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August 19th, 2014

Most Orlando luxury home transactions are cash sales

The buyer who purchased Dwight Howard’s estate in Seminole County last month wasn’t the Orlando market’s only luxury seeker to come with cash in hand.

The NBA star had three cash offers on his lakefront mansion, which sold last month for $3.4 million — $1.5 million less than the asking price.

Of the 20 Metro Orlando homes that sold for $2 million or more during the second quarter, 12 of them, or 60 percent, went for cash, according to a new study by the real estate research firm RealtyTrac. Nationally, 45 percent of buyers in that price range paid cash during the period.

via Most Orlando luxury home transactions are cash sales.

August 19th, 2014

Landlords, house flippers find new sources of cash to buy houses

Orlando landlord Brian Lunsford needed $40,000 to renovate a house that a college student almost burned down, so he turned to an online crowdfunding site.Within two days, more than a dozen investors had each agreed to loan him an average of $2,800 for up to 13 months.

Crowdfunding is just one new financing option that has emerged in a metro area where 56 percent of all home sales were paid for with cash in May, according to RealtyTrac. Recognizing that community banks and institutional lenders are reluctant to loan money to house flippers and landlords, several companies have started offering cash to real estate entrepreneurs in the Orlando area.

via Landlords, house flippers find new sources of cash to buy houses.

August 10th, 2014

Residents concerned about Catholic Diocese’s development plans in rural pocket of Seminole County

From her backyard, Beverly Myers has a good view of one of the largest tracts of undeveloped land in Seminole County’s core urban area.Hundreds of acres of woods and pastureland owned by the Catholic Diocese of Orlando wraps around the southeastern shore of Lake Howell, home to eagles, hawks, large oaks and a few wild boars.

Catholics regularly visit the San Pedro Center on a portion of the property for weekend retreats.But now Myers and her neighbors are alarmed about the diocese’s plans to build 400 homes; 500 apartments and condominiums; a 450-bed assisted-living facility; a 110-room hotel; shops; and a cemetery on the land just north of Howell Branch Road and west of Dike Road near Winter Park.

via Residents concerned about Catholic Diocese’s development plans in rural pocket of Seminole County.

July 20th, 2014

Communities in West Boca seek to ban government rental assistance

Home prices are up, long-vacant houses have families moving in, but fear of what the future might bring has prompted some of the homeowner associations in the unincorporated area of West Boca to limit who might move in.

Some of the 125 master homeowner associations have either banned or are considering a ban on a certain kind of renter — those who pay with the help of Section 8 government housing assistance.

Earlier this year, Boca Winds outlawed Section 8 housing in its community of 800 homes. Boca Falls residents are currently voting on the issue, and a subdivision of the mammoth Logger’s Run, Winding Lakes Estates, is considering whether to ask residents to vote on a ban.

via Communities in West Boca seek to ban government rental assistance.

July 20th, 2014

The Amazing Arithmetic of Home Ownership

A lot of people are down on home ownership these days, some for good reason.

• Young people with student debt can’t be enthusiastic because it’s too painful. Their debt takes them out as homebuyers.• Those who overreached during the bubble are still recovering. At best, they are a long way from having the trauma of being “upside-down” become nearly a bad memory. At worst, they are renting a single-family home they would once have purchased.

via The Amazing Arithmetic of Home Ownership.

June 8th, 2014

How to beat out all-cash home buyers

The rise of all-cash deals in places like Miami has made it difficult for high-end home buyers planning to use a mortgage. In response, many of these borrowers are turning to lenders able to close loans quickly or offer a range of financing options.

In Miami-Dade County, for example, 62% of all closed residential real-estate sales in 2013 had no mortgage, says the Miami Association of Realtors.

For homes priced $800,000 and above in Miami-Dade, all-cash sales accounted for 58% of the total sales in that price range. The all-cash share in that range was 27% in 2008.

via How to beat out all-cash home buyers.

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