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 [...]
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 [...]
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 [...]
Coming to a neighborhood near you - maybe - is a $625 million 49-story condo project which will sit near Universal and Sandlake on Lakehurst Drive. It is slated to accommodate over, wait for it... 1,188 condos (no, you read that right). Convention space and retail are expected to swallow up another couple of hundred thousand square feet. Planned at 500 feet tall, it would stand sixty feet above the SunTrust building - Orlando's tallest building at present (featured atop of [...]
In April, we brought you news of Knightsbridge at Stoneybrooks demise. This week's Orlando Business Journal reports that TA Associates, a Boston firm, has now purchased the 396-unit condo conversion for $45.3 million. Not bad for a community built in 2000 on 25 acres. The same fate will await many of those Orlando communities which are marked "Off Market" on our search engine at CondoMetropolis.com. And not all of these are condo conversions. Some are brand new. In either case, the [...]
A recent forecast report released by the National Association of Home Builders projects that Florida state, and in particular metro areas within the state, will experience the steepest declines in housing starts this year compared to last year. Housing starts in Florida are projected to fall from 198,900 in 2006 to 103,300 this year, a massive 48.1 percent drop, the builders group reported. Florida is home to nine of ten U.S. metro areas with the sharpest projected drop in housing [...]
I was a kid the last time the dollar was this weak against the Great British pound, but right now for every pound a Brit brings to Orlando, they get over two dollars ($2.09) in return, effectively doubling their money - and more than doubling it when you take into account how much more expensive the U.K. is. This makes buying Orlando condos a no brainer. Combine this with the current heavy discounts in the Orlando condo market and you'd have to be a fool not to invest. Our Canadian neighbors [...]
Take 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 [...]
I wrote most of this blog post before I realized that Marcus just wrote a post about making sure that the price is right. I apologize for bringing the topic back up so soon, but proper pricing is crucial right now. The real estate market is pretty sick at the moment: Buyers are scared and apprehensive to jump into the pool. They don't want to buy something today and have it be worth less 12 months from now. Who can blame them? Most of them are waiting for bottom. Many sellers [...]
Most days, we get frantic calls from investors asking "Please sell my condo!?" I usually have to tell them "No" without even asking what or where it is. Because unless they're willing to price it according to what they can actually get, as opposed to what they think they deserve to get, then we're all wasting our time. Sound harsh? According to the Orlando Sentinel's figures, from July 27th to August 27th, 538 condos were listed in the MetroWest and Dr. Philips / Windemere areas [...]
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