Home prices are still sitting at record lows around Central Florida. If you’ve got the extra cash and are looking for a good, profitable investment, then now may be the time to purchase your first property. That is, as long as you can remember one key thing: manage your expectations.
“I would say now is a good time to buy a residential investment property, with some qualifiers,” says local expert Gail Moncla, broker and owner of Rental Home Management Services, Inc. “From the standpoint of the current value of investments homes, as far as purchasing them goes, it’s a good time because prices are down to where they were in 2002-03.”
Moncla cautions that, at least for the time being, many properties are not as likely to create immediate positive cash flow as in they did in previous years however. “Rental rates are still being pushed lower because of the larger supply than in years past,” she says. “It will take more cash down than in the past to create that immediate cash flow, so for many it’s more of a long-term investment proposition.”
Of course, there are exceptions. “If you can find that magic number for you, even with maintenance costs and taxes, plenty of properties are still producing a net income at the end of the year, often much higher than the typical .1 percent you would make on some other forms of investment,” she says.
Before buying a property, Moncla suggests speaking to several industry professionals to get a true sense of the market. “Get advice from multiple sources and listen to it,” she says. “Sometimes the numbers may work for you right now but they won’t in the future due to the location or maintenance costs or what have you; so, I suggest consulting with a few people so you can filter through to the good information and decide for yourself what recommendations are worth following.”
Once you do take the next step and purchase your property, it’s important to ensure everything is ready before putting it on the market to rent. “You have to price them right and they have to be rent ready,” says Moncla. “There is a steady flow of renters right now, especially those looking for single-family homes because they may have had their house foreclosed on.”
As long as you manage your expectations, Moncla says that you’ll be just fine with your new investment property. “You can still turn investments into income with the right leverage,” she says. “Just be prepared that you’re making a long-term commitment and it will pay off for you in the end.”
Article by Corey Gehrold
Spotlighted for their outstanding customer service satisfaction ratings, wide array of skills and local expertise, Insight Magazine once again presents the annual special section: Who’s Who in East Orlando Real Estate? The listings below are in alphabetical order by last name and are not intended to indicate any type of numerical rating.
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Christopher Baker
Growing up in a small town near Dayton, Ohio, Christopher Baker always knew he was interested in people. After graduating from The Ohio State University with a bachelor’s degree in Behavioral Science, he joined the United States Air Force as an officer and spent seven years on active duty, including a tour in Iraq.
Today, while still stationed as a Major in the Air Force Reserves, Baker uses his unique background and knowledge of people to help buyers and sellers reach and exceed their real estate goals. “Our market continues to evolve, so I have to constantly educate myself and my team on the complex laws and programs that are there to help families,” he says.
When not spending time with his children or volunteering for the Central Florida Children’s Home, Baker can be found studying for his real estate passion. “Staying abreast of the processes, strategies and tools that will ultimately save my customers time and money is priority number one for my business,” he says.
Name: Christopher Baker
Company: Keller Williams Realty at the Vistas
Yrs of Experience: 5
Phone: 888-828-7051
E-mail: CBTeam@EastOrlandoNeighborhoods.com
Web site: www.EastOrlandoNeighborhoods.com
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Tracy Canning
In the real estate business, your reputation can make or break you. Luckily for Tracy Canning, her positive reputation has helped her build a loyal customer base that continues to grow - even today.
Canning attributes her success to a strong work ethic, knowledge of the area where she has called home for more than 10 years and one simple notion: making every client feel like they’re the only client.
“When I work with a client, I am very good about making them feel like they’re my one and only priority,” she says. “Buying or selling a home can be very stressful and the last thing a customer needs is a real estate agent who is not professional, that’s why I make sure to return phone calls and respond quickly to e-mails.”
When not on the tennis courts, Canning can be found with her two children in the distinct communities that make up East Orlando. “Avalon Park is my favorite. It has great people and a great atmosphere.”
