Orlando Magic!

Orlando Magic from MRI Overseas Property and MacAnthony Realty International

Not only has Orlando got Disney's Magic Kingdom, we also have the Orlando Magic basketball team who have fought their way to the NBA Finals. The next 10 days brings an exciting final between the legendary Los Angeles Lakers (supported by the likes of Jack Nicholson and Leonardo Di Caprio) and our own Orlando Magic team. We are all excited at the prospect of The Magic taking their place as champions of the NBA.

Everything happens in Orlando - 58 million people visited Florida last year and the opportunities for property buyers are quite simply, unbelievable!

MRI Overseas Property are offering some magical deals at the moment, on single family homes, townhouses and condos, with prices starting at an amazingly low $130,000. In some cases prices in the area have dropped by 50%. So, NOW is the time to take advantage of all the opportunities available by contacting our helpful team.

MRI Overseas Property says: SuperBowl 2009 and 2010 and a Super time to buy property in Florida with MRI Overseas Property!

With only 10 days to go until this year's Super Bowl XLIII, excitement is reaching fever pitch for both Steelers and Cardinals fans alike. Amongst those they'll be cheering for in this game are stars, Kurt Warner and Ben Roethlisberger. And to make the day truly memorable, The Boss himself, Bruce Springsteen and the E-Street band will be "kicking out the jams" at the Raymond James Stadium in Tampa.

Which means that, now is the time to make sure that you're here for the next game by taking advantage of the superb offers currently available on thousands and thousands of properties in Florida. MRI Overseas Property can show you some of the finest and most keenly priced property around and now is the perfect time to buy. With interest rates at an historic low and prices having fallen to a level not seen here for years, Florida is now offering the discerning buyer a wonderful opportunity to own their own home or townhouse or villa, close to where the Super Bowl XLIV is being played in 2010, at the Dolphin Stadium, in Miami. This new year 2009 has begun already with the historic inauguration of the new President, the first African-American, Barack Obama: and we're now poised to continue to have America, and especially Florida, move forward with massive confidence and a positive focus and momentum. The recent moves by Congress to free up even more funds for business means that property is a great choice at the moment. And don't forget, Orlando has and always will remain popular with the tens of millions of visitors that come each year! It is really set to start motoring again!



And who knows? Next year you and your family could be vacationing here and going to the football game yourself... or maybe renting your property out to some other lucky people. It's the time to buy and a super place to live! Ask any of the thousands of people who've moved here over the years, whether from America or Europe. And MRI Overseas property has sold to a LOT of these people over these years (you could say they've been bowl-ed over by MRI and the team!), which is why they keep coming back to us for new, exciting buying opportunities.

Don't forget that Florida is also home to many famous names; sports super-stars such as Tiger Woods (here in the exclusive Windermere development in Orlando), NBA basketball players, Shaquille O'Neal and Jamal Mashburn, the golfers Ernie Els and Nick Faldo, movie stars like John Travolta (with a home in Ocala) and David Caruso, star of CSI: Miami, rap artist Sean "P Diddy" Coombs, actor Matt Damon and singers Gloria Estefan, Lenny Kravitz and Beyonce all with property and homes in Miami. And of course, the queen of the talk shows, Oprah Winfrey. Then there's the Versace House, "Casa Casuarina" on the world famous Ocean Drive, which following his death, is now a tourist attraction.

And even if you're not a football fan, remember that Florida has so much more to offer with the traditional favourites, Disney and The Magic Kingdom (this year you get free admission on your birthday!), Universal Studios with its restaurants, rides, bars and the world famous City Walk night spots (and they will soon open the latest attraction; the world exclusive Harry Potter spectacular) and Sea World with Shamu the killer whale, all continuing to attract visitors, young and old, year in year out, to share in the fun, the sun and the gorgeous all-year round climate. Or for those in search of a slower pace, why not take a lazy drive down to the very bottom of the state of Florida, to the beautiful, exotic Keys, the most famous of which, Key West, has been the subject of films and music!


And if you need any more proof that Florida is a great place to buy, look no further than uber-financier and property mogul Donald Trump' decision to open his own, private estate complete with night-club, Mar Largo, in Palm Beach or the prestigious Trump Towers in Miami.

With so many people having made the decision to buy here already, now is the time for you to get in on the excitement, so don't hesitate, contact MRI Overseas Property immediately:

email:info@mrioverseasproperty.com
Tel: +1 407 397 977

Tourists are being tempted, so come on over!

