posted by orlandovacationhome on Dec 23

Five Guys Burgers

1310 W Osceola Pkwy
Kissimmee, FL 34741
(407) 201-3929‎   

Rating: Best Burger in Orlando

When you have been around Orlando Florida long enough, you get to try every burger joint in town. In our opinion, Five Guys is head and shoulders above the rest. They actually use real fresh meat. The burgers are very simple and offered with a selection of toppings. Other menu items include kosher hot dogs and grilled cheese sandwiches. A classic case of less is more.

Five Guys tell you where their potatoes are from on a daily basis. These are then used for their hand cut fries. The fries are cooked in peanut oil and not the chemical type oils used by many establishments today.  

Five Guys Burgers Orlando Kissimmee - Best Burger

posted by orlandovacationhome on Dec 6

If the most recent data is to be believed, hotel revenues in Orlando are dropping at possible catastrophic rates, and this could be an indicator of what some may have already felt in the metro Orlando vacation home industry.

Data for Orlando vacation home occupancy and rate is difficult to collect, as the industry is very fragmented. However, as market indicators, we are inclined to consider hotel data trends to help as a mirror to the vacation home industry.

Recently SMITH TRAVEL RESEARCH, a provider of hotel industry data, reported that revenue per available room tumbled 13.2 percent nationally during the week Nov. 9-15, 2008 compared to a year earlier. Revenue per available room, or RevPar as it is termed, is a key gauge of a hotel’s revenue performance.

At the local level, metro Orlando has begun to see the largest drops in both rate and occupancy across the board for the hotel industry since 2001. For the week ending November 15^th, 2008 hotel Rev PAR dropped by a whopping 27.3 % according to the ORLANDO CVB records .

So what are the ramifications for the Orlando vacation home market? Hotel data now tells us that a short term combination of rate and occupancy are in a state of significant decline. Not a surprise given the current economic environment, but the level and rate of the decline is much more devastating than what is being reported on some media outlets. It remains to be seen if these short term indicators become longer term trends for the Orlando market and can provide some basis for an Orlando tourism forecast.

Possible ramifications in the vacation home industry could include:

1.     Rev PAH (Revenue per available home), is going to most likely drop significantly, as occupancies decline and some owners and home managers alike, quickly drop their rental rates.

2.     This could impact vacation home prices due to the fact that vacation homes would have a lessened ability to generate income, which would logically be reflected in the underlying home sales prices.

3.     Like any business, those homeowners that are best positioned to “hunker down” will be the ones that survive. Such factors could include: limited levels of debt, high rental occupancies, good locations and marketing strategies, excellent maintenance, and the overall experience of a good vacation home management company.

The good news for families, and even some event type groups seeking economic alternatives to hotel rooms, is that they may now logically consider the benefit of vacation homes. This helps the vacation home option become more mainstream. Please see our other posts detailing the economic viability of renting Orlando vacation homes and the value they provide to consumers. In addition, the best run vacation home management companies will most likely survive and the services they provide will become more essential.

In conclusion, there is no sugar coating the data. The drop in both rate and occupancy appears to have come so quickly and deeply that major media, and even many in the tourism industry, do not yet recognize. Expect possible systemic failures in Orlando’s tourism industry if these trends continue. Unfortunately, no one can preidict the future including us.

As always, our blog tries to inform you objectively, so subscribe.  Check the ORLANDO CVB data here.

posted by orlandovacationhome on Dec 5

Vacation home rentals in Kissimmee have stabilized the area along the US 192 corridor. It has been no secret that the southern arm of the Orlando Florida metropolitan area tourism market (otherwise known as Kissimmee) has struggled over the years to increase its share of the transient hotel market. One lone spot has been the increase in vacation home accomodations in the area. 

Bankrupt hotels have been commonplace, and now more shockwaves are moving through the hotel industry in the US 192 corridor. The Orlando CVB recently reported that hotel revenue on the west side of US 192 was down as much as 52%+/-  in November 2008 compared to last year. On the bright side, some of the better performing hotels are off much less, but still down roughly 15% according to our inquiries.

The one bright spot for Kissimmee (Osceola and Polk counties) over the years has been the explosion in popularity of the vacation home market over the last decade. Fortunately or unfortunately, depending on how you look at it, Orange County (“Orlando Proper”) has been slow to embrace the vacation home concept, and there are relatively few vacation complexes in this county.

