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Walt Disney World began selling annual passes Friday that can be paid for in monthly installments ” a tactic long-used by its local theme-park rivals and one credited with helping Disneyland sign up record numbers of passholders in California.

The new Disney World payment option is available to Florida residents who purchase new annual passes, which range in price from $148 for limited œEpcot After 4 passes to $521 for œpremium passes with unlimited admission to Disney™s theme parks, water parks and other venues. Disney says it will extend the installment option to existing passholders looking to renew later this year.

Disney had for years avoided installment payments, in part because executives thought it might devalue the company™s brand ” and its ability to command premium prices. But Disney™s attitude has shifted in recent years, and it is increasingly emphasizing affordability with initiatives such as the œMagic Your Way tiered ticket prices and the deep hotel discounts used to sustain attendance during the global recession.

The company has offered monthly payment options at its Anaheim, Calif., resort since December 2008, and officials there say it has proven enormously popular. Disneyland, which has a much larger local population base in Southern California, has reportedly signed up more than 1 million annual passholders, while Disney World is said to have approximately 300,000.

Disney World executives are œlearning a lot from their West Coast brethren, said Al Lutz, editor of MiceAge.com, a news website devoted to Disney theme parks.

A Disney World spokesman said the resort decided to introduce monthly-payment options œin response to specific guest feedback.

œWe continuously evaluate our annual pass offerings to ensure a variety of choices. We adapt our offerings based on changing guest feedback over time, spokesman Bryan Malenius said.

Orlando™s other major theme parks have offered similar products for years. SeaWorld Parks & Entertainment pioneered the idea in 2001 when it rolled out its œEZ Pay option for passes to SeaWorld Orlando and Busch Gardens Tampa Bay, billing the price as œless than the cost of a pizza each month.

Universal Orlando, meanwhile, rolled out its œFlexPay system in November 2003. œFlexPay is very popular. Passholders like the ability to realize immediate benefits while spreading the cost through the year, Universal spokesman Tom Schroder said.

Disney, like Universal, will require buyers to make a down payment. Universal charges $70.99, while Disney will charge the equivalent of a one-day, one-park ticket, currently $79. Monthly payments are then automatically charged to a credit or debit card.

None of the parks charges higher prices or financing fees for customers who opt to pay monthly. The goal is to expand the pool of potential pass buyers to include people who may not be able to stomach the entire up-front cost.
Universal, for instance, credits the approach in its regulatory filings with œincreasing our base of annual ticket holders.

Disney World had been considering a monthly payment program for several years, but the process of implementing one was thought to be too cumbersome as the resort worked through the logistics of setting up what essentially is a subscription system. Still, Disney began informing vendors recently that it was finally prepared to start.

Disney said the installment option is currently available only online for new Florida-resident passes. It will add the option at theme-park ticket windows ” where many annual passes are sold ” later this summer.

In adopting the installment strategy now, Disney could be aiming to insulate its in-state customer base in the face of increased competition from Universal and its new Wizarding World of Harry Potter in the Islands of Adventure theme park. The option should also help ensure a more consistent passholder base, since annual-pass customers now often let their tickets lapse for a year or two before restarting them.

Analysts say the decision also likely reflects the thriftier spending environment all businesses now face during what is a still-fragile economic recovery.

Passholders œmay have said, ˜I can stretch it for a year or two,™ but now we™re going into the third year of a weak economy, said Chad Emerson, an author who was written a book about Disney World. œIt™s a tough economy. Annual passes have good values, but they are a larger upfront cost than a single-day ticket.

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Dave Matheney SFR

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Today Disney has revealed plans for Golden Oak, a new luxury residential resort community allowing families to actually purchase a home at the Walt Disney World Resort in Orlando, Fla.

Located southeast of the Magic Kingdom and north of Epcot (marked by an icon on the map below), the exclusive Golden Oak community will offer a single family custom homes priced between $1.5 and $8 million. Less than 30 home sites will be available for sale this year, so space is quite limited. The home designs have been created by Walt Disney Imagineers, making them dream homes for any Disney fan. The gated community will feature intimate neighborhoods and amenities within the entire 980-acre footprint.

œWe have a range of options for guests at all price points to enjoy the Walt Disney World Resort. But Golden Oak is something totally new: a residential resort community, right in the heart of the magic, said Matt Kelly, vice president, Disney Resort Real Estate Development. œGolden Oak will be a place where families can come together and make memories for generations to come “ with Disney World right at their doorstep.

The proposed private clubhouse, (pictured above) concierge services and collection of Walt Disney World Resort benefits will bring Disney™s guest service culture directly to Golden Oak residents. As previously announced, Golden Oak is planned to include Four Seasons Resort Orlando at Walt Disney World Resort, combining Disney™s renowned service and hospitality with Four Seasons™ defining standard of excellence. Golden Oak plans to offer residents access to select Four Seasons™ future amenities including the full-service spa, restaurants, golf course and event space.

