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By Eamonn Curley
Orlando’s metro area once again topped all other locations across the state of Florida during the third quarter of 2010 in the percentage of foreclosed homes among its home sales, according to a report by the research firm Realty Trac Inc.
Almost 50% of the four county metro area home sales were foreclosed homes, this is a reflection of the demand from multiple sources domestically and internationally for real estate at what is considered bargain basement prices that frankly will not last, this compares to about 35% of all sales in the State of Florida and 25% of all sales nationwide.
During the previous quarter there were almost 6000 foreclosed homes sold in Orange, Seminole, Osceola and Lake Counties, second in Florida only to the Miami / Fort Lauderdale / Pompano Beach metro area, which had almost 11700 foreclosed homes among its home sales, or 34 percent of the total, California-based RealtyTrac have reported.
Real Estate in Florida at these prices and particularly in the foreclosed homes segment is getting a lot of support, demand is evident suggesting that Florida real estate has hit bottom and may well be close to a period of stabilisation according to results of a quarterly survey by the University of Florida.
We are seeing Private capital — both foreign and domestic — continuing to enter Florida in search of high-quality investments, As banks come to terms with how they are going to deal with their problem assets, more deals are likely to come to market, as you will know from my previous postings great care is required but there will be opportunities beyond that covered on our web site.
On a side note life insurance companies have started to reinvest in commercial properties after holding back for the past year and a half, these companies invest premiums from customers' policies, they are not deterred like private investors by the lack of available bank financing in the residential homes sector.
Florida presents a compelling argument for the savvy investor no matter what part of the world they reside. Our office receives interest from various parts of the world, all callers are seeking value, and we have property opportunities across the foreclosed homes market that is fully vetted, clear of all liens and title issues. We do not ask you to close until we provide a pre-qualified credit checked client and a lease in place.
What is real and tangible is that we provide foreclosed home opportunities from $50,000 capable of generating up to 8% after all costs together with the prospect of capital appreciation over the medium term.
By PRweb.com
One initiative at a time, things are getting back to normal for MetroWest, a master planned community in South West Orlando.
Over the last few years, the overall growth of the South West Orlando community resulted in a sudden spike in the crime rate, causing the community to take a hit on it’s reputation. The instances of crime reached its peak back in 2007, but since the implementation of MetroWest’s “Zero Tolerance on Crime Program” around that time, the occurrences of crime in the beautifully maintained planned community has diminished. One of the biggest pushes to rid crime in the area was when residents and board members of the MetroWest master planned community took action to get an Orlando Police substation within MetroWest.
In addition, back in August of this year, Orlando Police began a video surveillance program that is being called IRIS, or “Innovative Response to Improve Safety.” The Orlando Police oversaw the installation of cameras in public areas throughout the community. The program was funded by the MetroWest Home Owners Association, and will allow police to monitor MetroWest remotely though laptops in cruisers or from Orlando police headquarters. Orlando Police Chief Val Demings described the MetroWest association’s willingness to fund the IRIS system as the ultimate example of the community’s partnership with law enforcement.
For years before the rise in instances of crime, MetroWest was considered one of Orlando’s most elite areas. The MetroWest Country Club is still regarded as one of Orlando’s best golf courses, and the landscaping has always remained immaculately cared for by the master association. The schools are primarily level A and B quality schools according to the Florida school grading system and includes both public and private schools as well.
The results of the “Zero Tolerance on Crime Program” has been paying dividends to this point. As the momentum continues to grow, Metro West will reclaim it’s name as one of Orlando’s most prestigious communities.
By Eamonn Curley
If you are reading this then it is safe to assume that you have either a passing or serious interest in becoming a potential investor in distressed property Florida. Previous posts have referred to the sustainability factors in terms of job creation in a locally buoyant jobs market. An investment in distressed property in Florida and in particular in Orlando minimises risk because the local jobs market is so active.
The numbers of people falling into arrears on mortgages according to CNNMoney.com continues to rise and stabilisation appears some way off just yet. Specifically 3.51% of borrowers were 30 days late in payments in Quarter 2, 2010, moreover personal bankruptcy filings rose 74% year on year, these are the critical statistics that arrive months ahead of the market receiving distressed property opportunities to the market. Read More >>
By Eamonn Curley
Ok. Admissions first, my father in law is indeed a tad wiser than myself declaring as he did what I guess could vaguely be considered support for his son in law who together with the rest of the established team at Castleroc Estates in Harcourt Street have come to agree using our combined experience in the U.S. markets that yes there is a great deal of sense in seeking out foreclosed property for sale once you get the basics right and work with the best people possible, let me explain further.
On our side of the world we rarely see or hear of foreclosed property for sale, the term foreclosed itself is uncommon, I worked for a Bank for most of my adult life and cannot recall the term in use. So what is foreclosure and why should a person want to buy foreclosed property? Read More >>