Whitney Houston’s Home Still For Sale

The late Grammy Award-winning singer Whitney Houston still has a home in New Jersey on the market, and it is currently being offered in a private listing. The asking price is $1.75 million.

The home was the setting of the BRAVO television show, ‘Being Bobby Brown,’ which featured Houston and her then-husband, singer Bobby Brown.

On the market since 2009, the home in New Jersey, originally listed at $2.5 million, features 12,600 square feet, 5 bedrooms, and 5 bathrooms. The home is currently being shown to pre-selected applicants who have $1.5 million in equity. If you fancy this as your new home – call us on 407-290-3408.

October Housing Stats

(ORLANDO, FL) — According to the Orlando Regional Realtor Association (ORRA), sales of existing single-family homes in October 2011 jumped 18% over last October’s home sales pace, marking the year’s greatest month-over-month increase in sales of this home type.

In addition to the 18.16 percent increase in existing single-family home sales, Orlando’s overall home sales (homes, condos and townhomes) for October have increased by 5.89 percent.

“October marks the first time since March that overall sales have indicated a month-over-month improvement,” says ORRA Chairman Mike McGraw, McGraw Real Estate Services, PL. “This additional activity can be attributed to a multitude of local factors — such as low interest rates, a higher percentage of “normal” sales, and a steady incline in median price — that are encouraging buyers to take advantage of today extraordinary market conditions.” Read on…

Orlando Property Among Cheapest in World

We all knew that American real estate was cheap but in fact, it is the cheapest in the world, according a new report from Credit Sesame. The diagram, which aims to put US property into a global perspective, shows that America is significantly cheaper than other countries in terms of price per square foot. This  explains why interest from overseas investors has increased sharply this year. Many of those cheaper properties are in Florida of course and a great deal of that real estate is in Orlando.

The number of repossessed and discounted houses makes America a far more affordable place to invest than other countries. Even real estate in Manhattan, the most expensive US city at $1,068 per square foot, is three times cheaper than Paris, where property is priced at $3,287 per square foot.

It turns out that Paris, the French capital is the most expensive in the world, while London ranks between Paris and New York at $1,590 per square foot, just above the real estate value in Dubai. Out of the 34 cities analysed (using data between 2011 and 2009), the median market is, perhaps surprisingly, Athens, where Greek property has a cost of $890 per square foot. At the other end of the international scale, Chile boasts property at the lowest global cost of $160 per square foot in Santiago – still over triple that of Houston’s mere $54.

Inventory in Orlando is dropping radpidly however as the influx of overseas investors is mopping up the extra real estate as it comes out of the banks, turning the buyers market into a seller’s market in the under $100K price range. It’s not unusual to see a dozen or more contracts these days for each bank owned condo foreclosure that pops up on the MLS.

For more information and details on how to buy and sell Orlando real estate in this market, contact the Orlando real estate Pros at: Info@OrlandoRealEstatePros.com or call 407-290-3408. For MetroWest, see http://MyMetroWestRealty.com and for downtown Orlando condos see: http://OrlandoCondosDowntown.com

Couple Foreclose on Bank!

Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.

So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff’s deputies who had a judge’s permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88.

“The branch manager was visibly shaken,” attorney Todd Allen said Monday, recalling the visit to the bank last week. “At that point I was willing to take the desk and the chair he was sitting in.”

Orlando No. 1 Travel Destination

Orlando is the No. 1 most popular summer travel spot for 2011, according to bookings on travel site Orbitz.com.

The City Beautiful was the only Florida city to make the top 10 list this year. Among the reasons cited for Orlando’s high ranking:

• Average airfare to Orlando this summer is $290, an increase of 10 percent over last year but still the lowest average fare for any of the cities in the top 10.

• Orlando hotel rooms are averaging about $94/night, an increase of 12 percent over last year but the second lowest of the cities in the top 10.

Cities that ranked No. 2-10 include: Las Vegas, Seattle, Los Angeles, Denver, New York, San Francisco, Chicago, Cancun and Boston.

For property buyers, that translates to increased interest in Orlando real estate. Prices are still at 2004 prices in many cases and cashflow positive.

For more information on Orlando real estate including MetroWest homes for sale email us here at: Info@CondoMetropolis.com or call 407-290-3408. There are still a great many Orlando condo foreclosures to be had – but in most cases, you will need to be a cash buyer and competition can be stiff.

Orlando – Top Ten Affordable Towns!

You better believe it – the housing market is back. It’s time to buy again, and here are the 10 cities with the most affordable homes, according to a new report from Deutsche Bank. Orlando real estate is right there, and no wonder with prices a fraction of what they were 5 years ago.

Orlando Real Estate Pros To Go Mobile

Good news: Our MLS search provider DS Search Agent, will soon be releasing a mobile version making your Orlando real estate / home search on the fly that much easier. Stay tuned for full release info!

My Name’s Fawrest. Fawrest Gump.

Orlando Real Estate Broker & Realtor Marcus Burke was interviewed in today’s Orlando Business Journal.

MetroWest Foreclosures

The Italian Horse Fountain at MetroWest OrlandoThe MetroWest subdivision of Orlando currently has about 100 distressed single family homes for sale on the Orlando MLS. 

Of those hundred, the vast majority are “short” sales (which will probably never happen) but about 20 of them are genuine bank owned foreclosures which can sell and close in about 30 days. Since they’re not condos, loans may be possible in the cases of the higher end properties.

List prices on this Orlando real estate runs from about $100K in the case of townhomes to about $600K in the case of the luxury homes behind the MetroWest golf course such as those in Palma Vista.

Competition can be stiff with foreclosures and cash is always your best bet if you have it. You will need a proof of funds and a healthy deposit in order to make your offer. Bear in mind that these homes often sell for more than their listing price, depending on how many bids they have.

Your best source for these? Head over to the new Metrowest homes for sale site at: http://MyMetroWestRealty.com

Florida #5 for Economic Outlook

According to the Orlando Business Journal, Florida’s economic outlook ranks fifth among the 50 U.S. states. So says of an annual study by the American Legislative Exchange Council.

The 2010 “Rich States, Poor States” study presents state economic outlook rankings based on public policies that have a proven impact on growth, revealing which states have the best chance of experiencing economic recovery, and which need to re-examine their policies before they can expect to see improvement.

Utah, Colorado, Arizona and South Dakota ranked 1-4 in the study. The bottom five states include California, Illinois, New Jersey, Vermont and New York.

Although the Sunshine State has been devastated by an unemployment rate topping 10 percent for most of the past year and a half, its economic outlook actually improved since the study’s inaugural edition in 2008, moving from 16th that year to 11th in 2009.

Florida scored highest for its top marginal personal income tax rate, state minimum wage and its right-to-work status. Low scores included tax burden (No. 45) and tort litigation treatment/judicial impartiality (No. 42).

“Our research shows that states with responsible spending and competitive tax rates enjoy the best economic outlook,” said study co-author Jonathan Williams, director of ALEC’s tax and fiscal policy task force. “States do not enact changes in a vacuum – every time they increase the cost of doing business in their state, their state brand immediately loses value.”

The full report can be downloaded at www.alec.org.

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