The Gate Arty Blog - May 2009 Archive

Keller Williams Realty Cleans Up, Literally!

Friday, May 29, 2009 - By Gate Arty

The Keller Williams Realty office located in downtown Lakeland will be getting their hands dirty Saturday June 6th. As participants of the "Adopt A Lake" program, Keller Williams Realty will be cleaning up Lake Mirror. The festivities will begin at 9 a.m. The City of Lakeland will be providing garbage bags, garbage grabbers, vests, gloves, & nets. Refreshments will also be provided by Keller Williams Realty. Help keep our beautiful community clean!

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National Real Estate Sales Increase Overall

Thursday, May 28, 2009 - By Gate Arty

The National Association of Realtors just announced that home sales rose a respectable 2.9% in the month of April from March. The increase can be attributed to the increased volume of sales in the “lower-end” market. I touched upon this in my last BLOG posting. The market for the “high-end” properties has been particularly slow. With the continued tightening of mortgage qualification standards, it is getting difficult to obtain “jumbo loans.” Jumbo loans are defined as those mortgages above $730,000. These loans accounted for over 17% of the mortgage market in 2007. Now they account for only 5%. Another contributing factor is that Fannie Mae & Freddie Mac cannot purchase jumbo loans. The chief economist at NAR, Lawrence Yun, has lobbied for the Federal Reserve to buy jumbo loans to restore liquidity in this segment of the market as well.

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Lakeland Profiles - Hollis Gardens

Thursday, May 28, 2009 - By Gate Arty

Hollis Garden is a formal 1.2 acre botanical garden donated to the City by the Hollis Family. The garden is located on historic Lake Mirror accessible from the Lake Mirror Promenade or Orange Street. The garden contains several water features and displays thousands of flowering plants, ornamental shrubs, historic trees, herbs and vegetables. The garden may be rented for weddings. Hollis Gardens was voted one of the Best of Class Gardens by the Gulfcoast Research and Education Center.

Features Include:

Grotto

Koi pond

Fountains, waterfalls & lily pond

Tropical room

Two herb rooms

Vegetable room

Red room

White room

Yellow room

Native area

Butterfly garden

Orchard

Trees of Americana

Patterned flower beds

Lake Mirror Park is located on Lake Mirror in downtown. It is a historic structure listed on the National Register of Historic Places.

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Market Activity Affected by Economy

Wednesday, May 27, 2009 - By Gate Arty

As the unemployment rate hovers around 9%, most economists expect that the rate of foreclosures will account for approximately 60% of mortgage defaults this year alone. The next wave of foreclosures is expected to include not only the “sub-prime” mortgages, but also those who have been traditionally financially healthy, but have been affected by job-loss.  As a result of these foreclosures, housing prices are expected to decline overall. Do not expect to see price declines at ALL price points however. Many realtors have expressed that in some of the moderate price ranges, prices have become so attractive that buyers are jumping back into the fray in waves. In many instances buyers & sellers are once again involved in “multiple offer negotiations.” This has been scarce since the real estate boom of 2006. The home price decline that has resulted from the increasing number of foreclosures, tighter lending standards, & large supply of unsold inventory will eventually spur activity. With mortgage interest rates still at all-time lows, many buyers are viewing NOW as the time to act upon golden buying opportunities. According to Standard & Poor's/Case-Shiller Home Price Indices, home prices in the U.S. fell by 18.7% in March from a year earlier.

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Commercial Mortgages Down

Thursday, May 14, 2009 - By Gate Arty

The Mortgage Bankers Association’s (MBA) Quarterly Survey reports that commercial mortgage loan originations continued to drop in the first quarter of 2009. At this point, they are an astounding 70% lower than during the same period in 2008, and down 26% from the fourth quarter of 2008. The 70% overall decrease in commercial lending activity during the first quarter was driven by decreases in originations for all property types.  When compared to the first quarter of 2008, the decrease included:

• 88% decrease in loans for hotel properties

• 80% decrease in loans for health care properties

• 76% decrease in loans for retail properties

• 66% decrease in loans for office properties

• 61% decrease in multifamily property loans

• 50% decrease in industrial property loans

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Foreclosures Jump in April

Wednesday, May 13, 2009 - By Gate Arty

April was a huge month for foreclosures. RealtyTrac, an internet foreclosure marketing website, reported that 1 in every 374 homes in the United States received foreclosure filings in April. Foreclosures spiked an overwhelming 32% in April. An astounding 10 states accounted for 75% of all the foreclosure activity. What is your foreclosure top 10?