Golden Oak will initially consist of three different types of single-family homes. Village Homes will feature Mediterranean style homes on sites up to one-quarter acre, Estate Homes will include architectural styles like Tuscan, Spanish Revival, Venetian, Italianate, Dutch Colonial and Island Colonial on approximately one-half-acre home sites and Grand Estate Homes, on home sites up to three-quarters-acre in size, will feature architectural styles consistent with Estate Homes.

Update: With so few homes available within Golden Oak, many are already curious if they will actually be lived in or if investors will simply grab them up, hoping to rent them as vacation homes. I asked about the possibility of rentals and Disney spokesman Benjamin Thompson told me, œShort term rentals will not be allowed at Golden Oak, but longer term rentals (great than 6 months) will be permitted. So vacation homes are out of the question for this exclusive sub-community of Walt Disney World.

Beyond the obvious benefits of living so close to Disney™s theme parks and entertainment offerings, Thompson also told me that residents of Golden Oak will also receive œan exclusive package created expressly for Golden Oak residents will include in-park benefits, private VIP transportation, access to select special-event tickets and community-hosted activities throughout the year. No word as to whether the œin-park benefits will include free admission to the Walt Disney World theme parks.

Golden Oak will use a Priority Reservation List for potential homebuyers with an interest in purchasing a home. A position is secured on the list in the order in which a signed Lot Release Priority Agreement and a refundable $25,000 deposit is received. Deposits are now being accepted, with the first completed homes projected for 2011. At build-out, Golden Oak is anticipated to include approximately 450 homes.

Any buyers?

Contact me for more information on Golden Oak.

I can protect you with addendums and will negotiate a lower price with any new home builder.

And it cost you nothing extra.

Give me a call.

Concept art and more photos from Golden Oak:

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Dave Matheney SFR

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Existing home sales continued to grow by double-digit percentages in May, while values for single-family homes fell but condo values stayed flat, Florida Realtors reported.

Members of the association reported resales of 2,593 single-family homes in May, a 33 percent jump from the 1,949 that sold in the year-ago period. Median home values fell nearly 5.5 percent, from $142,400 in May 2009 to $134,600 in May 2010.

A total of 816 existing condominium units sold last month, a nearly 73 percent decline from the 472 units that sold in the year-earlier period. The median condo value last month was $49,900, a minimal change from the $49,600 posted in May 2009.

Factors such as a return of buyer confidence, stabilizing home prices and an improving economy continue to support the housing market, despite the passing of the deadline to qualify for the federal homebuyer tax credit, said the National Association of Realtors™ industry outlook.

The Orlando metropolitan statistical area was one of 17 statewide that reported higher single-family home and condo sales in May, and most of the MSAs reported better sales for the last 23 months.

Statewide, single-family resales rose 18 percent in May, from 14,172 homes sold in May 2009 to 16,745 closings last month. The Sunshine State™s existing-homes median price of $140,400 in May was $300 higher than April 2010™s $140,100, marking the third consecutive month that the median price was higher than a month earlier. The median home price last month was just 2 percent lower than May 2009™s $143,800.

Existing condo prices in the state jumped nearly 40 percent in May, from 4,845 in 2009 to 6,779 in 2010. The median condo price in May was $98,700, a 13 percent drop from the $113,500 reported in May 2009.

Florida Realtors, formerly known as the Florida Association of Realtors, provides programs, services, continuing education, research and legislative representation to 15,000 members in 67 boards/associations statewide.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Did you know there are more than 500 Buy Local Orlando businesses city wide and more than 140 merchants in Downtown Orlando alone? Next time you stop by Pita Pit for lunch, hit up Mucho for happy hour or catch a movie at Plaza Cinema Café, show your Buy Local Orlando card and receive discounts of up to 50% off! Be it dining, retail, entertainment or professional services, Buy Local Orlando has you covered downtown and throughout Orlando.

Here™s a sneak peak of the hundreds of discounts available through Buy Local Orlando:

Citrus- complimentary appetizer, chef™s choice between 5:00PM to 7:00PM
Nikki™s Place- 10% off bill. Receive a small sweet potato pie with purchases of $20.00 or more
Finnhenry™s- free soft drink with lunch
Graffiti Junktion- free glass of domestic draft beer or house wine with paid lunch
Hamburger Mary™s- 10% off bill
Kres Steakhouse- complimentary selected appetizer between 5:00PM to 7:00PM
Mucho- $3 Margarita after 6:00PM
Pancheros Рfree chips and salsa with entr̩e
Nube Nove Salon- 15% off all services
Sonesta Hotel- $59 room rate
Plaza Cinema Café- 50% off regular priced admissions M-F
Magic Auto Spa- 10% off ANY service

Pick up your Buy Local Orlando card at the Downtown Information Center or download one at www.buylocalorlando.net and start saving today. To learn more about Buy Local Orlando visit www.buylocalorlando.net or follow @buylocalorlando on Twitter!

OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Tired of the same ol™ thing, need some variety in your nightlife experience? Independent Bar, better known as IBar, is a multi-level nightclub offering the best of both worlds. Inside you will find three bars, all with their own unique flair; two dance floors and café-style seating outside.

IBar, known for their eclectic music mixes, makes it easy to come out and dance the night away or unwind with a nightcap on the café style sidewalk seating. The sounds of Deeche Mode, Siouxsie, Duran Duran, along with other ˜80s alternative artists are always pumping through the state-of-the-art sound system. IBar plays all the right music to help shake away the monotony of everyday.

Located at 70 N. Orange Ave, (corner of Orange Ave. and Washington St),   makes it easy to enjoy the hustle and bustle of the downtown nightlife while still enjoying the music you want to listen to.

Usually free before 11:00PM for 21+ and around $3-5 for 18+, IBar is a relaxed atmosphere. Dance the night away or grab a drink and get cozy in a booth, while listening to hits from yesterday and today.

Log on to www.independentbar.net for more information and a full calendar for upcoming events or follow them on twitter @Independentbar.

OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

f.   407-629-4480

Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Sometimes it is difficult to make the healthy choice for lunch as we are rushing to eat and then head back to work. Eden™s Fresh makes it easy to eat healthy and quickly by offering a great selection of freshly prepared salads and wraps.

Come in and try one of their featured recipes such as the Samurai; made with spring mix, mandarin oranges, carrots, snow peas, wonton crisps and asian ginger dressing; or the Chitwood; made with romaine, crushed granola, dried cranberries, mandarin oranges, gorgonzola cheese and topped with walnut raspberry vinaigrette. The hummus and chips also serves as a healthy side option. Have something else in mind? Create your own wrap or salad from their wide selection of toppings and dressings.

Eden’s Fresh is now a quick fix for breakfast on the go too! Grab a tasty yogurt parfait on your way into the office or let Eden’s Fresh cater your next office meeting.

Located at 201 S. Orange Ave. check out their fresh menu for yourself or visit them on the web at www.edensfresh.com.

OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

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Dave@OtownDave.com

www.OtownDave.com

œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Local leaders decided it™s time to tear up the mess inside the Citrus Bowl after heavy rains destroyed the grass during this year™s bowl games. The Orlando City Council voted Monday to negotiate a contract with Astro Turf to install a synthetic surface inside the stadium.The price isn™t final yet, but the city expects it to cost close to $1.5 million.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Walt Disney Parks and Resorts announced June 23 it will sell 30 single-family luxury home lots this year in a new residential community on Disney property near the Four Seasons Resort Orlando.

Homes at Golden Oak, a 450-home gated residential resort development, will be priced from $1.5 million to $8 million, said a news release. Three types of homes will be available: village homes on one-quarter acre lots, estate homes on half-acre lots and grand estate homes on three-quarter acre lots, the release said. The first homes are expected to be completed in 2011.

The resort community will include a private clubhouse, concierge services and Walt Disney World Resort benefits, the release said. It also features conservation areas taking up almost half of the development™s 980-acre footprint.

œGolden Oak is something totally new: a residential resort community, right in the heart of the magic, said Matt Kelly, vice president of Disney Resort Real Estate Development, in a prepared statement.

Disney Resort Real Estate Development began site work nearly two years ago on the site and the main road and gatehouse have been completed, said Marilyn Waters, spokeswoman for Walt Disney Parks & Resorts Business Development. Disney is finalizing its list of custom homebuilders for the community, which will be made up of seven experienced builders from Florida, Waters said.

Home construction could begin later this year, depending on how quickly buyers are able to work with builders and architects on designing their homes, Waters said.

Golden Oak also will include the previously-announced 445-room Four Seasons Hotel Resort at Walt Disney World Resort. Community residents will likely be offered access to select Four Seasons™ future amenities, such as the spa, restaurants, golf course and event space, the release said.

The development isn™t the first residential real estate development for Disney (NYSE: DIS) in Central Florida. The company developed Celebration in the mid-1990s, a town that is now home to more than 9,000 residents.

Those wanting to purchase homes must pay a $25,000 refundable deposit and sign a lot release priority agreement to secure a spot on the community™s priority reservation list, the release said.

Contact me for more information on Golden Oak.

I can protect you with addendums and will negotiate a lower price with any new home builder.

And it cost you nothing extra.

Give me a call.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

f.   407-629-4480

Dave@OtownDave.com

www.OtownDave.com

œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

A downtown Orlando landmark, the former Rosie O™Grady™s building on Church Street, sold for $2.2 million and is expected to become a New Orleans-style restaurant and bar.

