Changes in the Orlando Florida Property Market

The professionals in the Orlando Florida property scene, the Orlando Regional Realtors Association, tell the story of market conditions in their February 11th 2009 report, extracts of which are:

"The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008." "Buyers are responding to lower prices and mortgage rates but uncertainty about the economy is creating hesitancy and pent-up demand." "Homes of all types spent an average of 104 days on the market before being sold in January 2009" "There are currently 22,613 homes available for purchase through the MLS." "The inventory level reflects a 23.63-month supply at the current pace of sales."

What a difference a few years makes. In December 2005 we wrote a newsletter to our clients containing the following views of the Orlando real estate market:

"After Disney-area property prices built to a frenzy by the late 1990s, the only significant slowdown happened around the year 2000 with the US economic downturn followed by the Sept 11th 2001 terrorist attacks in New York. This resulted in approximately 12 to 18 months of virtually no growth in home price.

The past 2 years have certainly reversed that flat growth - and then some! Individual accounts of buyers purchasing a new home to be built, then selling it for a $50,000-$100,000 profit or more at closing, are commonplace.

However, this recent period is one that we would be surprised to see ever repeated. Orlando Florida property builders ran out of building lots, home prices spiked by $50,000-$100,000 and the inventory of available re-sale homes almost went to zero. This caused a seller's market and multiple bidding, which resulted in homes selling for above the asking price.

It has now finally slowed down to a more manageable level. Although no one has a crystal ball and can say what home appreciation will be next year, it appears that it may maintain a lower, more reasonable but still positive pace. We believe that this is a very welcome event: if the appreciation rate of last year continued, home prices would soon reach the million dollar level and the discrepancy between personal incomes and home prices would become unsustainable.

Somewhere between the talk of a real estate bubble and corrections in real estate prices are the middle ground opinions, which suggest that Florida real estate will continue to fare well. Florida is one of the top states in job growth and approximately 1000 people per day are relocating here. The most recent statistics show apartment rental occupancy at 96%, which represents virtually full occupancy and is indicative of housing demand here.

So our overall view of the Florida real estate market? Opportunities to make money still exist and we remain bullish on real estate investment with one caveat. Last year, a purchaser almost anywhere in Florida, and of any type of property, could hardly go wrong. With the market returning to normal, buyers need to use more discretion in their selection process - for example, does the property represent good value for money, is it the right property in the right place, and so on. In addition, we believe that real estate purchases should again be viewed as minimum 2 year if not 3-10 year investments. Although last year saw individuals flipping properties in 6 months, this is usually not the formula that works most successfully in normal markets."

At that time, there was effectively no inventory available because buyers snapped up almost whatever they could the moment it was listed. Builders became addicted to monthly price increase running into the thousands of dollars. And buyers and investors suspended any doubts about how long the party could last in a frantic effort to join in the riches that seemed to be unending. Clearly it could not last, as our newsletter predicted, but even we didn't see the fall being so fierce or long lasting.

Will it ever recover? Well, just like the good times appeared to be never-ending, so do the bad ones now. But things will change. It may take the rest of this year or even longer, but almost inevitably we are convinced that we will eventually return to the sort ot situation described in the newsletter - when Orlando Florida property will represent good value for money if viewed as a medium to long term investment. That will benefit both buyers and sellers!

Changes in the Orlando Florida Property Market

The professionals in the Orlando Florida property scene, the Orlando Regional Realtors Association, tell the story of market conditions in their February 11th 2009 report, extracts of which are:

"The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008." "Buyers are responding to lower prices and mortgage rates but uncertainty about the economy is creating hesitancy and pent-up demand." "Homes of all types spent an average of 104 days on the market before being sold in January 2009" "There are currently 22,613 homes available for purchase through the MLS." "The inventory level reflects a 23.63-month supply at the current pace of sales."

What a difference a few years makes. In December 2005 we wrote a newsletter to our clients containing the following views of the Orlando real estate market:

"After Disney-area property prices built to a frenzy by the late 1990s, the only significant slowdown happened around the year 2000 with the US economic downturn followed by the Sept 11th 2001 terrorist attacks in New York. This resulted in approximately 12 to 18 months of virtually no growth in home price.

The past 2 years have certainly reversed that flat growth - and then some! Individual accounts of buyers purchasing a new home to be built, then selling it for a $50,000-$100,000 profit or more at closing, are commonplace.

