Location! Location! Location! Pretty and upgraded condominium located in building 18 overlooking the wooded area, the in-house community pool area with views of Lake Davenport in the distance. This ground floor Abacos model is being sold fully furnished and under the in-house management program. This is a great opportunity for you to own a piece of luxury in the impressive Bahama Bay Resort. Enjoy the ambiance of the Caribbean and the amenities of Central Florida. Close to Disney and all the attractions. Click here to view more properties for sale in Bahama Bay.
The Bridgewater Crossing community in Orlando, Florida is a great choice for a second home or vacation home in the Disney area. Year around residents as well as investors have selected Bridgewater Crossing as the ideal location for purchasing their Florida vacation home.
Bridgewater Crossing, a 78 acre community nestled among 165 acres of wetland, is situated on Ronald Reagan Parkway (CR54) and therefore placed for easy access to all the theme parks and attractions of Central Florida. Interstate-4 is only minutes away along with numerous Golf courses, including the new golf academy at Champions Gate, Southern Dunes, Orange Lake and The Legends, to name just a few. The new retail development at Posner Park is just minutes away. Zoned for short term rental Bridgewater Crossing features the numerous community facilities including a swimming pool, tennis courts, volleyball, basketball and picnic area. I4, just minutes away, provides quick and easy access to the beaches near Tampa on the West Coast or the Space Coast beaches near Cocoa and Melbourne, and all the Central Florida attractions.
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Rising rents help revive home construction in Orlando area
After renting for years and cleaning up her foreclosure-bruised credit, Hunters Creek resident Tabetha Morway just purchased a new house with mortgage payments less than her rent.
“From my experience, people are still leery about getting mortgages,” Morway said. “They’ve heard so many horror stories and the risk is still there, but they’re starting to take the leap they wouldn’t have taken a few years ago. People are keeping their jobs and getting raises.”
Morway isn’t alone. The latest new-home construction reports speak to a housing recovery shift, with builders suddenly staking out new positions.
Building permits for houses in Orlando increased by 20 percent for the first half of this year compared to the same period last year, according to the National Association of Home Builders. Orlando’s home-construction rate grew twice as much as the nation’s and also more than Florida’s 15 percent growth.
It’s a change for Central Florida, where former homeowners had been flocking to rentals: The region’s home-ownership rate dropped from 77 percent to 59 percent during the decade that ended in 2013, according to Orlando Sentinel research.
Morway will be moving to the Legacy Park subdivision in Kissimmee, where builders said they had to slow down on preparing lots for buyers because the home sites were about to run out. “We’re having to slow down the sales because we’re selling them so quickly,” said Park Square Homes Sales Director Jared Weggeland.
MetroStudy reported that Orlando-area home builders have added about 100 model homes this year, a telling sign. “We’ve gone from 375 to 475 models in six months so builders are selling out of lots and communities they held for years — possibly before the bust,” said Anthony Crocco, regional manager for MetroStudy.
New-home construction prices are also rising. Average new-home prices in the region grew 8 percent in the second quarter from a year earlier to reach $320,400, according to Charles Wayne Consulting. That puts new-home prices rising at the same rate as single-family and vacation homes for that period, according to Florida Realtors.
During the last year alone, Orlando-area rental rates climbed 7.9 percent to reach an average of $1,005 and vacancies plummeted to 3.5 percent, according to commercial brokerage firm Marcus & Millichap. Looking ahead, projections call for apartment rents to increase another 5.9 percent during the next four quarters but an array of new apartments may edge up vacancy rates to 4 percent, Marcus & Millichap reported.
Rising rental rates have translated into home sales particularly at first-time buyer communities like Legacy Park but new-home sales overall don’t compare with fast pace of home building. New-home closings were up only 4 percent from the second quarter of 2014, according to Charles Wayne Consulting. And MetroStudy described them as generally flat during the past year.
Crocco said it’s typical for starts to outpace closings for the second quarter, “although the magnitude of the difference is high for the market.” Despite the gap, he projected construction to rise along with new employment and other factors.
Before Morway purchased the house she’s having built at Legacy Park, her monthly rent in Hunters Creek had increased from $900 to $1,400 during the last six years.
Source: Orlando Sentinel
How reviving! Rising rental prices encourages the buying process, making a huge impact in our real estate market. Home owners will also benefit from this rise in rental prices on their single-family vacation homes in the Central Florida area. Purchasing a home is not done with a snap of a finger. We suggest you do not buy directly from the builder as their interest is with the builder, not you as the buyer. New home construction varies depending on your price range and desired location. Follow this link to learn more about new home construction breaking ground in and around the Four Corners area.
