Metro Orlando Headlines

[shardoon]

here is a great summation of what happened in orlando regarding the grinch.

http://thehowevafiles.blogspot.com/2007/10...rris-rosen.html

[wally2169]

Lexington owners, mortgage holder drop $32M minimum bid for property

ChampionsGate developer among five bidders that didn't meet requirements.

ORLANDO -- Downtown Orlando's Lexington condo hotel is still up for grabs.

As part of the Chapter 11 bankruptcy filing by Lexington owner and developer Orlando CityPlace LLC and its related companies, a sale of the property was arranged to pay off $30 million owed to New York-based lender iStar Financial Inc.

http://orlando.bizjournals.com/orlando/sto...6053200^1554114

[shardoon]

Lexington owners, mortgage holder drop $32M minimum bid for property

ChampionsGate developer among five bidders that didn't meet requirements.

ORLANDO -- Downtown Orlando's Lexington condo hotel is still up for grabs.

As part of the Chapter 11 bankruptcy filing by Lexington owner and developer Orlando CityPlace LLC and its related companies, a sale of the property was arranged to pay off $30 million owed to New York-based lender iStar Financial Inc.

http://orlando.bizjournals.com/orlando/sto...6053200^1554114

is this going to effect the hotel at all? i have a room booked there for new years eve.

[bulldogger]

I 2nd that!!!!!

To Harris Rosen and Doug Guetzloe.....

May they both leave Orlando with their tails tucked and rot in hell

anybody got anything on guetzloe sueing the sentinel?

[neon9]

Orlando #1 in real estate markets 'poised to fall'

Anyone else seen this?

Predicts a 34% decline in home prices.

[cwetteland]

Orlando #1 in real estate markets 'poised to fall'

Anyone else seen this?

Predicts a 34% decline in home prices.

I also just read a few days ago an article that said home prices in Orlando have not dropped nearly as much as other areas. And an article in yesterday's sentinel that said condo sales in downtown are about to pick up again. I guess one can find opinions that are all over the map.

[Florida]

Seems this list has many major Florida cities prepared to take a significant hit. Too many Florida cities near the very top of the list.

[jack]

It is simple. Realtors and some developers, things are getting better. Economists, Mortgage brokers and most developers, the sky is falling. Run for your lives!

[Florida]

It is simple. Realtors and some developers, things are getting better. Economists, Mortgage brokers and most developers, the sky is falling. Run for your lives!

In my eyes the opinion of the Mortgage broker's opinion is the only one that matters. If they won't loan the money to purchase or refinance most of us are up the creek.

[neon9]

I also just read a few days ago an article that said home prices in Orlando have not dropped nearly as much as other areas. And an article in yesterday's sentinel that said condo sales in downtown are about to pick up again. I guess one can find opinions that are all over the map.

Yeah, but if it's the same article I saw it was an interview with an employee of the Coldwell Banker 'Condo Store', so take that with a grain of salt. If that is the article you're referring to, make sure you read the comments. Let's just say most people, including Alan Greenspan, the creator of the Case-Shilling Housing Index and the S&P don't think we've hit bottom yet.

Florida, you're right, many Florida cities are on here. Either we've entered a new phase of Florida development/land prices due to ....Higher paying jobs? Foreigners buying homes? Rich people moving from other states?

OR....almost all the Florida urban areas are overpriced, pehaps due to speculators.

Edited November 28, 2007 by neon9

[Florida]

I feel the later part of your statement is most true, neon9.

[Florida]

I have to question the theory that buyers won't buy if renting is cheaper than owning. That are a lot more factors involved. Most people want the security and control of ownership, even if they will be paying more. I think that is the big mistake in this particular ranking.

I will say that there is one silver lining in the fact that the dollar's value is so low right now. It is now suddenly making the US attractive as an investment location to many foreigners. The Canadian dollar is now worth more than the US dollar - even if by a small amount. If that grows, that will be an attraction to invest in a cheap vacation destination. so I don't think it is all doom and gloom.

