Dover's Market News

Mortgage meltdown cools

DALLAS – April 2, 2008 – The pace of collapsing mortgage companies has slowed this year, suggesting that the mortgage crisis has bottomed out and banks have regained their footing, according to data from MortgageGraveyard.com, a journal of failed, ailing and acquired lenders.

Net branch operations are dominant among the latest victims. During the first quarter, 22 mortgage companies have closed, according to the Mortgage Graveyard, which is maintained by www.MortgageDaily.com. Companies tracked primarily included those that employed at least 50 people.

“The pace of mortgage lending failures has slowed significantly this year,” says Sam Garcia, founder of the Mortgage Graveyard and Publisher of MortgageDaily.com. “We are on track to see fewer than 90 companies collapse this year – a big improvement over the 148 failures tracked during 2007.”

Among a growing number of mergers announced was Bank of America’s agreement to acquire Countrywide Financial Corp. in a deal expected to close during the third quarter. The combined company will likely originate around $450 billion annually – more than any other U.S. lender.

A complete report of all failed companies is available at: http://www.MortgageDaily.com/MortgageGraveyard.asp?spcode=pr

2008-03-31T08:11:00.000-07:00

Report: U.S. now a steal as a place to do business

NEW YORK (AP) – March 28, 2008 – Thanks to the weakened dollar, the U.S. has leapfrogged France, Britain and other European countries as a cheaper place to do business.

A new study released Thursday by the auditing and consulting firm KPMG shows that the U.S. moved up on the list of places around the world that are the most cost-efficient. Researchers compared 136 cities in 10 countries in North America, Europe and Asia, but did not include fast-growing China.

Mark MacDonald, the global director of KPMG Competitive Alternatives, said the survey authors found the U.S. to be more cost competitive than they’d ever seen because of the plunging dollar.

Pending sales is lone bright spot in struggling market

Jerry W. Jackson Sentinel Staff Writer

March 31, 2008

Looking for any positive signs they can find in this historic housing downturn, local Realtors are focusing right now on the growth in pending sales -- one bright spot.

The Orlando Regional Realtor Association reported that new pending contracts rose from 1,239 in January to 1,537 in February.

Dusty Sutton, broker-owner of Sutton and Sutton Realty in Orlando, said the March numbers "will be up again, I can promise you, based on what we are seeing. They are up all over the state."

2008-03-17T14:16:00.000-07:00

Panel considers property tax plans

TALLAHASSEE, Fla. – March 17, 2008 – Florida's best chance of voting on another property-tax revision this year happens Monday, when the state tax panel that has the ability to put constitutional amendments directly on the November ballot votes on three proposals.

If the 25-member Taxation and Budget Reform Commission approves any of the three ideas and voters agree, it would become the largest tax change in Florida history since legislators passed the failed services tax 20 years ago.

Friday, March 14, 2008

More Baldwin Park retailers struggling with rent, slow biz

Property owner evicted four tenants for non-payment, court records show.

Orlando Business Journal - by Anjali Fluker Staff Writer

Mark Greenberg doesn't bother to go to work before 1 p.m. or so.

Even after that, the co-owner of WineStyles store and bar in Baldwin Park says business is so slow that it's tough to pay the rent.

He's one of a growing number of tenants in the Baldwin Park Village Center struggling to make ends meet in the high-end community's central business district.

2008-03-14T14:11:00.000-07:00

Surprise fall in US inflation offers hope

By James Politi, Andrew Ward and Krishna Guha in Washington

Published: March 14 2008 13:41 | Last updated: March 14 2008 19:54

A surprise fall in inflation last month on Friday offered a glimmer of hope that price pressures could be softening in the face of economic weakness, giving the Federal Reserve greater scope to cut US interest rates.

The news came as president George W. Bush sought to calm nerves over the deteriorating economy by voicing optimism about the long-term outlook. Mr Bush assured the public that the Federal Reserve and Treasury Department would take “appropriate steps” to promote financial market stability.

2008-03-07T09:08:00.000-08:00

Associated Press
Fed Takes New Steps on Credit Crisis
By JEANNINE AVERSA 03.07.08, 10:43 AM ET

WASHINGTON -The Federal Reserve is taking bigger steps to ease the nation's credit crisis, including increasing the amount of loans it plans to make available to banks this month to $100 billion.

The Federal Reserve announced Friday that it will boost the size of auctions planned for March 10 and March 24 to $50 billion each. That is up from the $30 billion limits it had previously announced. The auctions serve as short-term loans to get banks the cash they need to keep lending to their customers.

Sanford site eyed for mixed-use redevelopment

Project could be catalyst for others along U.S. Highway 17-92.

Orlando Business Journal - by Dan Ping Staff Writer

ANFORD -- A former building supply store may soon become the site of the first mixed-use redevelopment along Seminole County's U.S. Highway 17-92 corridor.

Universal FML Investments LLC bought the vacant Scotty's Home Center building in the 700 block of French Avenue in Sanford for $1.2 million during a Jan. 24 auction conducted by Karlin Daniel & Associates Inc.

Scott Partnership Architecture Inc. of Maitland will design a dense mixed-use project on the 3.1-acre site, but details on the size, cost and components of the project haven't been determined yet, says Kendra Cassel, business development director for Scott Partnership. "We literally just started working on the project."

2008-03-03T11:08:00.000-08:00

Government to lift Fannie, Freddie limits

WASHINGTON – Feb. 28, 2008 – The federal regulator for Fannie Mae and Freddie Mac said Wednesday it would lift restrictions later this week on the amount of mortgages the government-sponsored companies can hold on their books.

Shares of Fannie and Freddie rose even after Fannie reported a nearly $3.6 billion loss in the fourth quarter of 2007 amid rising home-loan delinquencies.

The Office of Federal Housing Enterprise Oversight, acting after Fannie Mae published audited financial results for 2007 on Wednesday morning, said the two companies’ mortgage investment limits, currently at around a combined $1.5 billion, would be lifted effective Saturday. Freddie Mac is due to report is financial results on Thursday.

Hop on the “Foreclosure Express”

PORT ST. LUCIE, Fla. – Feb. 28, 2008 – A lender, a title company rep, an attorney, a real estate broker and 57 motivated homebuyers are sitting on a bus.

Stop me if you’ve heard this one before.

No? Then let’s cut to the punch line of an adventure called the “Foreclosure Express.”

In four hours, the prospects and industry experts viewed 11 short sale and foreclosed homes. Two of the homes went under contract. Negotiations are underway on several others. And next month’s bus tour is already filled to near-capacity with motivated buyers interested in purchasing short-sale and foreclosed properties in Port St. Lucie.

Credit for the marketing plan and success of this venture belong to Selma Schevers, owner and general manager of Realty Unlimited GMAC Real Estate in Port St. Lucie, and her Realtor team who decided a bus tour would be the best way to get buyers and experts in one place. "We have so many investors that we're working with, and they're constantly approaching us about foreclosure or pre-foreclosure opportunities," says Schevers.

don't wait for the bottom - you'll miss it!

2008-02-22T12:12:00.000-08:00

Is now the time to buy a $1 million home?

MIAMI – Feb. 22, 2008 – The Karsentis are jumping into South Florida real estate at a risky time: Home prices are down, foreclosures are up, and for-sale signs are as common as palm trees.

But entrepreneur Arnaud Karsenti and his wife, Rebecca, a doctor now pregnant with their first child, are confident that the $1.15 million home they have a contract to buy in the wealthy Miami suburb of Pinecrest, Fla., will prove to be a good investment.

“I see the real estate market declining, so it’s very difficult to stick a fork in the ground and take a position on something that could be overvalued six months down the road,” said Karsenti, a recent graduate of Harvard Business School. “Our decision is long term.”

2008-02-21T12:32:00.001-08:00

Wednesday, February 20, 2008 - 5:09 PM EST

Crist starts anti-foreclosure task force

Orlando Business Journal

Gov. Charlie Crist on Wednesday announced the creation of a task force dedicated to address the state's escalating foreclosure rate.

The Florida Home Ownership Promotes the Economy task force includes experts in the mortgage and banking industries, as well as consumer advocates and policy experts, to review the state's foreclosure rate and its impact on the economy.

