Let there be no confusion: we are in the thick of an economic slowdown. Wall Street seems to be reacting very emotionally to all the doom-sayers and their recession dirges. Today marked another 300+ point drop in the Dow Jones Industrial Average, coming on the coattails of other triple digit losses earlier in the week.So why all the hub-bub, Bub? Ben Bernanke gave a strong speech on the economic outlook of our country to members of ConÂgress today. In this speech, he cited a [...]
2007 saw many condo casualties. We reported regularly on Orlando's downtown condo scene - and were obviously concerned about 55 West's lack of recent activity.  2008 has got off to an ugly start with the Lexington in bankruptcy court. Now, the lender for 55 West Orlando, SNS Property Finance of the Netherlands, foreclosed on the property on January 7th 2008, according to recent reports. The lender also replaced the developer, with Grosse Pointe Development Co. who say work [...]
We've known about the problems at the Lexington condo hotel (downtown Orlando) for a some time now, and I recommended to one potential client that he give his particular condo hotel project a wide berth. For reasons that I'll never understand, he refused to believe that my adivice was anything other than genuine or based simply on my knowledge of who the lemons were in the market - and he purchased one anyway. His view was that getting his deposit money back in the[...]
If anyone were to say that 2008 started with a bang, they'd probably be referring to the sound of our stock market dropping like an anvil on the 1st. Woo hoo. However, the rationale behind the drop is not what the recessionistas of the world want to hear. Fundamentals backing our economy are strong. The upcoming general slowdown will force inflation back into check. Many ask when the loss of wealth from the housing slump and high gas prices will affect the consumer on an [...]
Over the past 2 ½ years CondoDomain.com has operated as a premier lead generation portal for real estate developers and onsite sales and marketing centers in more than 30 U.S. cities.  But now, our friends up in Boston are about to go local. By the time you read this, they will have opened their first local brokerage. Today sees the company founder, Tony Longo move from macro to micro as he and his team begin to directly serve the customer - rather than the developer. They [...]
A recent report by the Florida Association of Realtors suggests that for the month of November 2007, Orlando saw a 35% decline in sales of single-family homes compared with November 2006, while condo sales plumeted by a massive 55%. Orlando condo sales were a meagre 125, down from 276 sold in November 2006 (already a bad year!). Median condo prices fell 18% from $172 to $140.5 Statewide, sales dropped by 29% with a median sales price of $186,700, a drop of 9% from $204,500 [...]
Home prices fell nationwide for the 10th consecutive month, according to a major index of home prices. Metro Miami home prices dropped 12.4 percent in October 2007 compared with October 2006, while prices in Tampa dropped 11.8 percent compared with the same period a year earlier, according to the Standard & Poor's Case-Shiller Home Price Index.
Seller's expectations are still too high when it comes to price. How do I know? Look at our Zip Code of the Week (below). November to December 2007: 163 Orlando condos listed - 6 sold = 157 unhappy sellers. True, there may be several reasons for the lack of sales - one of which is that buyers can be incredibly slow to catch on, and also the fact that it's harder to get a loan these days - but in most cases, the seller is still hoping, against hope, to get what they [...]
Most Expensive Condo: Listed for: $2.5M Sold for: $2,050,000 (days on market: 136) Least Expensive Condo: Listed for: $136,900 Sold for: $116,303 (days on market: 28) Median sales price: $362,500 Average days market =Â 142 Total Condo Listings = 163 Total Sold = 6 Source: Orlando Regional Realtor Association
We've posted over 250 articles on the Orlando condo scene since we went live just over a year ago, covering every conceivable condo angle from financing to home owners' associations, to the very best deals Orlando has to offer. To celebrate the end of our first year, we've picked the TOP TEN posts that we thought were the funniest, most newsworthy or were the most helpful to our readers. Thanks for leaving your comments! Thanks also to our staff, our blog writers, and [...]
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