published: Friday, July 31, 2009

Pep Talk

Lennar to host Clermont event

CLERMONT-- Lennar, one of Central Florida's most active home builders, will host a summer "Blender Bash" on Sat., Aug. 8 at the Welcome Home Center at Heritage Hills, an active adult community located off Hartwood Marsh Rd. in Clermont at 3620 Matira Court.

Bob Brown, vice president of Operations at Lennar in the Orlando area, said the Blender Bash is scheduled from noon to 4 p.m., admission is free and the public is invited.

"We've got a host of free frozen non-alcoholic daiquiris, smoothies and other drinks, music and free food planned, plus participants can register to win a Mediterranean cruise," Brown said. The cruise drawing will be held in December.

To RSVP, call 800 510-1749. For more information call 877 205-1102.

Assisted living facility to be built in Mount Dora

MOUNT DORA -- CORE Construction Florida, the Sarasota-based firm that has built more than 30 specialized living facilities for aging adults in Florida, was recently awarded a contract to build Osprey Lodge assisted living facility on U.S. 441 in Mount Dora.

John Wiseman, president of CORE Construction Florida, said the five-story facility will include more than 140,000 square feet of space for independent and assisted living residents as well as Alzheimer care.

Hoffmeister Development of Mount Dora is developing the facility at an estimated cost of $16 million.

Wiseman said construction is expected to start in October. The new facility will open in 2011.

Lennar launches second annual 'Top Model' showcase

CLERMONT -- Lennar, Florida's leading homebuilder, is hosting its second annual "Top Models" showcase that began on July 25 and continues through Aug. 24 in all 35 Lennar communities throughout the Tampa Bay, Orlando and Space Coast regions.

Mark Metheny, president of Lennar's Central Florida division, said 185 Lennar Top Model homes sold during the Top Models showcase last year. This year, only 150 Top Model homes were selected to be part of the showcase campaign.

"This year we are offering a wide range of special incentives that include granite kitchen countertops, clean steel appliances, hardwood flooring and crown molding in select Top Model showcase homes in all our communities," Metheny said.

Metheny said low interest rates with low monthly payments and low down payment requirements offer an added incentive, and first time home buyers can take advantage of the government's $8,000 tax incentive.

"The housing industry in Florida has changed dramatically and there probably won't ever be a better time to buy a new home than today," Metheny said.

For more information call 888 317-7489

The Lennar Communities in your area are: Lake County

Mount Dora -- Oakridge at Stoneybrook Hills, Crestview at Stoneybrook Hills

Clermont -- Heritage Hills, Legends Golf & Country Club, The Reserve at Lost Lake

Orlando -- Camden Landing Town Homes, Somerset Landing at Wyndham Lakes, Stratford Cove at Wyndham Lakes, Warwick at Vista Lakes

Winter Garden -- Westbrook Town Homes

Orlando housing market nears a balance between buyers and sellers

ORLANDO -- A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.

Members of the Orlando Regional REALTOR® Association in June sold 43.12 percent more homes than in June of last year, contributing to the area's year-to-date sales increase of 43.76 percent. There were 2,131 closings in June, which brings the year's total to 9,993, while a total of 6,951 homes had changed by this time last year. Of those June sales, 45.99 percent of the homes were either bank-owned (832) or distressed (148). The remaining (1,151) "normal" sales made up 54.01 percent.

ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., explains that the increase in sale activity can be attributed in part to first-time homebuyers taking advantage of the $8,000 federal tax credit. "The first-time tax credit should be expanded to all buyers of primary homes regardless of income," he says. "And, extending the credit into 2010 would allow more time for the market to catch up with underlying demand and maximize the potential for a housing recovery."

The significant percentage of bank-owned and distressed home sales continue to have an influence on Orlando's reported median price. The median price of all Orlando homes sold in June is $131,200 (a 39.26 percent decrease compared to June 2008 and an 0.92 percent increase compared to May 2009). The median price for "normal" sales is $172,500 (up 4.55 percent from last month's $165,000). The median price for bank-owned sales is $79,900 (down 2.56 percent from last month's $82,000) and the median price for distressed sales is $152,000 (up 8.57 percent from last month's $140,000).

