ORLANDO, Fla. – June 11, 2019 – A new report from Wells Fargo Securities indicates economic growth in Florida has continued to outpace the nation so far this year and has evolved to enhance long-run competitiveness.
"Its strong performance is particularly noteworthy given the severity of the Great Recession in Florida, and the considerable adversity the state has faced from devastating hurricanes, citrus greening, constant trade uncertainty and slower global economic growth," says Wells Fargo Senior Economist Mark Vitner.

"We expect economic growth to moderate this year, as the national economy slows," he adds. "Florida is poised to remain one of the nation's fastest-growing states, however, and growth remains remarkably broad-based across industries and geographies."

Florida average hourly wages have increased 2.8% over the year, construction has remained steady, and the housing market has returned to form.
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"While moving in the right direction, home sales weakened late last year when mortgage rates spiked," Vitner says. "With sales moderating, homes are sitting on the market slightly longer, which is giving buyers a little more bargaining power. As a result, home prices have cooled, rising 4.6% year-over-year in March, which stands in contrast to the 6.2% rate hit this time last year. Price appreciation has moderated in both higher-priced markets, like Naples and Sarasota, and lower-priced areas, like The Villages, Ocala and Cape Coral."

In a sign that Central Florida’s economy continues to soar, Orange County posted another record-setting increase in property values this year.
Property values in Orange County jumped 9.3 percent, an $11.2 billion gain from last year. The higher values included $500 million in additional new construction, to $3.6 billion.

Property Appraiser Rick Singh credited “a thriving Central Florida economy” and “record-breaking growth” for the big jumps in values, according to a written statement. The increase exceeded last year’s 8.3 percent tax-roll increase.
Orange’s neighbor to the south wasn’t far behind. Osceola County saw a more than 9 percent increase in property values from last year, Property Appraiser Katrina Scarborough said.
“Osceola is the second fastest-growing county in the state,” Scarborough said. “More people are coming and the demand is high for housing.”
It’s the same story in other Central Florida counties. Lake County posted a 9.25 percent increase, and Seminole values shot up 8.25 percent.
Rising values means counties and cities can expect to see more tax dollars rolling in even if local governments maintain the same tax rates.
Orange’s office of management and budget, for example, is recommending the county keep its property tax rate at the current roughly $4.43 for each $1,000 of taxable value as commissioners plan to start budget work sessions next month.
Orange Sheriff Jerry Demings’ office has submitted a proposed budget for next fiscal year that asks for $13.7 million more — a nearly 5.9 percent increase — than last year’s budget. Demings plans to use a portion of that money to pay for salary increases and hiring 26 new deputies.
Despite the expectation of additional tax dollars, local government officials across Central Florida are uneasy about a state constitutional amendment on the November ballot asking voters if they want an additional $25,000 homestead exemption that would apply to homes with taxable values above $100,000.
If approved by voters, some local governments could see tax revenues drop despite the increase in values.
Besides the counties, Central Florida cities also saw ample increases in property values.

Fruitland Park in Lake County expects a nearly 32 percent gain, in large part because of 719 new homes in a portion of The Villages community.
Other Lake municipalities experiencing sharp increases in property values include Minneola, 20.6 percent; Groveland, 16.8 percent; Howey-in-the-Hills, 16.6 percent; and Mascotte, 14.3 percent.
Casselberry led Seminole County cities with a 19 percent gain in property values followed by Oviedo,10.7 percent; Longwood, 9.25 percent; and Sanford, 8.75 percent.
In Osceola, St. Cloud led the charge with a 12.5 percent increase, followed by Kissimmee with a nearly 9.6 percent gain.
In Orange County, Ocoee showed the highest increase at 13.7 percent.
“It’s great news,” Ocoee Mayor Rusty Johnson said. “We’re getting all this economic growth. … And it shows that Ocoee is a great place to be out here.”
Johnson pointed to a new industrial park off State Road 429 near Crown Point Road and Palm Drive, along with new homes going up on the city’s north side between Clarcona Ocoee and McCormick roads.
Johnson said he will urge his city commission to lower Ocoee’s property tax rate as it discusses the budget this summer.
“Now that we’re getting all this economic growth, we’ll be able to cut it some more,” Johnson said.
Other Orange cities posting significant gains include Oakland, 12.6 percent; Orlando, 11 percent; Winter Garden, 10.6 percent; Bay Lake, 10.4 percent; and Apopka, 10.1 percent.

