WOW.. What great summer it has been in Real Estate for the Central Florida market. Sales are up, inventory is down, interest rates are still at historic lows, and home prices are still fantastic. It truly is the best time to buy a home.  For all those buyers sitting on the fence waiting for the bottom of the market, guess what???? You are missing it as I type this blog.  Several areas around Orlando have seen home prices level off and in some cases even increase slightly.

If you plan to take advantage of this foreclosure market now is the time to act. The longer you wait the fewer foreclosures that will be available and in conditions that are acceptable. Also for first time home buyers the tax credit of $8000 expires December 1^st so time is running out. Take advantage of this tax credit before it is gone.

Construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November for first-time buyers to take advantage of a special tax break.

The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May. It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.

Homebuyers are being attracted by lower prices, and first-time buyers can also take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, which was included in the Obama’s stimulus package.”The largest spark…has been the looming deadline,” said David Crowe, chief economist for the National Association of Home Builders. His trade group said Thursday that the confidence level of builders has risen to the highest level in nearly a year.

Over the past three years, the collapse in the housing market led to soaring loan losses, a severe banking system crisis and the longest recession since World War II. Even with the better-than-expected figures, the pace was still 46 percent below last year, and analysts don’t expect a quick rebound. That’s because companies are still shedding jobs and home prices are falling, making people hesitant to commit to buying a new home.“There’s still a long way to go before one wants to declare anything that begins to look like a strong recovery or success,” said Rebecca Blank, undersecretary of commerce for economic affairs. The jump in housing starts reflected a more than 14 percent rise in construction of single-family homes, the largest monthly increase since December 2004. Construction of multifamily units — a particularly volatile part of the market — fell nearly 26 percent from a month earlier.

Meanwhile, applications for building permits, seen as a good indicator of future activity, rose almost 9 percent in June.

With the Global demand for Real Estate suffering, Governments around the Globe are easing restrictions for Foreign Nationals looking to purchase properties in other countries. The changes in ownership laws and reduction in fees to investors is hoped to spur investment across the Globe.

The easing of restrictions is most notable in the Caribbean Nations, China and Australia where these governments have realized that foreign investment is critical to their Real Estate markets. The U.S. has always been investment friendly for foreign nationals. Investors worldwide have always viewed the U.S. as a great place to invest because of our stable government and recently great opportunities for Real Estate in our current housing market.

It should be noted that most of these easing of restrictions are temporary. Foreign Nationals looking to invest should take advantage now while these government friendly programs are in place. As Global economies improve and Real Estate markets improve property restrictions will be phased back in.

After 9 months of positive sales increases, The media is finally taking notice that home sales have increased and that first time buyers and investors are jumping into the market to pick up foreclosures before prices start to rise again.  In some sections of the housing market here in Central Florida we are seeing multiple offer and price bidding on bank owned properties. This is usually the first sign that the market has hit bottom and prices are beginning to stabilize.

I would caution any buyer that is waiting for further price decreases to take notice of the sales increase for Central Florida. Waiting on the fence for better pricing might mean that you miss the bottom of the market and great deals on “quality” foreclosures.

Call or email me today for a list of foreclosures that fits your needs. Now is the best time to buy before prices start to rise again.

The Florida Association of Realtors reports that the median price for Single Family homes in May 2009 was $144,400. This is an increase of 4.3% from April which was $138,500. While this increase does not show a trend, it is a positive indicator that home prices are starting to stabilize. We would need several months of stable prices to show a market shift in the housing sector.

Home sales have posted year over year improvements as sales totaled 13,921 which is a 16% improvement over May, 2008. This increase mark’s nine straight months of sales increases year over year. Bottom line is if a home buyer is still sitting on the fence, they may want to seriously consider jumping in the housing market while prices are at bottom.

In other news the British Pound has been showing a strong increase over the Dollar. This is helping U.K. Buyers who are looking to purchase homes here in Central Florida. Along with the stronger currency, U.K banks have some of the best interest rates in history ranging around 5% for those who can get refinanced. Low rates and strong pound will allow more U.K. buyers to purchase vacation homes here in Central Florida.