Most people don't really know what condo hotels are. And of those that do, many have been wondering whether the concept of the condotel will work here in Orlando. Orlando's condo hotels encompass both conversion and pre-construction and currently include (deep breath): Club Venetian, the Lexington, the Blue Rose, Villa del Lago, Pallazo del Lago, Imagine at The Westin, WorldQuest Resort, Floridays Resort, the Mona Lisa, Vista Club, the Point, San Marco Resort and Lake Buena Vista Resort and [...]
A South Florida company has received Orlando City Commission approval to build a $300,000, two-tower, mixed use building to be called SkyCity. "They're crazy!" I hear you scream. "More downtown condos? Those developers are out of their tiny, concrete-ridden minds!" Take a chill pill. It's gonna be okay. Construction is not expected to start until 2009 and they probably won't be finished until 2011. By then the current condo glut should be pretty much used up - just in time for the baby boomer [...]
Mother's Day will be a lot more fun than usual this year. Flowers, cards, a restaurant diner perhaps - followed by a nice slice of 60 Minutes before bed time. If you're a real estate agent, this should probably be followed by a handful of Tylenol and a couple of Lunesta, because the famous TV show will be airing the results of a nine-month investigation into the real estate industry this Sunday, May 13. According to Inman News, the television network has been on the snoop, interviewing [...]
One lucky Orlando family will win the ultimate gift of a total kitchen make- over. The winner will receive new Wood Mode cabinets, brand new Thermador appliances, Kohler sink and faucets, as well as granite counter tops and back splashes. The contest is sponsored by local Maitland condo developer Vincent Pellicane of the Trevi Development company. Mr. Pellicane's goal is to help a local family achieve the kitchen of their dreams. The kitchen will be a duplicate of the planned condominium [...]
People often tell me that they're interested in seeing this new condo place, you know, the one... can't remember the exact name, the one with "Millenia" in the title. Ok, that's easy enough right? I mean, how many can there be? Other than the Residences at Millenia, Millenia Cove, Millennium Palms, The Plaza at Millenia, The Fountains at Millenia, and um, I'm already bored. If you tend to get confused by this lack of creativeness, you're not the only one. If we didn't have our database, we'd be[...]
If you want to see the trend here, look down the right-hand sidebar until you see "categories." There, you'll see the category "Zip Code of the Week." Click on the link and you will pull all those records together on one page. Now you can examine Orlando. The last "Zip Code of the Week - 32804 - tells and interesting story, and illustrates an even better point. Both the least and the most expensive condos sold for significantly less than their original asking price. Two years ago, the same [...]
Most expensive condo: Listed for: $1,029,000 Sold for: $820,000 (days on market = 160) Least expensive condo: Listed for: $107,500 Sold for: $97,154 (days on market = 84) Median sales price: $403,264 Average days on market = 84 Source: Orlando Sentinel
The Trevi, a luxury condominium development just north of downtown Orlando, is putting together a novel series of seminars this summer, designed to help home owners and investors understand the local real estate market. The series begins April 19th (that's this Thursday) and will cover a host of useful topics designed to get your investment juices flowing: April 19 - Maitland: A new beginning. Past, present and future of Maitland, with reps from the City of Maitland and Chamber of Commerce. [...]
Last November I was talking about the trend of some condo conversions to return to rental once it becomes clear that there are insufficient sales to make the conversion work. When it comes to pre-construction deals, then they just don't get built. For example, Eola Place cleared ground in December 06, only to close its doors a month later. It seems the Knightsbridge at Stoneybrook conversion may be just the latest in a long list of properties that sadly have been unable to weather the storm.[...]
I think Imus is rubbing off on me: what I really meant by that headline is that according to the OBJ, the much famed mouse-town is about to get its first active adult community. The as yet unnamed development, is the second to be announced since I complained that Orlando condo developers appeared not to be gearing up for the Great Wrinkly Invasion. Avalon Park announced a similar intention just a week ago, but it's a San Diego company that is now proposing the $85 million, 416 -unit, 14 [...]