2206 San Vittorino Circle, unit 104 is a beautifully furnished and fully equipped 3 bedroom 2 bathroom condominium situated in the very popular & sought after community of Venetian Bay in Kissimmee. It has been very well maintained with no expense spared, the microwave, washer & dryer were all replaced last year and the master en-suite has been recently tiled. There is a large master bedroom downstairs with 2 good size bedrooms on the 2nd floor. The fully fitted & equipped kitchen with dining area and family lounge are situated on the ground floor, there are 2 flat screen TV’s included and the property is zoned for short term/vacation rental if the buyer would like to rent the property within that market and is “Ready to go”. The community also has many extra facilities including communal pool, tennis, fitness center and is a must see on your viewing list.
2206 San Vittorino Circle, Unit 104, your next vacation home!!
Infiniti Housing presents The Towns at Legacy Park. This new addition to Legacy Park features 6 different floor plans of 2 and 3 bedroom townhomes and features a lovely amenities pool with a cabana. Legacy Park is conveniently located in the Four Corners area of Davenport and with this prime location, these townhomes are selling fast and will not last. Don’t miss your opportunity to own your vacation villa in the master-planned community of Legacy Park. Click on either image to view full pricing for all 6 of these wonderfully designed townhomes.
Renters in the Orlando-Kissimmee-Sanford metro area are feeling a bit of a pinch in the pocketbook or wallet, as rents here rose 12.41 percent, while incomes only rose 9.48 percent between third-quarter 2009 to third-quarter 2014, a new study by the National Association of Realtors shows.
However, compared with other metros included in the study, things look a lot better for Central Florida. The top markets where renters have seen the highest increase in rents since 2009 are New York (50.7 percent); Seattle (32.38 percent); San Jose, Calif. (25.6 percent); Denver (24.1 percent) and St. Louis (22.3 percent).
“In the past five years, a typical rent rose 15 percent while the income of renters grew by only 11 percent,” said NAR chief economist Lawrence Yun. “The gap has worsened in many areas as rents continue to climb and the accelerated pace of hiring has yet to give workers a meaningful bump in pay.”
So how does Long Term Rentals Orlando stack up against other Florida metros? Jacksonville saw rents rise 10.01 percent in that time period, while incomes rose 8.11 percent. Miami fared worse, with rents up 16.47 percent and incomes up just 0.71 percent. Tampa, meanwhile, saw rents rise 12.89 percent and incomes up 6.14 percent.
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NAR: Rents could soon outpace household income
WASHINGTON – March 16, 2015 – The gap between rental costs and household income is widening to unsustainable levels in many parts of the country, and the situation could worsen unless new home construction meaningfully rises, according to new research by the National Association of Realtors® (NAR).
NAR reviewed data on income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas across the U.S. It found renters being squeezed in many metro areas throughout the country due to the disproportionate growth in rental costs to incomes. New York, Seattle and San Jose, Calif. are among the cities where combined rent growth is far exceeding wages.
The disparity between rent and income growth has widened to unhealthy levels and making it harder for renters to become homeowners, according to Lawrence Yun, NAR chief economist.
“In the past five years, a typical rent rose 15 percent while the income of renters grew by only 11 percent,” Yun says. “The gap has worsened in many areas as rents continue to climb, and the accelerated pace of hiring has yet to give workers a meaningful bump in pay.”
According to Yun, the share of renter households has been increasing; at the same time, homeownership is falling.
Americans who could afford to buy a home in recent years haven’t been impacted. Most took out a 30-year fixed-rate mortgage with established monthly payments, and, for most, net worth climbs because of upticks in home values and declining mortgage balances. The result has been an unequal distribution of wealth as renters continue to feel the pinch of increasing housing costs every year.
“Meanwhile, current renters seeking relief and looking to buy are facing the same dilemma: home prices are rising much faster than their incomes,” adds Yun. “With rents taking up a larger chunk of household incomes, it’s difficult for first-time buyers – especially in high-cost areas – to save for an adequate downpayment.”
NAR’s research analyzed changes in the share of renters and homeowners, mortgage payments, median home prices, median household income for renters and the rental costs in 70 metro areas.
The top markets where renters have seen the highest increase in rents since 2009 are New York (50.7 percent), Seattle (32.38 percent), San Jose, Calif., (25.6 percent), Denver (24.14 percent) and St. Louis (22.26 percent).
Looking ahead, Yun says a way to relieve housing costs is to increase the supply of new home construction – particularly to entry-level buyers. Builders have been hesitant since the recession to add supply because of rising construction costs, limited access to credit from local lenders and concerns about the re-emergence of younger buyers.
Yun estimates housing starts need to rise to 1.5 million, which is the historical average. Housing starts have averaged about 766,000 per year over the past seven years.
“Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities,” adds Yun. “With a stronger economy and labor market, it’s critical to increase housing starts for entry-level buyers. (If not), many will face affordability issues if their incomes aren’t compensating for the gains in home prices.”