1. California with nearly 100,000 filings.

2. Florida

3. Nevada

4. Arizona

5. Illinois

6. Ohio

7. Michigan

8. Georgia

9. Texas

10. Virginia

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Lakeland Profiles - Lake Mirror Promenade

Tuesday, May 12, 2009 - By Gate Arty

Lake Mirror & its Promenade are considered the crown jewel of historic Downtown Lakeland. This community recreation area was the vision of Tom Appleyard, the manager of the Lakeland Chamber of Commerce in the early 1920s. Charles W. Leavitt, the noted New York landscape architect, eventually brought Appleyard's vision to reality. Its hallmark seawall, ornate loggias, and the wide palm-lined pedestrian pathways make this lake visually stunning and architecturally distinct.

The Promenade, which has been listed on the National Register of Historic Places since 1983, has often been the hub of local festivities of Downtown. Lake Mirror is surrounded by Kryger Overlook Park, Barnett Family Park, Magnolia Building, Lake Mirror Tower, Hollis Gardens, & the Lake Mirror Complex. Lake Mirror Park and amphitheater were dedicated in the fall of 1999 and Hollis Garden opened in 2000 on the southeast shore. Albert Paley's “Tribute to Volunteerism,” a conspicuously ornate & colorful sculpture, crowns the northeast shore.

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Polk County Public Safety & Crime Reports

Tuesday, May 12, 2009 - By Gate Arty

Shopping for a home & not familiar with how safe the neighborhood is for your family? Central Florida’s premier real estate website, gatearty.com, has unveiled a NEW feature. The new Crime Tracker link offers up an overview map with records of criminal activity. This handy tool even allows you to enter an address to see if there has been any recent criminal activity in the area.

Other features on the Public Safety tab of the page include:

• Animal Control
• Emergency Management
• Lakeland Fire Department
• Lakeland Police Department
• National Hurricane Center
• Polk County Sheriff
• Sex Offender Search

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Lakeland Profiles, Art - Swansation & Kaleidoscope Butterflies

Wednesday, May 06, 2009 - By Gate Arty

Lakeland has long been known for its appreciation of public art projects. Two such projects are the “Swansation Art Project” and the “Kaleidoscope Butterflies in Flight.” The intent of both projects were centered around civic awareness with the swan art benefiting local non-profits & the kaleidoscope project benefiting the CommonGround Park.

Swansation is a public art project in originating in downtown Lakeland responsible for bringing the community together to celebrate one of Lakeland's most well known celebrities, the swan. This unique charitable project benefits local nonprofit organizations. The majestic swan, widely considered the mascot of this culturally rich community, is prevalent in much of its landscape. From murals, to pictures, & even sculptures, the swan lives not only at Lake Morton, but also in the hearts of the local residents.

Kaleidoscope, Butterflies in Flight is responsible for the numerous distinct butterfly sculptures throughout Lakeland. Originally intended as a fundraiser modeled after the highly successful Swansation public art project which took place in 2002, Kaliedoscope has become a integral part of the Lakeland art landscape.

Kaleidoscope’s four to eight foot aluminum butterfly sculptures are mounted on poles and displayed throughout Lakeland. The butterflies were transformed into unique works of art by local and regional artists. This public art project was designed to enrich cultural activity and positively impact the Lakeland community through a uniquely different charitable event.

Kaleidoscope Butterflies in Flight is a fundraiser for the construction of CommonGround, Polk County’s first "inclusive play experience." Children of varying abilities and disabilities will be able to play together side by side in a play environment. The park itself will be in the shape of a butterfly, a symbolic representation of the individuality and unique character of every child. It will be one of six such playgrounds in Florida and only one of these inclusive playgrounds is currently open to the public. The playground will be located in Edgewood Park near the corner of Edgewood Drive and Buckingham Avenue.

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Lakeland Profiles - Lake Morton

Friday, May 01, 2009 - By Gate Arty

With Mayfaire by-the-Lake a mere week away, I thought I would blog about the site of this annual event. Picturesque Lake Morton is the beautiful backdrop of this event every Mother's Day weekend, but it's also a place to go to simply relax & enjoy the scenery. Although it is named Lake Morton, for Kentucky native John P. Morton, Lakeland residents know it is really "Swan Lake," where Lakeland's signature resident calls home. The majestic swans, the muse of many local artists, are found at this quaint locale on the southern edge of downtown Lakeland. Lake Morton is located between Lake Mirror & Lake Hollingsworth. Morton is widely considered the epicenter of artistic activities in Lakeland. The Lakeland Public Library & The Polk Museum of Art both overlook beautiful Lake Morton & the Downtown Antiques District is just a hop, skip, & jump away! The annual Mayfaire by-the-Lake, an outdoors Art festival, is held every Mother's Day weekend.

Residences of Lakeland's important community leaders and civic buildings are located here. The Public Library, the Lakeland Woman's Club, Lakeland Chamber of Commerce, and the Sorosis Club were all built on Lake Morton.

For additional PROFILES and beautiful virtual tours of sites in an around Lakeland & Central Florida, visit LakelandPoints.com.  

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