published: Friday, September 25, 2009

PEP talk

Local Builder wins prestigious Aurora Award

TAVARES -- Joseph Williams of Town Square Construction has won the 2009 Aurora Award Best Energy Efficient Home category for his entry, "Ley-Brown Craftsman Cottage," located in Montverde.

Williams, a Certified Green Professional (CGP), member of the Home Builders Association of Lake County and its Green Building Committee, earned the Florida Green Building Coalition Green Certification and Energy Star rating for his entry, which was designed to fit the craftsman style built in the late 1940s.

"This house proves that energy efficiency and green certification can be affordable for consumers at the lower end of the building market as well as for large, high-end homes," states Williams.

"The Aurora Awards are the Grammy's of the home building profession," said Ashley Jenings, of Kay Green Design, in Orlando, the 2008 Aurora Award Chair. "The Aurora symbolizes tremendous achievement, honor and distinction among building industry professionals."

The Aurora Awards drew a record 350 entries. Leading industry professionals judged the contenders, selecting the best in new home construction and design in the southeast. Of the 95 winners, there were: 24 Grand winners; 8 Best in State winners; and 1 Golden Award winner.

For more information about the Home Builders Association of Lake County call 343-7101 or visit www.lakehba.com.

Public invited to free home show

TAVARES -- The Home Builders Association of Lake and Sumter Counties (HBA) will hold its annual Home Show on Sat., Sept. 26, 9 a.m.-3 p.m. at Main Street Receptions in downtown Leesburg. For the first time, the Home Show is open to the public. It will feature displays from businesses throughout Lake and Sumter Counties involved in the building and remodeling industry. Various banks, mortgage companies, supply companies, and installers will be at the show to assist consumers with their next project.

Three special seminars will be held during the show to assist homeowners with improving their properties. The opening seminar will be at 10 a.m., offering a home security presentation by the Lake County Sheriff's Department. This seminar will train homeowners to protect their property and their family with proven security tips and "how to" methods.

The noon seminar featuring Hilary Cook, Area Specialist for the United States Department of Agriculture, will offer information on the USDA Government Guaranteed 100 percent Financing Home Loans. This program is available to moderate and low income prospective homeowners and is designed to promote homeownership with direct or guaranteed lending. Local banks will also be available to answer questions.

The final seminar "Tips for Successful Home Remodeling" will be at 2 p.m., with leading area remodeling contractors who will teach homeowners how to successfully navigate through remodeling projects, focusing on procedures, code requirements, and finding a properly trained and licensed contractor. This seminar is a must for anyone planning a remodeling project.

On Friday night, Sept. 25, 5 p.m.-9 p.m., the HBA will be hosting a private showing for builders. Vendors will have the opportunity to present their products and services to the top builders in Lake and Sumter Counties.

For more information about the builders' showing or the Home Show, call the HBA office at 343-7101.

The Home Builders Association of Lake-Sumter is a non-profit trade industry association representing 370 construction companies and associated business industries. Formed in 1973, the HBA, located at 1100 N. Joanna Ave. in Tavares, www.lakehba.com, is the local affiliate of the National Association of Builders (NAHB) and the Florida Association of Home Builders (FHBA).

Local inventor to display at home show

TAVARES -- Eustis inventor of the Tri-Bolt Security System, Mike Cennamo, will be displaying his unique safety lock at the upcoming Home Show, hosted by The Home Builders Association (HBA) of Lake and Sumter, on Sat., Sept. 26, 9 a.m.-3 p.m. at Main Street Receptions, 200 E. Main Street in Leesburg.

The new security bolt system has been hailed as a cutting edge innovation for home security and pool safety. The product will be presented in conjunction with a seminar on home security presented by the Lake County Sheriff's Department.

For more information on the Home Builders Home Show contact Kelly or Linda at 343-7101.

The HBA is the local affiliate of the National Association of Builders (NAHB) and the Florida Association of Home Builders (FHBA).