However, this recent period is one that we would be surprised to see ever repeated. Orlando Florida property builders ran out of building lots, home prices spiked by $50,000-$100,000 and the inventory of available re-sale homes almost went to zero. This caused a seller's market and multiple bidding, which resulted in homes selling for above the asking price.

It has now finally slowed down to a more manageable level. Although no one has a crystal ball and can say what home appreciation will be next year, it appears that it may maintain a lower, more reasonable but still positive pace. We believe that this is a very welcome event: if the appreciation rate of last year continued, home prices would soon reach the million dollar level and the discrepancy between personal incomes and home prices would become unsustainable.

Somewhere between the talk of a real estate bubble and corrections in real estate prices are the middle ground opinions, which suggest that Florida real estate will continue to fare well. Florida is one of the top states in job growth and approximately 1000 people per day are relocating here. The most recent statistics show apartment rental occupancy at 96%, which represents virtually full occupancy and is indicative of housing demand here.

So our overall view of the Florida real estate market? Opportunities to make money still exist and we remain bullish on real estate investment with one caveat. Last year, a purchaser almost anywhere in Florida, and of any type of property, could hardly go wrong. With the market returning to normal, buyers need to use more discretion in their selection process - for example, does the property represent good value for money, is it the right property in the right place, and so on. In addition, we believe that real estate purchases should again be viewed as minimum 2 year if not 3-10 year investments. Although last year saw individuals flipping properties in 6 months, this is usually not the formula that works most successfully in normal markets."

At that time, there was effectively no inventory available because buyers snapped up almost whatever they could the moment it was listed. Builders became addicted to monthly price increase running into the thousands of dollars. And buyers and investors suspended any doubts about how long the party could last in a frantic effort to join in the riches that seemed to be unending. Clearly it could not last, as our newsletter predicted, but even we didn't see the fall being so fierce or long lasting.

Will it ever recover? Well, just like the good times appeared to be never-ending, so do the bad ones now. But things will change. It may take the rest of this year or even longer, but almost inevitably we are convinced that we will eventually return to the sort ot situation described in the newsletter - when Orlando Florida property will represent good value for money if viewed as a medium to long term investment. That will benefit both buyers and sellers!

London's Diamond Properties

If you own a pad in the west end or central London, hold onto it, because it's probably the most sought after property in the world. To buy one of the best flats in the city's centre, you should be willing to fork out over £100 million.

Last year, a flat in St James square, converted from a 1930s office block, officially broke the record for the most expensive flat in London, hitting the market at £115 million. Previously, the most expensive apartments were the four 'One Hyde Park' penthouses in Knightsbridge, developed by Candy and Candy. They come complete with bullet proof glass and panic rooms, making them the perfect places for high-profilers. These exclusive pent-houses are, ironically, increasing in value during the property recession.

"The super-prime sector of £10million and up has become completely detached from the rest of the market," says Liam Bailey, head of residential research at the property consultants, Knight Frank. This just goes to show that the super-rich have been relatively unaffected by the credit crunch. Bailey attributes this to spiraling commodities and oil prices as well as hedge funds that all serve to further enrich the moneyed.

The one million and above market has also not been as affected by the recession as much as the middle of the range sector. If olde worlde is not for you, you might be more interested in the something a little to the east, where prices tend to be lower and exclusive apartments are springing up all the time. New Atlas Wharf on the Isle of Dogs is retro-chic at its best. Designer Richard Evans combines Asian artistry with opulent wood features, and for the price of £1.65 million you have access to sport facilities and a concierge. The Japanese garden and hot tub will certainly attract many interested buyers in the future.

Bailey warns that the high-end properties might begin to become less immune to the recession in the future, which bodes well for those looking for a London penthouse at a cut, later this year. The charms of St Paul's Cathedral at night and the gleaming Gherkin have obviously not worn off yet for foreign property investors, though, as they are still scrambling for the most expensive west-end properties at whatever the cost.

Frances wrote this article for Kay and Co Real Estate Agents Kay and co specialises in high quality London and International real estate

Mill Valley's Appeal to San Francisco Bay Area Home Buyers

Mill Valley is a beautiful small town of approximately 13,000 people in northern California, nestled in redwood forests that surround nearby Mount Tamalpais. Mill Valley's appeal to San Francisco Bay area home buyers is easy to see once you've witnessed the beauty and pace of this small town. It is close enough to take a trip to the big city, while tucked far enough away to allow families to grow up in a more relaxed pace, quaint small town setting.