Taxes/ Insurance - Still a Work in Progress

2008-02-21T11:59:00.000-08:00

Lawmakers confront property insurance, again, in 2008 session

TALLAHASSEE, Fla. (AP) – Feb. 21, 2008 – Property insurance wasn’t supposed to be the big issue in the 2008 Legislature. To the chagrin of many lawmakers, it just won’t go away.

Legislators thought they’d largely taken care of the issue last year when they passed a bill they hoped would reduce premiums. Instead, most Floridians still pay expensive rates to protect their homes and businesses, and relief remains elusive. Only 20 percent of Floridians have seen their premiums decrease following the passage of House Bill 1A in a January 2007 special session.

New tax forms give homeowners relief

NEW YORK – Feb. 21, 2008 – It’s shaping up to be a less painful year for many taxpayers who are preparing their 2007 returns.

For one thing, most filers will be getting a special payment from the government, thanks to the economic stimulus package enacted last week. Additionally, some taxpayers who may have been puzzled trying to claim certain deductions a year ago – including one for state and local sales taxes – shouldn’t have any problem this year because those deductions are clearly marked on the 2007 forms. There’s also a new deduction for mortgage insurance.

From Out of Town

2008-02-19T08:54:00.000-08:00

Real Estate's Eyes on the Prize

by Adam Piore Feb 19 2008

Bidding for the General Motors Building in Manhattan gets under way

The bidding has begun for New York City's most prized trophy office tower.

Bids for the General Motors Building, a gleaming 50-story building across the street from the Plaza Hotel and home to a number of hedge funds, were due on Friday and were evaluated over the holiday weekend. The building boasts the highest rents per square foot of any office tower in the city.

2008-02-19T08:38:00.000-08:00

It’s Lonely at the Plaza Hotel ...

By CHRISTINE HAUGHNEY

Published: February 17, 2008

KATHY RULAND decorated her family’s new two-bedroom condo at the Plaza Hotel with care. The windows, overlooking Central Park, are draped with gold silk, and the living room showcases her beloved Indonesian painting of the Hindu goddess Sita, which was bought at a gallery near her main residence in Laguna Beach, Calif. When she wakes up to front-row views of Central Park, she says she feels like a princess.

NEW NEWS

2008-02-15T12:03:00.000-08:00

Lawmakers will look at more property tax cuts in 2008 session

TALLAHASSEE, Fla. (AP) – Feb. 15, 2008 – Before voters passed Amendment 1 in January, Gov. Charlie Crist, top lawmakers and other backers promised it would be just the start of property tax relief.

Now Crist says he’s unsure what the next step should be. House Speaker Marco Rubio and other tax-cutting advocates, though, have laid out a wide range of options for the Legislature to consider during its 2008 regular session beginning March 4.

One proposal would cap taxes at a certain percent for all properties. Other proposals would repeal rules that can currently increase taxes for homeowners.

“If we don’t take that next step, then come September people throughout Florida are going to get a tax bill that looks very similar to the one they got last year,” Rubio said. “And they’ll know who to blame, and that’s us up here.”

NAR: 4Q 2007 area home prices mixed – half up and half down

WASHINGTON – Feb. 15, 2008 – Roughly half of metropolitan areas continued to show rising home prices in the fourth quarter of 2007, according to the latest quarterly survey by the National Association of Realtors® (NAR).

In the fourth quarter, 73 out of 150 metropolitan statistical areas show increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.

February 15, 2008

High & Low | Sanibel Island and Captiva Island, Fla.

2 Ports of Stability in Florida’s Market

By BETHANY LYTTLE

“It’s not Yahoo, but it is G.E.,” said Mike McMurray, an agent with VIP Realty in Sanibel , about the investment potential for property on Sanibel and Captiva Islands in Southwest Florida . “Even with general downturns in real estate, this market tends to be relatively stable,” he said.

2008-02-14T09:19:00.000-08:00

Bernanke open to further rate cuts
By By James Politi in Washington
Published: February 14 2008 16:44 Last updated: February 14 2008 16:44
Ben Bernanke, chairman of the US Federal Reserve, on Thursday signalled a willingness to continue pursuing interest rate cuts to tackle the US economic slowdown, though he envisioned an “improving picture” over the course of this year.
Speaking to the Senate banking committee, Mr Bernanke said the US central bank would “act in a timely manner as needed to support growth and to provide adequate insurance against downside risk.”

Bright Outlook!

2008-01-31T08:58:00.001-08:00

Brokers forecast commercial space demand will stay robust

Jerry W. Jackson |Sentinel Staff Writer

January 31, 2008

Orlando's commercial real-estate sector carried the load in 2007 in terms of deals, construction and job growth, as residential sales and construction slumped. Now commercial is slowing as well.

But a panel of leading Central Florida real-estate brokers said Wednesday the local market for offices, apartments, retail and industrial space remains robust by historical standards and clearly is healthier than those in other parts of Florida, including Miami and Tampa.

"Orlando has held up reasonably well," said Kenneth P. Riggs Jr., chief executive officer of Real Estate Research Corp. and moderator of the 2008 Outlook Commercial Real Estate Conference, which was sponsored by the Central Florida Commercial Association of Realtor and attended by more than 250 people at the Holiday Inn on International Drive.

Voters say ‘Yes on 1’

TALLAHASSEE, Fla. – Jan. 30, 2008 –Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage yesterday of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move.

“People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley, who led the charge last year in support of Amendment 1. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.”

2008-01-29T13:19:00.000-08:00

Fed may cut interest rates again

WASHINGTON – Jan. 29, 2008 – Individuals and businesses are likely to see their borrowing costs drop further as the Federal Reserve weighs another interest-rate reduction to bolster a sagging economy.

Fed Chairman Ben Bernanke and his colleagues are scheduled to open a two-day meeting Tuesday afternoon to plot their next move on interest rates. The closed-door gathering comes amid growing fears the country is either on the brink of a recession or has already started slipping into one given the strains from a housing market collapse, a global credit crunch and turbulence on Wall Street. The country’s last recession was in 2001.

UF survey: Florida’s commercial market remains strong

GAINESVILLE, Fla. – Jan. 29, 2008 – The latest survey by the University of Florida’s Bergstrom Center for Real Estate Studies finds two real estate worlds in Florida. While the residential world continues to suffer and receive bad press, the commercial world thrives. Analysts say that commercial respondents continue to report stable, healthy conditions in the state.

2008-01-28T12:55:00.000-08:00

Path to wealth is through real estate holdings

ORLANDO, Fla. – Jan. 29, 2008 – Sorry, folks, this is not a get-rich-quick book. Still, you may be richer than you think, write authors Catherine McBreen and George Walper Jr. in Get Rich, Stay Rich, Pass It On.

More than 7 million American households today claim total assets of a million dollars or more. But it’s far more likely that “You’re among a group we call the mass affluent, people whose total assets add up to anywhere between $100,000 and $1 million, not including their primary residence,” according to the authors.

McBreen and Walper are managing director and president, respectively, of Spectrem Group, a research and consulting company that has been studying the affluent since 1991.

Fannie and Freddie to the rescue?

WASHINGTON – Jan. 29, 2008 – Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can purchase, from $417,000 to nearly double that. Proponents of the shift hope that Fannie and Freddie – which together own or guarantee about half of the $10 trillion in total home loans in the U.S. – can unfreeze the market for those “jumbo” loans and kick-start the housing market. But for a variety of reasons, Fannie and Freddie may not be in position to cure the subprime mortgage mess.

Economists and analysts agree that boosting the mortgage limit will help inject the jumbo loan market, which is under significant strain, with much-needed financing. The additional business Fannie and Freddie will generate with that financing should eventually help bring down prices and increase the availability of such loans. However, the two companies still haven’t fully rebounded from the big accounting scandals that first came to light in 2003. With substantially thinner profit margins and tighter regulatory constraints, they have limited financial freedom to bail out others’ bad investments.

Mortgages!

2008-01-28T08:19:00.000-08:00

30-year mortgages rates decline

WASHINGTON – Jan. 25, 2008 – Rates on 30-year mortgages dropped for a fourth straight week to the lowest level in nearly four years, raising hopes that low rates will help spur a rebound in the hard-hit housing industry.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.48 percent this week, down from 5.69 percent last week.