In addition to an increase in completed sales in Orlando, there is more than double the number of homes currently awaiting closings (7,230) than in June of last year (3,329). Of those pending sales 3,686 are homes that came under contract in the month of June alone, yet again marking the most in a single month this year.

The area's average interest rate increased in June to 5.48 percent, which along with this rise in median price has contributed to a drop in the area's affordability. Orlando's affordability index, however, continues to hover near the 200.00 percent mark, 183.66 percent to be exact. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,421 can qualify to purchase one of 9,318 homes in Orange and Seminole counties currently listed in the local multiple listing service for $238,757 or less.

First-time homebuyer affordability in June decreased to 130.60 percent. First-time buyers who earn the reported median income of $35,646 can qualify to purchase one of 5,462 homes in Orange and Seminole counties currently listed in the local multiple listing service for $144,316 or less.

Homes of all types spent an average of 104 days on the market before being sold in June 2009, and the average home sold for 93.77 percent of its listing price. In June 2008 those numbers were 121 and 93.41 percent, respectively.

The most single-family homes sold in any one price category (184) fell into the $200,000 - $250,000 range. On the far ends of the scale 10 homes were sold for $1 million or more while 118 homes - the most in a single month this year - sold for less than $50,000.

Inventory

There are currently 17,831 homes available for purchase through the MLS. Inventory decreased by 1,292 homes from May 2009, which means that 1,292 more homes left the market than entered the market. Compared to last year, the June 2009 inventory level is 27.44 percent lower than it was in June 2008 (24,575).

The inventory level's 8.37-month supply is the lowest since July 2006. Increased sales activity has led inventory months-of-supply to decline by 61.14 percent since January 2009, when months of supply clocked in at 21.54.

There are 12,862 single-family homes currently listed in the MLS, a number that is 5,436 (29.71 percent) less than this time last year. As usual, most homes (1,558) are listed in the $200,000 - $250,000 price range. Condos currently make up 3,383 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,586. Most condos by far (641) are priced below $50,000; the majority of duplexes/town homes/villas (246) are listed in the $120,000 - $140,000 price category.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area increased by 189.71 percent in June when compared to June of last year, and increased by 4.23 percent when compared to last month. A total of 394 condos changed hands in June of this year compared to 136 in June 2008. To date 1,781 condos have sold this year, a 157.74 percent increase over last year's 691 by this time.

The most (176) condos in a single price category that changed hands were in the $1 - $50,000 price range, almost three times the number (61) that were sold in the next most populated category ($50,000 - $60,000). Only 11 condos sold for more than $250,000 in June, which is actually the second highest tally this year (a high of 17 condos sold for more than $250,000 back April).

Orlando homebuyers purchased 174 duplexes, town homes, and villas in June 2009, which is a 32.82 percent increase from June 2008 when 131 of these alternative housing types were purchased; year-to-date sales for these home types are up 36.95 percent. The majority (30) of duplexes, town homes, and villas sold in June 2009 fell into the $100,000 - $120,000 price category.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 56.90 percent when compared to June of last year. Throughout the entire MSA, 2,774 homes were sold in June 2009 compared with 1,768 in June 2008. To date, MSA sales are up by 53.81 percent over this time last year, with sales at 12,863 compared to 2008's 8,363.

Each county's year-to-date sales comparisons are as follows:

Lake: 25.07 percent above 2008 (1,831 homes sold to date in 2009 compared to 1,464 in 2008);

Orange: 65.57 percent above 2008 (6,762 homes sold to date in 2009 compared to 4,084 in 2008);

Osceola: 110.66 percent above 2008 (2,450 homes sold to date in 2009 compared to 1,163 in 2008); and

Seminole: 10.17 percent above 2008 (1,820 sold to date in 2009 compared to 1,652 in 2008).

