Lakefront Living for Everyone

Lakefront living is a dream for many people . The tranquility of being on the water and the opportunity to enjoy water sports on a daily basis are very appealing amenities for some buyers. The problem is that lifestyle is often out of their budget.

In Central Florida, we have several lakes to chose from when buyers say that lakefront is the way they want to go. What those same buyers don’t often realize is that lakefront real estate is very expensive not only to purchase but often to carry on a monthly basis. The annual flood insurance, home owners insurance and dock maintenance can really add up. Over the course of my career, I’ve sold lakefront property all the way up to $3,500,000. That’s not a realistic price range for most buyers especially ones planning to use the property as a vacation or seasonal home.

Communities like Bellalago situated on Lake Tohopekaliga in Kissimmee, FL are a perfect match for buyers who want lakefront amenities at a lower purchase price. Buyers can purchase a home with a dock or save the extra monthly carrying costs and purchase a home without one and use the private community boat launch. Bellalago offers residents a ton of amenities: a manned guard gate, boat launch, fishing pier, cable included, resort style pool with water slide & spa, fitness center, tennis courts, dog park and 24 hour security.

3553 Sunset Isles is a fantastic option for buyers. Its custom upgrades make it move in ready, the 3 car garage is perfect for storing water toys, and its list price of $299,000 make it an affordable option.   You can stop by this weekend and see Keith Renner during the Open House on Saturday (April 27th) & Sunday (April 28th) from 1-4 PM or call 321-697-8230 for more details.

Why Become a Florida Resident

Of course, the weather is the original draw to people from other parts of the world. I mean it’s a high of 80 degrees here today in February. What’s not to love?!?! But there are also many financial benefits to living in FL that would make your decision to move to the Sunshine State even more attractive.

First and foremost Florida has NO STATE INCOME TAX!!! We are one of very few US states that can boast this. Moving to Florida from a state like New York can save someone in a high-income tax bracket many thousands of dollars in taxes. This prohibition against collecting an individual income tax is part of the Florida Constitution, so Florida won’t be imposing a state individual income tax anytime soon. A constitutional amendment would be required to change this provision. The state’s constitution also prevents counties and municipalities from imposing any sort of income tax at local levels.

As a Florida resident you also get two property tax benefits if you declare your FL property as your primary “homestead” residence. First, you’ll receive an exemption for the first $50,000 of your home’s value for property tax purposes, except for school district taxes which only receive a $25,000 exemption. There’s also the Florida “Save Our Homes” cap on annual assessments. The cap is set at 3 percent or the change in the consumer price index (CPI), whichever is less. This means that the assessed value of your homestead for property tax purposes can’t increase on annual basis by more than the change in the CPI or 3 percent if the change in the CPI is more than 3 percent. For example, the change in the CPI is 2.9 percent in 2018, so the 2018 assessed value of a homestead residence can’t increase by more than this. It’s less than the 3 percent cap. The change in the CPI was 4.1 percent in 2008, but the increase was limited to 3 percent because this was less. It you plan to own your home for several years, this can be a huge savings.

Now seems like the perfect time to explore Florida homeownership.  You know right before Snowpocalypse hits over the weekend.  Call us today at 321-697-8230 to get started!!!

Weather Map for Today, February 26, 2019  

 

 

 

 

 

 

 

 

 

 

 

Bella Collina Makes a Comeback

Bella Collina is a luxury golf community located on the shore of Lake Apopka here in Central Florida. Due to the fallout in the real estate market a few years back, it never reached completion or its full potential. During the release of lots in 2005, investors and celebrities alike were chomping at the bit to purchase lots. Only 2 years later though, the market crashed and Bella Collina was hit harder than any other place in Central Florida. With only 40 luxury homes completed and the amenities still under construction, the once sought-after community was a ghost town.

An investment group out of West Palm Beach, DCS Investment Holdings, purchased the property last year for $10 million, and they have been waiting for Lake County court decisions to allow them to begin the relaunch. It has taken years to go after all of the investors who never paid Homeowners Association dues, but now it looks like new building can proceed.

New homes are expected to average around the $1 million range based on comparable sales in the area. DCS Investment Holdings has approximately 900 lots that will be constructed on in phases.  Bella Collina Golf CommunityBella Collina on Lake Apopka

Check back for more information as this project progresses, or if you would like to be on the priority list to be the first to know when pricing and availability are set, email me at jana@homesbynectar.com.

Overprice or Underprice – What is better???

pricetagThere is an art to pricing a property appropriately.  You want to get the most money for the sellers as possible but not price it out of the market.  A really attractive price will certainly draw lots of attention, but you do not want the sellers to leave money on the table either.  It can really take a lot of thought to come up with the just the right number.  Some people use the argument that underpricing a property can cause a bidding war and drive the price upwards.  I usually lean in the exact opposite direction.  I tend to think that overpricing properties, just a little bit, actually brings in greater revenue for my sellers.