Name: Tracy Canning
Company: Keller Williams Advantage II Realty
Yrs of Experience: 7
Phone: 407-484-7978
E-mail: Canning8@Comcast.net
Web site: www.TracyCanning.com
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Mary Ann Cook
If you’re looking for a realtor who has the ability to build rapport and close the deal, look no further than award-winning Realtor, Mary Ann Cook.
Bringing an unparalleled enthusiasm to each new challenge, Cook has worked diligently throughout the previous 12 years in the real estate industry to establish a reputation for hard work, attention to detail and dedication to clients.
Through her diverse background in the real estate industry as a sales manager a for large developer - where she closed more than $20 million in sales in one year - and as a Realtor and concierge sales executive that facilitated multi-million dollar real estate auctions, she has an extensive client referral base of builders, brokers, buyers and sellers.
“From first time homebuyers to million dollar investors, I’ve helped each of them achieve their goals,” says Cook. “They all tell me that my passion shines through and that’s why they become loyal customers for life. I couldn’t ask for any greater compliment.”
Name: Mary Ann Cook
Company: Keller Williams Realty at the Vistas
Yrs of Experience: 12
Phone: 407-207-0825
E-mail: Cook4HomeSalesFL@aol.com
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Victoria Dobbins
Living between Saint Cloud and Lake Nona for 19 years with her high school sweetheart, Victoria Dobbins has seen the area go through a lot of change and it has given her a unique perspective on the real estate and mortgage industry. “When we moved here there was no ‘Lake Nona’ or even pizza delivery, unless meeting them at the Narcoossee General Store counts as delivery,” jokes Dobbins.
She says helping someone find the right mortgage program so they achieve their dream of home ownership makes all the hard work and long hours she puts in for clients worth it every time. “Several years ago on a day when I was ready to look for a new career, I answered the phone to the sound of someone sobbing so hard she couldn’t talk. As the sobs slowed, I could finally make out what she was saying,” recalls Victoria. “She whispered, ‘I’ve got the keys.’ Those are the moments that keep me in this business and I love it.”
Name: Victoria Dobbins
Company: Wells Fargo Home Mortgage
Yrs of Experience: 18
Phone: 407-659-6844
E-mail: Victoria.Dobbins@WellsFargo.com
Web site: TheMortgageTeam4You.com
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Carmen Sierra-Gonzalez
Living in East Orlando for most of her adult life and raising two children in the up-and-coming Lake Nona area are just two of the many reasons that Carmen Sierra-Gonzalez is so passionate about working with real estate in the community she calls home. “I love telling people about the area and what it has to offer,” she says.
In fact, connecting clients within the community is one of her specialties. “If they are new to the area, I will give them as much information to help them get connected to the community and make the best decisions for their families,” she says.
Utilizing the latest technologies, market research and business strategies, her goal with every transaction is to exceed client expectations. “I’m always upfront with what to expect during the entire process, whether it’s short sales, foreclosures or regular transactions,” she says. “Clients are making one of the biggest decisions of their lives and they deserve the truth. When they hear it, our communication, understanding and respect evolves to a new level.”
Name: Carmen Sierra-Gonzalez
Company: Keller Williams Realty at Vista Lakes
Yrs of Experience: 6 years
Phone: 407-222-1411
E-mail: Carmen@TheSierraGonzalezTeam.com
Web site: www.TheSierraGonzalezTeam.com
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Debbie Irons
Born and raised in Florida, Debbie Irons brings a wealth of knowledge and a commitment to customer service to her full-service realty business. Entering the industry after buying and selling properties with great success, Irons became an expert in helping owners short sale in tough times and getting buyers to the closing table for their dream home.
“The best advice I could give if you’re looking to buy or sell a house right now would be to do your research but don’t rely just on the internet,” says Irons. “Short sales, foreclosures, government programs - they all change monthly. Make sure you consult legitimate professionals; as long as you’re prepared, there has never been a better time to buy in my opinion.”
Often working long hours for clients when required, Irons is still sure to always put her family first, which includes four small girls. “I do my best to ensure my family feels strong, secure and loved first,” she says. “A close second is doing everything in my power to fulfill every client’s expectations.”