Walt Disney World's work on one of its newest resorts appears to be making headway as the rest of the Orlando tourism industry gears up for the Aug. 29 debut of Star Wars: Galaxy's Edge at Disney's Hollywood Studios theme park.

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A new permit filed June 16 with Orange County gives a peek at what crews are up to at the site of Disney's (NYSE: DIS) new 900-room resort — Reflections: A Disney Lakeside Lodge. The permit is for the demolition "associated with existing utilities and surrounding configuration" at 4420 Big Pines Road, which is near the construction site for the future resort slated to replace Disney's long-shuttered River Country water park.
The contractor on the work is Balfour Beatty Construction, which has been tagged to several former permits filed earlier this year.

For example, permits filed on Feb. 1 showed crews began work on "new building, mechanical, electrical, plumbing, fire protection, civil and area development" and site work near the future resort. The address for that work was at 4500 Big Pine Road and 632 West Wilderness Road in Bay Lake — just down the road from the future resort.

Disney has said the new resort will be nature-themed and have Disney Vacation Club villas for the theme park company's timeshare customers. The property will have access to Bay Lake which is just east of Disney's popular Magic Kingdom theme park.

The timeline for the resort has yet to be revealed, but it's likely to be ready by 2020 or 2021 — just in time for Walt Disney World's 50th anniversary.
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Meanwhile, Walt Disney World has two other accommodates slated to open this year: the 545-room Gran Destino Tower addition to Disney's Coronado Springs Resort set to open in July, and the 300-unit Disney's Riviera Resort timeshare resort that will debut in December.

Let’s face it. Life can get complicated, complex and stressful very easily. Luckily, there are plenty of ways to simplify your life, especially at home. Here are some tips from the experts:​

• Don’t be ruled by the TV guide. Instead, select the shows you want to watch and record them. That way, you can watch what you want at the times that are most convenient for you.​
• Prepare some meals in advance and freeze them. Simply heat them up as needed. That will reduce a lot of after-work, “gotta-get-dinner-ready” stress.
• Create a weekly dinner menu. It takes some time to prepare, but it allows you to shop effectively, and greatly reduces the stress of figuring out what to cook each day.
• Don’t accumulate stuff you don’t want or need. Give those things away.
• Simplify your cleaning by dividing tasks into 10 minute chunks (such as vacuuming the living room.) Then, fit those tasks in whenever you have 10 minutes to spare.
• To avoid clutter, adopt the “touch it once” rule, which simply means you put things where they belong right away.
• Limit the time you and others in your family spend checking emails and text messages. Consider having an hour or two of “no screen” time each evening.
• Develop healthy routines, such as evening walks and family board game night.

These are just a few ideas. If you want to simplify your home life, you can probably brainstorm several other strategies and habits you can try. The idea is to make your home an enjoyable place to be - for you and your family.

Orlando's sales head up as summer homebuying season kicks in
(Released June 2019) Encouraged by continued low interest rates and a favorable economy that is drawing droves of new residents to Orlando, area homebuyers pushed sales into positive territory for the month of May. Home sales jumped by nearly 11 percent compared to May 2018, which is the first year-over-year increase in 2019.

The improvement can be attributed to factors such as the slower rate of price increases and mortgage rates that are not only holding steady but even dropping a bit.
According to the latest monthly report from the Orlando Regional REALTOR® Association, members were involved in 3,790 property transactions during May. Sales of single-family homes improved by 12 percent over last year, while condos rose by 6 percent.
Speaking of condos, this home type is leading Orlando’s seven-month string of inventory increases. The number of condos available for purchase in May expanded by 27 percent, to 1,154. Single-family homes had 6% more availability than in May 2018, bringing our overall inventory up by 8 percent.
Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.14 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers and the higher price categories ($800,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 28 months of supply.
ORRA’s report also shows that the overall median price is once again on its years-long upward track. After a brief derailment into the red last month, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose 4 percent in May to $243,000.

Single-family Home Update
Single-family home sales bumped up 12 percent in May, with 2,993 units sold throughout the Orlando area versus 2,672 a year earlier. Compared to last month, single-family sales are up 18 percent.
The median price for single-family homes increased by 4% to $263,000 in May. The inventory of this home type improved by 6% over May 2018, and there are currently 6,382 single-family homes available for purchase through the multiple listing service.

Condo Update
Condo sales are up by 6% (434); condo inventory is up by 26% (1,154), and condo median price is up by 9% ($136,500).

MSA Numbers 
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 4.2% when compared to May of 2018. To date, sales are down 8.0%. 
 