As it turns out, I am not the only one who has drawn this conclusion.  Florida Realtors recently put out an article that agrees.  According to data published in the May issue of the Journal of Economic Behavior & Organization, new research suggests that pricing a property 10-20% under market value actually netted the sellers less money.  Often times it did cause a bidding war but not enough of one to make up the substantial difference caused by underpricing it initially.  On the other end overpricing the property by around 10-20% did net the sellers a slight gain.  The study also indicated that when buyers were presented with a slightly higher purchase price they often looked for positive attributes to justify the price.   The same was true on the other end.  When the price was lower, they wondered what was wrong with the property.

Of course, there are many factors to consider when pricing a property for sale.  One of them is the timeframe in which the seller needs to sell.  You don’t want to be priced too high if you need to move your property quickly, and long market times increase the sellers’ carrying costs which eat in to their profit.  The long of the short is that you need an aggressive, knowledgeable professional to price it for you.

A Nectar Real Estate professional is always ready to help you with your real estate needs.  Feel free contact us any time!

New Construction Without the Long Wait

Who doesn’t want something shiny and brand new? Everyone, of course! Real estate is no different. People love the idea of being the first homeowner in a property, of having a home warranty to fall back on from the builder, and the ease of a move-in ready property. Often times the only drawback to new construction can be the long build times.

One of the best options for people wanting new construction but needing to be in something by a certain time is Inventory Homes. These are homes that the builder already has under construction when you visit the development. Sometimes they are homes that the original buyer has decided not to purchase but more often they are just started by the builder to keep up with demand. What is nice about these is that they are already underway, have been permitted, and will not take the typical 5-6 months to complete. You can almost always still pick the finishes and colors, and sometimes you can negotiate the price a little bit. The builder wants them sold as soon as they are finished, so they have incentive to move them.

Just a few miles from Celebration is an area called Champions Gate. It has some very nice hotels including the Omni Orlando Resort at Champions Gate and the Reunion Grande, and multiple championship golf courses. It is a great place to live, own a vacation home, or purchase property for investment income. Lennar Homes is currently constructing a neighborhood there called Stoneybrook at Champions Gate, and they have homes ranging in price from $255,000 to $373,000 and 1880 sq feet to 4259 sq feet. They have recently reduced some of their inventory homes, and there are multiple floor plans to chose from with completion dates between August and October 2013.

Here are all of the amazing amenities at Stoneybrook at Champions Gate:

Aerobics Studio

Clubhouse
Community Center
Equestrian
Fitness Center
Fully Maintained Lawns
Gated
Golf Course
HOA
Playground
Security
Splash Park
Sport Court
Swimming Pool
Tennis Court
Tot Lot
Volleyball Court

Plaza, Spa, Restaurant, Bar, Fitness Center, Tiki Bar, Cabanas, Tennis Club, Tennis Clubhouse, Stadium Court, (6) Tennis Courts, Golf Club, Golf Clubhouse Grill, Locker Rooms, Golf Shop, The Oasis, Resort-Style Pools, Family Pool, Lazy River, Water Slides, Swim-Up Bar, Water Falls, Beach Entry, Spa, Splash Pad, Grill, Bar, Fitness Area, Theater, Game Room, Tiki Bar, Cabanas, Performance Area, Trolley.  So much to do and you’re only a fewmiles Walt Disney World!

We have assisted so many clients with new construction contracts and been their liaison throughout the process. If this is something you are interested in, please don’t hesitate to contact us today!  Also if you are looking for new construction in another area of Central Florida, email me to get a list of what is available in your area.Champions GateStoneybrook at Champions GateStoneybrook at Champions Gate

Disney’s Limited Time Magic

You may remember that a few months I posted a blog regarding a new program that Disney would be implementing in 2013. It is called “Limited Time Magic” and word will be spread about the current promotions or events through Facebook and other social media platforms.

Starting on January 21st, they will be having “Long Lost Friends Week” where some old characters will be out for character Meet and Greets. Right now they have announced that Friar Tuck, Robin Hood, Clarabelle Cow, RobinHoodThe Three Little Pigs and Horace Horsecollar will be some of special characters around the 4 theme parks this coming week. As the date gets closer, they will update their Facebook page to tell you who will be where and when. To “like” Limited Time Magic on Facebook, click here.

See you there!

Walkable Communities Much Coveted

The New York Times published an article recently confirming what I have been saying for the past couple of years. It used to be that exclusive, suburban communities were the most sought-after dwelling choices. This demand also made them the more expensive option.

