MLS# O4999316 111 E SMITH ST # 2, ORLANDO FL 32804  $ 62,640

Exterior Front	Living Room
Dining Room	Kitchen
Master Bedroom	Bedroom 2
Bedroom 2	Exterior Back

College Park Condo with balcony! Need we say more?  This charming 2 bed/1 bath home awaits you!  Quiet nights in, or on the town, you are close to everything – museums, shopping, restaurants, and just minutes from downtown. See it today, move in tomorrow!

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.

Lately there has been some good news from several lender and banks in regards to financing for Foreign National loans in the Orlando area. In the past few years trying to find financing for these types of loan has been difficult and in some cases near impossible. This is beginning to change and I now have 2 very good lenders that are offering good loan products for Foreign Nationals.

With these new loans you can expect the requirements to be somewhat strict but workable. Minimum down payment requirements are at least 30% and a U.S. bank account with sufficient assets must be open for a minimum of 30 days. There are also credit requirements that are required by each lender as well.

Below is the contact information for both lenders so you can get more information about these new loans. These lenders are located in the Central Orlando area and may not be able to write loans outside of the Florida market so be sure to ask which States the loans are acceptable in.

Lenders:

Dan Schedivy
CFL Consultants LLC
407-227-3130
dan@cfl-consultants.com

James Holmes
Regions Bank
407-397-2276
james.holmes@regions.com

Walt Disney Co. plans to unveil Wednesday its first foray into residential real estate in more than a decade with a pricey vacation-home development in Florida’s Walt Disney World.

It’s a risky move. Disney will offer homes priced between $1.5 million and $8 million in a state where the foreclosure rate remains among the nation’s highest. In Orlando, where brokers say home values have dropped between 50% and 60% from the peak, Disney’s pricing would put its homes near the top of the market. According to Realtor.com, the average price of new listings in greater Orlando this year is just over $243,000.

But Disney believes the market for luxury homes is rebounding. Despite adding wine-tasting events and VIP park tours in recent years, “The affluent market is an area where we haven’t offered a lot of product,” says Matt Kelly, vice president of Disney resort real-estate development.

The proposed 980-acre Golden Oak development, most recently two golf courses within the 40 square miles of Disney’s Orlando theme parks, is expected to eventually encompass 450 homes and a 445-room Four Seasons hotel.

The hotel will sit in the center of the development, to the south and east of one of the original golf courses, which will be updated.

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Disney

It could be risky, as Florida’s foreclosure rates remain among the nation’s highest. Disney’s pricing would put its homes near the top of the market. At left, the gatehouse at the entrance of Golden Oak.

Plans also call for a clubhouse, parks and pedestrian walkways, with wetlands and other conservation area comprising about half the project’s acreage.

Golden Oak will test whether Walt Disney World is compelling enough for the well-heeled to buy a home there instead of in other family-friendly resort towns. But the test will be a limited one: Fewer than 30 lots will be available for sale this year, with the first homes expected to be finished in 2011. The timing and scale of a second phase that may offer fully-built homes remains undecided. Disney declined to reveal its investment in the project.

“This may be the first time that a kind of man-made entertainment center has generated that kind of real-estate activity,” says Elizabeth Plater-Zyberk, the dean of architecture at the University of Miami. Her town-planning ideas influenced Disney’s first home development, called Celebration. She is not involved in Golden Oak.

Lots will be offered in sizes from a quarter to three-quarters of an acre. Though buyers can hire their own architects, Disney requires they hire builders, choose from exterior building material and adhere to architectural styles that it has approved.

Celebration, a 4,900-acre development adjacent to Disney’s Orlando theme parks, was touted in the mid-1990s as a new model of small-town living. The pedestrian-oriented, primary-home community was designed to be economically diverse, with apartments renting for $600 a month near single-family homes, which started at $185,000 and went up to $4 million.

About 6,000 homes have been sold in Celebration, Disney’s Mr. Kelly says. Disney owns some commercial acreage in the town and is involved with commercial development there, but now has a fairly hands-off relationship with Celebration day-to-day, he adds. Pat Wasson, Celebration’s executive director, agrees with the characterization.

The Disney connection hasn’t immunized Celebration from slumps. The median value of homes in the town as of April 2010 was $191,500, according to real-estate data provider Zillow.com, down nearly 60% from the peak four years earlier.

Early reaction to the project appears mixed. “I think it will be successful, knowing the attention Disney puts into its projects,” says Roger Soderstrom, owner of Orlando luxury-home broker Stirling Sotheby’s International Realty, adding that the location and access to entertainment would be hard to beat.

Miami architect Terence Riley says: “Much of the discussion about Celebration when it was built was that it had this idealistic notion that small towns were the best model, and that in small towns you could not have gated communities and economic segregation.” Golden Oak, he adds, “seems like they are stepping a bit back from that.”