Downtown commercial property owners Frank Hamby and Margaret Casscells bought the the 14,335-square-foot building on West Church Street June 10 through 129 W Church Street LLC, Orange County records showed. Jamie Barati, director of office services for Colliers International Central Florida, represented the buyer, while Jeff Tanner of Coldwell Banker Commercial represented seller, Alvan Slemons Arnall, trustee under the will of Catherine Slemons, whose family owned the building.

The new owners reportedly plan turn the property ” which also at one time housed the Improv Comedy Club & Restaurant ” into MoJo Bar & Grill, which will feature food, drinks and live entertainment. The owners plan to lease the space to club entrepreneurs John SanFelippo and George Maltezos, according to published reports.

Frank Hamby was unavailable for comment by press time.

The new business is expected to benefit from the opening of Amway Center later this year, Barati said in a prepared statement.

The Slemons family originally built the three-story building in 1915 and retained ownership until now. It™s most popular tenant was Rosie O™Grady™s in the 1980s and 1990s, but it originally opened as a œcowboy store with a hotel on the third floor, according to published reports.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Orlando, which was the 102nd-largest city in America a decade ago, now ranks 80th, based on new figures released Tuesday by the U.S. Census Bureau.

Orlando™s population was 235,860 on July 1, 2009, according to the bureau™s latest round of estimates. That™s up from 194,194 in 2000, when the previous decennial census was conducted.

Results of the 2010 census, which was conducted in April, will not be released until early next year.

Click here for the latest populations of all 19,510 incorporated places in the nation.

New York City, with an estimated 2009 population of 8.39 million, easily remains the largest city in America. It™s followed by Los Angeles (3.83 million), Chicago (2.85 million) and Houston (2.26 million). All hold the same ranks now as in 2000.

The only newcomer in the top 10 is San Jose, which was 11th in 2000. It now occupies 10th place on the list of America™s largest cities, supplanting Detroit, which has slipped to 11th place.

New York City registered the largest raw gain of any city between 2000 and 2009, increasing its population by 383,195 in nine years. The four runners-up are all in the Southwest: Houston (up 284,199 since 2000), Phoenix (up 279,149), San Antonio (up 213,752) and Fort Worth (up 184,237).

All figures in the new Census Bureau report are solely for cities, villages, and other incorporated places — and are not for metropolitan areas as a whole.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Of 50 cities studied, Orlando ranked as the 16th manliest city in America, according to the maker of Combos snacks.

Combos evaluated America™s 50 largest cities to determine which have the manliest characteristics in its second annual “America™s Manliest Cities” study. The traits were measured by the concentration of home-improvement stores, steak houses, pickup trucks and motorcycles, among other factors. The study also looked at manly occupations such as firefighters, police officers, construction workers and EMT personnel.

Charlotte, N.C., ranked No. 1, followed by Columbus, Ohio; Kansas City, Mo.; Nashville, Tenn.; and Baltimore.

The snack maker said Bert Sperling oversaw the research behind the rankings. He™s known for his œBest Places to Live studies.

To see how other cities fared, click here.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Having moved to downtown Orlando a year and a half ago, I read with interest the interview with Doug Taylor, business owner on Church Street (“Church St. polishes brand, Orlando Sentinel, Monday).

While I’m happy to hear of his efforts to organize the merchants of Church Street to work toward reviving the district, I think he has missed a few salient points.

First, yes, we’d all love to bring the tourists back. But I did not read one fresh idea in Taylor’s interview that addresses this issue. Organizing a merchants association and hiring someone to “put Church Street and downtown Orlando back in front of that visitor stream” sounds like vague generalities.

What, exactly, will make large numbers of tourists flock back downtown? Great marketing? You’ve got to have something compelling, something they can’t find more conveniently elsewhere if you want to entice them back. Taylor attributes his 18 years of success on Church Street to knowing his customer. Obviously, he knows his customers are not tourists. They are young Orlando residents who like to party in the downtown clubs.

In order to expand on the success of the area, we need to appeal to residents of all ages from downtown and the suburbs. SunRail will help enormously in convincing suburbanites to hop on and enjoy a fast, traffic-free ride downtown with no parking hassles. But beyond that, there must be something to bring them and then bring them back again. We need more diversity: shops, restaurants and activities for all ages.

I am a baby boomer, and, as such, I think I know something about these customers. We generally have time and money to enjoy ourselves a little. For starters, we want to eat in restaurants that don’t blast you out of your seat with ear-damaging music. Late-night club music is fine, but let’s not start this frantic noise at 6 p.m.

And, since hostesses no longer have to ask “smoking or non,” perhaps they could ask “TVs or non” and offer a section without giant TV screens flashing in every direction.

And let’s not forget families. The festivals at Lake Eola that include children’s activities continue to attract hoards of families from across the area. Perhaps Church Street and downtown need to consider something for this age group.

