New Legislation Will Help Condo Buyers

H.R. 3700, the Housing Opportunity Through Modernization Act, was passed by the Senate. Now, it just needs President Obama’s signature to become law.

This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, and will help would-be buyers of Orlando condos – in particular the condo conversions which are so ”investor heavy”. In some communities 90% of owners are absentee investors and this has made lending almost impossible until now.

These changes will make the Federal Housing Administration’s recertification process much easier, and it will lower the FHA’s current owner-occupancy requirement from 50% to 35%. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.

government

The FHA’s current restrictions on condominium financing present a significant hurdle for one of America’s most affordable options, according to testimony given on Capitol Hill in 2015.

Current NAR President Tom Salomone oultined the opportunity. “Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.”

“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans,” Salomone said. “Tight inventory and rising home prices are a reality of today’s market, and mortgage credit is hard to come by.”

“We should take every opportunity to clear the path for well-qualified borrowers to purchase a home when they’re ready, and this legislation does just that,” he said.

For more information concerning Orlando condos, check out our website at: http://CondoMetropolis.com or call us on (407) 901-5161.

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Just Listed: Tuscany Place 3967 Cesare St 32839

Here’s a beautiful town house we just listed for a UK seller.

Well looked after with lots of upgrades, it’s in a new community built by Taylor Morrison just a few years ago. Already the landscaping has taken hold and the location couldn’t be better. This town-home can be sold with our without a tenant, and professional property management is on hand for a would-be investor.

Just call Condo Metropolis on: 407-901-5161 x10 with any questions or for a tour (or email Info@CondoMetropolis.com)

3967-cesare-st-32839

3967 Cesare St. Orlando FL 32839

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Drones Legal for Real Estate Photography

The legal status of drone photography when it comes to real estate remains the subject of much controversy. In fact, several industries are currently affected with it comes to the legal status of arial video and photography, including drone photography for weddings, sporting events and the like.

At the current time, any aerial photography done to advance a commercial purpose requires that the operator have a private pilots license. Such licenses are not required for “hobby” flights however, although even these flights are restricted according to proximity of crowds and buildings etc. Even hobbyists can find themselves subject to legal action if they breach these guidelines. See, for example this drone flight across the Orlando skyline. Clearly designed to advance a ”commercial purpose, the UAV operator would not only have needed a pilot’s license, but even with that, there appear to be clear breaches of the guidelines that restrict flight close to public buildings etc.

According to a wedding drone site, it seems likely that in 2016, the current Federal guidelines may be softened or otherwise revised as authorities struggle with the proliferation of unauthorized UAV flight and what appears to be a loosing battle in the face of so many “illegal” flights taking place. Clearly something has to give and it seems increasingly likely that those drone operators who are already licensed in their industry, eg. real estate photographers, may eventually be given special dispensation to carry out those legitimate business activities, provided they adhere to the guidelines provided.

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High End Florida Living for Islamic Terrorists?

They say timing is everything.

isisIn the case of ISIS condos, downtown Winter Springs, (Orlando) the developers were ahead of the curve. Perhaps anticipating the need for terrorist accommodation, developers of the Tuskawilla Road condominium were ready to pounce on a gap in the market place, long before anyone had even heard of Jihadi John. Although there are still some listings on Condo.com it seems this condo no longer exists — at least it’s no longer called ISIS. Ah, the pressure of modern politics.

But these developers were not alone in their faux pas. How about a smoke then at the ISIS hookah lounge? We can’t confirm their type of clientele but they have an “excellent” rating on Trip Advisor.

Not to be outdone, Hotel ISIS in Reddington Beach FL is still alive and kicking. It’s unclear if the accommodation is a hotbed of home grown terrorism but they also have an “excellent” rating on T.A.

And that’s it for this edition of “Names to be Avoided When Opening a Business.” For property you’d be proud to call your own, just call us – or visit our site at www.CondoMetropolis.com

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The Grove Resort and Spa Disney Vacation Homes

Looking for a classy, fully furnished place to stay while you’re in Orlando, but would like to rent it out while you’re not there? Check out The Grove Resort and Spa Disney Vacation Homes!~

The Grove features 2- and 3-bedroom villas and the community even has its own water park and restaurants.

the grove resort and spa vacation homes disney orlando

the grove resort and spa vacation homes disney orlando

the grove resort and spa vacation homes disney orlando

Get pre-opening prices today. For more information or a tour, please contact Condo Metropolis on +1 (407) 901-5161.