Each individual county’s sales comparisons are as follows: 
 
*Lake: 15.3% below May 2018; 
*Orange: 3.0% below May 2018; 
*Osceola: 4.4% below May 2018; and 
*Seminole: 3.0% above May 2018.  

This Is Us. Jane the Virgin. Black-ish. What do they have in common? They are all family television programs that have members of multiple generations living under one roof. But the reality of multi-generational living is more than sitcom fodder.

According to the 2019 Home Buyer and Seller Generational Trends report by the National Association of REALTORS® (NAR), multi-generational housing continues to be a growing trend among homebuyers. This trend is driven largely by Gen Xers, who are the second-largest band of homebuyers today at 24%. Of that cohort, one in six purchased a multi-gen home, half of whom cited accommodating adult children as their reason for doing so.

When it comes to millennial buyers, nine percent purchased a multi-generational property they could share with aging parents, per the report.

Whether you're looking to accommodate aging parents or making room for your boomerang child, these tips will help you find the right place to make it work.

Look for a home that was built with multi-generational living in mind.
Schumacher Homes, Lennar, and Plantation Homes are just a few of the builders offering a multi-gen solution in a brand-new residence.

Tailor your home search.
If custom built multi-generational home isn't doable, look for a home that's easily convertible. A downstairs bedroom and bath is key for older residents, and an en suite bathroom is even better. A home with a basement or attic may seem like an ideal place to turn into a grandparent's haven, but stairs can be dangerous and obviously wouldn't work for a parent using a walker or wheelchair.

A property with a guesthouse or enough land on which to place a granny suite or tiny home is another option. Just make sure the land is zoned properly to accommodate this type of structure.

Make smart renovations.
Taking down walls to create an open floorplan is a smart move that can have a positive impact on your home's value and also make it more accessible for aging parents.

The National Association of Home Builders' (NAHB) Aging-In-Place Remodeling Checklist recommends a "5-foot by 5-foot clear/turn space in living area, kitchen, a bedroom, and a bathroom." They also suggest wide hallways that measure a minimum of 36-inches across, good lighting, and non-slip flooring.

How Does the 80/20 rule applies to Home Sales?


     You have probably heard about the 80/20 rule in your profession, services, or products your company supplies to the market where you were taught that 20% is vital and 80% is trivial.
For example:

• 80% of your income is derived from 20% of your work.
  
• 80% of a business’s income is derived from 20% of their customers.
• 80% of your value to your employer is derived from 20% of your work.

   What does this mean to you as a seller planning to place your home on the market? It simply means that they are areas in your homes that deserve more attention than other areas, and that understanding this concept will save time and yield you the highest amount of Profit. Unfortunately, many real estate agents completely ignore the Pareto Principle when it comes to advising their sellers on what to focus on when staging their Home.

Focus on unique features to grab buyers’ attention:

     20% of your Home features are important. The remaining 80% are trivial. If most Sellers learn how to tap into this rule, they will not have to settle for less than their asking price . Buyers who fall in love on the 20% do not bargain over pricing; they make good offers.
Let’s assume you as a seller have a 3 bedroom/2 bath house, and let’s also assume that there are five other houses for sale nearby with practically similar features and they’re all priced with the same range. Two of those homes are facing a large pond, two others are backing to a nice reserve, and the last one is situated on a large corner lot but not considered a premium lot.
     I, as an experienced a real estate agent, took the buyer to view the two homes backing the reserve and not all five homes. Why didn’t I show him other homes that have similar layout ? simply because I had thoroughly interviewed my client and understood his needs. He was a busy man that worked in a highly hectic environment and he wanted an area in his home where he could relax and be in direct contact with nature. Bingo!
The buyer’s decision was not based on the 80% of features this house shared with the rest. Instead, his choice was strictly based on one unique attribute: a peaceful reserve where he could unwind and de-stress.
On another different instance where the 80/20 rule helped a seller receive a full offer for his home that languished on the market the market for months. A custom builder believed that if he focused on highlighting all the upgrades and the interior perks, he would impress buyers. There were other custom built homes within two miles radius that offered similar features. He did not understand why would his fancy new house sit on the market for several months. He ended up hiring our team for a limited service term to help him find that one buyer he was looking for.
      After going out to the home and analyzing its potential, we realized that he was not focusing on one feature that could changed everything. His house sat on 3.45 acres while the others were on 1 to 2.85 acres. The difference in numbers may seems small but the outcome is huge. As a marketing specialists, we highlighted the importance of the acreage and mentioned all the benefits a new buyer can enjoy owning this luxury home. Although we mentioned details and a description of the house, it was never the main selling point. In no time, our phone rang with a full offer from a buyer relocating to Florida from Chicago. We closed in 30 days. The seller was impressed, and we were happy to serve his needs.
Understanding the 80/20 rule and special feature on a home is extremely vital. Never create an advertisement similar to every other house in the area. Instead, turn attention to something different about your home. You will attract interested buyer. Buyers willing to pay FULL PRICE.