Freebies offered to Orlando tourists

Orlando Business Journal

The campaign is part of the Orlando/Orange County Convention & Visitors Bureau’s 2009 promotional campaign launched last month called Orlando Makes Me Smile.

The Orlando/Orange County Convention & Visitors Bureau’s newest salvo in the battle to attract tourists in a slumping economy is a half-year offer of discounts at area hotels and attractions.

The package includes 50 free offers and runs through June 30. There are two blackout periods: Easter week and Memorial Day weekend. Offers include free hotel room nights and admission to rides and attractions.

The offer is part of the bureau’s 2009 promotional campaign launched last month called Orlando Makes Me Smile. Information on the program, called Bundles of Free Smiles, is available on the Web at www.bundlesoffreesmiles.com or by calling (888) 675-4386.

Hotel properties participating in the campaign include Rosen Shingle Creek, Orlando World Center Marriott, Westgate Resorts and WorldQuest Resort. Universal Orlando Resort, Walt Disney World Resort and Southwest Airlines are offering discount vacation packages. Attractions offering discounts include SeaWorld Orlando, Boggy Creek Airboat Rides, Orlando Balloon Rides and Pirate's Dinner Adventure.

The Titanic has landed...

...just down the block from our Orlando offices.



This attraction, sure to be a hit with the holiday visitors milling along International Drive, opened at the end of last year.

So, whilst you're there (and have a look at this video to whet your appetite), why not call into the offices of the world famous real estate company as well and consider all the fabulous properties on offer?

Now is a great time to buy, with a huge inventory of property, one of which is bound to be ideal for you and your family and friends and interest rates at an historic low.

Contact MRI Overseas Property on +1 407 397 9777 or just call in when you're in the area to 7220 International Drive, Orlando, Florida. 32819.

Clarification by MRI' new CEO

NEW CEO AND DIRECTION FOR MRI OP
MRI Overseas Property, DCC International Property

Ending speculation on various trade and investor blogs, the new CEO of MRI Overseas Property, Dominic Pickering, has outlined the company’s plans to focus on construction in 2009.

“We launched 7 or 8 years ago and started constructing at the midway point,” said Pickering. “Most of our profit now comes from construction and the day to day demands, and costs, of marketing are no longer our main focus.”

Pickering told OPP that MRI had gone through a major restructure in the last 3-6 months, closing some of its offices and laying off some staff as the company downsized to adapt to current market conditions. While the board is largely unchanged – Darragh Macanthony is chairman, Paul O’Mahoney is director of construction, and James Forester is marketing director – a significant change is the absence of former CEO Michael Liggan.

“Marketing was always Michael’s forte, so he has set up his own venture,” said Pickering. “This is not an acrimonious departure, and we hope he will send some buyers our way”. This new venture, called DCC International Property, was recently set up by Michael Liggan and is currently promoting projects in Cyprus, Bulgaria, Portugal, Romania, Spain and USA.

Independent venture
Confirming that DCC was “completely independent” of MRI Overseas Property, Liggan told OPP that: “DCC doesn't have an exclusive agreement to market or sell MRI developments and currently doesn't have any other exclusive agreements for the many other developments it will be marketing”.

Clarifying the relationship with MRI and its board, Liggan added: “I have a very close relationship to Darragh MacAnthony; not only was I the CEO for his group of companies for many years but I am also his best friend. Because of this a lot of industry people have assumed that DCC is really MRI in disguise when that simply isn't the case. The truth of the situation is that Darragh wants to focus more of his time on developing and constructing projects around the world and also developing his football club Peterborough United and trying to get them promoted this season and in the next season until they're in the Premiership.

“With Darragh not wanting to focus on taking over yet more of his ‘territories’ for his real estate company there is an opportunity for someone like me to want to do this and I believe the industry needs it. With Darragh planning on downsizing MRI Overseas Property I felt that now is the obvious time to go for it. Yes, we're going through a worldwide credit crunch but times like this are often considered the best time to start a new company and for me that means I have direct access to taking on some of the best staff in the industry and also some of the best offices out there”.

Since DCC is currently promoting MRI projects, and occupying some of the MRI offices that had been closed down, there have been rumours of a rebrand. “It’s not a rebrand,” added Pickering. “We’ve spent 8 years building the MRI brand. We offered DCC the option of taking on the leases of some of our office space in Cyprus and Spain. They took up the offer and have even recruited some of the people we had to let go.”