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Orlando Townhomes: New at The Retreat

Here’s a great way to start 2016 if you’re an overseas holiday maker looking for a permanent place in the sun, or perhaps something to keep as a future investment.

The Retreat home developers describe themselves as a new, eco-friendly vacation home community made up of 88 town-homes offering water views, conservation views and standard lots:

The-retreat-holiday-homes-orlando

“Dream’s neighborhoods, Hidden Forest, Hidden Lakes, The Retreat and Serenity are nestled on 145 acres of Florida’s natural beauty. These communities have been designed with destictive features, including natural conservation areas, serene water views, mature landscaping, solar powered streetlights along winding roads and a solar powered ECO-CLUB in each neighborhood.

Located in the heart of Vacation-ville, aka Disney, in Orlando, Florida, this new community is proving popular with Brits in particular, who were able to see the community featured on “A Place in the Sun”.

For the latest pricing, click here (accurate 1/16).

For more information or to visit the community, contact us at Condo Metropolis on: 407-901-5161 or email: Homes@CondoMetropolis.com

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Waterford at Bridgewater Crossing – New

Waterford at Bridgewater Crossing is the premier, “resort style” townhouse project located within the Disney Corridor in magical Greater Orlando, Central Florida. This exclusive community (currently in the development stage) consists of 27 brand new, fee simple, luxury, townhouses. It is located in Greater Orlando’s suburb of Davenport, just 10 minutes away from the gates of Disney World.

Waterford at Bridgewater Crossings includes 2, 3 and 4 bedrooms houses with spacious floor plans, open kitchens, attached garage, small private backyard, and optional splash pool in selected units. As part of the Bridgewater Crossing community, Waterford residents and guests will enjoy a swimming pool, basketball, tennis and volleyball courts, fishing lake, incredible scenic views, gazebo, barbeque and picnic areas, children playground and more…

Designed by an international award winning architectural firm Adache Group of Architects named “Architect of the Year, “ 2014, by the Florida East Coast chapter of Associated Builders & Contractors.

For more information, contact Orlando’s condo specialists on 407-901-5161.

Bridgewater crossing

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Housing sales bounce back in September

Sales usually slow in the fall, but the housing market posted a strong September. The National Association of Realtors says existing home sales in September were up 4.7 percent from August and 8.8 percent higher than September 2014. Existing home sales have posted year-over-year gains for 12 consecutive months. “September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 207,” said NAR chief economist Lawrence Yun. “While current…

Residential Real Estate News – Residential Real Estate News Headlines | Bizjournals.com

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New: The Marina at Daytona Beach

We don’t usually venture this far east with our condos, but the Marina at MG on the Halifax looks like a great project for overseas investors, who are looking for a little R&R.

Opening in just a week (November 1st), there are only 32 spaces available, and with a Marina slip available for each, it could be just the ticket for boating enthusiasts.

marina condo daytona

The community also boasts:

  • 11,000 square-foot private clubhouse with banquet space and private party rooms.
  • A Residents-only theatre with club seats and 133-inch HD screen
  • Billiards room and private event bar
  • Heated swimming pool
  • Riverfront sundeck

There are 10 floor plans to choose from and pricing begins in the mid $200’s.

For more information, contact us here at Condo Metropolis on 407-901-5161 or email Info@CondoMetropolis.com

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7 things to know today, plus how ‘distressed’ the Orlando housing market is

Some good news and some not so good news for you this Friday morning. First, the good: Nationwide, distressed sales, which include real estate-owned (REO) properties and short sales, accounted for 9.4 percent of total home sales in July, down 2.1 percentage points from July 2014 and down 0.4 percentage points from June 2015. And now, the not so good: Of the 25 largest core based statistical areas based on loan count, Orlando-Kissimmee-Sanford had the largest share of distressed sales in…

See the Orlando Business Journal for the full post: Residential Real Estate News – Residential Real Estate News Headlines | Bizjournals.com

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