~ Central Florida Real Estate News ~

SOLD ~ August 31, 2007

3 BEDROOM/ 2 1/2 BATHS, THIS TOWNHOME IS LIKE NEW. All appliances are in the home and will stay with the sale. Only lived in for about 11 months by only 1 person. This home is a must see, the master suite overlooks a court-yard with a Pond View.

"Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time," the Fed said in a statement. The central bank cautioned that "the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally."

While a rate cut had been widely expected, the aggressive half-point move surprised analysts and delighted investors, who had been uncertain in how Fed Chairman Ben Bernanke would respond to the first major economic crisis of his tenure. The stock market soared immediately after the announcement, with the Dow Jones industrial average jumping more than 200 points in the initial minutes.

READ MORE: http://www.msnbc.msn.com/id/20837026/

FORT MYERS , Fla. - To understand how the housing bust may ripple through the broader American economy, look beyond the countless for-sale signs that dot this middle-class city. Instead, stop by Boater's Landing, where salespeople sit idle, hoping someone will once again want to buy a boat.

Or visit the women answering phones at the local United Way, which is dealing with a flood of aid requests from the unemployed, whose numbers have nearly doubled in a year. Or talk to the Shevlins, a real-estate agent and a carpenter, whose combined incomes dropped from $350,000 to less than $60,000 in two years.

Across this city, even businesses that have little to do with real estate are reeling. Unemployment is up, sales are down and redevelopment ambitions have been scaled back.

The Sun Belt city of Fort Myers saw real estate and construction grow to dominate its economy, accounting in recent years for nearly one out of every four jobs. That meant the housing downturn hit swiftly here, making it a kind of early and extreme indicator of what might happen to the U.S. economy as a whole.

The effect could be less dramatic in places like Washington, where government contracting and other industries may provide a cushion. What the Federal Reserve is trying to determine, as it decides Tuesday how much to cut a key interest rate, is to what degree the rest of the U.S. economy will behave like that of Fort Myers.

MSNBC REPORTING:
http://www.msnbc.msn.com/id/20798360/

Brooks Landing in Oviedo / Winter Springs
New Townhomes located in the beautiful city of Oviedo.
1853 sqft. 2213 sqft.
From the Low $200s
All units feature: 30 wide units
2-Car Garage Rear
Covered Lanai 20 x 30
Backyard Brick Paver
Driveways Plus many more features

By Phone:	407-699-2127 (Office)
	1-800-425-5416 (Toll Free)
	407-443-3793 (Mobile)
By Fax:	407-699-5750 (Fax)
By e-mail:	Info@800KEEN.com
Office:	Keen Realty Group, Inc.

Brooks Landing Townhomes Coming Soon!
Brooks Landing in Oviedo, Florida
Brooks Landing in Winter Springs, Florida

OPEN HOUSE~ Sun., Sept. 16,  12pm til 4pm.

1619 Lakelet Loop; Oviedo, FL 32765

Come see this wonderful 4 bedroom/ 2 bath home. Offering no neighbors in the back, very well maintained yard with Landscaping and Irrigation. The home offers 10' X 13' Rear Covered Patio as a Builder Upgrade. The 42" Cabinets in the Kitchen add style and space for ample storage. All Stainless Steel Appliances that will stay, an Eat-in Kitchen Area, along with a Breakfast Bar. Tile Floors accent the Walk Areas, Kitchen and Family Room, install on a Diagonal for added style.

CALL FOR MORE INFORMATION: 407-699-2127

Directions: From Red Bug Lake Rd. take Mikler south until you reach the Second Entry to Regency Estates. (Milker is between Tuskawilla Rd. and Slavia Rd.

2901 Ashford Park Place

OPEN: 12pm til 6 pm

MUST be SOLD or LEASED

Orlando’s median home price drops 2.0 percent to $245,000

The median price of a home purchased in the Orlando area in August of this year decreased to $245,000, a 2.0 percent drop over August 2006’s median price of $250,000. March and April of this year posted lower median prices: $240,000 and $242,100, respectively.

In addition, the latest data released from the Orlando Regional Realtor® Association reveals that inventory growth is continuing its slowing trend. The number of new homes added to the market in August 2007 was 295, above the year's record low of 95 in July but far below the record high of 1,729.

The number of sales in the Orlando area declined by 40.3 percent in August 2007 compared to August of last year (1,343 to 2,249). The number of sales that took place in August 2007 also declined over the number of sales that occurred in July 2007 (1,524). Year-to-date sales for 2007 (12,455 through August) are down by 37.2 percent over the same period in 2006 (19,824).