It was the fourth consecutive decline and the third straight week that rates have been below the 6 percent level. The new rate marked the lowest point for 30-year mortgages since they averaged 5.40 percent the week of March 25, 2004.

Proposed mortgage plan could aid markets

WASHINGTON – Jan. 25, 2008 – A component of the government’s tentative economic stimulus package announced Thursday would give an immediate lift to buyers and sellers in higher-priced housing markets.

The package agreed upon by Democratic and Republican members of the House would allow government-sponsored Fannie Mae and Freddie Mac to buy mortgages up to 75 percent more expensive than the current $417,000 limit. The Senate and White House still must sign off on the proposed stimulus plan, which also includes tax rebates for Americans.

2008 is a Year of Opportunity

2008-01-24T13:46:00.000-08:00

To date - 2008 seems to be a year that will be marked by OPPORTUNITY.

It's All About Jobs

Everybody in real estate should keep an eye on the unemployment rate. The jobs picture will determine how bad the real estate markets get. If companies keep up modest hiring and avoid layoffs, real estate can skate through the rough patch, and recent economic weakness will turn out to be relatively benign. But if companies start announcing hiring freezes and layoffs pick up, watch out. That's when office markets suffer retrenchments, business travelers cut back on hotels, and consumers really shut down at the mall. Only recently have employment numbers shown signs of deteriorating.

(Miller Ryan LLC has a business alliance with FPL Advisory)

2008-01-21T10:09:00.000-08:00

Friday, January 18, 2008

Fountain Parke could get commercial development

Developer's Web site shows plans for 158,000 SF of retail/office.

Orlando Business Journal - by Anjali Fluker Staff Writer

LAKE MARY -- A South Florida developer plans to build a new 158,000-square-foot shopping and office project in Lake Mary, as well as three retail projects in Clermont valued at $42.5 million.

Pointe Development Co.'s Web site is touting leasing opportunities at Fountain Parke, a site on Rinehart Road with nearly 118,000 square feet of shopping and another 40,080 square feet of office space.

That project, for which the cost has yet to be determined, appears to be part of the 19 acres set aside for commercial development at the Fountain Parke planned development.

NEWS

2008-01-18T09:49:00.000-08:00

Friday, January 18, 2008

Fountain Parke could get commercial development

Developer's Web site shows plans for 158,000 SF of retail/office.

Orlando Business Journal - by Anjali Fluker Staff Writer

LAKE MARY -- A South Florida developer plans to build a new 158,000-square-foot shopping and office project in Lake Mary, as well as three retail projects in Clermont valued at $42.5 million.

Friday, January 18, 2008

Pinnacle plans Residence Inn for Lake Mary

119-room hotel to be built next to Marriott.

Orlando Business Journal - by Dan Ping Staff Writer

LAKE MARY -- Seminole County's International Parkway may never be confused with International Drive in Orlando, but it's quickly becoming a magnet for hotels.

Pinnacle Hotel Management is the latest firm to announce plans for a new hotel, a 119-room Residence Inn by Marriott. It joins the 304-room Lake Mary Marriott, the 131-room Hampton Inn and Suites, the 83-room Courtyard by Marriott and the proposed 250-room Westin hotel.

Friday, January 18, 2008

Lamm & Co. to build Maitland brownstone project

$24M office development aimed at small professional firms.

Orlando Business Journal - by Dan Ping Staff Writer

MAITLAND -- Lamm & Co. Partners is developing a $24 million brownstone office project on 7 acres in Maitland for small professional firms.

Dubbed the Office Brownstones at Maitland Concourse South, the project will include 87,256 square feet of office space in a campus-like setting on the south side of Maitland Boulevard just west of the Jewish Community Center of Greater Orlando.

RESIDENTIAL: COST VS VALUE REPORT

2008-01-14T14:44:00.000-08:00

Click to view a new REMODELING COST VS VALUE REPORT

Florida Schools Improving!

2008-01-11T09:09:00.001-08:00

Florida schools rank 14th nationally despite low spending level

TALLAHASSEE, Fla. (AP) – Jan. 10, 2008 – Florida’s schools ranked 14th nationally with a grade of C-plus on a report card issued Wednesday by Education Week magazine, although the state placed only 38th in public education spending.

Much of the credit for Florida’s overall finish – up from 31st last year – among the 50 states and District of Columbia goes to high marks for its teaching profession and system of standards, assessment and accountability. Those are two of six categories measured in the annual Quality Counts report.

“Given the financial resources of the state and the complexities of the state of Florida we are certainly on the right track,” said Florida Education Commissioner Eric Smith.

This is the time to BUY

2008-01-09T13:19:00.000-08:00

Orlando-area economy should perk up by year's end, economist says

Projects will help offset the slump, an economist tells Orange officials.

David Damron |Sentinel Staff Writer
January 9, 2008

Orange County faces the same slow economy that most of America does in 2008, but public arts, sports and highway projects and new medical jobs could help blunt the financial pain, an economist told county leaders Tuesday.

Florida Market Making a Comeback

2008-01-07T12:55:00.000-08:00

Monday, January 7, 2008 - 11:19 AM EST

Report: Sunshine State real estate market to recover

Orlando Business Journal

The Florida housing market has flattened and is expected to begin its recovery, according to a report released Monday by Attorneys' Title Insurance Fund Inc.

The 2008 Fund Real Estate Forecast shows every county in the Sunshine State experienced a slowdown last year. The markets flattened in spring 2007 before the subprime mortgage crisis in August knocked markets down another 10 percent across the state, the report says.

The forecast shows that Orlando continues to be the state's strongest residential market due to the large number of fast-growing industries, including tourism, health care, education and defense manufacturing.

"Florida has a very large and powerful economy that has gone through a cyclical downshift, but it is still outperforming compared to the rest of the nation," says economist Hank Fishkind, who created the report, in a prepared statement. "The market has some indigestion now, but housing markets will return to normal during the next few years."

Fishkind also says recent reductions in home prices come after an unsustainable peak, and that prices are still up considerably compared to 30 years ago. Although loose lending practices and subprime mortgages have caused problems, the state still has the highest level of homeownership ever, he says in the statement.

The forecast, also posted on www.MyRealEstateStory.com, was commissioned by Orlando-based Attorneys' Title Insurance Fund's Consumer Education Campaign. Fishkind, of Orlando-based Fishkind & Associates Inc., conducted the report using The Fund's online system of deed data for more than 30 Florida counties. The report provides a snapshot of the national economic outlook and 33 county-specific forecasts for 2008 through 2010, as well as a section showing how actual 2007 data compared to projections made in last year's forecast.

2008-01-07T08:26:00.000-08:00

Friday, January 4, 2008

$500M project planned north of airport

Orlando Gateway would feature hotels, apartments, office and retail space.

Orlando Business Journal - by Dan Ping Staff Writer

ORLANDO -- A piece of property near Orlando International Airport described as the "front door" to Orlando for the 35 million visitors who travel here each year is about to get a $500 million makeover.

Orlando Gateway Partners LLC purchased the 120 acres just north of the airport for $32 million Nov. 15 and plans to develop a mixed-use project named Orlando Gateway that would include at least two hotels, up to 1,200 apartments units, 200,000 square feet office space and 140,000 square feet of retail and restaurants.

Looking for economic possibilities for Orlando area's future

Beth Kassab | Business Columnist

January 7, 2008

No matter how you look at it, 2008 -- especially the first two quarters -- will be a year of waiting and watching for definitive signs to emerge from the mixed economic signals we're seeing.

Last week we looked to the past with a review of the Top 10 stories of 2007. Not surprisingly, the slump in the housing industry took the No. 1 spot.

Today we look to the future.

Friday, January 4, 2008

Big-box retailers eyeing Lake Nona

Developer buys 26 acres from Busch Properties for $9.1 million.

Orlando Business Journal - by Dan Ping Staff Writer

ORLANDO -- The tony community of Lake Nona is about to get its first big-box general merchandise retailer near the intersection of Narcoossee and Dowden roads.

Lake Nona Investors LLC purchased a 26.2-acre piece of land Dec. 14 for $9.1 million from Busch Properties of Florida LLC, the real estate arm of Anheuser-Busch Cos. Inc. Located at 9398 Narcoossee Road, the parcel will be used for 330,000 square feet of retail space, including a 200,000-square-foot supercenter retailer.

