17 houses in Pine Hills: A story of race in Orlando [Central Florida]

17 houses in Pine Hills: A story of race in Orlando [Central Florida]

Ferdinand Drive is a short street of 17 houses in the most diverse, most dynamic, most maligned area in Metro Orlando: Pine Hills.

The history of Pine Hills is the story of race in Orlando, what this city used to be and how it has been shaped and reshaped over the decades by waves of people moving in and moving away.

Those 17 houses are Pine Hills in concentrated form. It is a place more than any other in Orlando that has gone from white, to mostly black, to increasingly immigrant. It is a place transformed by the dynamics of race and fear, hope and dreams.

Banks help keep borrowers afloat

Banks help keep borrowers afloat

Andy Hallmark recently faced a financial squeeze familiar to thousands of Americans: The interest rate on his home-equity line of credit (HELOC) had shot up to uncomfortably high levels.

But Hallmark decided to try something other than refinancing his loan or biting the bullet and paying big mortgage bills for a while. Instead, he called his bank and asked to convert his floating-rate HELOC into a fixed-rate second mortgage – and surprisingly, the lender said “yes.”

“We were totally shocked when (the bank) said ‘Sure, no problem,’ ” Hallmark said.

‘Conversion, reversion’

‘Conversion, reversion’

As the market skyrocketed, area apartment complexes thought they could cash-in by converting the units into condos. After stale sales and little interest, many are reverting back to rental communities.

Now come the reversions.

In the past year, investors have flooded the market with apartments turned condo. While sales are moving slowly at some projects, others flopped as demand slowed.

Real estate bust hits home for area builders, buyers [South Florida]

Real estate bust hits home for area builders, buyers [South Florida]

Leonard Sondheimer knows firsthand the perils of the real estate boom.

The 68-year-old — retired until he and his wife sought to diversify their investments into the Southwest Florida real estate rush — now finds himself working full time again as a mattress salesman in Bradenton.

The Sondheimers, who bought a house from Jade Homes that now stands unfinished with 75 others, also enticed more than a dozen neighbors and friends to buy investment homes from Jade.

More South Florida investors are upgrading existing buildings

More South Florida investors are upgrading existing buildings

The 951 Yamato building in Boca Raton used to be spillover office space for IBM. It was big and gray and drab — “a battleship,” one real estate broker said.

After the computer giant closed its sprawling Boca headquarters and slashed its local work force in the 1990s, the building changed hands several times before JP Morgan Chase bought it in July and poured $16 million into renovations and tenant improvements. The 150,000-square- foot building was repainted yellow, and mahogany trim was installed, along with marble floors, generators and wi-fi Internet access. Leasing agent Neil Merin sees no problem filling the space.

As land becomes scarce and construction costs skyrocket, investors across South Florida are upgrading existing office space rather than building from scratch.

REITs That Still Sport High Yields

REITs That Still Sport High Yields

The average yield for property-owning real estate investment trusts has fallen below 4%. But one category — medical REITs — stands out.

It used to be that when REIT yields dipped below 6%, it meant that the stocks were overvalued and it might be wise to stay away or cut back. Investors, however, have repealed — or chosen to ignore — that guideline. Shares of real estate investment trusts have appreciated so relentlessly since early 2000 that the average property-owning REIT today yields 3.9%. That figure doesn’t vary much whether you look at apartment, office, retail or industrial REITs. Annual total returns continue to reach double figures, mostly from REIT share price appreciation, not income.