Name: Debbie Irons
Company: Orlando Classic Homes
Yrs of Experience: 7
Phone: (407) 908-2890
E-mail: Debbie@NonaLiving.com
Web site: www.NonaLiving.com
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Brenda Kolbrich
Named “Best in Client Satisfaction” in 2008 and 2009 by Home Buyer’s Magazine, based on client feedback, Brenda Kolbrich knows what it takes to get her seller’s homes sold and to find her buyers the home they have always wanted.
“I would say I understand the need to communicate quickly and effectively to get the transactions done and clients appreciate that,” she says. With a bachelor’s degree in English and a minor in Journalism, communication is one of Kolbrich’s defining characteristics in selling homes in East Orlando.
Kolbrichs’ extensive real estate experience coupled with her drive to educate her clients with the most current information regarding short sales, foreclosures and overall market trends have melded to create a successful combination for buyers and sellers. In fact, she has sold more than $4 million in real estate to date in 2010. “I am passionate about raising a family here, selling in my community and calling Avalon Park and East Orlando home,” she says. “I’m ecstatic when I can help another family feel the same way.”
Company: Keller Williams Advantage II Realty
Yrs of Experience: 10
Phone: 407-963-6876
E-mail: Brenda@TopOrlandoHomes.com
Web site: www.TopOrlandoHomes.com
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The Marberry Team
Whether you’re getting ready to sell your current home or buy the home of your dreams, odds are, you’re making the move with your family in mind. You want a team of real estate professionals with experience, who know the area and, perhaps most importantly, know what it means to be a part of a family. You want a group like The Marberry Team.
Fred, Bonnie and daughter Jennifer all call East Orlando home together as a family along with their Scottish Terrier and Maine Coon cat. The Marberry Team has experienced more than 35 years of local real estate success.
Offering an umbrella of services that includes Rose Whippo of The Mortgage Firm, title agents, lawn and pool services, handymen and housekeepers, the Marberry’s use their tailored hands-on approach, understanding of the current market and marketing expertise to help clients every step of the way. “We want to guarantee you an excellent experience,” says Bonnie. “Our family is here for your family’s every real estate need.”
Name: The Marberry Team
Company: Century 21 Real Estate Professionals
Yrs of Experience: 35
Phone: 407-382-1330
E-mail: Marberry@aol.com
Web site: www.TheMarberryTeam.com
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Allyn and Pam Maycumber
With more than 50 years combined experience, Allyn and Pam Maycumber make more than a great couple, they make an invaluable team for their clients and their Lake Nona community. “My motto is, ‘Knowledge is confidence,’” says Pam. “When we infuse our market expertise and knowledge into our clients, they have the confidence to make the very best real estate decision, whether they’re buying or selling.”
As a Certified Real Estate Broker (CRB), Pam represents the top 2 percent of realtors nationwide while in addition, Allyn is a Certified Distressed Property Expert (CDPE) and Certified International Property Specialist (CIPS). The duo long ago recognized the importance of communication, creating a business with a “high-speed, tech savvy” edge while still focusing on client assistance and community service.
“Our clients really become friends, and we’re very proud of that,” says Pam. “It’s so meaningful to us that they are truly cared for throughout a transaction and beyond; the people really become the best part of our days and, eventually, our communities.”
Name: Allyn and Pam Maycumber
Company: Keller Williams Realty
Yrs of Experience: 26 years
Phone: 407-251-1314
E-mail: Pam@Maycumber.com
Web site: www.WeKnowNona.com
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Angie Dos Santos
Sometimes, it takes a village to buy or sell a house. That’s why Angie Dos Santos has assembled a confident team to help her guide clients through the short sale and foreclosure markets of today.
“I’ve made it a priority to learn everything I can so that I can help my sellers get through this process as painlessly as possible,” she says. “I’ve also aligned myself with a team consisting of a real estate attorney, a CPA, a no charge to the seller short sale team, a title company, a survey company, house cleaners and even service technicians - all of which are there when you need them.”