NAI Realvest negotiates sale of Groveland development site

ORLANDO -- NAI Realvest recently negotiated the sale of a 22.70 acre commercial development site on U.S. Highway 27 in Groveland in South Lake County.

Associate Jeff Ettinger brokered the transaction representing the buyer, Edward Meixsell. Robert J. Hester IV, Trustee, based in DeLeon Springs is the seller. The buyer plans a future commercial development on the site fronting U.S. Hwy. 27.

For more information visit www.NAIRealvest.com.

Stirling Sotheby's names Wendy Barin associate

ORLANDO -- Stirling Sotheby's International Realty recently appointed Wendy F. Barin an associate in the firm's Orlando World Marketing Center office.

Tansey Soderstrom, broker and owner of Stirling Sotheby's International Realty (www.StirlingSIR.com) said Barin is a Connecticut native and 20-year resident of Brevard County.

Barin formerly was owner-operator of two successful health and fitness companies for 15 years before starting her career in real estate. She graduated with honors from Eckerd College in St. Petersburg with a Bachelor of Arts in Humanities.

Soderstrom said Barin will provide real estate services in a six-county area that includes Brevard.

For more information call 407 588-1260 or visit www.StirlingSIR.com.

Stirling Sotheby's associate plays key role in auction

ORLANDO -- Stirling Sotheby's International Realty recently honored senior business developer Troy Fletcher for his work in negotiating one of the firm's most successful property auction agreements in 2009.

Fletcher, who joined Stirling Sotheby's International Realty in mid-2008, worked with developers to secure the agreement to auction off 27 luxury condominiums remaining for sale at Artisan Park condominiums in Celebration.

The auction, which was widely marketed throughout the U.S. and internationally, was a resounding success. All 27 condominiums were sold, generating more than $6 million in sales.

"Troy Fletcher is a talented, enthusiastic executive who is part of the company's elite Workout Team that focuses on supporting builders, developers and lenders," said Roger Soderstrom, founder and owner of Stirling Sotheby's International Realty.

For more information call 407 588-1260 or visit www.StirlingSIR.com.

Mercantile appoints four new loan specialists

ALTAMONTE SPRINGS -- Mercantile Capital Corporation, which ranks as one of the nation's leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently appointed four new SBA 504 loan specialists.

Christopher G. Hurn, CEO of Mercantile Capital Corporation, said he promoted Jon DeJulio from intern to marketing associate.

Yelena Sulyagina was promoted from intern to credit analyst.

Tammy Hennen was named operations administrator and Carolyn Skog was named credit analyst. Both Hennen and Skog have more than 20 years of experience.

For more information call 407 786-5040.

Bank-owned and distressed sales drives down Orlando's overall median price

ORLANDO -- The median price of all homes sold during the month of August dropped to $128,000, a trend that Les Simmonds, L.G. Simmonds Real Estate Corp., president of the Orlando Regional REALTOR® Association, expects to continue as the tremendous backlog of bank-owned and distressed home sales work their way though the transaction process.

"Research by the National Association of REALTORS® shows bank-owned and distressed homes typically sell for 20 percent less than normal homes," explains Simmonds, "and with these types of homes accounting for nearly 50 percent of sales in Orlando, they are naturally creating a downward distortion in median price. It's important for owners to keep in mind that the distorted median price doesn't equate to a similar loss of values for traditional homes in good condition."

The reported $128,000 median price encompasses all types of sales situations. The median price for "normal" sales is $165,000, holding steady from last month. The median price for bank-owned sales is $84,050, down a fraction from last month's $84,500, and the median price for distressed sales is $125,800, down 9.82 percent from last month's $139,500.

The $128,000 median sales price of all existing homes sold in August declined 3.76 percent from the $133,000 recorded in July. That same median price is a decrease of 36.00 percent compared to August 2008s median of $200,000.