HAPPY NEW YEAR!!

2008-01-03T09:23:00.000-08:00

Dover Wishes You a Prosperous 2008 !!!

2007-12-19T11:19:00.000-08:00

New-home slowdown is good news

WASHINGTON – Dec. 19, 2007 – You’d think the chief economist for the National Association of Home Builders would be alarmed that the pace of new-home construction in November dropped to the lowest level in more than 14 years, according to a Dec. 18 Commerce Dept. report.

But David Seiders, the NAHB’s chief economist, says he’s somewhat pleased. Builders cannot reduce their inventories of unsold homes unless they cut production, particularly in light of weak demand and rising competition from existing-home sellers, he said.

“The builders are behaving appropriately at this point,” Seiders said. “I would have liked to see the production decline start earlier than it did. But since the beginning of 2007, production has been falling rapidly.”

Builders suspend projects

Foreclosures drop 10 percent in November

WASHINGTON – Dec. 19, 2007 – A surprising new report suggests that U.S. home foreclosures actually declined 10 percent in November despite signs that the housing slowdown is worsening in much of the nation.

In November, there were 201,950 foreclosure filings – default notices, auction sale notices, and bank repossessions – down 10 percent from October, the first double-digit monthly decrease since April, 2006, Irvine [Calif.]-based RealtyTrac said Dec. 19. But the foreclosures are up nearly 68 percent from November 2006. The U.S. foreclosure rate is about one filing for every 617 households.

“This could indicate that foreclosure activity has topped out for the year,” RealtyTrac Chief Executive Officer James Saccacio said in a prepared statement. But “the true test of whether this ceiling will hold will come at the beginning of next year when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market.”

Alot Going On in the Real-Estate Industry!!!

2007-12-17T10:55:00.000-08:00

The 2008 world outlook by region

SHANGHAI, China (AP) – Dec. 17, 2007 – Asia’s dynamic economic growth is expected to slow modestly in 2008 as its biggest economies grapple with emerging problems, from inflation in China to appreciating currencies in India and Japan.

The expected slowdown in the U.S. economy – a vital export market – and higher oil prices also cloud Asia’s outlook.

In China, worries persist that the economy is overheating. Inflation hit a peak of 6.5 percent this year, while real estate and stock prices also have soared, posing a challenge to policymakers whose options are limited by China’s continued controls on the currency and capital markets.

FHA loan expansion heading to a vote

WASHINGTON – Dec. 14, 2007 – Hundreds of thousands of minority and moderate-income home buyers would become eligible to get low-rate, low-down-payment mortgages insured by the federal government under an agreement struck yesterday in the Senate.

The measure, which had been held up by a lone senator, Republican Tom Coburn of Oklahoma, is expected to get a full floor vote today or Monday. It would greatly expand the Federal Housing Administration’s mortgage insurance program that helps people with questionable credit get low-interest home loans.

The delay of the bill drew the ire of the Bush administration and House lawmakers on both sides of the aisle, as the pressure increased on the federal government to address the worsening mortgage crisis. The House passed its version in September, 348 to 72.

The legislation aims to draw people away from subprime loans, which offer low “teaser” rates that can jump as high as 11 percent after two or three years. By the summer of 2010, about 600,000 people with such loans are expected to lose their homes because they will not be able to make the higher monthly payments.

FHA Commissioner Brian Montgomery said his agency’s program could “fill the void” as the subprime market continues to unravel.

“A lot of people who went the subprime route should have come to FHA,” Montgomery said. “Sadly, some of them are coming to us now after” their interest rates have reset.

Two attorneys general probe Countrywide

LOS ANGELES – Dec. 14, 2007 – Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation’s largest mortgage lender, officials said Thursday.

The Illinois attorney general launched a probe into the lender’s business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.

“We’re looking at why people who appear to us to not be able to afford the loans they’re in are in these loans and how Countrywide contributed to that,” said Deborah Hagan, chief of the attorney general’s consumer protection division.

A California probe is also under way, a state official familiar with the attorney general’s investigation into mortgage lending practices said late Thursday on condition of anonymity, citing the confidential nature of the investigation.

In a statement, the Calabasas-based company said it was cooperating with Illinois’ investigation and declined further comment. A spokesman didn’t immediately return an after-hours call inquiring about the California probe.

New York Times

2007-12-12T12:42:00.000-08:00

Business

Fed Joins Other Banks to Add Cash

By FLOYD NORRIS and VIKAS BAJAJ

Published: December 12, 2007

Central banks in Europe and North America moved to increase the amount of money they could lend to banks in an attempt to ease the credit squeeze.

Good News!

2007-12-12T11:45:00.000-08:00

NAR: Worst is over – existing-home sales to trend up in 2008

WASHINGTON – Dec. 11, 2007 – Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors® (NAR). However, a recovery for new-home sales is unlikely before 2009.

Lawrence Yun, NAR chief economist, says the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he says. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in October, increased 0.6 percent to an index of 87.2 from an upwardly revised reading of 86.7 in September. It was the second consecutive monthly gain, but still 18.4 percent below the October 2006 index of 106.8. “The broad trend over the coming year will be a gradual rise in existing-home sales, but because sales are exceptionally low in the final months of 2007, total sales for 2008 will be only modestly higher than 2007,” Yun says.

Fed expected to cut interest rates again

WASHINGTON – Dec. 11, 2007 – Faced with a spreading mortgage crisis, the Federal Reserve is expected to cut interest rates today for a third straight time and hint that even more rate cuts could be forthcoming.

That is the view of private economists, who believe that Fed Chairman Ben Bernanke clearly signaled this outcome in a speech last month in which he said that the latest bout of financial market turbulence raised greater risks for the economy.

Most economists are expecting a quarter-point cut in the federal funds rate at Tuesday’s meeting, which will be the Fed’s last rate-setting discussion this year. That would push the federal funds rate down 4.25 percent and send banks’ prime lending rate, the benchmark for millions of consumer and business loans, down to 7.25 percent, the lowest level in two years.

Renters Will Pay for Better Management!!

2007-12-11T07:29:00.000-08:00

WHAT DO RENTERS REALLY WANT … AND WILL THEY PAY FOR IT?

Earlier this year the research giant J.D. Power & Associates undertook an opinion survey in four different US cities to find out which factors were considered most important by renters in choosing where to live. They asked respondents to rate five factors in order of importance: amenities; condition of unit at move-in; rent/value; safety/security; sense of community, and service staff. The results, released in September, showed that the factor ranking highest was a sense of community in the apartment complex. The pollsters also asked people to mention an apartment owner or manager they thought did a good job of providing the factors they looked for. That’s the part that interested us, because it gave us a chance to use the RealFacts database to see if residents would pay extra rent for good management:

We compared the average rent for all two-bedroom/two-bath units in each MSA with the average rent for those units at apartment communities in the portfolio of the companies that were highest ranked for their management by respondents in the Power survey. Here are the results.

Las Vegas: Camden, $994 vs $957 for the MSA
Denver: Legacy Partners, $1,087 vs $1,029 for the MSA
Orlando: ZOM, $1,101 vs $991 for the MSA
San Jose: Irvine Company, $2,328 vs $1,881 for the MSA.

So we see that good management can indeed rewards the managers. The differential in rents between the best managers and the MSA average ranges from a minimum of about $40 a month in Las Vegas, $60 a month in Denver, to more than $100 a month in Orlando to an astounding $450 per month in San Jose. When you multiply the increased rent per unit times an average unit size of 200 to 300 units, and then multiply that figure by 12 months in a year, the additional income could easily add up to more than a million dollars a year --- a powerful incentive to be a good manager of rental property.

Caroline S. Latham
CEO
RealFacts

2007-12-10T08:35:00.000-08:00

Lenders angle for borrowers who occupy niche markets

Lew Sichelman |United feature syndicate

December 9, 2007

WASHINGTON - Despite the meltdown in the subprime-mortgage sector, lenders continue to devise new and unusual ways -- or dust off little-known products -- to finance borrowers who fit into numerous market niches.

NEWS!

2007-12-08T10:38:00.000-08:00

UF survey: Florida’s real estate report mixed

GAINESVILLE, Fla. – Dec. 7, 2007 – All is not gloom and doom with Florida real estate, according to the latest University of Florida study, which finds a positive outlook for commercial properties despite the bad news in the housing market.