After working in the hospitality industry for a decade, Dos Santos decided to change her career several years ago, but she’ll never forget the lessons she learned dealing with so many people. “I’ve always put people first, whether that’s in my community service work or with my clients,” she says. “There is no better feeling than giving a family the keys to their new castle.”
Name: Angie Dos Santos
Company: Century 21 Real Estate Professionals
Yrs of Experience: 7
Phone: 407-496-6397
E-mail: Angie@TheOrlandoAgent.com
Web site: www.TheOrlandoAgent.com
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Terry Sible
Upon moving to sunny Central Florida from Michigan, Terry Sible loved his new community so much he knew he made the right choice to sell real estate here. “The best part about selling homes in this community is the fact that I believe the community sells itself,” he says. “Great schools, churches, and a friendly atmosphere, what more could you want?”
With more than 20 years of experience, Sible shares his vast knowledge of the real estate industry with his clients to help them make the right decisions.
His advice for buyers and sellers in this market is simple: be patient. “I tell them in this market it may take a little longer to get to the closing table, but ultimately we will accomplish your goals,” he says.
When not working, Sible enjoys playing golf and volunteering with area non-profits with his wife, Pamela. “It’s a great way to feel like I accomplished something that really matters and makes our community a better place to live in,” he says.
Name: Terry Sible
Company: Krowne Realty, Inc
Yrs of Experience: 22
Phone: 407.823.8855
E-mail: Terry@MyAvalonPark.com
Web site: www.MyAvalonPark.com
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Karen Spell
With the recent abundance of short sales in today’s market, there has never been a better time for Karen Spell to show off her expertise in short sale negotiation.
The daughter of two real estate brokers, growing up in a real estate environment inspired Spell to follow her heart and pursue a career in real estate, but not as an agent. Earning her law degree from the University of Miami in 1980, Spell owned a title company for more than 20 years before moving to Central Florida and opening her own law firm specializing in real estate.
“The focus of my business is on short sale negotiations and helping sellers understand their options and the consequences of their decisions,” she says.
Aside from her career aspirations, Spell’s parents also taught her a valuable life lesson she carries with her: always try your hardest. “I want to know that I did the best that I could in any situation, be it professional or personal,” she says.
Name: Karen R. Spell
Company: Karen R. Spell, P.A.
Yrs of Experience: 20
Phone: 407.306.0454
E-mail: Karen.Spell@Yahoo.com
Web site: www.KarenSpellAttorney.com
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Since the hard-hitting economic downfall, people have been doing what they can to recover, but in terms of real estate local residents still find themselves asking: well, now what? Is now the right time to buy a house? What trends are happening in the market? Should we ever expect a full turnaround? Is there some relief in sight?
While most of these questions depend upon the circumstances of the buyer, there are certain situations that are emerging as trends.
The biggest trend that appears to be dominating the market is short sales. A short sale is what the name suggests: it is a sale that is being sold short. The sale amount will be short of the owed amount because, for example, the bank realizes that it will not be able to get back the full amount of its loan.
Potential buyers are also looking at real estate owned (REO) properties and possible foreclosures.
“They obviously realize there are some opportunities there to purchase homes at discounted pricing because of that,” says Shad Tome, president of Harmony Development Co. Harmony is a sustainable community in Florida with high-energy efficient homes located in Osceola County, just outside of the medical city in Lake Nona, according to their website.
While most buyers are taking advantage of the discount of bank-owned homes, real estate agents are seeing some new construction because of an upward movement that is happening on the pricing on the bank-owned transactions.
Real estate professionals are unsure whether customers will continue to buy without the $8,000 government tax credit moving forward.
“It’s usually in select situations where people are looking at a short sale and the amount of work they may have to do post-closing with the bank,” says Tome.
Tome explained that they are also seeing unique cases where the appraisal is coming in a “few dollars” - using the example of a $1,000 or $2,000- over what the contract price is. It is an occasional situation because of the amount of transactions that are taking place and the multiple offers that are submitted on the same home.
“We haven’t seen that happen before in our district for quite some time,” Tome says. “I would say probably the last two or three years.”
