Southwest Orlando Real Estate Happenings

No Fowler Groves project...for now

One of the largest shopping center projects in Central Florida has hit a road block. http://www.orlandosentinel.com/orl-highway2305dec23,0,7337361.story. It has been determined that the Winter Garden Village at Fowler Groves will require widening of SR 50 through Winter Garden and Ocoee.

To anyone that lives in this area and uses SR 50 this was an obvious conclusion. This is not only good for traffic and congestion but also to help maintain the quiet neighborhood feel of the Stoneybrook area, where the shopping center was to be located. A rather large faction of Winter Garden residents and employees have been fighting this project since its inception, citing pollution, traffic, and dropping property values.

Windermere Wannabes

This is an interesting article from the Orlando Sentinel from a few weeks ago regarding Windermere and subdivision names. http://www.orlandosentinel.com/news/local/orange/orl-mwinder2605nov26,0,1805357.story?page=2&coll=orl-home-headlines.

Anyone who takes a drive around Southwest Orlando will see a handful of subdivisions touting the name "Windermere", when the subdivision itself actually resides in another town. Apparently, and I believe with good reason, the residents of Windermere aren't particularly happy with this. Windermere is an interesting example of true modesty. I don't know of any other place that tries to hide its wealth and uniqueness like Windermere. The article references how Windermere doesn't want to turn itself into a Beverly Hills. This is a good thing. Having lived in Los Angeles for many years I have seen first hand how the exploitation of a city's name can actually impact the city itself. Sure Beverly Hills is unique in it's own way, but it's just another area with really big houses hidden behind brick walls and security cameras.

On the other hand, how accurate should builders be in the naming of there subdivision. According to the name of my subdivision there should be a stoney brook somewhere inside, unfortunately I have yet to find it. Others, that I won't mention, promise even more with their simple two word name. Take a drive around and look for yourself. I suppose, however, if we started naming subdivisions for their actual attributes they would be far less interesting. Bulldozer Farm? How about Reclaimed Swamp Estates? Doesn't sound too good, does it?

Wild Florida

Florida is a wild place. Where else do you have black bears, panthers, alligators, deer, boar, and manatees living in the same place? Here is an article in the Orlando Sentinel about black bears and residential neighborhoods (not a good mix). http://www.orlandosentinel.com/news/local/orange/orl-asecbears07120705dec07,0,7266511.story?coll=orl-home-promo.

If you didn't read the article, I'll summarize: Don't feed wild animals! I'm sure we'll be seeing a lot more stories like that as Orlando's housing market stretches out into the wilds of Central Florida. I can only hope that we start spending a little more money and paying a lot more attention to preserving this great state and protecting its native wildlife.

I'll conclude with a photo I took at Blue Spring State Park. As you know, the cooler months brings the Manatees into the warmer inland waters. Now is a great time to see these beautiful creatures in their natural Habitat. Seaworld's exhibit is really nice, this is fantastic.

Boomtown Orlando

While we are beginning to see a general cooling of the real estate market in our area, there will be no 'burst' as previously threatened. Major, more developed, cities that have seen a real estate spike in the past few years are more susceptible to a real estate bubble than a steadily growing area such as Orlando.

Orlando has seen steady, healthy growth over the past 30 years. The exception is over the past 3 years where things have picked up speed considerably. Things will slow to a pre-boom pace, but will continue to grow considerably. Keep in mind that more people are moving to Central Florida every day than most areas of the country. We have a healthy economy and the makings of a major financial center. Check out this article on the Orlando Sentinel about the changing face of downtown, which highlights where Orlando has come from and where we are headed moving forward. http://www.orlandosentinel.com/news/custom/growth/orl-special-citruscenter,0,7553300.htmlstory?coll=orl-home-promo.

No snow in Orlando.

What we lack in holiday weather, we make up for in decorations. Take a drive around your local neighborhoods, the lights are being strung up by the thousands. Neighborhoods all around Southwest Orlando are busting with holiday cheer as they light up the night sky with beautiful colors. Check out this article at Realty Times on tips for Home decorations. http://realtytimes.com/rtapages/19971219_lights.htm

Be sure to check out the Disney MGM Studios and the Osborne Spectacle of Lights. You think your electric bill is high, look at this: http://disneyworld.disney.go.com/wdw/parks/specialEventsDetail?id=OsborneLightsSpecialEventPage. That's just the beginning, Disney theme parks and resorts are packed with exciting things to do for the holidays. You live in Central Florida, go and enjoy!

Average home price increases 12%

The average U.S. home price rose 12.02% from this time last year. http://news.yahoo.com/s/ap/20051201/ap_on_bi_ge/home_prices. Leaving the median home value at just over $230,000. The Southwest Orlando real estate market remains healthy with median property values last reported at around $250,000.

This increase is a drop from the previous year as expected. This should not be construed as forewarned cooling of the real estate market, last summer's housing frenzy was a rare occurrence and should not be used for comparison purposes. A 12 percent increase is still remarkably high. Interest rates will most likely continue to rise keeping housing prices at a reasonable level and keeping the market healthy.

Home sales at an all time high

Reuters reported today that home sales in the United States rose 3.4% to an all time high (http://news.yahoo.com/s/nm/20051129/bs_nm/economy_dc). Both existing and new home construction sales have been surging in the nations growth areas, including right here in Southwest Orlando.

Homebuyers are using the slowly rising interest rates as motivation to purchase or sell their home sooner rather than later. It has been noted that housing inventory has been on the higher end of the scale recently. This hints a at a change from the sellers market we saw locally in Central Florida over the summer to buyers market moving into the new year. The article also notes discounts offered from new home developers to entice home buyers to stay away from the increasing inventory of homes. It's as good a time as ever to make that purchase!

Buyers should not be intimidated by the slight increase in interest rates, there are still great opportunities and programs available through lenders and buyers are getting more negotiation leverage in terms of price than what was seen just a few months ago.