Yes, I do think that the housing market everywhere is still going to get worse. I just don't think it is going to single out Florida, let alone Central Florida, any more so than other areas.

cloud, I think the idea behind the theory you reference is purely economic. Sure there are the other factors that you mention, in addition to many more, but from the perspective of a "wise spender" the theory holds up.

I do think the current strength of the US dollar is a positive from a foreign investment stand point. My only question would be, how many foreigners will take advantage of the American dollar's weakness to purchase a vacation home here, before the dollar regains its strength?

[JRS1]

^^

I don't know the answer to that question, but I do know that Orlando led the state last year in amount of foreign investment and I know an intl. investment broker in ORL that was responsible for a good chunk of that. point being that there's a strong foreign presence in ORL and that attracts more foreign investment b/c of that association. I went to a Taiwanese Chamber function during the holiday weekend and didn't realize how big a presence they had, let alone the other Asian cultures here. to my knowledge, there is alot of foreign purchasing still going on around town...

[Florida]

I suppose I'm not as surprised to hear about the heavy foreign influence in this region, but I am a bit shocked at the Asian influence being so strong. How does their money compare with our own?

[fenderbender]

I suppose I'm not as surprised to hear about the heavy foreign influence in this region, but I am a bit shocked at the Asian influence being so strong. How does their money compare with our own?

In general, a lot better than it did a few years ago.

The U.S. dollar has declined significantly since 2006. Exchange rates are more favorable to foreign investment than they have been in quite some time. It's a fair bet that we'll see a continued increase in foreign investment under a declining U.S. dollar.

[neon9]

Unless they just really want a vacation home, why would a foreigner purchase a dollar denominated investment (like property/a home) that is currently depreciating? Assuming both trends continue, they are taking a double hit on both the falling dollar and the slumping real estate market.

[Florida]

Well if they're able to do things right it could be one of the best moves they make. Say they purchase a home that was listed as a foreclosure with their dollars which are currently worth more than ours. Staying true to my American spirit, and the belief that things can't get much worse than they currently are in this country, I believe both our dollar and our real estate markets will rebound to normal levels, making a foreigner's investment in a vacation home worth while.

[neon9]

Well if they're able to do things right it could be one of the best moves they make. Say they purchase a home that was listed as a foreclosure with their dollars which are currently worth more than ours. Staying true to my American spirit, and the belief that things can't get much worse than they currently are in this country, I believe both our dollar and our real estate markets will rebound to normal levels, making a foreigner's investment in a vacation home worth while.

I would guess most foreigners take a different (even opposite) view, at least for the near term, but that is just my guess. I'm going to Amsterdam for New Years, I'll ask some people there what they think

Edited November 30, 2007 by neon9

[Florida]

I would guess most foreigners take a different (even opposite) view, at least for the near term, but that is just my guess. I'm going to Amsterdam for New Years, I'll ask some people there what they think

My guess is that your guess is correct, for the near term. In the long run of things, the American dollar will bounce back and those who seek to take advantage of it's current weakness will be rewarded somewhere down the road.

[Rayman]

Orlando and Central Florida is a destination Region,, you have a lot of Baby boomers in the next 15 years Retiring,, where will they GO? you got it,, right here,, so relax. people will still come to Florida. Housing Crisis here is just a dip in a long range cycle.

[jnorlando]

article eola capital to donate $500,000 over 5 years to the City Arts Factory

[bulldogger]

That's good news. I don't remember the operational budget for CAF off the top of my head, but that should help keep it afloat.

[Boomer136]

Good. Maybe they can use some of that money to remove the house lighting out of the way from the downstage truss stage lighting in the 'performance space'.

[jnorlando]

and the lexington hotel is sold....article

[bulldogger]

This isn't a headline, but I thought I was in the movie Blade Runner last night.

I'm downtown and I look up and see a blimp with a screen on it almost the size of the blimp itself. They had a video of a football game running on it. I'm sure they were doing a test run for the Capital One game. I just needed my car to levitate.