The other “buzz word” right now is strategic default, says Karen Spell, an East Orlando real estate attorney located on Alafaya Trail. Strategic default is when borrowers decide to stop making their payments. It’s a decision to not make their payments despite having the financial flexibility for them.
“Homes are on the market for a shorter period of time,” Spell says. “There are less homes on the market than when we were at the worst. We are not back to what I would consider normal and we won’t be for a while.”
In addition to these up-and-down trends, there are a few challenges the market will face before reaching some kind of stability. One of the obstacles, Tome explained, is that the federal government ran a program for “first-time homebuyers” that expired at the end of April where a $8,000 credit could be received toward their purchase.
“We’re in a period where the really challenging thing will be if the [federal government] doesn’t come out with a new program that will be sustainable, will people still be out looking to purchase without having that incentive or that carrot that was out there with the $8,000 tax credit?” Tome says.
As a result of the lost incentive, Tome said that some builders are offering their own incentives to entice those that used the tax credit to come back into the market. He believes that it’s a challenge because potential buyers may be waiting for the federal government to extend the program that offers credit.
“We’re easily looking at another year until we’re at a point where we can confidently feel like we’re able to predict month to month the amount of transactions that we can do without the requirement of some type of federal incentive to make it happen,” Tome says. “That people are purely buying homes based on the fact that it’s a good purchase, they feel stable at their job, the economy’s improving and they’re buying because that’s right American thing to do.”
Article by Shayla Silva
How many shopping plazas do you drive by on an average day? And how many of those plazas have empty storefronts? Odds are the answer is “most.” It’s no secret that the commercial real estate market has seen a decline over the past 18 months or so in Central Florida, but are we past the worst of it?
Commerical real estate properties like this one sit empty throughout East Orlando. Although interest in leasing and purchasing space is growing, the empty storefronts will persist for months.
“The commercial real estate market is a lot like a lot of industries in the United States today in that the industry has experienced a significant decline in revenue recently,” says Jeff Sweeney, SIOR, president and managing principal at Grubb & Ellis|Commercial Florida. “But this industry is experiencing positive signs - there is more activity, more interest on both buyers and tenants, and the banks and lending institutions have started to dispose of some of their distressed assets which has created opportunities for viable companies to acquire facilities at historically low prices.”
Translation: things are looking up for the industry, but they are not completely out of the woodwork just yet. With so many available properties and storefronts, there will be a measurable lag between recovery and expansion. With that said, however, Sweeney notes that interest is on the rise again in commercial property due, in large part, to increased overall consumer confidence and spending.
“The difference between today and a year ago is that business owners are again saying, ‘You know what? Business will go on,’ and, ‘We’ve passed the worst of the recession - we will slowly climb out of this,’” Sweeney says.
As business owners have been able to search for, and successfully identify, the proverbial light at the end of the tunnel, so to have consumers. Florida was especially affected by the recession because of its large reliance on consumer spending, tourism and new construction. Because of this, political and business leaders have begun to aggressively shift and diversify the economy to encompass new industries, such as medical modeling and simulation, to supplement the leading money makers in Florida.
In fact, much of the immediate growth in the East Orlando region will come from companies within these industries seeking more commercial space. “Orlando is ideally suited to provide [commercial medical training] of simulation technologies,” says Waymon Armstrong, president of Engineering & Computer Simulations (ECS), whose office is based just outside of the University of Central Florida. “We see this market growing steadily for us, with anticipated hires occurring in 2010 as a result.”
The continued growth and expansion of the medical city in Lake Nona will also play an increased role moving forward. With so many healthcare powerhouses locating there, the commercial industry around the Southeast Orlando area has improved significantly. “Obviously there is a lot of interest in being in close proximity to all of those exceptional medical entities,” says Sweeney.
Avalon Park is also planned to expand with an 80,000 square foot assisted living facility scheduled to begin construction this year and open in late 2011. Total development costs are estimated at more than $15 million.
