• fence sitterTake a gander below at the condo projects that have gone south in the last month or so. It’s depressing. Or is it? What else does it signal? (other than an increase in the sales of Head On: Apply Directly To The Forehead).

    I’m going to stick my neck out here and suggest that this “correction” might just signal the beginning of the end of the condo buyer’s market in Orlando. Because the combined value of these monthly flops is many thousands of condos that will never see the light of day – which means our condo inventory may be being absorbed faster than predicted. And as condo inventory is absorbed, the tide will inevitably turn. Reduced supply = increased prices. And of course, incentives like free HOA fees and granite counter tops will also disappear.

    So, if you’re still sitting on that proverbial fence after Christmas, you might just to move before that piquet gets even more imbedded and you find yourself impailed there, left behind – with a numb behind.

    For those who are trying to keep up with what’s hot – and what’s not, here’s the latest news and gossip from the Orlando condo scene. Rumor has it:

    In MetroWest, The Element (condo conversion) is in receivership (but still selling); The Greens (condo conversion) has gone back to rental due to lack of sales (shame!); and The Madison (condo conversion) is all but closed while it restructures prices and incentives (again).

    In Maitland, the Oasis (pre-construction) condos have been scrapped. Construction continues but the units will now be apartments. On the other side of the I4 freeway, Ravinia (pre-construction) opens its doors as Trevi’s new neighbor, against all odds, with 297 condos for sale.

    In Baldwin Park, The Majestic (condo conversion) which has had more offs than ons, is finally “off” for the last time, while further south in Celebration, the stunning Icon (condo hotel) has been halted before the first spade of dirt was moved while they clean up their mess in Miami

    Back up in Altamonte Springs Park Towers condominiums have been put on hold for at least a year and in the Millenia area, The Fountains (new construction) condos have converted to rental even before the last crane leaves (with 150 condo contracts down the drain). “Check’s the mail!” In Winter Springs, Isis is on a slow down - as are most of the downtown projects. Has anyone seen that crane at 55 West move this month? Finally, in the Dr. Phillps area, the developers much hyped Intermezzo at Rialto shut down the sales center last week and will now build apartments instead of condos.

    Got the scoop on an Orlando condo community? Email tips to: Info@CondoMetropolis.com

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