“There is more than one world of real estate, and while you can paint a very grim picture of single-family housing and condos, rental and commercial property look on balance to be healthy and normal even though they are not as rosy as they were a year ago,” said Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies.

Crist joins with Trump to raise money for property tax amendment

NEW YORK (AP) – Dec. 7, 2007 – Donald Trump, who pays $1 million a year on a single Palm Beach County mansion, helped Gov. Charlie Crist raise money Thursday for a ballot question that could cap all property taxes while providing cuts for most homeowners.

“The press just told me I pay over $1 million a year on one house in real estate taxes in Florida. I didn’t even know. I said, ‘Really? I pay that much?’“ Trump told a crowd of about 40 while standing next to Crist in a Trump Tower office. “Hopefully that sucker will come down a little bit.”

Tax Tips!

2007-12-07T07:28:00.000-08:00

Tax tips for real estate developers and investors

CHICAGO – Dec. 6, 2007 – As 2007 comes to an end and planning for 2008 begins, real estate developers and investors should consider some tax tips that could save money for companies in the long run:

1. Properly account for lease income. You may be accounting for your lease income for tax purposes based on the cash received or on the terms of the lease agreement. However, a Code section specifically addressing leases may require the income to be accounted for differently.

2. Determine if you are a dealer or an investor. Do you know your status as either a dealer or an investor for tax purposes? Proper planning up front will ensure the desired treatment upon disposition of the property.

3. Allocate land cost to your benefit. To defer income upon the sale of parcels from a tract of land purchased, proper allocation of the cost among the various parcels must be done. The IRS requires that the cost be “equitably apportioned.” But how? There are several methods available that should be considered when allocating cost.

4. Color your building green. Including solar and other alternative energy property in a new building can generate tax credits. A new owner can deduct up to $1.80 per square foot of the cost of an energy efficient commercial building instead of depreciating it over 39 years.

5. Take full advantage of depreciation. Has your company recently undertaken new construction projects, expansions or renovations? Substantial long-term savings could result from a cost segregation study, which categorizes your assets into the appropriate and most tax-advantaged depreciable lives.

“To learn how these tax tips may apply to your real estate business, please contact your tax advisor,” said Jerry Williford, tax senior manager in Grant Thornton LLP’s real estate industry practice.

2007-12-05T13:39:00.000-08:00

Homes features that are buyer turnoffs

WASHINGTON – Dec. 5, 2007 – Old homes can be quaint, but there’s a difference between old and outdated. Unless homeowners periodically invest in upgrades, their homes will fall so far below the standards of current buyers that they become obsolete and hard to sell.

Credit score primer: What buyers need to know to get a loan

DALLAS – Dec. 5, 2007 – In the wake of the credit crisis, lenders have become much pickier about whom they lend to. Here are some basic facts that will help potential borrowers understand what they face.

Wednesday, December 5, 2007 - 9:53 AM EST
Google forms partnership with state officials
Orlando Business Journal

In an effort that apparently will not provide any additional costs to taxpayers, Florida state officials are announcing a new collaboration with Google Inc. to create new search engine features for those looking for government services online.

Exterior Remodeling Pays Off...

2007-12-04T14:49:00.000-08:00

Outside remodeling projects pay off, Realtors report

WASHINGTON – Dec. 4, 2007 – Many buyers judge a house by its exterior, or so it seems from the results of the 2007 Remodeling Cost vs. Value Report. Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades, according to the report, which was produced by Hanley Wood, LLC, in cooperation with the National Association of Realtors’ (NAR) Realtor Magazine.

The study found the most profitable project on the national level was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale.

FROZEN RATES?

2007-12-03T15:40:00.000-08:00

Bush administration: Agreement near on effort to freeze mortgage rates

WASHINGTON (AP) – Dec. 3, 2007 – Treasury Secretary Henry Paulson said Monday he is confident there will soon be an agreement to help thousands of American homeowners avoid mortgage defaults by temporarily freezing their interest rates.

Paulson told a national housing conference that this effort involved a “pragmatic response” to current realities as the U.S. economy goes through the worst housing slump in more than two decades. The number of homeowners struggling to meet higher payments because their initial introductory rates are resetting is currently soaring.

Paulson and other top Treasury officials have been holding talks with major players in the mortgage industry over the past several weeks to hammer out an agreement that would freeze the lower introductory rates to keep them from resetting to higher levels for a period of years.

Orlando is BOOMING!

2007-11-26T12:46:00.000-08:00

Friday, November 23, 2007

Small businesses expect hiring increase in 2008

Orlando Business Journal

Job seekers in 2008 might want to look in the direction of small businesses.

That's according to a survey released this week by New Hampshire-based NFI Research . The survey of 180 senior executives and managers found that during the next 12 months, 60 percent of small businesses are expecting to see an increase in employment. NFI considers companies with fewer than 500 employees to be small businesses.

Monday, November 26, 2007 - 10:14 AM EST

Orlando one of top holiday destinations

Orlando Business Journal

Orlando is one of the top destinations for travelers during the holidays, based on Orbitz. com bookings.

Orlando is the ninth most popular destination domestically, according to Orbitz. Chicago ranked first and New York City was No. 2.

Orlando is also the sixth most popular destination domestically for New Year's.

Chicago came in first for New Year's and New York City was No. 2.

The data is based on air ticket sales on Orbitz.com through Nov. 2.

2007-11-26T08:30:00.000-08:00

Friday, November 23, 2007

E. Everette Huskey dies

Orlando Business Journal

E. Everette Huskey, the man known as "Mr. Real Estate," died Nov. 21.

Huskey was arguably Central Florida¹s most experienced residential real estate expert, having practiced more than 60 years. He developed 25 communities in the region but is best known for Sweetwater Oaks, an upscale, 2,000-acre development in Longwood, and his work in Heathrow.

He was the owner of Huskey Realty, which later merged with Coldwell Banker Residential Real Estate. Huskey's sales record placed him in the top 1 percent of Coldwell Banker agents in Florida, and he sold more than $20 million in real estate in 2000.

Huskey had been ill for several months and died in his Longwood home.

Orlando ranks No. 3 in U.S. for online holiday shopping

Orlando Business Journal

The City Beautiful hit third place nationwide for overall online holiday shopping this year in a recent poll of the top 20 U.S. markets by Zogby Interactive .

In a poll of more than 13,000 Internet users by Zogby Interactive for AOL Shopping, 78 percent of respondents in Orlando say they plan to shop online this year. Orlando tied with Seattle for the No. 3 spot, while Philadelphia topped the list with 79.3 percent of those polled saying they will Web shop, and 78.6 percent of Boston respondents say they will holiday shop online.

Central Florida Sales

2007-11-22T07:13:00.000-08:00

Slump in existing-home sales not as great in Orlando-area
Jerry W. Jackson | Sentinel Staff Writer
November 22, 2007

Orlando recorded more single-family existing-home sales during the third quarter than any of Florida's other metropolitan areas except the far-larger Tampa-St. Petersburg market, an industry report showed Wednesday.

Sales in Orlando's four-county metro area were still down 39 percent from a year ago, when the market was cooling but still far hotter than it is now, the Florida Association of Realtors reported. But the 4,005 homes sold by Realtors in Metro Orlando bested all other metro areas except Tampa-St. Petersburg, which recorded 5,913 resales of single-family homes.

New News!

2007-11-16T13:10:00.000-08:00

Florida job creation to accelerate

Orlando Business Journal

New job creation in Florida will accelerate next year as the state's increasingly diverse economy continues to outperform the nation, according to the University of Central Florida's Institute for Economic Competitiveness.

The institute is reporting that Florida will end the year with a 1.7 percent increase in new jobs, above the national average of 1.4 percent. In 2008, Florida will see a 2.1 percenPublish Post t increase in job growth, compared to 1.2 percent projected for the nation.

NAR survey: Americans believe buying a home still a good financial decision

LAS VEGAS – Nov. 16, 2007 – Americans remain convinced that buying a home is a good long-term investment – just one of the findings from the 2007 National Housing Pulse Survey, released during the National Association of Realtors® (NAR) annual Conference & Expo.

