Central Florida Market Update: Wellness Way Updates, Home Prices and Interest Rates for Nov 22

Join Near Disney Youtube Realtor Dream Team as they go Live discussing Central Florida stories and updates.

Yes, I have exciting news. The Orlando real Estate broker, Darryl Carter, known also for stealing massive land deals is back in the spotlight with a 1,750 acre property in Lake County. This is five miles from Walt Disney World and it's in the Wellness way area and this area basically has, it allows for mixed uses which is very good for the builders.

Less than two weeks ago, Pulte and Sentara communities made headlines with a $33 million purchase of 304 acres in Wellness Way and construction is set to kick off this month. So is this the biggest development project? Only time will tell, but one thing is for sure the real estate game in Lake County is getting more and more exciting with time.

So the Florida single family medium price has gone up 2%, which is definitely good for the seller and condos are up 3.9% and again that's the 2% would be $410,000 for the single family home and the condos $321,000 making it the medium price. Florida's housing market has shown a positive signs for home buyers people, especially the ones waiting for the rates to come down, but they're also been stunted in buying because there hasn't been a whole lot on the market, there's a lot more available now.

So new listings for existing family homes rose 14.5% in October, so that's a pretty significant jump and condos went up 29 over 29%. So one thing I thought was interesting is last month the closed sales of single family homes totaled almost 20,000 and that's down and the condos are down 8,100 and I just think that what they're seeing with the more increase in the homes coming up on the market, I think that's going to reflect in November when we see these statistics again.

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But there are a lot of homes still available. The other thing that I thought was interesting that this article did not point out was that it says the 30 year mortgage typically is 8% went 8% this last month and yet the home sales were up 8.4%. So they talk about how many new contracts and the supply of housing, but what they don't mention is I think part of the reason that in fact I'm sure part of the reason that the home sales still went up a little bit is because there are so many builders, so much new construction and so many builders like we have highlighted before on this show have are offering the 30 year mortgages at rates a 3, 2, 1 buydown starting at 3.99% is the lowest I've seen, but they end up at 5.99% or 6.25% for the duration of that 30 year mortgage after the first few years have gone by.

I live in an area called Reunion and Reunion is largely vacation rentals. They have condos, townhomes, single family homes of multiple sizes. If you're looking at purchasing a vacation property to put in the rental pool, one of the fun ones I found is this is located in Reunion. This is a quite interesting home.

There is an article on the 20 coolest themed Orlando vacation rental. Someone's got Star Wars to the T here and I'm going to bring up some articles as well on how you might do it. The companies that are good resources to actually turn rooms into this because this doesn't really seem like the kind of thing that I could just DIY, right?