Well the tables have turned. Now the most expensive and desirable choices are urban dwellings with easy access to entertainment, restaurants, public transportation, schools, and work. Gone are the days when people want to commute a hour to live in their huge McMansion. Many Americans have decided that their time is more valuable then extra space or that the cost of the commute is too great.

This idea was the driving force behind why we chose to live in Celebration, FL. It is a wonderful walkable community that has amenities right here in town? Did we pay more for a home here than a similarly-sized one in another community? Yes, but to us and many other Celebration residents, it was worth it. We have access to great schools; the ability to walk to parks, playgrounds, restaurants, and stores; and a friendly atmosphere that only comes from knowing your neighbors. People don’t generally buy just a home here. They buy a lifestyle.

Condo vs single family home

Often times when prospective buyers first reach out to me its because they have seen something that has caught their eye. It may be because the price is so great or the property is so beautiful. In most cases, they do not purchase the original home that they first contacted me about. So I am often called upon to give guidance in terms of what type of dwelling unit would best suit their needs.

This is where the condo vs single family home discussion always comes up. Since obviously we are based in Central Florida, specifically Celebration, we have lots of part-time and vacation residents as well as full-timer’s. For those who only spend part of their time here, they are often partial to a condominium for the maintenance free ease. Condos are great for being able to be left part of the year. There is no yard to maintain, painting and power washing are taken care of by the association, and your utilities are usually very low.

What people don’t often realize when they first look at the purchase price is that there are other costs associated with owning a condo that factor largely into the monthly carrying costs – the condo fees. These fees vary greatly by community, but most are a large amount of the monthly carrying costs for owning the unit. They also factor greatly into how much you can afford to buy. For example, a recent client of mine was approved to purchase a condo up to $150,000. That condo had a monthly maintenance fee of $375. If he purchased a single family home, which does not have a condo fee, he was approved for up to $220,000. Those fees greatly impact the affordability of a particular property and make up a large portion of your monthly payment.

So when considering a particular property, you have to take into account more than the purchase price. There is insurance, homeowners association fees, monthly condo fees, and various other costs. It is important to get all of this information for your Realtor prior to making a decision of what type of dwelling unit best suits your need.  You will be better equipped to compare properties when you have all of the associated costs.

A nectar professional would be happy to assist you with all of your real estate questions.

Orlando Area Rainy Day Activities

Since today is one of the rainiest days here in a quite a while, I thought it made sense to highlight some of the fun indoor activities here in Orlando. Here are some of our favorites.

1. Disney Quest – This arcade-style attraction features 5 floors of gaming fun and innovation. There are 3-D encounters, virtual reality experiences, and classic video games. Some of the highlights are the Pirates of the Caribbean – Battle for Buccaneer Gold, Virtual Jungle Cruise, CyberSpace Mountain, and Buzz Lightyear’s Astroblasters. So much to do in one place!

2. Gaylord Palms Resort Orlando – This is not your average resort. With a 4.5 acre glass covered atrium, the Gaylord Palms bring Florida’s natural wonders to life. There is a replica of a Spanish fortress to explore, a “Gator Springs” are with live alligators, sting rays, Everglages environment with live game fish, a Key West Lagoon and much more. So much interactive fun along with plenty of cute shops and tasty restaurants.

3. Orlando Science Center – With 4 floors of exciting exhibits, there is so much to do and see. One of their current exhibits features Bob the Builder, which is great for the pre-school aged children. The Science Center offers lots of movies on their giant screen as well at live programming that changes weekly. They are also currently hosting their NASA speaker series where onlookers can hear firsthand from people who worked on space vehicles and shuttles. For the full exhibit schedule, click here.

Don’t let the rain hold up your fun!

New Record Sale in NYC

The real estate market in Central Florida has certainly seen some great leaps forward this past year, and an article posted by the NY Times last week proved that the turnaround is all over the place.

As someone who obviously follows the real estate market, I am always interested to see what things sell for in other parts of the country or even the world. Well a mystery buyer just agreed to pay over $90 million, yes million, for a new penthouse duplex at One57. Extell Development, the builder of this exclusive Midtown property which features a Park Hyatt on the lower floors, said that the buyer wished to remain anonymous at this time. This unit is almost 11,000 square feet and takes up the 89th and 90th floors of the building. Of course, the $90 million price tag is astounding, but when you break it down, it’s even more incredible. The buyer is paying over $13,000 per square foot.

Although this sale is clearly unique, the real estate market as a whole is constantly improving. The NAR reported last month that the median home price increased 10.1% from April 2011. This is great news for the stability of the market.

So whether your home is worth $100,000 or $100 million, your value is looking up!

When you’re ready to make a move, contact a nectar professional..