The Orlando Sentinel from Orlando, Florida • Page 4

4 Central Florida Business June 24-30, 1 985 REHL ESTATE no-no ClCa FOR CASH A FHA, insurers rejecting deals as a result of frequent foreclosures By Jack Snyder OF THE SENTINEL STAFF The Palms, a housing project at Orchard Drive and Lake Pleasant Road in the Wekiva area. Homes in the section, called The Oasis at The Palms, are priced from $120,000 to $160,000. ARCHITECTURE. Chris Miles, a British-born architect who came to Orlando to design the now-defunct Little England Theme Park in Osceola County and is now a vice president of HHCPArchitects of Maitland, will handle the design of the new Shakespeare's banquet theater to be built on International Drive in International Plaza in south Orlando. The 600-seat medieval manor is to open late this year.

The restaurant, which features singers, jugglers and knights, is relocating from downtown Orlando Schmidt, Garden Erikson, a Chicago-based architectural and engineering company with offices in Orlando, and Schweiger Associates, an Orlando architectural company, handled the design of the recently completed 11-story addition to Florida Hospital in Orlando. H.J. High Construction, Orlando, was the construction manager. MEETINGS. Orlando is one of the cities under consideration by the National Association of Realtors for one of its mid-winter meetings.

The city is included in a poll of association members on preferences on cities for future meetings. Other contenders include New York, New Orleans, San Francisco, San Diego, Las Vegas, Los Angeles and Boston. DEVELOPMENT. Sutton Properties of Palm Bay in south Brevard County is developing the Interchange Square Shopping Center at Interstate 95. Anchor tenants include Revco Drugs and Certified Grocers The Real Estate Consortium, Winter Park, has formed Consortium Golf Course Properties to market golf course property around the state.

Richard E. Rankin and Dennis Voyt continued on next page turned out to tour the community The first homes in the Villages of Bramalea, an development in south Lake County about four miles west of the entrance to Walt Disney World, are to be ready by next spring. The project, being developed by Poo-ley-Troyan will offer homes starting at under $40,000. Apartment rentals will start around $360 a month. The developers propose a program in which a portion of each month's rent can be put into an interest-bearing account over two years.

Then, the developer will match that amount to be used as a down payment on a Bramalea home Selmer Corp. has opened two furnished models at Tradewinds, an oceanfront condominium in New Smyrna Beach. Prices start at $186,000. Both two- and three-bedroom apartments are offered The first phase of Huckleberry Fields is sold out. Sales manager Bill Salmons said more than 95 houses in the planned unit development in east Orange County sold in 10 weeks.

The project is being developed by Lennar Homes and Guaranty Properties Ltd. Gallagher-Jochem Properties Inc. has started work on River Crest, a 52-unit duplex community on Dean Road near State Road 50 in east Orange County. Prices start at $50,900 for the homes, designed by The Evans Group, Orlando Richmond American Homes, a subsidiary of MDC Denver, has broken ground on Kensington, a single-family-home community on Hiawassee Road north of Silver Star Road west of Orlando. Homes will be priced from the $60s.

The project is to open in mid-July. The company also has started work on the fourth phase of Bnvestors wanting to refinance a property to take cash out are out of luck these days. Private mortgage insurers, the FHA and secondary market purchasers all are saying no way to those deals these days. Reason: Too many foreclosures when investors in trouble walked away from a property with no regrets because they already had gotten their money out through refinancing. "Once they (investors) had their money out it was easy to walk away from it (the debt)," said James Tew, of Cameron-Brown Co.

Taking cash out on refinancing deals on homes now is being limited to owner-occupants, Tew said. HELPING OUT. Associates from Central Florida ERA franchise real estate brokerages were out door-to-door this past weekend, raising money for the Muscular Dystrophy Association. During the past several years, ERA brokers have raised more than $6 million nationally for the association. HOUSING.

Heathrow, the luxury home community under development at Interstate 4 and Lake Mary Boulevard in Seminole County, drew a big crowd when the development was first thrown open for public viewing a couple of weeks ago. When the developers kicked off an on-going open house on Sundays from 1 to 6 p.m. an estimated 2,300 people 96 BCJWK1! mm HUSKEY REALTY REALTORS ALTAMONTE SPRINGS WOODED LOTS ONLY Per Mo. DevelopersInvestors PRIME WAREHOUSE SITE 20 acres With 30.000 SQ. FT.

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Call 647-5560. ORLANDO AREA ST. JOHNS RIVER FRONTAGE 820 acres 1.5 miles on the River 20 minutes Northeast of Orlando Over 2 miles paved road frontage gives ready access to all parts of property Includes contemporary rustic 3 bedroom, 2 bath mam residence (approximately $2400 per acre) 1 985 COLT 2 M. First mo. payment and $125 refundable security deposit, 48 md.

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