Outlining plans going forward, Pickering said that it would not be relying on the same traditional marketing methods to sell homes. “As constructors, we still know how to sell,” he said. “But rather than spending thousands on stands at property exhibitions, we will be building a network of agents to partner with. We still have thousands upon thousands of clients on our database who have either purchased or shown interest, so we have various options open to us, but our aim is to build sales networks in the UK, Europe and the US.”

While MRI’s headquarters will remain in Spain, Pickering is based in Orlando in the US and is currently in negotiation with local partners to build this network. He also told OPP that MRI had been actively banking land in Europe and the US over the last year to support its focus on construction.

© www.opp.org.uk

More reasons to buy in Florida!

Travel + Leisure magazine has come out with its annual list of the 500 best hotels in the world and Florida has landed 28 on the list from the Panhandle to Disney to the Keys.

Disney landed three of its own hotels on the list including the Animal Kingdom Lodge, Grand Floridian and Wilderness Lodge, and the Hyatt Regency Grand Cypress near Downtown Disney was also included. Disney competitor Universal also made the list with the Loews Portofino Bay Hotel. Two other Orlando-area hotels -- the Ritz-Carlton Grande Lakes and Grand Bohemian Hotel in downtown rounded out the Orlando-area hotels.

Orlando led the way for the most hotels in one area with seven followed by the Miami area with five and Palm Beach and Naples each with three.

Ponte Vedra in northeast Florida had two on the list as did the Florida Keys.

Rounding out the state with one hotel on the list each were the cities of Sarasota, St. Petersburg, Bonita Springs, Amelia Island, Santa Rosa Beach and St. Augustine.

Central Florida
Orlando Area -- Disney's Animal Kingdom Lodge
Orlando Area -- Disney's Grand Floridian Resort & Spa
Orlando Area -- Disney's Wilderness Lodge
Orlando Area -- Grand Bohemian Hotel
Orlando Area -- Hyatt Regency Grand Cypress
Orlando Area -- Loews Portofino Bay Hotel at Universal Orlando
Orlando Area -- Ritz-Carlton, Grande Lakes
Sarasota -- Ritz-Carlton
St. Petersburg -- Renaissance Vinoy Resort & Golf Club

South Florida
Bonita Springs -- Hyatt Regency Coconut Point Resort & Spa
Florida Keys -- Little Palm Island Resort & Spa
Florida Keys-- Pier House Resort & Caribbean Spa
Miami Area -- Four Seasons Hotel
Miami Area -- Mandarin Oriental
Naples -- Ritz-Carlton
Naples -- Ritz-Carlton Golf Resort
Palm Beach -- Four Seasons Resort
Palm Beach -- Ritz-Carlton
Palm Beach -- The Breakers

North Florida
Amelia Island -- Ritz-Carlton
Ponte Vedra -- Ponte Vedra Inn & Club
Ponte Vedra -- The Lodge & Club
Santa Rosa Beach -- WaterColor Inn & Resort
St. Augustine -- Casa Monica Hotel

The magazine's list ranks the Singita Sabi Sand at Kruger National Park Area in South Africa as the top place to stay in the world. The top place to stay in the U.S. (No. 5 in the world overall) is the Triple Creek Ranch in Darby, Mont.

The top Florida entry (No. 12 in the world overall) was also in their top 25 -- the Little Palm Island Resort & Spa on Little Torch Key

$4.7m port project for Florida and Disney

The Port Canaveral Authority Board of Commissioners has awarded a $4.7 million contract for enhancements that will allow it to accommodate two new Disney Cruise Line ships that will hold more than 4,000 passengers each.

Misener Marine Construction of Tampa won the contract that includes building a deep-water seawall, additional moorings and dredging. The project, when engineering costs are factored in, is worth about $5.1 million.

The first of the new ships will arrive at the port in 2011 and the second comes a year later.

The port is also building a 1,000-space parking garage to handle additional traffic associated with the ships. Construction of the garage is expected to begin next May and finish in April 2010.

Mickey turns 80

Mickey turns 80: "All you need to know about Walt Disney's favourite"

(Via BBC News.)

MRI Construction to launch development in Orlando

MRI Construction to launch development in Orlando

MRI Construction is about to launch its first ever development stateside. The company will imminently announce its latest project, a large-scale international holiday resort in Orlando, Florida.



This project marks the next phase of its planned growth toward becoming a truly global property developer.