The survey measures how affordable housing issues affect consumers. This year’s results show that nearly nine out of 10 consumers believe that buying a home is a good financial decision. Fifty-nine percent of respondents also agree that now is a good time to buy a home; that number is higher (64 percent) in areas of recent home price declines.

2007-11-14T11:11:00.000-08:00

Smaller Orlando-area cities face biggest hit from property-tax cut on ballot

Bedroom communities, beach-side towns would lose key revenues

November 14, 2007
Florida's bedroom communities, such as Winter Springs and Deltona, likely will feel more pressure than cities such as Orlando to cut services or raise taxes if voters approve property-tax reforms in January. The ballot initiative would further shift Florida's tax base away from homeowners and onto businesses -- potentially bad news for cities that have few businesses to shoulder the load.

Central Florida Business!

2007-11-13T08:50:00.000-08:00

Ruth's Chris Buying Mitchell's for $94M

By Bob Howard

HEATHROW, FL-Ruth's Chris Steak House chain has struck a deal to buy Columbus, OH-based Mitchell's Fish Market for $94 million, announcing the acquisition Tuesday on the same day that the Heathrow-based chain reported financial results for the third quarter. The 114-restaurant Ruth's Chris chain will gain 33 new locations with the acquisition of Mitchell's, which operates its restaurants under nine formats.

The two restaurant chains expect the acquisition, which will be funded through the Ruth's Chris line of credit, to close in the first quarter of 2008. Craig S. Miller, chairman of the board, president and CEO of Ruth's Chris says that the deal illustrates that the steak house chain is “open to innovative concepts that are compatible with our own” in addition to expanding the Ruth's Chris brand.

Florida's Population Still on the Rise!

2007-11-08T14:22:00.000-08:00

UF: Florida population growth slows but still remains high

GAINESVILLE, Fla. – Nov. 8, 2007 – According to the University of Florida (UF), Florida’s population growth slowed considerably last year as the housing boom went bust, but it remained relatively strong and likely will stay that way for the next few years.

“There have been a number of news articles lately focusing on the idea that population growth has fallen off the table top in Florida and practically come to a standstill, and that simply isn’t true,” says Stan Smith, director of the UF’s Bureau of Economic and Business Research, who led the research. “Florida has a strong economy and adds jobs every year. That is a major factor in last year still being a big year for population growth, even though it was less than in the previous three years.”

The estimates released this week show the Sunshine State’s population grew by 331,000 between 2006 and 2007, compared with 431,000 between 2005 and 2006; 402,000 between 2004 and 2005; and 448,000 between 2003 and 2004, Smith said. Florida’s total population was estimated at 18,680,367 as of April 1, 2007.

This is a Good Time for First Time Home Buyers!

2007-11-08T14:21:00.000-08:00

First-time buyers can be in the money

MILWAUKEE – Nov. 8, 2007 – Caught in the shifting rapids of mortgage lending, Billy Alt and Kim Le are just now moving into the condo they thought they were buying in August.

The condo they were buying was in the process of being converted from a rental unit to a condo, and that involved some fancy financial footwork – the kind of transactional footnote that caused barely a blip until this summer’s upheaval in the mortgage market.

They quickly reorganized the finances of the deal to keep it on track.

“If we had been looking just a few weeks earlier, it would have been perfectly timed,” said Le.

While credit standards have clenched up, driving many too-lax lenders from the field, plenty of financiers are looking for customers, say home lenders.

“It’s a very good time for first-time buyers,” said Susan Wommack, national account manager with LoanSifter.com, an industry database business in Little Chute, Wis. “The lenders who are still standing are very competitive, and service levels have gone up, too.”

2007-11-05T13:10:00.000-08:00

Environmentally conscious tenants want green buildings

Jerry W. Jackson

Sentinel Staff Writer

November 5, 2007

Green is the color for commercial construction in Central Florida these days.

Offices, schools, apartments and mixed-use towers that use less energy and soften their footprint on the environment are in. Energy-gobbling properties that need lots of water for irrigation and other scarce resources are out.

Companies are scrambling to get up to speed with this hot, "new" trend, now being touted by an unlikely spectrum of special interests, including politicians of all stripes, business people, industries and environmental groups.

The Orlando area, long a hotbed for construction innovation -- from "tilt-wall" commercial buildings to homes made of concrete poured into frames on site -- is at the forefront of this "green" movement as well.

Central Florida Housing!!!

2007-11-05T08:32:00.000-08:00

Price points

Orlando Business Journal - by Anjali Fluker Staff Writer

The slow Orlando residential real estate market hasn't hit all home builders the same way. In fact, builders are finding their pace of sales this year has been determined mainly by one factor: price.

Luxury homebuilder

Cahill Homes is on track to match sales results of past years.

Central Florida to get 1,703 new home sites

Orlando Business Journal - by Nicole Blake Contributing Writer

Despite the stagnant housing market, the local division of Engle Homes has begun construction on five new Central Florida residential communities with a total of 1,703 new home sites.

Since the September launch of its 2008 home collection, Engle has sold 22 townhomes and 24 single-family homes. The target buyers are second- and third-time move-up buyers seeking larger homes because their family size has grown. "A lot of our lineup will appeal to that type of buyer," says Jeff Kaizer, division vice president of sales for Engle Homes.

Taxes!!

2007-10-31T09:38:00.000-07:00

Crist hails property-tax cuts

He touts $12.4B package to voters, despite criticism it trims too little

Aaron Deslatte and Mark Schlueb |Sentinel Staff Writers

October 31, 2007

TALLAHASSEE - Gov. Charlie Crist has called the property-tax amendment heading to voters Jan. 29 "only the second play in our property-tax playbook."

But even as the governor was taking the $12.4 billion proposal on a statewide campaign spin Tuesday, many lawmakers were calling the package the political epitaph to the last year of tax debate.

"It's a small solution to a big problem," said House Speaker Marco Rubio, R-West Miami, who pushed for bigger tax cuts and was rebuffed by the more moderate Senate.

Almost Time for Us to Decide!

2007-10-30T08:24:00.000-07:00

Now it's up to you to decide tax cut

The Legislature approves a property-tax deal that would save homeowners about $200 a year. Next stop: The Jan. 29 ballot.

Aaron Deslatte and John Kennedy

Tallahassee Bureau

October 30, 2007

TALLAHASSEE

The constitutional amendment headed to voters Jan. 29 gives back about $226 to Orange County homeowners through a beefier homestead exemption; lets homeowners take their accumulated Save Our Homes tax break to new homes; and caps future taxes for businesses and second-home owners.

"This has been a hard day," said House tax negotiator Dean Cannon, R-Winter Park. "And we've never had a more challenging decision."

Sales of $1Million Dollars Homes are Holding Steady!

2007-10-29T10:35:00.000-07:00

Sales of $1M homes not far off 2006 pace

Jerry W. Jackson |Sentinel Staff Writer

October 29, 2007

The first half of 2007 will go down in the record books as a weak start for a lethargic year in residential home sales in Central Florida, at least by recent red-hot standards. But how about for sales of homes worth $1 million or more?

Not much of a slump there, according to the Hillman Report Mid-Year 2007.

Florida is a GREAT Place for Business!

2007-10-26T08:58:00.000-07:00

Study: Florida offers businesses taxation relief

Orlando Business Journal - by Lewis E. Mattox Contributing Writer

If you're looking for business tax relief, the Sunshine State is a good place to be.

So says a new study by the Tax Foundation, which ranks Florida as the fifth most favorable tax haven for businesses.

Tax Foundation's State Business Tax Climate Index evaluated 113 variables in five tax categories: corporate, individual income, sales, unemployment and property.

Orlando Continues to GROW!!!

2007-10-26T08:48:00.000-07:00

Rockefeller enters Central Florida market

Orlando Business Journal - by Dan Ping Staff Writer

HEATHROW -- One of the most recognizable names in business -- Rockefeller -- will make its Central Florida debut with a $150 million project in Seminole County.

The Rockefeller Group Development Corp. bought 29 acres on Sept. 20 from another well-known name in business, Jeno Paulucci, the frozen food king who created the upscale Heathrow community.

The Rockefeller Group paid $16.75 million for the land at International Parkway north of Colonial Town Center in Heathrow, where it intends to develop an office/retail center.