The town of Mill Valley has a fascinating history, as it was named after an old saw mill started by an Irish settler who became a Mexican citizen and started the town. That was a long time ago, and few could have imagined what Marin County, and Mill Valley, would become.

There are several reasons why a home buyer in the San Francisco area would find Mill Valley appealing.

1. Proximity. Located just across the Golden Gate Bridge in Southern Marin County, the town offers extremely convenient access to the city of San Francisco for both work and play. For beachgoers, Mill Valley offers excellent access to Stinson Beach, Tennessee Cove, and several other beaches throughout West Marin.
2. The culture. In addition to this, the public schools are excellent, crime is low, and Mill Valley is seen as a very progressive and artsy town that holds many famous annual events like the Mill Valley Shakespeare in the Old Park Amphitheatre, the Fall Arts Festival, or the Mill Valley Film Festival.
3. The climate. For those people looking for a move from further away, Mill Valley has a very pleasant climate that can be described as "Mediterranean." There are very few times where the temperature is below freezing in winter, and in summer it's mild enough that most homes don't bother with air conditioning.
4. Space. Unlike some other very crowded areas in San Francisco and Marin County, Mill Valley has space for citizens to spread out, and an incredible assortment of nature trails for outdoor enthusiasts to enjoy.
5. People. This isn't a young person's town, an old person's town, or a college town. This is a town that has a very even population, with an equal percentage in almost every decade group from toddlers to octogenarians. No group is left behind any other.
6. The price. Real estate in Mill Valley ranges from affordable condominiums and starter homes to multi-million dollar estates. While most home buyers assume real estate in Mill Valley is expensive like so many other towns in Southern Marin, there are good values to be had. Working with an experienced realtor can help you identify these unique buying opportunities.

These are just a few of the many reasons that help explain Mill Valley's appeal to San Francisco Bay area home buyers.

Renee Adelmann is a San Francisco Bay Area Realtor with Marin and San Francisco Modern who assists buyers and sellers of Mill Valley homes as well as Mill Valley condos

Are World Property Prices Good For the UK?

With houses prices falling all over the world are world property prices good for the UK? This is becoming a real benefit for people who have the money and want to buy. A resent survey has revealed that house prices have fell all over the world as the recession starts to take a real grip.

Looking at rate house prices are falling in the UK it can be seen that it's not as serve as some other parts of the world. For example in Latvia's capital houses prices have fallen by 37 percent. This is a much higher decline than in the UK where house prices have fallen by 18 percent.

If you have the money to spend then this can be good news to you as you can get some real bargains and really the only way property prices can go is up. This will see a great return on your investment in the future.

Following the Bank of England making further cuts to interest rates some people are paying no interest at all on their mortgage another great reason to buy now. If you have a tracker mortgage you will have been enjoying a cut in your mortgage for the last 6 months.

The bad news is that not all banks are passing on the interest rates. So this may not be good news for everyone. This is somewhat understandable considering the mess financially banks are in. Though considering the taxpayer is helping these banks out it does seem somewhat unfair that some banks are not prepared to pass the savings on to their customers. This all makes the British public more skeptical about banks its just unfortunate that we depend on banks so much. Things really need to be done to ensure that the correct lessons are learned from this which will help avoid this situation in the future.

SO to recap if you are in the lucky position where you have some money then there has never been such a good time to buy and with interest rates so low this will make your investment far more attractive. However not everyone is going to be in this situation as many people are being made redundant and buying a home is more likely the last thing on their mind.

Smart Locations to Invest in Land

In America, people can invest in land in different states and catchment areas. There are some places which are considered much better than others. We call these regions "Smart Locations". Our definition of smart locations is areas which are friendly and calm. The location need to supply with all necessary utilities and facilities for a proper living. Furthermore, it is important that the area can successfully provide leisure activities for a health and modern living.

