A couple of weeks ago, we forecast the mass buyout of cheap condos by investors which could reduce condo inventory and begin to threaten Florida's "buyer's market." Now, the Miami Herald reports that Jorge Perez, south Florida's condo tycoon, is setting up a $1B fund to purchase some of these troubled condo developments. As this happens, condos become rentals again and inventory shrinks. Perez' decision to launch a vulture fund -- or an ''opportunity fund'' as he calls it - could be [...]
A new year deserves a new look, so we've updated the Condo Metropolis search engine so it's easier to use. At the end of last year, we installed a visual map - so if you're not from Orlando you can actually see where all the neighborhoods are in relationship to each other, rather than relying on names you've never heard of. Also, when you get your search results, the tabs are gone and all the info you need is now on one page - and no more clicking around for [...]
Most Expensive Condo: Listed for: $212,800 Sold for: $161,000 (days on market: 104) Least Expensive Condo: Listed for: $135,000 Sold for: $100,000 (days on market: 164) Median sales price: $120,000 Average days market =Â 123 Total Condo Listings = 132 Total Sold = 5Source: Orlando Regional Realtor Association
I'm in the mood for ranting today. If you moved to Africa, would you be really miffed about the mean lions or those awfully aggressive heyeinas - and become indignant about how such dangerous animals shouldn't be allowed to "just roam around like that"? I sometimes hear would-be Florida residents ask me when they look at a condo with a nice lake view: "Awseome view... Wait, you don't suppose there are any alligators in there, do you?!" Yes, siree - real lakes sometimes have real, [...]
In our last episode (newsletter), we find our hero (me) saying:  ‘Wall Street bloodhounds are sniffing around for an emergency rate cut from the Fed. I don't see it happening. Emergency cuts evidence panic from the higher-ups, and maintaining a veneer of confidence is more important than ever. If the investing populace isn't convinced that the Federal Reserve has a handle on price stability and growth, mob mentality will set in and bad things will result.'  Boy, I [...]
2007 brought with it many interesting events that unfolded throughout the Country. Condominium and community associations were certainly not exempt from the tumultuous conditions as they found themselves struggling to manage through the loss of assessment revenue as many homeowners lost their homes to foreclosure. On the legal front, however, condominium association boards breathed a little easier after the Twin Rivers case was decided wherein the New Jersey Supreme Court ruled that the [...]
Most Expensive Condo: Listed for: $384,900 Sold for: $300,000 (days on market: 120)Â Least Expensive Condo: Listed for: $119,900 Sold for: $90,000 (days on market: 66) Median sales price: $200,475 Average days market =Â 68 Total Condo Listings = 511 Total Sold = 6Source: Orlando Regional Realtor Association
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 [...]
(407) 901-5161
Orlando Property Enterprises | All rights reserved