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OPINION: Does COVID-19 Mark the Top of the Orlando Building Boom?


Jvest55

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On 3/26/2020 at 3:33 PM, nite owℓ said:

Just a hypothetical question... If you changed your mind about moving forward, does your contract contain a contingency which would allow you to back out? If not, the seller could keep your deposit and potentially sue for breach of contract.

From what I’ve read, we would lose the deposit.  A lawsuit is technically possible but seems like it is very rare.  I don’t think we will back out any way.  In some ways it was terrible timing because the sale price was already agreed to before this whole virus thing got big.  We had already negotiated it down somewhat though.

My wife absolutely does not want to back out because she loves the house.  I do too.  Maybe prices will fall but I’ve also heard that once the virus is over, prices might shoot back up due to all the people waiting who suddenly come back at the same time.  It does have me feeling a bit nervous that the value will drop immediately after buying it.

Another thing is that we also own another smaller house in the Milk District where we live now.  I was debating whether to rent it or sell it but I do not feel like selling it during this time with prices going down potentially.  I would rather just hold onto it and wait things out.  I’ll try to rent it if possible.

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Due to the overwhelming response of residents and with more than 20,000 applications, Orange County Government will close its COVID-19 Rental Assistance Hotline and online application effective 5 p.m. on April 1, 2020.

The launch of the local program was meant to function as a stopgap measure to help Orange County residents until federal and state funding was available.

Orange County Government intends to fully process all applications and vet them appropriately. The Orange County COVID-19 Rental Assistance Program was launched by Mayor Jerry L. Demings on Friday, March 20, 2020. This was a one-time benefit for one month’s rent assistance for Orange County residents only with specific qualifications.

The program, which is taxpayer funded, was initially set up to help 1,500 families with a budget of $1.8 million.

“We ask for residents’ patience as we process their applications and appointments,” said Orange County Mayor Jerry L. Demings. “We have increased our staff and our facilities to accommodate the demand. We will bring the program’s additional funding needs to our Orange County Board of County Commissioners at an upcoming Board meeting.”

https://newsroom.ocfl.net/media-advisories/press-releases/2020/03/orange-county-governments-covid-19-rental-assistance-program-applications-and-hotline-to-close-eod-april-1-2020/

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Word is that Trump is gonna try to pull a Nancy Pelosi and put other stuff in the upcoming phase 4 stimulus package, specifically money for his infrastructure plan. At least updating our infrastructure will create jobs and help this country unlike the completely unrelated social justice garbage Nancy rammed into the stimulus package.

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6 minutes ago, FLClarkKent said:

If Nancy Pelosi wasn’t around, the only stimulus package would have been more tax cuts to corporations.

I know "corporations" is a big evil buzz word the alt-left likes to throw around, but in case you didn't know, corporations aka businesses are where (most) people work to make money. Without them, we wouldn't have an economy which makes them pretty important, wouldn't you agree? And no, this had nothing to do with taxes. They were loans to help small, medium and large businesses. And news flash, Nancy didn't remove anything from the original bill. She merely added some items off her wishlist into it that had nothing to do with the coronavirus.

15 minutes ago, FLClarkKent said:

Trump is a charlatan who’s going to get hundreds of thousands killed because of his incompetence and indifference. Spare me the “social justice” bs and right wing talking points.

Uhhh... could you please wipe the foam off your mouth?

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Disney to furlough employees beginning April 19

https://seekingalpha.com/news/3558063-disney-to-furlough-employees-beginning-april-19

"Over the last few weeks, mandatory decrees from government officials have shut down a majority of our businesses," the company says in a statement. "Disney employees have received full pay and benefits during this time, and we've committed to paying them through April 18, for a total of five additional weeks of compensation.

"However, with no clear indication of when we can restart our businesses, we're forced to make the difficult decision to take the next step and furlough employees whose jobs aren't necessary at this time," Disney says.

The furlough period begins April 19; workers will remain employees, and will receive full healthcare, with the cost of employee and company premiums paid by Disney.

Employees can also use available paid time off at the start of the furlough period, and once furloughed they can receive an extra $600/week in federal compensation through the stimulus bill and state unemployment, Disney says.

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7 minutes ago, orange87 said:

I know "corporations" is a big evil buzz word the alt-left likes to throw around, but in case you didn't know, corporations aka businesses are where (most) people work to make money. Without them, we wouldn't have an economy which makes them pretty important, wouldn't you agree? And no, this had nothing to do with taxes. They were loans to help small, medium and large businesses. And news flash, Nancy didn't remove anything from the original bill. She merely added some items off her wishlist into it that had nothing to do with the coronavirus.

Uhhh... could you please wipe the foam off your mouth?

My dude, I’m as corporate as they get.  Open your eyes. We’re all in for a real crapshow for the next few months.