Vacation homes offer an economically viable alternative to hotels for about the price of a typical hotel room with your own private pool in most instances. Such homes are suitable for many families, and even some groups visiting the Orlando area. Larger vacation homes can offer as many as seven bedrooms and can sleep as many as 16 +/- people. This has allowed many of the US 192 restaurants and businesses adjacent to the larger vacation home communities to stay afloat. For Kissimmee community reviews and ratings, please consult our blog posts area.

posted by orlandovacationhome on Nov 20

Let’s be clear, no one can predict the future. If we could, we wouldn’t be writing a blog. This post is  just an opinion. DISCLAIMER. As with any economic opinion, take it with a grain of salt. The authors of this blog are not professionals and do not give out professional advice.

The Orlando vacation home market has been hit hard, especially for many buyers who purchased vacation homes around the years 2005-2006. Prices have dropped in some vacation home subdivisions over 30% from their peak 2 to 3 years ago. For the metro Orlando area as whole, prices appear to have dropped. Click HERE STATISTICS(1).

There are arguments that prices will continue to DROP(2):

Vacation homes are much harder to finance than primary homes, and in the current market even primary homes are now hard to finance (2A).

Foreclosures are piling up. As people struggle with their primary home mortgage, they may give up their second homes.(2B)

There are large inventories (2C).

A few vacation home subdivisions struggle with upkeep of resident exterior areas. Vacation home managment struggles to keep this under aesthetic control for vacationers.(2D)

Banks will begin to compete against each other to sell foreclosed homes, and this could negatively effect vacation home pricing (2E)

Tourists are cutting back big time on Orlando (2F).  Thus, the demand for vacation rentals is also dropping. This means that owners have less income to pay the current mortgage which increases the risk of foreclosure.

In a depressed economy, the last thing people often want to do is buy a vacation home, but the first thing they may want to do is sell if they own one (2G).

Homeowners unable to refinance their vacation homes (they may owe more than the home is now worth) might let the home foreclose if they are unable to modify the loan terms (2G1)

When the world is facing an economic crisis (2I), discretionary items such as vacation homes are no longer in demand. If the USA enters a severe recession, the demand for some vacation home products could dry up.

There are arguments that prices will STABILIZE(3):

It would appear that the rate of price decline in some subdivisions is SLOWING(4) down, but prices are still dropping.

Some subdivisions are making the transition from primarily a short term rental market to subdivisions that cater to full-time owner occupiers as the prices drop, and the vacation homes become affordable relative to regular homes.

The government is reacting on a massive scale to solve the problem(4A).

There are some SIGNS(5) that the number of home sales has been increasing.

In conclusion, vacation homes in the Orlando and Kissimmee area face a unique set of circumstances that has allowed for significant price drops from their peak prices over the last 2 to 3 years. Forecasting the future with absolute certainty is an impossibility.

Subscribe to our blog for in depth graphical analysis and forecasts scheduled to be released next month. Click here to subscribe.

As always, please consider the people writing this post/bog to be unprofessional and incompetent at all times. Due to your own due diligence at all times.

posted by orlandovacationhome on Nov 15

Cheap Orlando Vacation Homes

Expect the Orlando vacation home rental rates to drop further for the following reasons:

1. Many current owners are now cash strapped and are willing to rent their homes for less
2. As the recession sets in, less people are visiting driving demand down to rent these homes for their Orlando vacation. Please see our POST on this topic.
3. There are large amounts of these vacation villas entering foreclosure and are being picked up for a fraction of their original price, thus the new owners can rent them out more affordably.

Many of these expansive villas can now be rented at a lesser price than most cramped hotel rooms.

Don’t be afraid to shop around for vacation villas in Orlando, and feel free to ask a lot of questions. Remember, all vacation villas and vacation home management companies are not created equal, so do your homework.

posted by orlandovacationhome on Oct 29

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 this was ridiculous, because there were at least 8 homes of the same model selling for less than $160K (all bank owned).

If you are from out of town, it is an easy mistake to pay above market value for a vacation home. With the foreclosure crisis in full swing in Central Florida, this same mistake would be very expensive.

