posted by orlandovacationhome on Nov 11
If you are visiting Orlando Florida and looking for a vacation villa rental, there is great news. There is a huge oversupply of Orlando luxury vacation homes for rent. This means deals to be had abound for your Orlando vacation. For about the price of a mid-market hotel room, you can rent a fully equipped vacation villa home with your own private pool and do as much self-catering in a full kitchen as you like. This would certainly help you cut down on your dining and entertainment bills. Thousands of homes were built over the last ten years, and now many owners need to rent them. On any single night in Orlando, many of these homes sit empty.
Occupancies Dropping
In Orlando, the hotel industry will be the first to tell you their occupancies plunged in September 2008 over 2007, with room revenues dropping by as much 20-25%.
Many Owners Need to Rent
Many vacation homeowners are now feeling the pinch of the housing crisis, and many of the speculators who bought now need to generate additional income to the pay the mortgage.
What does this mean to you, the renter?
You need to rent through a good Orlando vacation home management company. Booking direct from an owner can be hazardous, as often they are from out of state, and if there is a problem, you are often on your own. Also, the Orlando villa could be in some stage of foreclosure and a good vacation home management company can make sure your villa is still available, clean and inspected the day you arrive.
- Shop around. There are thousands of Orlando villas and hundreds of vacation home rental management companies. Make sure you rent a good home, get a great deal and stay in a great location for your Orlando vacation.
- Always pay by credit card.
Orlando Vacation Homes - Great Deals for Renters!
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posted by orlandovacationhome on Oct 29
Buying A Vacation Home in Orlando - Kissimmee
At a dinner party in our home town of Frome, England, we recently met a couple who told us they just bought a vacation home in Orlando, Florida.
As we go to Orlando all the time and our mum owns two vacation homes, we had a lot in common. Our new friends told us where they bought the home, so we looked it up on the Internet. When we visited Kissimmee the following week, we met with our management company and started talking about the home. The owners told us they paid $220K cash for the house. Our property manager said the same model was selling for less than $160K (bank owned).
In America, there are various real estate professionals that can help you. To ensure you are getting the best deal possible, directly hire your own independent professional advisors. Your cost for this type of advice will be several hundred dollars for an appraiser as an example.
Hiring a professional to do some market research could have saved our friends almost $60,000. Don’t make the same mistake!
So if you are looking to buy a vacation home in the Orlando, Kissimmee, Clermont or Davenport area, do your homework and directly hire a team of independent professionals these might include CPAs, Appraisers and Attorneys. As always we just express an opinion and don’t offer professional advice. We are after all incompetent.
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posted by orlandovacationhome on Oct 28
Foreclosures Effect Orlando Vacation Home Market.
The level of foreclosures in the Orlando vacation home market are now at or near record levels. As many vacation homes in the Central Florida are second homes and many were bought by speculators, the prices in many communities have dropped significantly. It would seem that many owners have simply walked away due in part that the rents from such homes are not enough to cover their expenses.
Some of the communities hardest hit are those that saw the greatest appreciation. Unlike regular homes, vacation home communities tend to have less permanent resident owners that can help stabilize the area or neighborhood.
Many banks are also being tough when lending on vacation homes which can further hold demand down. In effect, this means that many homeowners who bought a property over the prior three years could now face significant losses they sell today.
We are not real estate professionals, as we had to go through online public records, and methodically pull sales along with calling a few local realty offices in the Orlando and Kissimmee area. Our information may not be perfectly accurate so, as always, consult a real estate professional in the area and have them pull the data for you.
So what will happen to the Orlando vacation home market in the future? No one knows, and it is pure opinion and speculation at best. If we knew, we would be sitting on an island in Tahiti sipping a beer rather than worrying about the general state of the market.
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posted by orlandovacationhome on Sep 20
Orlando Florida Vacation Home Subdivsions are Not All Equal
There are some great subdivisions out there for your vacation home, and there are some not so great.
We recommend you stay in vacation home communities that are newer (built in the last 10 years), and those that have extensive community facilities such as pools, club house, play ground, etc…
A gated subdivision is a nice extra touch, as it can keep unwanted elements out of the community.
If you are coming to Orlando for the theme parks, you stay as close to the parks as possible.
Also, find out a little about the subdivision – how many foreclosures are there? Are there incomplete and vacant lots? Are there a lot of lawns overgrown? Can you be at the main entrance to Disney in under 10 mins?
Our favorites:
Emerald Island
Windsor Hills
There are at least 50 other subdivisions to choose from, so be careful. Some of them are terrible and poorly maintained. Do your homework and ask a lot of questions!
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