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TODAY'S TOP STORIES from Florida Realtors

NEW YORK – July 23, 2015 – While construction of single-family homes and multifamily rentals is on the rebound, condo construction sunk to new lows. Any rebound in the condo construction market has been delayed by stringent rules on condo mortgages that took effect post-housing crisis, and stronger demand among young people for rentals.

Condo construction in the first quarter comprised only 5.5 percent of all construction of multifamily housing – the lowest ratio since the Commerce Department began tracking the data in 1974. Historically, condo construction falls at a 24 percent average.

Condos traditionally offer higher returns for investors than apartments.

"Many developers would rather be building condominiums," says Peter Bazeli, senior vice president at New York-based real estate consulting firm Weitzman Group. "With condos, you're paying down debt with every closing and then putting money in your pocket right away."

But many factors hamper the condo market's recovery. For one, economists say young adults have been flocking to rentals instead, and condos typically cater to entry-level buyers. Also, construction loans limit the supply of condos built. Developers say they can get a construction loan for about 75 percent of the cost of building an apartment complex, but only about 50 percent for a condo complex because lenders deem it a higher risk.

The Federal Housing Administration (FHA) tightened its lending standards from 2008 to 2012, which has made condo funding even tougher, too. In order for the FHA to insure mortgages in a condo complex, at least half the units must be owner-occupied, and no more than half can be FHA-insured. For condo projects under development, at least 30 percent of units must be under contract for sale before the FHA will start backing mortgages.

Economists say those factors have kept the condo market sluggish and still far from recovery. The median condo resale price in May was $216,400, about $15,400 less than its pre-crisis peak in June 2005. On the other hand, the median resale price for single-family homes in May was $230,300 – only $600 less than its pre-crisis peak in July 2006.

But some developers see glimmers of a condo rebound forming.

"Rising apartment rents provide renters more reason to buy instead of renting," the Journal reports. "Job growth is improving for young would-be buyers. And real estate lobbyists say they are making inroads in Washington to build support for easing the FHA restrictions on condo mortgages."

Source: "Condos Left Behind in Housing Rebound," The Wall Street Journal (July 21, 2015)
Posted in:General
Posted by Brent Ferry on July 23rd, 2015 3:35 PM
The popular Paradise Palms Resort in Kissimmee is now SOLD OUT.

For resale opportunities, please contact me at info@bferryhomes.com.

For those interested in new construction, the townhome and villa layouts from Paradise Palms are NOW SELLING at Storey Lake. Call me at 407-506-7857 for more information. Exclusive rebates available.
Posted in:General
Posted by Brent Ferry on July 1st, 2015 4:12 PM
LEGOLAND® Florida Resort's newest land, LEGO® Friends Heartlake City opened today.

The theme park’s newest expansion is based on the popular LEGO® Friends product line and is closely modeled after the five LEGO Friends characters: Olivia, Stephanie, Emma, Mia and Andrea.

Heartlake City features several signature elements, including:

-Mia’s Riding Adventure is a brand new ride themed around Mia’s love of horses. This adventurous ride seats up to 40 passengers on a circular platform with outward-facing horse shaped seats. The disk spins in circles while traveling forward and backward on a wide U-shaped track.
-Friends to the Rescue is a new interactive musical show starring the LEGO Friends as they work together at Heartlake Hall to ensure the concert goes off without a hitch.
-Stephanie’s Newsroom is a photo opportunity that gives guests the chance to show off their camera-ready skills, as theytake over for Stephanie at the Heartlake News Desk.
-Heartlake Stepping Tones Fountain is a heart-shaped fountain filled with LEGO brick instruments that play real music triggered by interactive icons.
-Heartlake Mall features several retail areas offering a variety of LEGO products including the LEGO Friends toy line.

“Heartlake City offers an interactive LEGO Friends experience for guests of all ages. Mia’s Riding Adventure is a daring new attraction, that we feel is the perfect addition to expand our park offering,” said Adrian Jones, General Manager, LEGOLAND Florida Resort.

“Heartlake City, when combined with a stay in a LEGO Friends themed room or suite, will allow guests to further immerse themselves in the world of LEGO Friends.” LEGOLANDFlorida Resort offers the only LEGO Friends themed guest rooms in the U.S., and the only LEGO Friends themed suite in the world.

The LEGOLAND Hotel at LEGOLAND Florida Resort opened on May 15, 2015.
Posted in:General
Posted by Brent Ferry on June 26th, 2015 2:33 PM
Single family vacation homes are now selling in Storey Lake!

Visit my Facebook page at https://www.facebook.com/StoreyLakeOrlando to stay informed on the latest developments in this awesome new resort community near Walt Disney World.

Storey Lake features both vacation and residential purchase opportunities. I am available to help Buyers with all products including special rebates and incentives not available directly from the Builder.

Storey Lake Vacation Homes For Sale. Following is the introductory pre-construction pricing and initial vacation home availability.

The Alexander Palm
5 bed / 5 bath
3,014 sq. ft.

The Majesty Palm
6 bed / 5 bath
3,275 sq. ft.

1-Majesty Palm-$412,490 Dec/Jan
2-Alexander Palm-$392,990 Dec/Jan
3-Alexander Palm-$391,490 Dec/Jan
4-Majesty Palm-$406,990 Dec/Jan
6-Alexander Palm-$387,990 Dec/Jan
31-Alexander Palm-$382,990 Dec/Jan
34-Alexander Palm-$382,990 Dec/Jan
104-Alexander Palm-$387,990 Dec/Jan
105-Majesty Palm-$399,990 Dec/Jan

View site map

Includes heated pool and choice of interior package. Short term rental approved.