Designed specifically for investors looking to own a second home in the “tourism capital of the world”, this new project will offer properties to an extremely high standard, designed for holiday use and for rental through MRI’s own on-site management company.

While details are still under wraps, Paul O’Mahony, Managing Director of MRI Construction, said: “I can reveal that the development is somewhat different from what has come before from MRI, for reasons that will become obvious when we launch it.”

“There will be a tempting opening offer for current clients of the company,” he added.

Disney's new dinosaur-themed restaurant opens today

New T-Rex restaurant at Downtown Disney

T-Rex is the kind of restaurant where parents might encourage their children to go dig in the dirt before dinner.

"It's nice dirt. It's clean dirt," said Keith Beitler, Landry's Restaurants' senior vice president and chief operating officer for specialty restaurants. "It's Disney dirt."

T-Rex is a big, brash dinosaur-themed restaurant that opens today at Downtown Disney with seating for more than 620, a couple of dozen life-size robotic dinosaurs and real fossils encased in the bathroom walls. Dishes include mushroom ravioli simmering in lobster cream sauce, with Roma tomatoes and fresh spinach.

Collaborators Landry's Restaurants, Schussler Creative and Walt Disney Imagineering, the team that brought Rainforest Cafe to Walt Disney World, aimed at going way beyond that themed restaurant, to create a more interactive mix of décor, show, dining and educational flourishes that Beitler called "eattainment."

Beginning with a children's fossil-dig pit -- where an entire set of replica T-Rex bones is buried -- the restaurant combines activities, prehistoric-themed shows of light, sound and robotic creatures, and American cuisine.

"When you build the Rainforest Cafe, and we did 45 in seven years, and you do Yak & Yeti, the expectations are pretty high," said Steven Schussler, whose company developed the T-Rex concept, just as it did concepts for Landry's Rainforest Cafe chain and Disney's Yak & Yeti restaurant. "People want to know: How do you outdo yourself? How do you make it even better? We tried -- we really tried -- to go over the top."

Expectations are indeed high. The Disney T-Rex occupies a front-and-center spot at Downtown Disney, and is Disney's first big new development in its plans for a new, more family-oriented dining, shopping and entertainment area. Just last month, Disney closed six Pleasure Island nightclubs, and their more-family-oriented replacements will be up to two years away, increasing an already-apparent deficit of dining space.

"T-Rex adds some of the needed seat capacity that we are so lacking down here at this point," said Downtown Disney Vice President Kevin Lansberry. "Plus it's unique . . . highly differentiated, interactive for kids, and it fills an almost attractionlike concept as well as a dining concept."

With T-Rex, open for lunch and dinner, and with prospects for breakfast parties, Beitler hopes it can serve 2,500 to 3,000 diners a day -- as many as 1 million per year.

Landry's, which operates 31 restaurant concepts including Landry's Seafood House, and The Chart House, adapted much of the menu from its other properties, tweaking them for prehistoric flair, Beitler said. Entrées include salads, soups, meat dishes such as the Mega Mes-O-Bones ribs, pastas, seafood and sandwiches. They run from $11.99 (for an 8-ounce Bronto Burger) to $29.99 (Triceratop filet.)

"We took everything we had, and put it around the theme of the restaurant," Beitler said. "We also understand that we are feeding middle America, and we're feeding overseas. We've got to do who we are. We've got to do American cuisine, with a prehistoric flair."

There's also a full-service bar (the Shark Bar) featuring $9.99 T-Rita Cotton Tinis, and a large gift shop that features a Build-A-Dino enterprise created by Build-A-Bear Workshop, where people can put together custom-made plush toys, starting at $15.

Schussler said the restaurant was designed so that first impressions would be "wow!" The outside decor features an exact life-size replica of a 140-foot long Argentinosaurus.

Inside the front door, visitors find a panorama of the Shark Bar with its glowing glass bar, 5,000-gallon shark tank and giant, robotic octopus; a life-size, robotic, tyrannosaurus rex; themed dining areas such as the Geo-Tech Room with its flaming walls; and Ice Cave with its glowing walls.

"Obviously, people come for the 'wow' factor, but they'll come back for quality food and service that Landry's provides," Schussler said. "Without that they wouldn't be coming back."

Downtown Disney's new restaurant appeals to the 'wow' factor

600 Employees

30,000 Square feet in size

620 Seats

$11.95 to $29.95 Entrée prices

$9.99 Cotton-candy

"Cotton-Tini" cocktail

7,000 Gallons of aquariums

140 Species of fish

-- Source: Schussler Creative

Good news: pending home sales rose 7.4% from July to August

Pending home sales show surprise rise
The National Association of Realtors says pending home sales increased

WASHINGTON (AP) -- The National Association of Realtors says pending home sales rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.

