Hi! Have a motivated lead from Orlando, FL. Seller motivation: Death in the family; Sell without showings; Inherited Property; Downsizing. ASAP, own property. There is no mortgage. Not listed. Owner Occupied. Interested?
Still looking to buy in the Sarasota area -- although the prices have dropped a bit, they're still over priced. Some people still asking DOUBLE what they paid 2-3 yrs ago. Just sitting back and watching this evolve to understand the "new norm" -- we still dont have that "new norm" yet.
Exactly, keep your eyes peeled for the right combination of quality, location, and motivation and it will at least feel like a deal you actually want rather than settling for and overpriced inflated home. But Sarasota in general is expensive, which is why Lakewood ranch boomed
@@OrlandoPropertyAdvisor So very true! The big concern about Lakewood Ranch -- it's getting very crowded there AND still a ton of undeveloped land there! Might have to venture a bit more south on the west coast.
@@TM-nu5vd I'm in the same boat. And now everthing south of Sarasota was torn apart by Ian, so it's not even an option, at least for me it's not. I dont think I have much of a choice other than finding something in the sticks, Ocala and Gainesville. Pretty bummed about it.
Looking in Port St. Lucie have an offer accepted in Walden Woods Condos. Needs renovating. Inspection done. Est cost to renovate $20,0000. Now after the offer was accepted the Assn dues increased by $80 per month to $500.00. The $80 in Assn dues increase equates to $12,655 at 6.5% on a 30 year loan. Should I ask for a decrease in the price of another $10,000 and reject the property if not accepted. We discounted the property by $30K from the original list price in our offer but they also dropped the price before our offer so we settled on a $15,ooo reduction initially but before they notified us of the of the $80 Assn fee increase. DomI walk or renegotiate the price or just take it?
The HOA increase is unfortunately out of seller's control and probably includes some benefit to the building/maintenance that all members agreed on- so I don't see it as a negotiation however if the seller is up against a wall they may go for some credit since this happened mid-deal, just don't expect everyone to "play nice" in the deal if you go that route. RIght now as a seller it is a dance between keeping a fish on the hook or waiting it out. I think the next 6 months we will see more transactions like this where there has to be trust in the relationship and fair price for both sides. Back to the HOA- at least there's not a $20k assessment you're being slapped with for roof or something like that.
I predict $500/sq foot for quality homes in lake nona near the future town center and Disbey campus in the next 8-10 years. Toll brothers is nearly there on pricing. Time to get in is now as mortgage rates drop a bit and more quality resales come on the market for $350/ft
When first responders, firefighters, teachers, police officers and the like, can’t afford to buy a home in FL without being married that shows you what kind of housing market we are in. The pace of which homes are falling is NOT worrisome to me. We need to get back to the days that we could fix up old homes. It makes little sense to have exorbitantly priced homes that need complete renovations.
Deals will present themselves, probably on homes that do need renovations and aren't selling at inflated prices. But overall we have reached a new pricing tier in orlando and compared to California, we aren't correcting as fast or as much. I think older neighborhoods with more charm and character will also be targeted by millenials to buy rather than the richest suburbs.
I've been looking in the Orlando area and most deals I'm finding are in bad areas, or bad subdivisions in a good area (so still not ideal). It's difficult to see how the average person is affording these prices when a VERY average house with no updates since 2005 is listed for 450+ 550+ in most areas unless you go so far outside Orlando like Saint Cloud.
I agree. The frustration is real- $300/sq foot is not cheap, and yet winter park FL is $550/ft easily. The silver lining is new construction on the outskirts growth areas like Olympus clermont along HWY27 and saint cloud sunbridge is still trending in the $220/ft range which feels like value. Or go the reno route in Windermere, Plant st. winter garden, winter springs, oviedo, etc. Welcome to the new normal in Central Florida
Some great insight there. I think you missed the part about the recession we're in and the consumer debt bubble that's rapidly inflating since people can't afford the same lifestyle as 3 years ago due to inflation. When those credit cards get maxed and their stock portfolio is down by 50% or more they definitely can't afford their mortgage especially on a second house
Good argument- when debt becomes a problem they can sell and leave with equity to somewhere else/downsize/rent. When the fed does another rate hike of .50 then maybe no rate hike the following quarter, we might see mortgage rates back in the high 5's with rate buy downs. Second homes are not our primary market here, and the STR market is a whole 'nother ball game of volatility. Anyways, broad strokes opinion, we are in a holding pattern for about 6 months where you could snag a deal with a motivated seller but don't expect 50 cents on the dollar. More inventory will free up, prices and rates will get more attractive, the needle will move.
Glad my predictions aged well. I'm seeing some homes reduce in price that are inferior, some that are nice quality but were priced too high for the lot size, location, finishes. My home insurance doubled last year, and taxes are going up too- despite having homestead exemption. The market is speaking to sellers and it still has buyers waiting on the fence for the right homes to list- maybe people who now are feeling the pinch of monthly upkeep and rising tax/ins cost, that can now cash out. thanks for watching
🇺🇸 Whoa! Great video! Super factual information. Unbiased! I also see a correction/crash happening in end of 2023 or beginning of 2024. We’ll see, but time for sure will tell. 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
There will be stops near there though, I think most people will use the train to go all the way to south Florida but makes sense to be able to hop off to the beach and back
Unfortunately I think the boat has been missed, unless a really motivated seller of a condo or townhome puts something out there. Or looking further out might be the best option. When I came to Orlando in 2008 I had to buy in Clermont as I couldn't afford Dr Phillips or Windermere. now that same exercise could mean looking at places like davenport, saint cloud south, groveland, minneola, chuluota, you get the idea. Stay positive and be ready! thanks for watching
As someone who casually scrolls zillow (not looking to buy in a market where both interest rates and prices are high), I can tell you that you are spot on about people asking top dollar prices on Zillow for their houses that need "TLC" as they put it 😂... There will be a completely remodeled home going for 700k and the dilapidated, mold/termite infested, stained walled, broken foundation, located in a flood zone house 5 miles away will be asking 699k 😂😂😂
Exactly- so imagine when Don and Sally who are downsizing with their nice upgraded pool home put it on at a reasonable price per foot (albeit still a premium) at $750k and it sells in 10 days... we need more quality inventory. And I'm also excited for those "project houses" to be bought at value prices and people put the work in. Reminds me of how I got into Laureate Park- I had to find one that needed updating so I could actually afford the house itself first
@@OrlandoPropertyAdvisor absolutely! I definitely have considered going the "fixer upper" route to get myself into a neighborhood I like when we are ready, but the property needs to come at a bargain price to make up for the fact that it is going need 200k worth of "fixing up". 👍🏻
I disagree, in terms of being like last time. I think some listings will suffer more than others but overall we’ve reached a new notch on the peg board and quality homes will still be sold at premium prices