Contact me today at +1-407-506-7857 or info@bferryhomes.com.
Posted in:General
Posted by Brent Ferry on June 23rd, 2015 2:50 PM
Wanting to stay up-to-date on some of the Disney area's hottest new rental communities?

Join me on Facebook for all the latest information including photo updates, construction progress, availability, specials, and more.

You can follow any or all of these awesome, new, short term rental approved resorts.

ChampionsGate, Florida including The Retreat at ChampionsGate and the spectacular Oasis Clubhouse

Storey Lake Orlando

Windsor at Westside Orlando

'Like' these pages now so you can stay informed. Follow ChampionsGate, Florida, Storey Lake Orlando, and Windsor at Westside Orlando on Facebook.

Basic information is also available by clicking the "Featured Communities" tab above where you can also Contact Me for more information about these great vacation home opportunities.

Posted in:General
Posted by Brent Ferry on June 9th, 2015 2:30 PM
Volcano Bay at Universal Orlando Resort will be a Water Theme Park Built on a Bold Creative Vision

Universal’s Volcano Bay to Become Third Park at Universal Orlando Resort

ORLANDO, Fla. (May 28, 2015) – Universal Orlando Resort today announced a project of remarkable vision: to bring to life an entirely new water theme park experience. Called Volcano Bay at Universal Orlando Resort, it will join Universal Studios Florida and Universal’s Islands of Adventure and become the resort’s third incredibly immersive park.

Universal’s Volcano Bay will be a place for the entire family. It will be a whole new generation of experience that reimagines what it means to be a water park.

Imagine a place that offers radically innovative, thrilling attractions, peaceful moments of relaxation and an inspired guest experience that will forever change the perception of water theme parks. It will be set in a highly themed, completely immersive environment inspired by postcard-perfect tropical islands. And it will be the kind of special place that only the Universal team – the same team that has changed the face of Universal Orlando Resort in recent years - can envision and create.

Universal’s Volcano Bay will be located within Universal Orlando Resort, just south of the Cabana Bay Beach Resort. Work is already underway and more details will be released in the future.

Universal’s Volcano Bay is the next in a series of boldly creative experiences that have opened and will continue to open at Universal Orlando. It began with The Wizarding World of Harry Potter – Hogsmeade in 2010 and quickly moved to Despicable Me Minion Mayhem, Springfield, hometown to America’s favorite animated family, The Simpsons, The Wizarding World of Harry Potter – Diagon Alley, eight new venues at Universal CityWalk, the breathtaking Cabana Bay Beach Resort and more. It will include Skull Island: Reign of Kong and Loews Sapphire Falls Resort in 2016.

And then – in 2017 – will come Universal’s Volcano Bay.

Universal Orlando Press Release
Posted in:General
Posted by Brent Ferry on May 28th, 2015 12:05 PM

WASHINGTON – May 27, 2015 – Realtors® remain mostly confident about the real estate market over the next six months, thanks to 30-year fixed rates that remain below 4 percent, continued job growth, and recent measures that have made credit more accessible and cheaper.

Across all property types (single family, townhomes, and condos), the number of Realtors indicating that their market was "strong" outnumbered those who viewed the market as "weak," according to the April 2015 Realtors Confidence Index Survey, which is based on responses from more than 1,000 Realtors about their latest transactions.

With stronger buyer demand and tight supplies, homes continue to sell relatively quickly – typically within 39 days in April – according to the survey.

Also, Realtors increased their price expectations last month. Those surveyed expect prices to increase at a faster pace in the next 12 months, with the median expected price growth nationwide to be 3.9 percent (up from 3.5 percent expectation in March's survey).

Realtors in Colorado were the most upbeat about price increases. They expect median price growth to hit 6 percent, followed by the District of Columbia at 5 percent.

Florida and seven other states ranked in the second tier for expect price growth, with Realtors predicting something in the 4 to 5 percent range. An additional 16 states expect price increases in the 3 to 4 percent range; the remaining states foresee 2 to 3 percent. There is no U.S. state in which Realtors expect a price decline or increase less than 2 percent over the next 12 months. NAR posted a map on its website showing the state-by-state home price increase expectations.

Realtors surveyed said recent measures to ease credit requirements had a profound impact on the housing market, such as lower Federal Housing Administration mortgage insurance premiums and the re-introduction of Fannie Mae and Freddie Mac 3 percent downpayment loans.

Realtors are the most upbeat about the overall housing market in states like North Dakota, Texas, Oklahoma, California, Oregon, Washington, Florida, New York, and Massachusetts, according to the survey. Also, Realtors' outlook over the townhome and condo markets remained highest in Colorado.

For-sale inventories remain tight in many states but seller traffic was reportedly improving.

Source : http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=323683
Posted in:General
Posted by Brent Ferry on May 28th, 2015 8:11 AM
The Greater Orlando Aviation Authority has given approval to begin the process for a new south terminal. The $1.8 billion project will add 16-24 gates for domestic and international travel by 2019. 
Posted in:General
Posted by Brent Ferry on May 21st, 2015 3:34 PM
The Fiji
6 Bedrooms | 6 Baths | 3,346 sq. ft.
Approved for short term nightly rental
South facing pool and spa
Access to the Oasis Club

Call Brent at +1-407-506-7857 or email info@bferryhomes.com for more information.

Posted in:General
Posted by Brent Ferry on May 20th, 2015 12:43 PM
Special reduced pricing available on select move-in ready vacation homes located in The Retreat at ChampionsGate.

Watch the video to view available units and contact me at 407-506-7857 or info@bferryhomes.com with sales inquiries.

Inventory includes two 8 bedroom Maui rental homes for UNDER $500K with $10,000 toward closing, 1 year free Management, and access to the newly opened Oasis Club. Call today!


Posted in:General
Posted by Brent Ferry on May 15th, 2015 5:42 PM

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