The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.

Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.9.

The index, which sunk to a record low of 83 in March, stood at 85.8 in August 2007.

Domestic travel down, international up at OIA

Orlando International Airport has reported that its domestic passenger traffic declined 7.9 percent in August, but international traffic jumped 16 percent.

The airport recorded 2.975 million passengers during August, an overall 6.3 percent drop from the month before and the first time this year that passenger traffic fell below the three million mark. Poor economic conditions and airline service cuts were blamed for the decline.

During August, OIA registered 2.79 million domestic travelers, bringing the year’s total to nearly 23.6 million — a 0.29 increase over last year. There were 239,044 international travelers in August, bringing the year’s total to more than 1.87 million passengers, up 21.1 percent over last year.

The total number of passengers through August was 25.4 million, a 1.58 percent increase over the same period last year.

US home sales on the rise

US home sales on the rise

Some good news from the heart of the credit crunch - according to the National Association of Realtors (NAR) in the US, sales of existing homes are on the rise by 11% this autumn, as the immediate effects of the squeeze on mortgages bottoms out.

As the first signs of recovery show, it is worth bearing in mind the age-old addage: Buy when the market is at the bottom and sell when it is at the top. There are some real property bargains from MRI in Florida and Tennessee at the moment, and with the exchange rate still favourable (but predicted to drop before Christmas), the window of opportunity to make a sound investment in the US could be running out for UK/European buyers. In short, now is the time for smart investors to act.

MRI currently has a GBP149 property viewing trip offer from the UK to Florida. Fill in the form there to find out more.

Homes average a quicker turnover as “days-on-market’ tally drops to its lowest level in 2008

Homes average a quicker turnover as
“days-on-market’ tally drops to its lowest level in 2008

(September, 2008 – Orlando, FL) Osceola County is the bright spot in this month’s housing statistics for the Orlando area: Nearly 9 percent more home sales took place in that county during August 2008 than during August 2007. Other market positives this month include the lowest days-on-market tally (113) so far this year and a fifth consecutive month with more pending sales than in 2007.

Those pending sales, considered by housing economists to be a reliable predictor of future sales activity, are expected to close the current year-to-date sales deficit of 23.30 percent by year end as there are 46.76 percent more homes under contract this month (3,220) than in August of 2007 (2,194).

Members of the Orlando Regional Realtor® Association sold 1,225 homes during the month of August, 16.78 percent below the (1,472) sold in July. That number is 16.50 percent below the total of 1,467 homes sold in August 2007.

The median sales price of a home in the Orlando area in August declined to $200,000, a 3.85 percent decrease compared to the July 2008 median of $208,000. (The median sales price for August 2008 is 18.03 percent below the August 2007 median of $244,000).

The decrease in the median home price to $200,000 means that the area’s affordability index jumped in August to 107.92 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,791 can qualify to purchase one of 9,765 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $215,840 or less.

The first time homebuyer affordability index increased to 76.75 percent from July’s 73.64 percent.

The area’s average interest rate was 6.39 percent in August 2008, down from 6.40 percent in July, but still the second-highest percentage for the last 12 months.

Homes of all types spent an average of 113 days on the market before being sold in August 2008, and the average home sold for 92.77 percent of its listing price. In August 2007 those numbers were 108 and 95.02 percent, respectively.

The majority of single-family homes (197) that changed hands in August 2008 were sold in the $200,000 - $250,000 price range; another 113 homes sold in August for between $250,000 and $300,000. Four hundred thirty-five homes sold for less than $200,000 in August, and 271 sold for more than $300,000. On the far ends of the scale, 16 homes were sold for $1 million or more (the least this year) while 14 homes sold for less than $50,000 (the most this year).

Inventory

There are currently 24,834 homes available for purchase through the MLS. Inventory increased by 92 homes in August 2008, which means that 92 more homes entered the market than left the market. Compared to last year, the August 2008 inventory level (24,834) is 5.62 percent lower than it was in August 2007 (26,313).

The current inventory level reflects a 20.27-month supply at the current pace of sales, which is up from the 16.81-month supply recorded July. Altogether, inventory months-of-supply has declined 35.92 percent since January 2008.