Airport working to extend capacity by five years

Orlando Business Journal - by Chris Kauffmann Staff Writer

ORLANDO -- With a nip here and a tuck there, Orlando International Airport could extend the passenger capacity of its existing terminal to at least 2015, forestalling the need to build the long-planned South Terminal.

But the nip/tuck won't come cheap -- costing as much as $400 million, the Greater Orlando Aviation Authority learned last week.

However, considering that many of the alterations are needed anyway, officials note it still would be a bargain, given that a new terminal now would cost closer to $2 billion, rather than the $1 billion cited in previous estimates.

Developer to build luxury Westin in Heathrow

Orlando Business Journal - by Dan Ping Staff Writer

HEATHROW -- An Alabama hotel developer plans to bring a heavenly approach to a new project in Heathrow.

Srinath Yedla, CEO of Yedla Management Co., will break ground in February on a Westin-brand luxury hotel at the northwest corner of County Road 46A and International Parkway.

Details are still being finalized, but Yedla says the hotel will feature about 250 rooms and Westin's signature Heavenly Spa offering messages, manicures, pedicures, and a full-service salon for men and women.

This Is a GREAT Time to Buy!!!

2007-10-26T08:47:00.000-07:00

Report: Pre-foreclosure filings triple in September

Orlando Business Journal

Pre-foreclosure filings in Florida went up by more than 3,000 in September, Default Research Inc. reported Tuesday.

Florida lis pendens filings, when the bank first files the paperwork on a defaulted payment - the first step in the foreclosure process -- rose from 1,541 in September 2006 to 4,872 in September 2007, according to Default Research. Of those filings, more than 13 percent were condominiums, says Serdar Bankaci, Default Research president and CEO, in a prepared statement.

Slowdown in Construction Helps the Housing Market!

2007-10-25T10:28:00.000-07:00

Economist: Rapid new-home construction decline bodes well for faster turnaround

Jerry W. Jackson

Sentinel Staff Writer

10:43 AM EDT, October 25, 2007

New-home sales data are out today, but one prominent Orlando economist said the rapid decline in home construction bodes well for a faster turnaround from the slump in housing sales.

Hank Fishkind told Orlando-area builders, Realtors and other professionals this week that the industry is feeling the short-term pain right now, but that will pay off with a more rapid and vigorous rebound once the excess inventory is sold off. Florida, and Orange County in particular, are well positioned to recover more rapidly than from earlier slumps, such as the one that hampered the economy in the early 1990s.

What's Happening with Our Taxes?

2007-10-24T07:58:00.000-07:00

House passes tax bill, but senators stay home

Aaron Deslatte

Tallahassee Bureau

October 23, 2007

TALLAHASSEE

The Florida House overwhelmingly passed an $11 billion property-tax amendment Monday night with promises of savings for homeowners and tax limits for businesses and second homeowners.

But to bring them to reality, they've got to persuade a skeptical Senate to give the plan a look.

Market Happenings!

2007-10-23T09:52:00.000-07:00

Friday, October 19, 2007

Stronger apartment market ahead, experts say

Orlando Business Journal - by Anjali Fluker Staff Writer

The combination of fewer home sales and skyrocketing foreclosures has created turmoil in the housing industry -- but it's also putting the local rental market in a great position.

THIS IS THE TIME TO BUY!

2007-10-15T07:39:00.000-07:00

Opportunity knocks

Real estate brokers say now is the time to grow.

Orlando Business Journal - by Anjali Fluker Staff Writer

Rajia Ackley has watched many of her competitors in the residential real estate market close offices and shed Realtors.

As foreclosures soar, dreams die

October 14, 2007

Nearly twice as many people face losing their homes in Central Florida this year compared with 2006, many of them borrowers struggling to repay adjustable-rate loans or investors unable to sell in a glutted market.

Firm to auction off about 400 foreclosed homes

October 15, 2007

Another big real-estate auction is making its debut this week, with about 400 foreclosed homes from Orlando to Fort Lauderdale and Jacksonville to Tampa on the "online auction block."

Orlando Grows More Affordable!

2007-10-12T10:53:00.000-07:00

Orlando’s affordability index improves as median price drops

(October 10, 2007 – Orlando, FL) A drop in the median home price to $235,000 for the month of September means that the area’s affordability index has improved by more than seven percentage points to 92.40 percent, according to the monthly housing report released by the Orlando Regional Realtor® Association. (An affordability index of 92.40 percent means that buyers earning the state-reported median income are 7.60 percent short of the income necessary to purchase a median-priced home.) Buyers who earn the median income of $51,104 can qualify to purchase one of 6,163 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $217,140 or less.

Parking is INTEGRAL to Downtown's Success!

2007-10-12T10:43:00.000-07:00

Downtown's future depends on parking

Beth Kassab

Business Columnist

October 12, 2007

The evidence is in the scrape marks on the walls.

Maneuvering through the parking garage at The Plaza condo, office and retail complex off Orange Avenue is dicey.

Some turns are so narrow that I had to put my midsize sedan into reverse and retry the final exit turn to avoid hitting a concrete wall.

Someone has scrawled the word "slow" on the wall in chalk.

"It's the Rubik's Cube of parking garages," said attorney Mark NeJame, who bought most of the 18th floor in The Plaza's office tower as new space for his law firm, along with dozens of spaces in the parking garage.

Central Florida Homebuilders Awarded!

2007-10-11T13:27:00.001-07:00

Area home builders capture national awards

Orlando Business Journal

Mercedes Homes and Engle Homes Orlando this month received awards from a national building magazine.

Melbourne-based Mercedes Homes last week announced it earned a 2008 national housing quality award, which is known as the home building industry's highest recognition for quality achievement and operational excellence.

Darden's New Headquarters!

2007-10-11T13:13:00.000-07:00

Darden begins work on $100M headquarters

Orlando Business Journal

Darden Restaurants Inc. started work Thursday on its $100 million headquarters off John Young Parkway near the Beachine Expressway.

The company expects the complex to open by the end of 2009.

New Adult Community

2007-10-11T13:12:00.000-07:00

California home builder enters Florida market

Orlando Business Journal

Shea Homes, headquartered in California, is entering the Florida market by building homes within an active adult community called Victoria Gardens in DeLand.

Charlie Christ Tax Cuts

2007-10-10T08:06:00.000-07:00

Crist debuts retooled property-tax trims

One big obstacle: Resistance to a cap on the growth of local government spending.

October 10, 2007

TALLAHASSEE - Gov. Charlie Crist on Tuesday released a retooled, $6.3 billion package of property-tax cuts and said he may ask lawmakers to vote on it as early as next week.

Crist: tax cuts good for hotels

Orlando Business Journal - by Ty Trapps South Florida Business Journal

Gov. Charlie Crist linked property and insurance tax reductions to the health of the tourism industry in a speech Monday to the Greater Miami and the Beaches Hotel Association 's annual meeting.

One reason he supports the cuts is so "Floridians can have more disposable income and take three-day-weekend vacations in nice Florida hotels," he told a crowd of 300 at the Loews Miami Beach hotel.

2007-10-09T08:47:00.000-07:00

St. Joe to cut jobs, sell land

The Jacksonville-based company says it will take a $30M charge against earnings as it divests non-core assets.

Bob Ivry and Peter Woodifield |Bloomberg News

October 9, 2007

St. Joe Co., Florida's largest private landowner, plans to eliminate more than 75 percent of its work force, sell about 100,000 acres of land and scrap its dividend.

Governor Crist Calls for Fiscally Responsible Florida!

2007-10-08T13:43:00.000-07:00

Governor: Tight budget means living within our means

Orlando Business Journal

There is "gold in green" Gov. Charlie Crist announced in a weekly radio address focused on the budget.

Crist used the weekly podcast to tell taxpayers that the budget he signed in May was what he believed to be "fiscally responsible."

Demand For Luxury Office is STILL Strong!!!

2007-10-08T09:45:00.000-07:00

Demand for upscale office space remains steady despite slow economy

Orlando Business Journal - by Dan Ping Staff Writer

Credit is tightening. The economy is slowing. And companies are keeping a closer eye on the bottom line.

So, demand for pricey office space is declining, right?

Not true, say Central Florida brokers.