“We don’t really relate it at all to what we did at Celebration,” Mr. Kelly says, adding that Golden Oak is different from Celebration because it’s a resort community meant to offer a new way to experience Disney World, not a primary-home development. “I think by any measure Celebration was a tremendous success,” he adds.

Discussions for a luxury-home project began around 2005 when planners for Walt Disney Parks and Resorts began to discuss whether the two golf courses might be better off being redeveloped. Golf courses within and near Disney World are abundant. At about the same time, the Four Seasons Hotels and Resorts , which had long wanted a location in Orlando because of its draw as a theme park and convention destination, approached Disney about opening a hotel near its theme parks.

Disney estimates Golden Oak could take eight to 10 years to complete. Buyers interested in the first lots must deposit $25,000 to be placed on a sales reservation-list.

We often get asked if it is important to have a game room as part of a vacation home property. The answer to this is simple, yes. While it may not be a requirement to have a vacation home is certainly adds to the overall rental ability of a property that has a game room.

Consider that most vacationer’s who are renting will travel with children or young adults. There will be days during their Walt Disney vacation that they will want to rest and relax at the vacation home. Having a room designated for games will help keep the kids entertained as well as enhance their stay at your Orlando vacation property.

You should consider games for all ages. When purchasing toys for children under 6, make sure they are safe for that age group. Video games are great for young teens but keep the selection of games family friendly. Remember that the Adults are on vacation as well so having a pool table or dart board will enhance their experience as well.

Most owners will use the garage space as a place for the game room. Make this area as comfortable as possible by adding outdoor carpeting to the floor, painting the walls, use fun posters or sports memorabilia to decorate, add extra lighting. All this can be done very inexpensively and you will see the returns from better rentals and higher rental rates.

A game room may make the difference for a renter who is looking for the overall vacation experience.  By adding games to your vacation property you will stand out from all the other rental properties. If the vacationers are happy staying at your property, they will most likely  come back to your property in the future and recommend your home to family and friends.

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.

Bank of America is the first of the major banks to start a new program for Homeowners who are in trouble of losing their property to foreclosure. The new program will allow homeowners who owe more that 120% of their homes value to adjust their principal balance. Bank of America says they will forgive up to 30% of the customer’s loan principal.

This is a positive step in the right direction to prevent homeowners from falling into foreclosure. The loan program will begin in May 2010 and may be the blueprint for other major lenders to follow.

The final numbers for 2009 are in and as expected the overall results were quite positive for the Orlando area Real Estate market. We saw a 59.31% increase in sales over the same period for 2008, The inventory of homes dropped by 25% , the number of properties under contract more than doubled, the average days on market decreased to under 90 day.  There are all positive indicators that show the housing market trying to correct itself and recover.  We are in no means out of the woods just yet. Banks are predicting 2010 to be another big year for foreclosures as 5 year arm loans written in 2005 become due. Another factor that may affect this recovery is that the local unemployment rate is hovering around 11.8% as of November 2009 which is a big jump from the same period in 2008 of 7.4%. Mortgage rates are also a key factor in the market recovery. Currently mortgage rates are holding at 5.0% – 5.25%. Low rates are allowing first time home buyers to enter the market where several years ago they were unable due to higher rates and high home prices.

Lower inventories of homes should help stabilize property prices for 2010 as long as there is not a big influx of bank owned or foreclosure properties. This will be decided by the banks as they are now watching inventory levels to see when is the best time to list bank properties for sale.

Investors and second home / vacation home buyers will play a key role in the Orlando market for 2010. Over 25% of all transactions in the State of Florida were from outside the country. Foreign National Buyers see Florida as a great investment and should continue to purchase in 2010 as prices remain at or below current market prices.  We should expect 2010 to play out the same as 2009 as long as there is no new major economic shift.  Buyers should take advantage of the current market and purchase before the shift in foreclosures begins to decrease. The inventory of these properties is still very good. As these numbers decrease so will the quality of the foreclosures. Make 2010 the year you purchase your first home or a vacation property.

2010 brings in new requirements for all replacement or new are conditioning units being installed in a home. Starting in 2010 all new units must be R410a refrigerant systems. The new federal law requires all manufacturers to stop production on systems that use R22 which contains ozone depleting chlorine and switch to R410a which is much safer for the ozone and more energy efficient.

Here in Central Florida where air conditioning is a must during the hot summer months, this change will be most notable. Homeowners looking to replace older R22 units will see a slight increase in the cost of these new systems. As R410a becomes more common in the market and R22 is phased out we should see these prices drop. It should also be noted that the production of R22 refrigerant is also being discontinued in 2010. This will create a supply shortage of R22 and watch for prices to increase dramatically as it becomes harder to find this refrigerant.

Homeowners may want to consider changing over their cooling units to the new R410a system in the near future. Not only are these new units more energy efficient and environmentally safer, older R22 units will cost more for repairs making a new unit more attractable to purchase.

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.