There are 18,363 single-family homes currently listed in the MLS, a number that is more than 1,000 less than this time last year. Most (3,047) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,377 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,094. Most condos (607) are priced at $120,000 - $140,000. The majority of duplexes/town homes/villas (383) are listed in the $200,000 - $250,000 price category.

Condos and Townhomes/Duplexes/Villas

The sales of condos in the Orlando area decreased by 31.33 percent in August: A total of 114 condos changed hands in August 2008 compared to 166 in August 2007. In a month-to-month comparison, August 2008 condo sales (114) decreased by 14.93 percent from July 2008 (134). Year to date, condo sales are down 43.71 percent, with 939 condos sold so far in 2008 compared to 1,668 sold through the same time in 2007.

In August, the most (20) condos that changed hands were in the $100,000 - $120,000 price category, while an additional 14 sold condos fell in the $140,000 – $160,000 range. The former price category has seen the most condo-sales activity for the last five months.

Orlando homebuyers purchased 95 duplexes, town homes, and villas in August 2008, which is a 29.10 percent decrease from August 2007 when 134 of these alternative housing types were purchased. Year-to-date, duplex, town home, and villa sales are down 19.36 percent. The majority (23) of duplexes, town homes, and villas sold in August 2008 fell into the $160,000 - $180,000 price category, while another 15 sold for between $200,000 and $250,000.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 12.25 percent when compared to August of last year. Throughout the entire MSA, 1,518 homes were sold in August 2008 compared with 1,730 in August 2007. Year-to-date, the MSA is down by 22.45 percent, with 11,649 homes sold far in 2008 compared to 15,021 sold through August 2007.

Seminole County’s August 2008 sales dropped 30.90 percent below that of August 2007 (275 to 398), while Orange County fell 10.64 percent (764 to 855). Lake County saw a 5.84 percent decline in the number of sales in August 2008 compared to August 2007 (258 to 274), and Osceola County experienced an 8.87 percent increase (221 to 203).

Each county’s year-to-date sales comparisons are as follows:
Lake: 12.48 percent below 2007 (1,996 homes sold to date in 2008 compared to 2,281 in 2007);
Orange: 24.27 percent below 2007 (5,700 homes sold to date in 2008 compared to 7,527 in 2007);
Osceola: 16.63 percent below 2007 (1,664 homes sold to date in 2008 compared to 1,996 in 2007); and
Seminole: 28.85 percent below 2007 (2,289 sold to date in 2008 compared to 3,217 in 2007).

For detailed statistical reports, please visit www.orlrealtor.com and click on Housing Statistics on the top menu bar. This representation is based in whole or in part on data supplied by the Orlando Regional Realtor® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA Realtor® sales, referred to as the core market, represent all sales by members of the Orlando Regional Realtor® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just members of ORRA.

Statistics on the sales of area homes that are sold without the assistance of a Realtor® are available in the Real Estate Index, a report produced jointly by ORRA and the Real Estate Attorney’s Fund.

New attractions at Central Florida Zoo

Zoo to build two new exhibits for $11 million

Orlando Business Journal - by Melanie Stawicki Azam

The Central Florida Zoo & Botanical Gardens in Sanford is gearing up for an $11 million Sumatran Swamp Forest project, featuring two new exhibits that will open during the next two years.

Zoo CEO Joe Montisano wants to break ground on a $3.2 million Sumatran tiger exhibit by the end of this year, with work taking about eight months to complete.

Plans call for getting a pair of tigers from another U.S. zoo or facility, breeding them and eventually having four. "It's entirely feasible to have the tigers on the property by 2009,'' Montisano said.

The zoo also will start building an orangutan exhibit next year and open it in 2010 with six animals.

More choice at Orlando International Airport

New car rental deal to drive up airport revenue, increase choices
Orlando Business Journal - by Chris Kauffmann

Orlando International Airport soon will have 11 rental car firms on site.

Orlando International Airport will land more than $21 million extra annually beginning in 2010, thanks to a new car rental agreement.

The deal puts more car rental companies on-site -- giving customers more choices, while also reducing the airport's reliance on airlines for its revenue.

The Greater Orlando Aviation Authority will spend $102 million on improvements to accommodate more car rental companies and improve the process of renting a car at the airport. The airport will pay for that project mostly with a "customer facility charge" of $2.50 per day for up to five days.

PCL Construction will do the first phase of the work, which will cost $39.5 million. Construction should start in November.