While local vacancy rates for upscale office space, also known as Class A, has increased 25 percent since a low of 8.7 percent at the end of 2006, the reason is the addition of new office buildings such as The Plaza -- not an exodus of tenants looking for cheaper rent.

And at 10.9 percent, the vacancy rate indicates it's still a landlord's market.

Medical Research Coming Soon!

2007-10-04T08:10:00.000-07:00

Work begins on Burnham Institute, UCF Med School

Orlando Business Journal - by Tiffany Beck Orlando Business Journal

Wednesday's groundbreaking celebration for the Burnham Institute for Medical Research and the University of Central Florida College of Medicine ushers in a new economic era, say officials at the event.

Church Street Development

2007-10-04T08:08:00.000-07:00

Kuhn snags eatery for Church Street

The developer says he has a restaurateur's commitment and a hotel owner's interest.

Jerry W. Jackson

Sentinel Staff Writer

October 4, 2007

New Church Street Station owner Cameron Kuhn said Wednesday that he has a commitment for a steakhouse restaurant -- and possibly a Hilton hotel -- to open in the long dormant and declining downtown Orlando dining-and-entertainment district.

Property Insurance Rate Reduction

2007-10-03T09:55:00.000-07:00

State Farm to cut property rates by 9%, regulator says

Anika Myers Palm and Aaron Deslatte

Sentinel Staff Writers

October 3, 2007

State Farm will reduce residential property-insurance rates by 9 percent and refund millions of dollars to policyholders as part of a settlement stemming from the state's investigation of insurance-industry practices, the Florida Office of Insurance Regulation said Tuesday.

Home Buyers Gain New Protections!

2007-10-01T13:21:00.000-07:00

onday, October 1, 2007 - 2:44 PM EDT

New rules for home buyers

Orlando Business Journal

Buying a home in Florida comes with new rules beginning Monday that are expected to create more transparency in the lending process while they require out-of-state title agencies to follow the same rules as agencies in the state.

Central Florida's Still Doing Deals!

2007-09-28T13:38:00.001-07:00

Credit Woes Slowing, Not Stopping, Deals

By Tracey C. Velt

ORLANDO-It’s been about 90 days since the subprime lending market collapsed and the subsequent credit squeeze. Now, commercial practitioners are anxiously awaiting the trickle down. The good news is that most experts at the RealShare Central Florida conference, held at the Gaylord Palms in Orlando, agree that the commercial market in Central Florida will see some dampening, but nowhere near the doom and gloom that some may have feared.

Central Florida "TEEMS WITH OPPORTUNITY"!!!!

2007-09-28T07:55:00.000-07:00

Central Florida Teems With Opportunities

By Tracey C. Velt

ORLANDO-Florida may be saddled with unknowns in the areas of property insurance, taxes and hometown democracy--the amendment that calls for all citizens to vote for any change to the comprehensive land-use plan. But Central Florida area is ripe for the commercial real estate industry, according to experts at the RealShare Central Florida conference, held at the Gaylord Palms in Orlando.

More than 300 commercial practitioners attended the RealShare Central Florida conference. The RealShare Series is produced by Real Estate Media, publisher of GlobeSt.com, Real Estate Forum and Real Estate Florida. From the popularity and success of mixed-use development and continued population growth to the green building movement and low unemployment rates, commercial opportunities flourish. “The market will rise slowly, and we’re not in as dire a situation as some have predicted,” said Sean Snaith, director of the Institute of Economic Competitiveness at the University of Central Florida in Orlando. “Central Florida has job growth and personal income growth,” he says.

2007-09-27T15:11:00.000-07:00

State appeals removal of tax amendment from Jan. 29 ballot

TALLAHASSEE, Fla. (AP) – Sept. 27, 2007 – The state Wednesday appealed a court ruling removing a property tax-cutting constitutional amendment from the Jan. 29 presidential primary ballot.

Chief Circuit Judge Charles A. Francis of Tallahassee took the Florida Legislature’s amendment off the ballot Monday. He ruled its ballot summary was misleading and inaccurate.

Oscela Lowers Property Tax

2007-09-27T08:33:00.000-07:00

OrlandoSentinel.com

CENTRAL FLORIDA The Area In Brief

In Osceola, spending up, taxes down

September 26, 2007

Kissimmee

Osceola commissioners on Tuesday signed off on a $935.4 million budget that lowers property taxes in line with state mandates.

The countywide tax rate was set at about $5.36 per $1,000 of assessed value -- 64 cents, or 11 percent, less than the previous rate.

The owner of a $225,000 house claiming a homestead exemption will see about a $128 drop in the county tax bill, excluding city, school, library and other levies.

County Manager Michael Freilinger's plan increased spending by 21 percent from the last fiscal year, a jump he attributed mainly to infrastructure projects not funded with property taxes.

Florida's Tech Industry

2007-09-25T07:54:00.000-07:00

Where Florida's tech jobs are

Technology businesses in Metro Orlando and the Palm Bay/Melbourne area are among the state's leading generators of the high-paying jobs, according to a study.

Etan Horowitz |Sentinel Staff Writer

September 25, 2007

The Orlando metropolitan area has added about 2,500 technology jobs -- making it the state's third-largest technology hub with 42,639 jobs, according to a report released today.

Florida Companie's Set Record!

2007-09-24T08:07:00.000-07:00

Golden 100 companies post highest revenue total ever: $11.93B

Construction firms lead the way, with $3.37 billion.

Orlando Business Journal - September 21, 2007
by Cindy Barth

Editor

Despite the housing slowdown that affected a number of companies in the past year, Central Florida's largest privately held companies set yet another record for the Golden 100, with combined revenue topping $11.93 billion.

Orlando's Job Future is Promising!

2007-09-21T16:00:00.000-07:00

Orlando's job future looks bright despite housing downturn

Orlando Business Journal - September 21, 2007
by Bill Orben

Associate Managing Editor

With home prices falling, construction companies laying off workers and a nearly 20-month supply of houses on the market, Orlando doesn't appear to be the land of opportunity.

Unless you're from Detroit.

Kuhn Comments

2007-09-21T15:31:00.000-07:00

Will housing bubble rise again?

Developer Cameron Kuhn thinks so. He tells Orlando business owners the Fed's action may bring a revival.

Jerry W. Jackson Sentinel Staff Writer

September 21, 2007

Downtown Orlando developer Cameron Kuhn, who built a portfolio worth more than $100 million just as the nation's housing bubble was inflating and peaking, said Thursday he expects another bubble before the market stalls and falls again.

Polk County Transportation!

2007-09-20T12:09:00.000-07:00

Inroads to growth

Polk's $333M street projects to boost business development.

Orlando Business Journal - September 14, 2007
by Bill Orben

Associate Managing Editor

If you build it, they will come.
That's the intent behind a $333 million road-building plan aimed as fostering economic development in northeastern Polk County -- an area currently known as a "bedroom community.

South Florida's Inflation Rate Soars!

2007-09-20T08:35:00.000-07:00

OrlandoSentinel.com

South Florida's inflation soars past rest of country

By Harriet Johnson Brackey

South Florida Sun-Sentinel

September 20, 2007

New York's got nothing on us. Neither does Chicago, Los Angeles or Atlanta, when it comes to inflation. South Florida has the highest annual rate of any of the major metropolitan areas tracked by the federal Bureau of Labor Statistics, according to the latest rankings released Wednesday.

GOOD NEWS!!!

2007-09-18T11:52:00.001-07:00

Fed Cuts Key Interest Rate
Tuesday September 18, 2:42 pm ET
By Martin Crutsinger, AP Economics Writer

Fed Cuts Key Interest Rate in Effort to Fend Off Recession WASHINGTON (AP) -- The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The action triggered a huge rally on Wall Street.

New Home Starts

2007-09-17T07:05:00.000-07:00

Centex building 100 homes in Lake Alfred

Orlando Business Journal - September 14, 2007
by Kristen Stieffel

News Assistant

Centex Homes is selling 100 three- and four-bedroom, single-family homes at Magnolia Ridge.

New Homes Coming

2007-09-14T12:33:00.001-07:00

Engle Homes plans 1,700 Orlando homes

Orlando Business Journal - 1:45 PM EDT Friday, September 14, 2007

The local division of Engle Homes on Wednesday announced the launch of five new Central Florida residential communities with a total of 1,703 homes.