Still, in the immediate future, Central Florida is primarily a service-based economy that relies on consumer spending. “Anytime the confidence level improves and people are spending money, it’s good for the economy,” says Sweeney. “It’s a domino effect but consumer confidence rising is a great bellweather that we’re going to see improved sales throughout the entire system.”
“I know for my family and I personally, we have started to go out to dinner more,” says Richard Dillon of Lee Vista. “And it seems like my wife has started to go to Target a lot more,” he jokes.
For the Dillon family, it has been business as usual as they pass empty storefronts. “Honestly, I don’t really notice them anymore, I used to but not anymore,” he says.
Dillon offers a unique perspective about the new businesses that will move in as well. “They will have a leg-up on those that they’re replacing because they don’t have to weather the same storm, or maybe they already did so they’ll be apt to provide better products and services to us,” he says. “I look forward to seeing what changes new stores will make, if any, once they move in.”
Speaking of moving in, Sweeney believes that for those companies or individuals looking to invest in commercial real estate, there may not be a better time than right now. “Commerical real estate is again becoming a viable investment, there’s no question,” he says. “The oldest saying in the book is, ‘buy low, sell high,’ and we’re at historic lows right now; in fact, it’s probably one of the best times to purchase in the last 50 years.”
Article by Corey Gehrold
All you’ve done your entire life is work with your hands. Building, wiring, framing. It’s a tough job, but it’s one you own - the bitter taste of long hours in the sun are offset by the tangible sweetness an honest, good-sized paycheck brings home to your wife and two children. Work is booming and a hard days’ work has never gone further - until, one day, the phone stops ringing.
Kenneth Cross, a former Bithlo resident, has been unable to find steady work since the construction industry slowed dramatically several years ago. Today he attends community college and works when he can to support his young family.
Welcome to the life of former Bithlo area resident, 29-year-old Kenneth Cross. Several years ago, Cross worked in the construction industry, partnered with his brother Leo, framing roofs of residential homes at a hectic pace. But, as the economy took a downturn in Central Florida, the residential housing market crashed and Cross was left with no work and little hope.
“About three years ago it started to get so slow and if there was work, no one was paying anything,” he says. “My brother and I were just getting into making good money and if it had lasted just a little bit longer, we would’ve been alright.”
Instead, Cross was forced to take up an on-again, off-again landscaping position to help make ends meet. His family has been forced to use food stamps to eat. His wife has become almost the sole supporter for the household, still struggling to survive and raise two young children.
When the calls stopped coming in, Cross remembers being concerned first, then angry at what was going on around him. “I was concerned because we were hurting for money,” he says. “After doing so well for a long period of time, working steady - to go to not making money was rough.”
Then the anger set in. According to Cross, when there was work, it was being given to illegal immigrants who would underbid projects and work for pennies on the dollar. “You just couldn’t do it as cheap or as fast because they had so many guys,” he remembers. “There was nothing we could do to compete.”
Down but certainly not out, Cross decided that it was time for a change. He was going to use his construction skills for something else - he was going to build himself a new career.
Deciding to temporarily put down the hammers and pick up the books, Cross enrolled himself at Valencia Community College and began pursuing a degree in engineering. “I wanted to stay in construction because I’ve already got the experience there,” he says. “My goal for the future, what I’d really like to do, is design the roof trusses on houses after the architect gets done with the initial plans.”
However, with just a few semesters to go before earning his degree from Valencia, an old contact came calling - he had work installing siding on apartments. Not wanting to turn the opportunity to make money and provide for his growing family, Cross stepped away from his education to become the chief family earner again. But, just like the construction industry, the work isn’t steady.
“I work whenever he has work, sometimes it’s a few days a week, sometimes it’s more; last time I worked four days straight, but I’ve been out of work for a little over a week because he hasn’t had any for me to do it,” says Cross. “It’s sporadic at best.”
Cross has now missed the last two semesters of school in favor of providing for his family. But, perhaps most importantly, through the entire situation, he has never given up.
“Its been a tough road, but we’ve made the most of it,” he says.
Article by Corey Gehrold