Attracting additional rental car companies will put more money into the pockets of the airport at a time when its revenue from airline operations is tenuous. Soaring fuel prices have sapped the financial strength of many airlines, putting some on the verge of going out of business.

While some major airports get as much as half their revenue from airlines, Orlando expects about a quarter of its revenue for fiscal 2009 to come from its principal carriers. Orlando International makes up the bulk of its revenue from car rentals, concessions, hotel, parking and revenue-producing properties.

And under the new deal, the $44 million the airport now gets from on-site rental car companies will rise to $65 million a year in 2010.

The rental car agreement, the first since 1998, will increase the number of on-site major car rental firms from five to nine. Along with L&M and EZ -- disadvantaged business enterprises that have been operating at the airport -- the airport will have 11 brands on site.

Absent since 1998, Hertz will return to the airport with its Hertz and Simply Wheelz brands, while Enterprise and Thrifty will come on-site for the first time. Enterprise brings its Enterprise, National and Alamo brands to the airport. DTG Operations Inc. brings Thrifty and Dollar to the site. Avis and Budget are already at the airport.

St. Louis-based Enterprise spokesman Ned Maniscalco said it made sense to come on-site after Enterprise got the National and Alamo brands last year.

"This is the first opportunity for us to offer three brands, and we think being on-site will make it more convenient for customers."

No decision has been made yet whether Enterprise will keep its off-site location or shift everything to the airport.

There are still some major car rental companies, including Advantage, Payless and Continental, operating off airport property. Executives for those companies could not be reached for comment.


ckauffmann@bizjournals.com | (407) 241-2903

The sun is out again...

...after TS Fay left her mark on the state, everybody here at 7220 International Drive, breathed a sigh of relief when the sun finally came out again and (touch wood!) has stayed out ever since. We're looking at the caribbean as Gustav may yet turn into a hurricane and head this way but, so far, so good! Everybody at MRI Overseas Property is taking full advantage of the sun and warmth.

Florida consumer confidence rises six points

Florida consumer confidence rises six points

GAINESVILLE, Fla. – Aug. 27, 2008 – Consumer confidence among Floridians made huge gains in August, rising six points to 67 from its revised July index, suggesting a turning point as state residents come to grips with the bleak economic picture, a new University of Florida study finds.

Four of the five index components rose – two by double-digits – and the remaining one was unchanged. The overall index is eight points higher than June’s reading of 59, which was the lowest in the survey’s 25-year history. The July index rose by two points to 61, one point higher than the preliminary index that was reported last month.

“It looks like June will be the low point for consumer confidence,” says Chris McCarty, director of UF’s Survey Research Center at the Bureau of Economic and Business Research. “Consumers in Florida have now absorbed most of the bad economic news. Although gas prices are coming down a bit, consumers have now adjusted to higher prices. Much of the pain from the housing downturn has also been absorbed. At this point, most people are looking forward to a turnaround in the economy some time next year.”

There are signs that housing prices are beginning to stabilize in the Sunshine State, McCarty says.

“While prices in Florida markets are still declining, the pace of the declines has slowed,” he said. “Overall, the median price of a home in Florida, excluding condos, is beginning to flatten.”

McCarty said he believes retrospective data will show that home prices bottomed out in July for most Florida markets and that stabilization of housing prices will ultimately lead to stability in financial markets.

Just as the housing crisis affected people’s attitudes about the economy, retail sales have dipped with the drop in consumer confidence, McCarty said.

“Florida’s sale tax revenues have continually declined, time and again falling under levels forecast by state economists,” he said.

Department stores are struggling against competition from low-cost chains, and further changes in the retail sector are likely as baby boomers migrate to Florida to retire over the next decade, altering the state’s demographic profile, he said.

“We will no doubt have a very weak holiday season, but many people are looking past that to better times,” he said of the state’s retail markets.

McCarty said he believes the overall reading for consumer confidence will remain below 70 over the next few months but will not fall below 60, as it did two months ago, or even near it.

“In the short run, I expect consumer confidence to be volatile, reacting to gasoline prices and the stock market,” he said. “I don’t think we will see another low like June any time soon, but I also don’t believe the economic correction is completely over and that consumer confidence is on a trend upward.”

The largest increase among the five components this month was in expectations about U.S. economic conditions over the next year, which rose 12 points to 63. That component had been holding steady at 51 for the prior three months. Expectations about U.S. economic conditions over the next five years also made big gains, increasing by 10 points to 78.