The month-to-month Orlando Housing Affordability Index and the First-time Homebuyers Affordability Index both improved in August: the prior increased from 84.0 percent to 85.0 percent while the latter changed from 59.8 percent to 60.4 percent in. (An affordability index of 85.0 percent means that buyers earning the state-reported median income are 15 percent short of the income necessary to purchase a median-priced home.)

The area’s average interest rate was 6.60 percent in August — a tick above last month’s rate of 6.50 percent.

Homes of all types spent an average of 108 days on the market before being sold; and the average home sold for 95.1 percent of its original asking price.

The majority of single-family homes (237) that changed hands in August 2007 were sold for between $200,000 and $250,000, while another 164 homes were sold for between $250,000 and $300,000. Two-hundred and forty-five homes sold for less than $200,000 in August, and 436 sold for more than $300,000. On the far ends of the scale, 38 homes were sold for $1 million or more while only four homes sold for less than $50,000.

Inventory

There are currently 26,313 homes available for purchase through the local multiple listing service (MLS). Inventory increased by just 295 homes in August 2007; July 2007 saw an increase of 95 homes; and June 2007 saw an increase of 460. Compared to last year, the August 2007 inventory level is 24.8 percent higher than August 2006.

The current inventory level reflects a 19.59-month supply at the current pace of sales.

There are 19,708 single-family homes currently listed in the MLS. Most (7,454) are listed in the $200,000 - $300,000 price range, while another 2,128 are listed in the $300,000 - $350,000 range. Condos currently make up 4,337 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,268. Most condos (1,081) are priced at $140,000 to $180,000; most duplexes/town homes/villas (600) are $200,000 - $250,000.

Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area declined by 60 percent in August: A total of 143 condos changed hands in August 2007 compared to 360 in August 2006. In a month-to-month comparison, August 2007 condo sales decreased from July 2007 (143 to 171). Most condos (24) that changed hands in August 2007 were sold for between $200,000 and $250,000; followed by 22 condos that were sold for between $100,000 and $120,000. Year-to-date condo sales are down by 55 percent (1,645 condos have been sold so far in 2007 compared to 3,663 by this time last year).

Orlando homebuyers purchased 119 duplexes, town homes, and villas in August 2007, which is a 33 percent decline over August 2006 when 178 of these alternative housing types were purchased. Duplex, town home, and villa sales in August 2007 were nearly equal compared to the number of sales that took place in July 2007 (115). The majority (30) of duplexes, town homes, and villas sold in August 2007 cost between $200,000 and $250,000.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 39.7 percent when compared to August of last year. Throughout the entire MSA, 1,607 homes were sold in August 2007 compared with 2,664 in August 2006. To date, 14,898 homes have been sold this year while 24,099 homes had been sold as of this time last year (a 38.2 percent decline).

Seminole County’s August 2007 sales dropped 31.2 percent below that of August 2006 (373 to 542), while Orange County fell 41.4 percent (795 to 1,356). Lake County saw a 29.9 percent decline in the number of sales in August 2007 compared to August 2006 (256 to 365), and Osceola County experienced a 54.4 percent drop (183 to 401).

Each county’s year-to-date sales percentages are currently as follows:

Lake: 32.8 percent below 2006 (2,263 homes sold in 2007 compared to 3,368 in 2006); Orange: 38.8 percent below 2006 (7,467 homes sold in 2007 compared to 12,197 in 2006); Osceola: 47.1 percent below 2006 (1,976 homes sold in 2007 compared to 3,736 in 2006); and Seminole: 33.5 percent below 2006 (3,192 homes sold in 2007 compared to 4,798 in 2006).

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.

OPEN HOUSE~ Friday, Sept. 14, 2007 12pm til 4pm.

SHORT SALE OFFERS BEING ACCEPTED! PRE-FORECLOSURE ~ ACT FAST, CALL LISTING AGENT FOR CURRENT STATUS!!! Great Unit in Like New Condition. GREAT SCHOOLS and Close to Shopping and Expressway.

OPEN HOUSE~ Sun., Sept. 16,  12pm til 4pm.

Come see this wonderful 4 bedroom/ 2 bath home. Offering no neighbors in the back, very well maintained yard with Landscaping and Irrigation. The home offers 10' X 13' Rear Covered Patio as a Builder Upgrade. The 42" Cabinets in the Kitchen add style and space for ample storage. All Stainless Steel Appliances that will stay, an Eat-in Kitchen Area, along with a Breakfast Bar. Tile Floors accent the Walk Areas, Kitchen and Family Room, install on a Diagonal for added style.

CALL FOR MORE INFORMATION: 407-699-2127

120± Bank-Owned Homes throughout the
State of Florida

SEPTEMBER 23, 2007 @ 1:00 P.M.