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 incompetent.

posted by orlandovacationhome on Oct 28

Foreclosures Devastate Orlando Vacation Home Market.

The level of foreclosures in the Orlando vacation home market are now at devastating levels. As many of these vacation homes in the area 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 larger mortages. Some of the communities hardest hit are those that saw the greatest appreciation. 

Vacation Home Foreclosures Soar in Central Florida

Unlike regular homes, vacation homes have few, if any, permanent resident owners that help stabilize the area or neighborhood.

Currently, some banks will no longer lend on vacation homes. This is further holding demand down and pushing up supply. The number of homes for sale has grown, but relatively few people have been buying.

As we have indicated in our blog, this creates potential rental opportunities at great pricing for savvy consumers.

The data above is based on research for a typical Kissimmee vacation home subdivision over the last 5 years showing the actual average price per heated square foot for the same two month period. 2008 shows values plummeting 41% from the same period a year earlier.

Orlando Florida Vacation Home Foreclosures

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. Having said that, our best guess is that home values will continue to come in line relative to the net rental revenues they generate to cover the monthly mortgage. Once that comes back in line, we’ll then most likely see prices stabilize.

posted by orlandovacationhome on Oct 12

Renting an Orlando Vacation Home Rental in the Foreclosure Crisis - 10 Tips

Orlando vacation home foreclosure

Renting an Orlando Vacation Home - In Foreclosure?

1. Try and book the home rental as close to your travel date as possible.
2. Ask if the home you are reserving is behind on its mortgage
3. Ask how many homes in the subdivision have been abandoned
4. Ask what percentage of the development you are staying in contains vacant lots
5. Ask if the community facilities have been completed
6. Ask what percentage of homes in the community have overgrown lawns
7. Pay by credit card only
8. Use a reputable rental management company. If a home they manage is repossessed, they have others.
9. If booking direct from an owner, you must be able to verify the rental home will not be repossessed by the bank by the time your stay comes around.
10. If in doubt, keep asking questions. There are hundreds of management companies handling rental homes - so pick a good one!

posted by orlandovacationhome on Oct 5

Good Vacation Home Management

So you own a vacation home? Join about 40,000 other owners in the Orlando, Kissimmee, Disney, Clermont or Davenport area.

What Homeowners should demand from their management company:

1. The option to opt out of the management contract at any time if you are not happy with the company.
2. The ability to rent out your home at least 65% of the year.
3. A quarterly quality assurance and inspection report with photos and scores for all aspects of your home from the AC system to pool.
4. Assurance that home repairs are completed at cost, and that a detailed report is provided of work completed
5. All capital projects are bid out in writing to at least three bidders for items such as roof repair, ac replacement, pool resurfacing etc.
6. Minor repairs are billed at a rate no higher than $35 an hour.
7. You can login-in to your account 24 hours a day to view all bookings, maintenance and account details.
8. They are licensed and insured, and can provide all documentation
9. They provide resumes of their key staff
10. They respond quickly and professionally to your requests and answer their phones by the third ring 24/7

posted by orlandovacationhome on Oct 1

Looking for a few simple, quick ways to promote sustainability and conservation with your vacation home? Here are some simple ways you can reduce the carbon footptint of your vacation home:

• Consider a green values statement for guests at check-in. Simple tips such as running the washing machine, dryer and dishwasher only as needed go a long way in conserving water and energy during the year.
  

  environmental orlando florida vacation homes

• Caulk and seal around windows and door frames of your home.
• Make sure water heaters and hot water pipes are insulated properly.
• Make sure heating/cooling and condenser coils are cleaned regularly.
• It is advisable to paint in lighter palette colors for bath and living areas.
• Refrigeration coils should be cleaned regularly and door seals checked often.
• Make sure you reinforce the need for temperature setbacks when the vacation home is not occupied with your housekeeping team.
• The housekeeping team should also close draperies during periods when the home is not occupied.
• A schedule for changing HVAC filters should be maintained.
• Be sure and adhere to a regular PM program for pool heaters to prevent scaling.
• Make sure the pool skimmer and pump strainer baskets are cleaned regularly.
• Also verify that the pool filter is serviced as recommended.

Although there are many additional ways to promote conservation, these simple ways will have a large cumulative impact on your home energy usage.