Throwing down some hard-earned cash on blackjack or craps at the local casino is enough to make some folks break out into a cold sweat. But when it comes time to buy a home, the ante gets raised to truly nerve-racking levels: They're making the biggest wager of their lives on what'll likely be their largest investment. Ever.
Owning a home has long been considered the fastest and most predictable way to build wealth in the United States. And while home sale prices are at an all-time record (at a median of $262,000 as of June) not everyone is walking away with double-digit annual returns.

1. Bridgeport, CT 
Average annualized return: 14%
Median home list price: $789,100

2. Detroit, MI
Average annualized return: 12% 
Median home list price: $260,000

3. Seattle, WA 
Average annualized return: 12% 
Median home list price: $582,400

4. San Jose, CA
Average annualized return: 12% 
Median home list price: $1,240,300

5. Palm Bay, FL
Average annualized return: 12% 
Median home list price: $270,000

6. Denver, CO
Average annualized return: 11%
Median home list price: $467,600

7. Providence, RI
Average annualized return: 11%
Median home list price: $350,000

8. Boston, MA
Average annualized return: 10% 
Median home list price: $529,100

9. Nashville, TN
Average annualized return: 10% 
Median home list price: $368,000

10. Portland, OR
Average annualized return: 10% 
Median home list price: $477,500

According to the National Association of Realtors, pending home sales are up by 0.5% from the month of December. NAR gathered this information from their Pending Home Sales Index (PHS), which is an indicator for housing activity that tracks signed real estate contracts in order to measure housing contract and sales activity.

The data they gathered uses both seasonally adjusted, as well as not seasonally adjusted data, in order to allow for the most accurate results. Their PHS Overview Chart clearly identifies their results.

Due to this information, the National Association of Realtors has forecasted existing home sales and price growth to moderate within the 2018 fiscal year. This is due to the new tax laws that are expected to impact high-cost housing markets.

What does this mean for realtors? Sell while the market is still high! NAR chief economist Lawrence Yun speculates that the rise in home sales is due to the current healthy jobs market, as well as an overall increase in wages. While this is wonderful news for the time being, Yun also predicts that consistent inventory shortages and a rise in home prices will cause sales activity to slow and gradually decrease throughout the year.

Therefore, it is better to act while the market is still hot! Traditionally, real estate has always been known as a risky game and real estate professionals must know when to make the easy bets – now is the time. Clients are more likely to sell now more than ever, especially due to the extreme increase on return on investments that have recently been released.
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Lawrence Yun states that, at the moment, “jobs are plentiful, wages are finally climbing, and the prospect of higher mortgage rates are perhaps encouraging more aspiring buyers to begin their search now.” Now is the time to take charge!

Seritage Growth Properties (NYSE: SRG) is making progress on its anticipated late-summer completion of a major renovation that will welcome new shops and restaurants to the East Colonial Drive area.
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Last year's removal of the Sears location at Orlando Fashion Square was the first step toward installing a 60,000-square-foot Floor & Decor location and a more than 40,000-square-foot Orchard Supply Hardware store as mall anchors. The demolition was followed up by the leveling of the Sears Auto Center, which left even more space for additional tenants.

Fast foreward about 10 months: The post-demolition debris field is now replaced by a brand new building measuring more than 110,000 square feet as heavy machinery moves earth for parking lot renovations and infrastructure improvements. Meanwhile, a new 17,127-square-foot parcel, to be erected on the former site of the Sears Auto Center, will house an Olive Garden and LongHorn Steakhouse. See the photo gallery for a look at how things are shaping up.

New tenants will add jobs, as well as broaden the retail and restaurant choices for the neighboring Baldwin Park community and downtown Orlando.

The new construction may just be the beginning of major changes for the property as DeBartolo Development Co. — the company behind the $100 million Mills Park mixed-use project — is under contract to buy the 44-year-old Orlando Fashion Square mall. The sale and new high-profile tenants are a positive turn for the long-struggling mall, which has changed hands four times since 2004 and, according to Orange County records, has an assessed value of nearly $41 million.