For detailed statistical reports, please visit www.orlrealtor.com <http://www.orlrealtor.com/> and click on Housing Statistics on the top menu bar. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Statistics on the sales of area homes that are sold without the assistance of a REALTOR® are available in the Real Estate Index <http://www.orlrealtor.com/Main/Main.asp?CategoryID=3&amp;SubCategoryID=228&amp;> , a report produced jointly by ORRA and the Real Estate Attorney's Fund.

Realtor to play major role in auction of Celebration condos

ORLANDO -- Stirling Sotheby's International Realty Associate KC Ye, whose Central Florida roots include graduation from Dr. Phillips High School in southwest Orlando and the University of Central Florida, will play a major role when Worldwide Auction Realty Services conducts an auction on Aug. 1 to sell 27 remaining condominium residences at Artisan Park, the luxury condominium community of over 300 new condominium homes located near Walt Disney World.

Roger Soderstrom, owner and founder of Stirling Sotheby's International Realty, the company representing the property, said Ye speaks Korean fluently and her 20-year career in hospitality and real estate has positioned her as an influential "go-to" associate in the southwest Orlando region. She will be on hand at Celebration Aug. 1 for all inquiries during the auction, Soderstrom said.

The auction is scheduled to begin at 10 a.m. at the Celebration Hotel. Prospective bidders are being invited to register and participate in the auction in person, by telephone or live online. Prior to the auction, Ye will be available to answer questions and provide on-site tours. KYe@stirlingsir.com or 407 925-7909.

Auction condominiums were formerly listed for sale at prices ranging from $480,000 to $600,000. Suggested opening bids for the luxury units have been set at $95,000, Soderstrom said, with many units featuring waterfront settings.

Artisan Park includes a community clubhouse with a swimming pool, cabana, restaurants and other amenities. A brochure can be downloaded at www.stirlingsir.com/eflyers.

For more information please contact KC Ye, Stirling Sotheby's International Realty at 407 925-7909.

HUD to dole out sweat equity grants

WASHINGTON -- U.S. Housing and Urban Development Secretary Shaun Donovan today announced that $26.5 million is available in "sweat equity" grants to produce homes for low-income individuals and families through HUD's Self-Help Homeownership Opportunity Program (SHOP) <http://www.hud.gov/offices/cpd/affordablehousing/programs/shop/> .

"Even during these hard times, sustainable and responsible homeownership can be within reach for many families," said Donovan. "With HUD's support and the 'sweat equity' provided by the homebuyers' the American Dream is still attainable to those who would otherwise be unable to purchase a home."

HUD's Notice of Funding Availability (NOFA) for these grants can be accessed on Grants.gov. SHOP grants will be provided to national and regional nonprofit organizations and consortia that have experience in administering self-help housing programs. The funds must be used to purchase land and install or improve infrastructure, which together may not exceed an average investment of $15,000 per dwelling. Applicants may carry out activities directly and/or propose to distribute SHOP funds to local nonprofit affiliates that will acquire and prepare the land for construction, select homebuyers, coordinate the homebuyer sweat equity and volunteer efforts, and assist in the arrangement of interim and permanent financing for the homebuyers.

Homebuyers must contribute a minimum of 100 hours of sweat equity on the construction of their homes and/or the homes of other homebuyers participating in the local self-help housing program. Self-help housing or sweat equity involves the homebuyer's participation in the construction of the housing, which can include, but is not limited to, assisting in the painting, carpentry, trim work, drywall, roofing and siding for the housing.

Labor contributed by volunteers also helps buyers who are unable to perform their sweat equity tasks due to disabilities. The sweat equity and labor contributions by the homebuyers and volunteers significantly reduce the cost of the housing.

The application deadline is September 14, 2009. Applications must be received through www.grants.gov <http://www.grants.gov/> no later than 11:59 Eastern time on the application deadline. Please carefully read the timely receipt information in the General Section and the SHOP NOFA.