Members of the Orlando Regional REALTOR® Association in July sold 65.23 percent more homes than in August of last year, contributing to the area's year-to-date sales increase of 49.40 percent. There were 2,115 closings in August, which brings the year's total to 14,496, while a total of 9,703 homes had changed by this time last year. Of those August sales, 49.08 percent of the homes were either bank-owned (850) or distressed (188). The remaining (1,077) "normal" sales made up 50.92 percent.

In addition to the increase in completed sales in August, there is currently more than twice the number of pending sales (8,237) than in August of last year (3,220). A total of 3,324 sales contracts were newly filed in the month of August alone, which is a jump of 95.64 percent compared to August 2008 (1,699).

The Orlando affordability index improved in August to 193.34 percent as a result in part of in the month's decrease in median price. 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 $52,535 can qualify to purchase one of 8,964 homes in Orange and Seminole counties currently listed in the local multiple listing service for $257,142 or less.

First-time homebuyer affordability in August increased to 137.49 percent. First-time buyers who earn the reported median income of $35,724 can qualify to purchase one of 5,629 homes in Orange and Seminole counties currently listed in the local multiple listing service for $155,428 or less.

Homes of all types spent an average of 93 days on the market before being sold in August 2009, and the average home sold for 94.39 percent of its listing price. In August 2008 those numbers were 113 and 92.81 percent, respectively. The area's average interest rate decreased in August to 5.26 percent.

Inventory

There are currently 16,361 homes available for purchase through the MLS. Inventory decreased by 870 homes from July 2009, which means that 870 more homes left the market than entered the market. Compared to last year, the August 2009 inventory level is 34.12 percent lower than it was in August 2008 (24,834).

The inventory level's 7.74-month supply for August is just a fraction above July's level, which was 7.49 and the lowest since July 2006. Increased sales activity has led inventory months-of-supply to decline by 65.23 percent since January 2009, when months of supply clocked in at 21.54.

There are 11,910 single-family homes currently listed in the MLS, a number that is 6,453 (35.14 percent) less than in August of last year. As usual, most homes (1,423) are listed in the $200,000-$250,000 price range. Condos currently make up 3,057 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,394. Most condos by far (642) are priced below $50,000; the majority of duplexes/town homes/villas (199) 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 259.48 percent in August when compared to August of last year, and increased by 3.22 percent when compared to last month. A total of 417 condos changed hands in August of this year compared to 116 in August 2008. To date 2,618 condos have sold this year, a 178.21 percent increase over last year's 941 by this time.

The most (223) condos in a single price category that changed hands were yet again in the $1-$50,000 price range, more than four times the number (54) that were sold in the next most populated category, $50,000-$60,000. Only seven condos sold for more than $250,000 in July.

Orlando homebuyers purchased 192 duplexes, town homes, and villas in August 2009, which is an 88.24 percent increase from August 2008 when 102 of these alternative housing types were purchased; year-to-date sales for these home types are up 45.57 percent. The majority (30) of duplexes, town homes, and villas sold in August 2009 fell into the $100,00 -$120,000 price category.

MSA Numbers

Sales of existing homes within the Orlando MSA, includes Lake, Orange, Osceola, and Seminole counties, in August were up by 71.18 percent when compared to August of last year. Throughout the entire MSA, 2,720 homes were sold in August 2009 compared with 1,589 in August 2008. To date, MSA sales are up by 59.10 percent over this time last year, with sales at 18,646 compared to 2008's 11,720.

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

Lake: 26.93 percent above 2008, with 2,550 homes sold to date in 2009 compared to 2,009 in 2008.

Orange: 71.57 percent above 2008, with 9,843 homes sold to date in 2009 compared to 5,737 in 2008.

Osceola: 111.75 percent above 2008 with 3,551 homes sold to date in 2009 compared to 1,677 in 2008.

Seminole: 17.63 percent above 2008 with 2,702 sold to date in 2009 compared to 2,297 in 2008.

For detailed statistical reports, please visit 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.