I love downtown Orlando and revel in its numerous successes, but focusing on one type of customer or turning back the clock to the old days of making Church Street a tourist attraction might not be the direction to sustainable growth and success.

Karilyn Rust lives in Orlando.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Doug Taylor co-owns Church Street Entertainment, which owns and operates downtown nightspots, including Chillers. He recently helped organize the nonprofit merchants association Church Street District. Taylor, 43, spoke with Sentinel staff writer Mary Shanklin.

CFB: What was the first property you purchased on Church Street?

A tie vote Tuesday night killed a controversial proposal to build 6,343 residences in the sensitive Econlockhatchee River region, closing a chapter on one of the most heated growth battles Orange County has seen.

Developers for the Church of Jesus Christ of Latter-day Saints now must wait two years before bringing the Innovation Way East project back to county commissioners.

And if voters in November approve a state ballot measure that would hand decisions on big developments to the public, the church project could hit yet another wall.

“The Mormons snatched defeat from the jaws of victory,” said Mayor Rich Crotty, who voted against the project with Commissioners Fred Brummer and Linda Stewart.

The absence of former Commissioner Mildred Fernandez, who was removed from office after being arrested on corruption charges, left supporters and opponents of the development locked in a 3-3 stalemate.

Crotty and other critics of Innovation Way East feared it would promote sprawl in the middle of a housing glut. At the same time, they said, it would put 535 upscale homes in a sensitive Turkey Creek wildlife corridor and raise the prospect for future development further east beyond the Econ River.

“They were angling to bust through to the east side,” Crotty said. “They wanted to conduct Sherman’s march to Atlanta,” he said referring to the destructive Civil War military campaign.

Mormon Church attorney Wayne Rich declined comment after the vote.

During the nearly three-hour hearing ” the continuation of a longer marathon session carried over from last month ” Rich and other proponents said that the project would do no harm to the Econ region.

The developers also said that county studies showing a lack of demand for future housing were flawed and ignored longer-term residential needs.

They also argued the project was in tune with Crotty’s larger vision, which was to build a regional high-technology job and housing corridor linking the University of Central Florida and Orlando International Airport.

Crotty disagreed, and at one point said the concept of Innovation Way East “gutted” his regional growth vision.

Rich also said that the development, which included 2.2 million square feet of non-residential construction, would help attract future high-wage employment and create hundreds of paychecks for construction works who would build the tens of millions of dollars worth of roads needed.

The Mormons had pledged, if their project was approved, to help build a $31 million interchange on the BeachLine Expressway.

That project also is now in doubt, if not dead.

The developers also had agreed to help fund a UCF business incubator for $3 million and set aside as much as $8 million for economic development efforts in the area. They also pledged to cover any costs to Orange taxpayers if a still-confidential job-creation package ” code-named Project Transform ” came through.

Project Transform has been billed as a solar-related employment center that could create 100 jobs and attract tens of millions of dollars in state, federal and private investment.

But commissioners could not find the votes to approve the project, with the main sticking point revolving around the 535 upscale homes planned between Turkey Creek and the Econ River.

Commissioners Tiffany Moore Russell and Scott Boyd were the most accommodating to the Mormon Church’s plans. In a series of 3-3 votes, they sided with the developers.

But even after Moore Russell huddled with the developers in a side room before a final vote, she could not find a compromise that would win out.

She proposed shaving off 100 of those 535 upscale homes and building curbs into the plan to prevent any development from crossing the Econ.

This was close to a similar compromise plan by Commissioner Bill Segal. But a final 3-3 vote on this measure failed, with Segal, Boyd and Moore Russell voting for it.

“This is a good plan and there have been a lot of concessions made,” Moore Russell said.

But development attorney Rich said multiple times that the project would not work without most of those executive homes in that Turkey Creek-Econ River corridor.

The divisiveness of the meeting carried over into comments afterward.

“We lost a historic opportunity for economic growth and job creation,” said Jim Spaeth, past president of the East Orlando Regional Chamber of Commerce.

“The truth came out,” said development opponent Suzanne Arnold, a spokeswoman for the Lake Mary Jane Alliance neighborhood group. “They wanted to jump the Econ.”

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Dave Matheney SFR

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Orlando has seen a larger increase in home sales from a year ago, when compared to the rest of the state, but the area’s prices continue to fall moreso than in other Florida cities, according to a new report released today.

Orlando’s May sales of existing homes increased by a third from a year earlier, according to a report released Tuesday by Florida Realtors. In comparison, the state overall experienced an 18-percent gain in sales for that period.

This time last year, Orlando’s median prices closely parelleled what was then the state average of $143,800. But Central Florida prices have eroded moreso than prices other Florida cities and the local region had a median price of $134,600, compared to the state median of $140,400 for May. The national median sales price for existing single-family homes in April was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors.