Among the other categories, perceptions of personal finances now compared with a year ago rose five points to 51, while perceptions of personal finances a year from now rose three points to 83. Perceptions as to whether it is a good time to buy big-ticket items remained unchanged at 59.

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for August was conducted from 405 responses.

Consumer confidence is designed to help predict buying patterns by measuring the mood of consumers toward purchasing. Although other economic indicators also predict buying patterns, consumer confidence tends to be available sooner. Based on the University of Michigan method, the index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year. The value of the index is in comparing changes over time rather than looking at an isolated month.

© 2008 FLORIDA ASSOCIATION OF REALTORS®

Overseas buyers in Florida

REALTORS® Report Foreigners Come to America to Buy Homes
WASHINGTON, August 07, 2008

International real estate purchases in the U.S. continue to be a significant share of business for many Realtors, according to the 2008 National Association of Realtors® Profile of International Home Buying Activity.

This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.

“As the most trusted resource for real estate information, Realtors® have long understood what this latest research confirms – the U.S. housing industry truly has no boundaries,” said NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif.

The typical international buyer purchased a single-family vacation home costing $297,400. Four in 10 paid for their U.S. property with cash, compared with 7 percent for all domestic buyers. The typical international owner stayed at his or her U.S. property for 2.6 months during the year, according to the NAR findings.

Foreign exchange rates have helped make U.S. homes more affordable for international buyers. The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Florida and Arizona, contributing to those states’ popularity among foreign buyers.

“Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low interest rates and a softer dollar. These conditions allow them to own their own a piece of the American dream,” Gaylord said.

International buyers are distinct from domestic buyers. International buyers tend to purchase more expensive properties, which cost an average of 36 percent more than the typical domestic buyer’s home purchase. In fact, more than 14 percent of properties sold to international buyers sold in excess of $750,000. Foreign buyers also show a greater preference for condos and townhouses compared to domestic buyers.

People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent.

“This survey confirms a pattern that we have observed for some years in Florida and other markets that are attracting buyers from overseas,” said Tony Macaluso, 2008 chair of NAR’s international business group. “This latest research enhances our understanding of this audience and provides insight for the increasing number of Realtors® with international clients.”

Of the Realtors® surveyed, 26 percent served international clients in the past year and about half of those clients ended up purchasing a home. The primary reasons some clients did not eventually buy a house were home price concerns, immigration laws, and property taxes. “If visa regulations that favor longer stays for overseas buyers such as retirees from abroad were in place, these sales levels would be even higher,” Macaluso said.

Realtors® who have sold homes to international clients reported that their transactions with these clients accounted for about 16 percent of their entire business. For about 8 percent of Realtors® who work with foreign buyers, more than half of their transactions were international sales.

The 2008 NAR Profile of International Home Buying Activity is based on responses from approximately 4,000 Realtors® who serve foreign buyers. It describes international home buying activity in the U.S. over the 12-month period from May 2007 to May 2008 and updates information from the 2007 survey. The full report is available from NAR’s Research Division or at www.realtor.org/research/research/reportsintl.

Orlando market picks up in July

The Orlando housing market saw an improvement in July sales when compared with the previous year, according to the latest report from the Florida Association of Realtors.

Existing single-family home sales in the Orlando area were up 11.6 percent in July, from 1,484 in July 2007 to 1,656 last month. The median sales price of an existing home fell 19 percent, from $258,000 in July of last year to $209,100 last month.

Condominium resales, however, fell 15.6 percent, from 179 last July to 151 in July 2008. The median price of an existing condo also dropped to $121,900, a 17.5 percent decline from July 2007's $147,700.

Meanwhile, the Daytona Beach area saw a 3.5 percent increase in July existing home sales, from 575 in July 2007 to 595 last month. The existing sales price on a Daytona market home fell to $171,100, a 16 percent decline from last July's $204,600.

Condo resales totaled 103 in the Daytona Beach MSA last month, a 13 percent improvement from the 91 resales posted in July 2007. The median price of $265,600 for a Daytona Beach area condo showed a 17 percent decline from July 2007's $320,600.

Statewide, a total of 11,498 existing single-family homes sold last month, a nearly 1 percent improvement over the 11,492 homes sold in July 2007. Florida's median sales price for existing homes last month was $193,600, 19 percent less than the $238,900 reported in the same month a year prior.

Condo resales in Florida totaled 3,375, a 7 percent drop when compared with the 3,641 sold in July 2007. The statewide median sales price fell 13 percent, from $194,100 in July 2007 to $168,500 last month.