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Wyndhman lay  me off on the 31st.. (took longer than I thought ) tried to apply for unemployment yesterday and finished at 5am

My bf applied two weeks ago and still has not been given an amount fo how much he would get for unemployment 

my dad works for Stanley Black &Decker and at the beginning of the month they said everyone would get payed if they had to close service centers. Now the Atlanta branch closed cz one guy has the virus and now they say they would have to use vacation hours and would not get pay if they are closed.

and I still have schoolwork to turn in.. like my motivation dropped -100 

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14 hours ago, orange87 said:

Word is that Trump Pelosi is gonna try to pull a Nancy Pelosi and put other stuff in the upcoming phase 4 stimulus package, specifically money for his a infrastructure plan. At least updating our infrastructure will create jobs and help this country unlike the completely unrelated social justice garbage Nancy rammed into the stimulus package. not create jobs since most states consider construction an essential business and the number of jobs canceled are minimal. And there are states where jobs were canceled which means infrastructure project swill not move forward until the restrictions are lifted. Like most things the fed does, waste of time and resources. 

Fixed it for you. 

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3 hours ago, jack said:

Fixed it for you. 

Taking the political out of it, with the Disney projects on indefinite hold - and likely any hotel/hospitality projects as well - there is quite a number of construction workers out of work here locally. 

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1 hour ago, smileguy said:

Taking the political out of it, with the Disney projects on indefinite hold - and likely any hotel/hospitality projects as well - there is quite a number of construction workers out of work here locally. 

There's plenty of highway projects that would scoop up the construction workers.

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6 hours ago, codypet said:

There's plenty of highway projects that would scoop up the construction workers.

I know this isn't the thread for it but are highway construction projects even being worked on right now? We know funded projects that have already gone up are continuing to be worked on, but what about I4? It's a nice dream that they could work on it without 80% of the traffic in their way. 

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11 hours ago, Jvest55 said:

I know this isn't the thread for it but are highway construction projects even being worked on right now? We know funded projects that have already gone up are continuing to be worked on, but what about I4? It's a nice dream that they could work on it without 80% of the traffic in their way. 

While I'm not sure the specifics of I4, the governor did order an acceleration of release of funds to push road projects forward while traffic is way down, and is allowing many more lane closures to try to complete projects more quickly while the roads have extra capacity. I don't remember I-4 mentioned but I heard on the Sand Lake Rd project, they're accelerating construction and have suspended the no/limited daytime lane closure requirements in it.

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On 3/30/2020 at 3:13 PM, Jvest55 said:

Local luxury apartment rents start downward slide

Average rents for Class A apartments — top-tier apartment communities — have fallen up to 3.1% throughout the region in recent weeks, according to CoStar Group Inc. (Nasdaq: CSGP) data.

Screen Shot 2020-03-30 at 3.12.07 PM.png

I was just offered to renew my lease with no increase. I took it. 

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We’re going to see rents falls a lot more than 3%, I think the next few months will be brutal for the rental industry with the job losses. I’m expecting all these new “luxury” apartments opening up will start offering huge deals to get people in the door. The demand will fall and apartments will fight for new tenants. 

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Yep, and why pay that expensive "luxury" rent anyway when amenities are locked down due to social distancing rules.

420 Camden closed amenities to tenants, such as the pool and pool deck.  There were a few days where it seemed a lot of people just started to either work from home, or just got laid off and there was a huge pool party, like 30 people in a hot tub. Couple days later the entire thing closed. 

I am not sure about condos, it appears most condo amenities are still open (ours are) - but rentals are out of luck. 

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6 hours ago, Jvest55 said:

Yep, and why pay that expensive "luxury" rent anyway when amenities are locked down due to social distancing rules.

420 Camden closed amenities to tenants, such as the pool and pool deck.  There were a few days where it seemed a lot of people just started to either work from home, or just got laid off and there was a huge pool party, like 30 people in a hot tub. Couple days later the entire thing closed. 

I am not sure about condos, it appears most condo amenities are still open (ours are) - but rentals are out of luck. 

They closed everything in our condo. Gym/sauna/steam room all closed like 3-4 weeks ago. Pool about 2 weeks ago now.

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On 4/3/2020 at 2:12 PM, codypet said:

There's plenty of highway projects that would scoop up the construction workers.

And any other construction projects could use the help. Most firms I've talked to are still pretty busy and cancellations have been limited. 

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22 hours ago, codypet said:

That what my coworker was trying to figure out about his old place.  How to get a discount on the rent because the amenities were closed.

If it’s an apartment then there’s likely no recourse other than potentially being able to break the lease and move without penalty. That’d still be based on the amenities being guaranteed in the lease which they likely aren’t. 

If it’s a condo then it’s probably a lot easier to say that many of the items that the HOA fee goes towards aren’t being provided. Although many of these contracts probably have a clause that doesn’t guarantee any particular amenities. 

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