Overall in the state, a total of 16,745 single-family existing homes sold last month compared to 14,172 homes sold in May 2009.

“Favorable conditions like this spark buyers’ interest,” said Wendell Davis, president of Florida Realtors. “However, like the rest of the world, Floridians are deeply concerned about the long-term ramifications of the April 20th explosion of BP‘s Deepwater Horizon oil rig, which killed 11 people and triggered the oil spill disaster in the Gulf of Mexico.”

Seventeen of Florida’s metropolitan statistical areas reported higher existing home and existing condo sales in May. A majority of the state’s MSAs have reported increased sales for 23 consecutive months.

In Florida’s year-to-year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units in May 2009 for an increase of 40 percent. The statewide existing condo median sales price last month was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April.

Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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f.   407-629-4480

Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Several cities want to lure office workers and pedestrians getting off commuter-rail trains

When SunRail trains start pulling into stations in 2013, cities across Central Florida are hoping riders step off the train to visit their shops and restaurants ” and maybe even move into new pedestrian communities built around rail stops.

In Longwood, a developer hopes young professionals will be living in apartments steps from the station before the trains hit the rails. Since May, Lake Mary has added more than 30 properties to its downtown district to make way for a revamped city center.

But although those cities are optimistic, developer William Shallcross, who lives in Winter Park, said finding investors will be a challenge, particularly when development dollars are sparse and more likely to go toward distressed properties available at bargain prices.

“I don’t think redevelopment along a freight line is going to be very attractive to developers and their lenders,” he said.

Here are plans for some of the 12 stations on the first phase of the rail line:

Longwood

A developer is planning a multistory 150,000-square-foot complex with steep roofs in carpenter gothic style to reflect the historic district across Ronald Reagan Boulevard from the station. The first floor would include offices and shops; mid-priced apartments would be stacked above.

Educational centers to train employees of nearby South Seminole Hospital also might be included, said Ryan Von Weller, managing partner of Orange Crown Holdings, which owns the property. He hopes a covered pathway from the bus station to the train station will be lined with vendors peddling wares from flowers to specialty groceries.

Von Weller said he would like to see residents moving in before the trains start running. “That’s the working target right now,” he said.

Lake Mary

Although Lake Mary’s downtown has added eateries and a boutique in recent years, it’s still easy to drive Lake Mary Boulevard and miss the district, which includes empty lots and homes. A consultant created a vision of a downtown that would almost double its size to 123 acres, with multistory buildings, an antiques and arts district, a cluster of cafes near the SunRail station and, possibly, an amphitheater. Asked whether the concept was realistic, Community Development Director John Omana said: “I would love for what’s on that plan to happen, but ¦ we’ll let supply and demand answer that question.”

The first developer in line is Chris Mahnken, who said his project ” a two-story extension of the rail station ” will likely open for business as soon as SunRail trains start running. Mahnken is planning office and retail space in addition to a waiting area where people could grab something to eat and take care of errands, from dropping off dry cleaning to paying water bills.

Winter Park

The city has no plans to change Park Avenue, but merchants there are hoping for a boost from the station at Central Park. “I think SunRail isn’t the cure-all overnight, but we’re excited about taking that first step and what it may mean down the road,” Chamber of Commerce President Patrick Chapin said.

Maitland

A narrow patch of about 11 developable acres ” mostly a lumberyard ” surrounds Maitland’s station on U.S. Highway 17-92. An office building recently went up, but the city hasn’t seen specific development plans from the lumberyard owner. Pathways are planned to make the station more accessible from nearby neighborhoods. Mayor Doug Kinson expects home values to “skyrocket” once the train comes to town. Officials hope to offer trolleys to the planned new downtown.

Sanford

City officials have met with property owners at State Road 46 and Airport Boulevard, and although they’re hoping for a mix of residential atop retail, no firm plans have been made. The station is far from downtown. Leaders may expand a shuttle route that transports people from Sanford’s AutoTrain station to the city center to include SunRail commuters.

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Keller Williams Realty at the Parks  

Dave Matheney SFR

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

A last-minute deal to approve the controversial Innovation Way East development proposal appeared in the works Monday, despite objections that the project would add to Orange County’s housing glut and open the environmentally sensitive Econlockhatchee River region to sprawling growth.

The Church of Jesus Christ of Latter-day Saints, or Mormon Church, wants to build 6,343 residences and 2.24 million square feet of commercial and office space on 4,600-plus acres just south of the BeachLine Expressway, including 535 large-lot, upscale homes between Turkey Creek and the Econ River.

That same plan faced likely defeat by the Orange County Commission last month. But a final decision was postponed when the developers said rejection would kill a still-confidential economic-development proposal. On Monday, Commissioner Bill Segal said he was reconsidering his opposition to the project.