CALL FOR DETAILS: Bobby R. Keen (407) 699-2127

FREQUENTLY ASKED QUESTIONS

Q: CAN ANYONE ATTEND THE AUCTION?

A: Yes! The Auction is a live Auction open to the Public.

Q: WHAT IS REQUIRED TO BE REGISTERED AND ELIGIBLE TO BID?

A: In order to register and be an eligible bidder you must have a photo I.D and a cashier’s check or cash in the amount of $3,000 (per property you wish to purchase). Cashier’s checks should be made payable to yourself.

Q: HOW MUCH EARNEST MONEY IS REQUIRED FROM ME ON AUCTION DAY IF I WIN THE BID?

A: You would be required to escrow a total of five percent (5%) of the total purchase price OR $3,000 – whichever is greater with the Seller’s designated closing agent. We accept personal/business checks or cash for the difference between your $3,000 casher’s check/cash needed to register for the auction and the 5%. No credit cards, debit cards or credit checks will be accepted.

Q: HOW MUCH TIME WILL I HAVE TO PAY THE BALANCE AND CLOSE?

A: Within 30 days.

Q: IF I AM UNABLE TO ATTEND THE LIVE AUCTION CAN I STILL BUY A PROPERTY?

A: Yes. In order of preference (i) attending the live auction in person is most encouraged and best or (ii) you can submit a sealed bid on the proper forms with earnest money prior to the auction to be placed at the auction or (iii) you may attend one of the off-site telephone bidding locations identified in the auction information; however, technical difficulties may occur with off-site connections.

Q: ARE THERE ANY BACK TAXES OR LIENS AGAINST THE PROPERTY?

A: NO! At closing each property will be conveyed by special warranty deed and title insurance provided by the Seller. There will be NO back taxes or liens against the properties.

Q: ARE THERE ANY MINIMUM BIDS?

A: NO! The public will start the bidding and most properties will be sold subject to confirmation. However, many properties will be sold Absolute to the highest bidders regardless of the price.

Q: WHAT IS THE “BUYER’S PREMIUM”?

A: 10% and it is the amount added to your high bid amount and comprises the total purchase price you will pay for a property at closing. Simply stated, if you want to pay a total of $100,000 for a property, your high bid should be $90,000 so when you add the 10% you will actually be paying a total of $99,000 and you will have saved a $1,000 dollars.

Q: WILL THE PROPERTIES BE AVAILABLE FOR INSPECTION PRIOR TO THE AUCTION?

A: Yes. Please refer to the Auction brochure or contact the agent listed on the property for exact times and dates. Although, inspection is not a requirement to purchase it is highly recommended you inspect the property prior to bidding as there will be no inspections after you purchase the property.

Q: WILL BROKERS BE COMPENSATED FOR REPRESENTING SUCCESSFUL PURCHASERS?

A: Yes. In fact we encourage you to use the services of a licensed and qualified broker to assist you with additional information and they will be compensated 2% of the high bid at closing provided they have properly registered their clients according to the terms and conditions of sale.

Q: IS THERE ANY FINANCING AVAILABLE?

A: Financing is not a contingency to the contract or closing.

Q: WHAT DOES IT MEAN TO BUY THE PROPERTY “AS IS”?

A: All properties are being sold in their “AS IS” “WHERE IS” condition with no warranties expressed or implied. Buyers must rely on their own inspection, judgment, records and own information. There will be no post due diligence period of any nature.

All announcements from the Auction Block will take precedence over any previously printed material or other oral statements made. All bidders are urged to review all documents necessary for the transaction prior to the Auction.

WHAT CAUSES FORECLOSURES AND DISTRESS PROPERTIES? There are many reasons, but the cause usually is the property owner isn't thinking straight. Reasons for foreclosures include divorce, unemployment, drugs, alcohol, death or serious illness in the family, disputes between owners, local economic conditions, mental problems, and good old-fashioned greed.

But the real reason for foreclosures and distress property situations usually is the borrower isn't acting rationally to solve the problem. Imagine you can't afford the increased monthly payments because your adjustable-rate mortgage just "adjusted" and your payment went up by $300. To make matters worse, home market values in your neighborhood are stagnant or slipping so your market value is no longer appreciating.

You consider selling. But local Realtors tell you there is a glut of listings for sale nearby and you would be lucky to sell for the amount of your mortgage balance. Should you stop making mortgage payments and walk away? Of course not. That would ruin your credit and you need a place for your family to live.

Rather than face foreclosure, the obvious solution is to increase your monthly income by at least $300. Maybe you can get a part-time evening job. Or perhaps your spouse or teenage child can get a part-time job to help out. One way or another, virtually every foreclosure and distress property situation can be avoided.