These four locations match the criteria of smart locations:

1. Candlewood Lakes Subdivision, TN
Candlewood Lake is a region where peace and harmony can be experienced. The whimsical environment comprises of hills and green landscape. At Candlewood Lakes recreational activities can be fulfilled during long days. It is possible to fish and hunt for those who want some sport or leisure activities. Others can explore the beauty of the natural wildlife. The neighborhood is friendly and serene.
2. Grand Valley Lakes, TN
Grand Valley Lakes is a highly accessible area. The nearby regions Memphis and city of Bolivar are just around the corner. The region is considered absolutely safe, with a hospital and other emergency services available. The environment itself is joyful, with lakes with plenty of fish and nearby woods. It is thus feasible to indulge in fishing, rowing in the river or why not hunting. Furthermore, in the region there is a golf course. The ranges of leisure activities available are unlimited. The utility required for your housing accommodation can be made available at standard cost. This is an accessible, cheap and safe environment to live and invest.
3. Hilltop Lakes, TX
Hilltop Lakes is a region of unique features. At Hilltop lakes there is a large golf course which is incredibly breathtaking to look at. There are also two lakes which can be used for leisure activities. The land in this region is prone to rise as businessmen are attracted to the beauty and peaceful atmosphere that has been established in the area. The land is at the moment cheap. Hilltop Lakes has even an airstrip where private plans can land. This is something extremely rare but beneficial to the surrounding.
4. Newcastle, Washington

Newcastle, Washington is a region which provides you with accessibility to an unlimited variation of services. This makes it an ideal area for families and businessmen to settle-down. The comfort and security have been engraved from the history of the region. The civil development of the area has led to the creation of wonderful surrounding with peaceful families and business. Families can find access to schools and all other necessary institution for the well-being of their family. The values of parcels of land in this region are certainly worth its price.

The above 4 locations do fully meet the criteria of SMART LOCATIONS, people cannot expect much more. The prices are competitive and it is worth buying land in the mentioned regions. The specification of your needs will certainly fit into one of the location based on hobbies, desire, occupation prospects and your future.

The Best US Cities For Commercial Property

Some of the best cities for commercial property truly do belong in states that are dependent upon the shipping industry. Cities like Bellevue and Seattle, Washington are two of the best cities to do business in. This is why companies like Costco and Amazon have maintained their main headquarters in Washington state. Businessmen like Howard Schultz love all the movers and shakers in Seattle as they grab their coffee on the go. People can spend more on coffee and items that they want their because there is no personal income tax in Washington State as well.

Obviously the best places for commercial properties would be cities with a lot of population growth and the majority of that growth is coming from people with plenty of disposable income. Cities like Alexandria, Arlington and Fairfax in northern Virginia continue to expand. A lot of these folks have come down from Maryland to work for a technology, pharmaceutical or government firm around Washington D.C. and have plenty of money to spend. If someone has the resources to galvanize a venture down there, opening a deli or some quick sandwich shop where you can get a lot of these commuters as they go to work could be a very lucrative idea.

Setting up a venture such as a retirement home in a states like Texas or Florida may not be a bad move. You have a wide array of candidates to pick from in the workforces of these two states as well. Another advantage to setting up these types of businesses is that Florida and Texas do not tax retirement income. This obviously already draws a lot of seniors to cities like Boca Raton, Palm Beach or Galveston and Forth Worth respectively.

Cities like Tucson and Phoenix will continue to thrive because of their passionate sports fan base. Plenty of people love to shop or eat before they go to the game to root for their Arizona Wildcats and beloved Phoenix Suns. It all comes down to the fact that commercial property taxes have to remain in a growth minded assessor and mayor's hands given that commercial property taxes are assessed locally.

One of the best cities in the state of Alabama to do business in is the city of Montgomery. A tax package was recently passed in the city that allowed businesses like Wal-Mart to come in to the city and create plenty of local commerce around it. If you can set up shop near a Wal-Mart and offer a service that they are sub par in, the benefits can be tremendous. The formula is simple if you keep property taxes low in cities businesses will come there and people will have money to purchase items with. Cities like Montgomery are dependent upon the sales tax and tourism like the city zoo for most of their revenue in any event.

Kids love the zoo so it wouldn't be a bad idea to set up a toy store or some kind of food and beverage stand near by if you can get the permit. That is what is most important when it comes to commercial property. Set up shop as close to people as you can and offer an affordable product; the rest should take care of itself.

Dave Walker - Operations Manager of Office Space Local. He has over 20 years experience in the US office space and commercial property marketplace. Office Space Local US is a search service for office space rental and commercial property for lease. Major cities covered including office space in New York, Los Angeles, Houston and Chicago