The Gate Arty Blog - June 2009 Archive

New Construction Sales Down

Friday, June 26, 2009 - By Gate Arty

Sales of new construction homes fell 0.6% in May from April. The median home sales price was $212,600 in April, but rose to $221,600 in May. Meanwhile inventories of these new homes continue to fall to 292,000 units for the month of May. If sales were to hold at their current pace, it would take approximately 10 months to completely clear out the inventory of unsold homes. Builders have experienced intense competition & pressure from the sale of distressed properties & foreclosure that drive prices down, overall.

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Neighborhood Stabilization Program

Wednesday, June 24, 2009 - By Gate Arty

The Obama administration has made up to $6 billion available for redevelopment of foreclosed homes & distressed properties. The Neighborhood Stabilization Program is intended to help communities that have suffered from foreclosures & abandonment, & the hope is that it will facilitate purchases & neighborhood revitalization. Nearly $4 billion of the proposed NSP funding will come from the Economic Recovery Act of 2008. Funds will be used for activities including: redevelopment of foreclosed residential properties, purchase of abandoned properties, demolition of properties, & financing programs.  Current guidelines state that funds will go to households earning less than 120% of the median income of the area, with 25% of the funds going towards households earning less than half the median.

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Home Sales Rise in May 2009

Tuesday, June 23, 2009 - By Gate Arty

The National Association of Realtors announced that existing home sales rose to 4.77 million units in May 2009. This represents a rise of 2.4% over from April. This is promising because it’s the second straight month that sales have risen, undoubtedly spurred by attractive mortgage interest rates. The NAR announced that this is the first month-on-month increase since August/September 2005. The total hosing inventory stood at 3.80 million units, which represents nearly a 9.6 month supply, down from 10.1 in April.  

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Foreclosures in May 2009

Friday, June 12, 2009 - By Gate Arty

Foreclosure filings dip for the month of May. RealtyTrac, a national leader of foreclosure data, announced that filings fell over 6% from April to May.  Although a total of 321,480 properties received default notifications, which represents am 18% increase from a year ago, it is the smallest annual gain since mid-2006. There is a silver lining! Florida is still in the Top 3 nationally in foreclosures. Nevada has the most, followed by California. To put it in perspective, on average there is 1 foreclosure per 398 households nationally. In Nevada, that number is 1 in 64. That is 6 times the national average! California has 1 in 144 & Florida has one in 148.

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Foreclosure Property Search Made Easy

Friday, June 12, 2009 - By Gate Arty

When real estate is discussed nowadays, it seems as if the topics foreclosures & short sales are never far behind. Government and Bank-owned foreclosures offer tremendous home-buying opportunities for investors of all types. These foreclosures are called REO (Real Estate Owned) properties. These distress sales have the savvy investors licking their chops as property values are once again affordable, & instant equity is attainable on a large scale. Now the only challenge investors have is actually finding & identifying great values underneath the mountains of available homes for sale. Well, if you are searching for homes in Central Florida, a new website, midfloridareo.com, has made it easy. If you are considering buying an investment property, or simply looking for a good bargain, I suggest checking out this site.

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First Friday - June 2009

Friday, June 05, 2009 - By Gate Arty

The theme for this month’s First Friday event will be very familiar to fans of rock ‘n roll star, Alice Cooper.  June’s First Friday will be titled, “School’s Out for Summer.” If you have children I probably didn’t need to tell you that though, right? As per usual, shops & restaurants open late. Music and entertainment along the streets and a Classic Car Show will be on Tennessee Avenue.

All along Kentucky Avenue you will found countless fun activities for the kids! Bubble-gum blowing contests, hula-hoop contests, water gun games, & an art contest. If the kids still have energy to burn, take them to the bouncy house. There will also be a DJ at Lloyd’s of Lakeland, & face-painting at Lofty Ideas. Traditions Unlimited & Brooke Pottery will also host artistic-related activities. North Kentucky will feature fun geared toward adults. Popular local band, the Sofa Kings will be playing on the patio of the Garden Bistro next to Hollis Gardens on Lake Mirror.

See you there!

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Lakeland Strongman Contest - 2009

Thursday, June 04, 2009 - By Gate Arty

Downtown Lakeland will host its 2nd Annual Strongman Competition on Saturday June 6th. The event runs from 11 AM – 6 PM. The contest will include an event where competitors will pull a 45-foot long, 14-foot tall, 62,600 pound luxury Fun Bike Center Bus the farthest down Kentucky Ave. There will be special appearances by Miss Florida, Mrs. Florida, & Mojo Girls. The competition will be sponsored by local restaurant, The Chop Shop.  In addition to all the feats of strength, Tony Corbitt will be “speed painting.”

See you there!

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Arts on the Park - June 2009

Wednesday, June 03, 2009 - By Gate Arty

On Friday June 5th, Arts on the Park will open a new art exhibit featuring multi-cultural works of art by regional artists. The exhibit features art styles from various cultures including the Caribbean, African, Latin, Folk, among others. The reception will be held at 115 North Kentucky Avenue in historic Downtown Lakeland between 6:00 PM – 9:00 PM.

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Heather's Hope Tiger Trot - 2009

Tuesday, June 02, 2009 - By Gate Arty

A new local non-profit organization will be holding its inaugural fund-raiser on Saturday June 6th at Joker Marchant Stadium. Heather’s Hope Tiger Trot promotes awareness and prevention of domestic abuse through education & community service.  The event is hosted by local baseball team, The Lakeland Flying Tigers. Activities will include a 5K run, Tigers baseball game, fireworks, teen dance, & other children’s activities.  The foundation preserves the memory of Heather Rimmer. Online registration at www.active.com.

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