Since suspended Commissioner Mildred Fernández’s seat remains vacant ” she was arrested in April on corruption charges ” six commissioners will decide the project’s fate today. A 3-3 tie vote effectively kills it for two years.

But on Monday, Segal said he would support the project under certain conditions. He said he wants the developers to help pay for a $31 million BeachLine interchange and set aside a total of $15 million for job-building efforts, a University of Central Florida business incubator ” and any incentives Orange taxpayers might be asked to pay out if the confidential economic-development proposal comes about.

These conditions are similar to ones Mayor Rich Crotty and Commissioner Linda Stewart sought last month, with one crucial difference. Crotty would force the church to eliminate 535 “executive” homes proposed east of Turkey Creek; Segal would trim only 60 of those proposed homes.

“What a joke,” Suzanne Arnold said of Segal’s proposal. Arnold is a spokeswoman for the Lake Mary Jane Association, a group active in tracking growth in east Orange. “I think he’s getting bullied [by the developers],” she said.

Crotty said allowing houses between Turkey Creek and the Econ River encourages sprawl and “guts the principles” of his larger Innovation Way vision of high-tech jobs and housing between UCF and Orlando International Airport.

Stewart and Crotty said that even a few dozen homes east of Turkey Creek would require new roads, sewers and other urban services in the area ” and prime it for more intense development later on.

“This goes back to the old way of doing business in Orange County,” Crotty said.

Crotty also said he is concerned about waivers sought by Innovation Way East that he said would allow it to “jump” the Econ River in the future, and exempt it from housing-density requirements needed to support mass transit in the area.

Segal said in a news conference that this was the toughest vote he has ever faced. But, he said, the church has the financial ability to make the project work ” and the need for high-paying jobs is too great.

“Great employers won’t wait around for bureaucrats and politicians to get their act together,” Segal said, noting that skeptics shunned the Lake Nona development before it attracted the Sanford-Burnham Medical Research Institute, the UCF medical school and two new hospitals. “This is a well-planned project,” he said of Innovation Way East.

Attempts to reach the developer’s attorney, Wayne Rich, and spokesman Roy Reid were unsuccessful. But in a letter to commissioners, Rich said the project ” when teamed with nearby International Corporate Park, which the church also owns ” would mean as much as $50 million in “shovel-ready” road jobs; would preserve park and recreation land as well as buffers for the Econ and Turkey Creek area; and would create a new research park surrounded by a walkable community.

It’s not clear whether the church has the necessary four votes. Commissioners Fred Brummer and Tiffany Moore Russell have said Crotty’s list of demands asks too much of the developers. If they join with Segal and Commissioner Scott Boyd, who said he was open to a compromise proposal for housing east of Turkey Creek, they could pass some version of Innovation Way East’s proposal.

“It’s very important to me,” Boyd said of preserving the area east of Turkey Creek. But, he added, “There’s some room to tweak on that.”

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Keller Williams Realty at the Parks  

Dave Matheney SFR

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Home Affordable Foreclosure Alternatives Program (HAFA)

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010”although some servicers may implement it sooner, if they meet certain requirement–and sunsets on December 31, 2012.

Home Affordable Foreclosures Alternatives Program: Guidelines and Forms  

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.

HAFA Provisions

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for servicers to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

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Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Thornton Park, Downtown, Orlando, Florida

If you’re looking to unwind you can find real relief in the brick-lined streets of Thornton Park, the City’s most stylish district. Just east of Lake Eola in Downtown’s green heart, the residential neighborhood is home to street after street of oak-shaded bungalows, many built in the original Florida “cracker” style with wraparound front porches. A colorful commercial district stretches along Washington Street, Summerlin Avenue and Central Boulevard, with a European feel to the restaurants and boutiques contained therein.

Its European-style commercial district of restaurants, pubs, cafes, and shops is where locals go to kick back and relax. And many of those locals reside in beautifully crafted, not-so-big houses located along Thornton Park™s brick-paved streets”streets shaded by oak trees dripping with Spanish moss. The neighborhood is also a five-minute walk from Lake Eola Park, an urban oasis where you™ll find green space, hiking trails, and dog-walking paths surrounding a tranquil man-made lake.

The Houses
Thornton Park is known primarily for its wood-frame œcracker-style homes, which feature center hallways (to promote air circulation) and deep porches with long overhanging roofs that help keep the summer heat at bay. Other styles include Craftsman, Mediterranean, American Foursquare, and shotgun homes. A restored 1,300-square-foot bungalow was recently on the market for $215,000, but you can find homes under $200,000 and up to $700,000. Thornton Park is a trendy  neighborhood in the heart of downtown Orlando. Catering to a diverse and hip crowd, this area is busy every night with activity.

Shari on Central Blvd. serves contemporary sushi.

Hue on the corner of Central Blvd, offering a progressive American menu.

Dexter’s Wine Bar on Washington for a great happy hour or  brunch. They have great salads and sandwiches too.

CityFish for fresh seafood on Central Blvd.  They have a huge variety of oysters. On Sundays visit Lake Eola Park for  the Farmer’s Market.  

Lake Eola Park has outdoor play area for the kids, a nice walkway around the lake. Feed the swans or  take a cruise around the lake in a  swan paddle boats. Get refreshed with a snack after your paddle cruise.

Thornton Park  is a great place to relax. The people are friendly and it is a great place to  have lunch  or dinner. Best Old House Neighborhoods 2010 – By This Old House

www.thorntonparkmerchants.com

OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

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Dave@OtownDave.com

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œThe finest compliment I can ever receive is the referral of your friends, family and business associates.

Alec String is having trouble seeing the local condo sales market as distressed.

That™s because the vice president of sales and a broker with Coldwell Banker NRT Development Advisors in Longwood has had a hand in 34 condo closings since April at the Mosaic at Millenia.

That™s more than double the 15 units that changed hands at that property in the same period a year ago.

The condos sold this year went for an average price of $90,000, said String. œA lot of people have been waiting to see the bottom start to form, and that™s happened. This hopefully will level out pricing and stabilize at least this portion of the market.

A stabilized condo market would be welcome in Central Florida, where nearly 30,000 apartments were converted to condos between 2003-2007, and speculators snapped up dozens of units within the same complexes with the expectation of flipping them for a profit.

But when the housing market began to tank, the same developers who converted those condos were unable to sell the remaining units and many defaulted on loan payments, while speculators walked away from units, leaving behind a mess of mostly vacant, distressed condo complexes throughout Orlando.

Some lenders began repossessing those properties through foreclosure last year, and then lenders and other owners began leasing out the condos to generate income. Now, String and other real estate agents are seeing an uptick in condo sales at some of those same complexes, as investors with cash in hand return to the market with an eye for income-producing properties.

The Vue at Lake Eola, the $100 million, 375-unit downtown Orlando condo tower built in 2007 just when the market crashed, also has had success in returning units to the for-sale market, said Cristian Michaels, president of Condo Developer LLC.

His firm bought the remaining 165 unsold units and 7,972 square feet of vacant retail space in The Vue for $25.9 million in a May bankruptcy sale.

After taking over the property, Condo Developer ” whose principals are two foreign investors ” pressure-washed the building, renovated the dog park, began taking bids on redoing the pool deck and funded the empty reserve accounts with nearly $250,000 to cover maintenance costs.

Michaels, who oversees sales and marketing for the property, now has three units slated to close by the end of June and eight more with expected late July closings for an average price of $225 per square foot. That means condos in The Vue, which range from 568 to 3,172 square feet, now are worth about $128,000 to $714,000 per unit, depending on their size.

Another piece of good news for the condo market: Not all the local condo sales are cash deals.

For example, Wells Fargo began financing units in The Vue after the bankruptcy sale was completed and liens were released. In addition, The Vue is expected to get the OK for Federal Housing Administration loans by July, which will further increase demand for units and bump up prices. The government-backed loans allow homebuyers to pay only 3.5 percent of the total cost as a down payment, compared with the typical 20 percent banks generally require.

œWe didn™t anticipate the pent-up demand in this building, said Michaels, also a Realtor with Re/Max Town Centre in downtown Orlando. œThe mentality of waiting for bottom to hit is finally going away.

In fact, Orlando condo sales have been on the upswing for several months, as lower prices brought out the œbottom feeders, real estate agents said. Metro Orlando condo resales nearly doubled in April, from 395 unit sales in 2009 to 780 unit sales this year, said the most recent report by Florida Realtors. Through the first five months of this year, a total of 2,670 units changed hands, up from 555 units in the same period in 2008 and 1,387 sales for that period in 2009.

The median condo value in April reached $51,300, a 2.7 percent decline from April 2009™s $52,700. But condo sales in the downtown submarket in May have sold for as much as $525,000, said Michaels.

Agents also expect investment sales to grow even more, thanks to a new state law that will take effect this summer. Gov. Charlie Crist on June 1 signed the Distressed Condominium Relief Act, SB 1196, which will allow community associations more power in collecting maintenance fees from delinquent unit owners while also helping bulk buyers purchase multiple units without taking on developers™ liabilities.

However, Dave Fletcher, broker/owner of condo brokerage firm The Fletcher Group in Orlando, doesn™t think the Orlando market will see a real uptick until financing restrictions are relaxed. œFinancing right now is the ultimate amenity. But we™re positioning ourselves nicely.

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OtownDave

Keller Williams Realty at the Parks  

Dave Matheney SFR

Real Estate Professional

p. 407-408-0900

f.   407-629-4480

Dave@OtownDave.com

www.OtownDave.com

œThe finest compliment I can ever receive is the referral of your friends, family and business associates.