1.) Â Selection, selection, selection. Regardless of the price range a buyer desires, there are plenty of homes from which to choose. Just a few years ago the resale inventory dropped so low that a buyer was forced to make compromises if they were going to locate to the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market. 2.) No[...]
Like all the current downtown Orlando condo projects, Tradition Towers has been in trouble for a while now. In fact, rising construction costs and low demand have caused over two thirds of the downtown condo projects to be either put on "developer hold" or scrapped altogether. In mid-August, Condo Metropolis talked about the Monarch condo hotel's plans for restructuring, now the Orlando Sentinel reports that Tradition Towers is also drawing up plans for a lifesaving rethink. That rethink [...]
There's a new Disney rollercoaster called The Volatile Real Estate Market ride (you have to be at least "this desperate" to ride), but I've been on it - and only half the ride is working. Sellers are selling, but why aren't buyers buying when it's so clearly a ‘buyers' market in Orlando? The reason is, everybody wants to wait until we reach a new feeding frenzy and everyone has to pay twice as much for half the size. Yet, right now you can pick up some amazing [...]
Yep, you heard it right. There's another on condo hotel the way. Lost count yet? According to the Orlando Business Journal, the proposed 16-story, 350-room condotel is set to break ground in spring 2008 and should be ready in 2009 at a cost of some $140 million - which really means (if it gets built at all) that it will come online around 2011 at double that cost. Call me a cynic. But with most of the pre-construction condo hotel projects delayed or stalled, I'm only recommending [...]
If you’re looking for a nice 2260 sq/ft condo on Turkey Lake (near the Mall at Millenia), there will be an auction on September 8th. For more details, see Orlando's newest real estate blog, Roofable.com Meanwhile, the Altamonte Springs condo auction (Sept 16) seems to be causing a flury of interest and could well turn out to be the most exciting condo opportunity of the year. About 60 condos in the Altamonte area are to be auctioned off at rock bottom [...]
According to the lastest MetroWest newsletter, 2006 sales were strong - and only the Waterford Lakes area closed more homes in 2006 - by just two. My guess is that with the new, enhanced security MetroWest now enjoys, more buyers will feel confident enough to buy in this neighborhood again, and 2007 will see an even stronger surge - relatively speaking. MetroWest's resurgence has a lot to do with the opening of Veranda Park. Kevin Azzouz, the developer of this multi-million [...]
We'd all like new of course - but can you afford it? We all know that new costs more than conversion, right? Not necessarily. Some developers overpaid for their converions and are now having to sell them at rates which are actually higher than new construction. On the other hand, owners of older resale condos usually have greater predictability of maintenance expenses and monthly fees because the construction defects of new units have been repaired. Defects? Ahh.. yes.. and plenty of [...]
New research by the National Association of Realtors (NAR) suggests that with nearly one in five Realtors having sold a home to an international client in the past year, our real estate is still looking good to some folk.  "In this country we have always known that housing is a good long-term investment, and many foreign buyers seem to share this view," NAR President Pat V. Combs said in a prepared statement. Most buy for vacation purposes, and about a third of all [...]
Orlando CityPlace / Lexington Hotel is set to become the latest casualty of the current housing correction. The OBJ reports that owners plan to file for Chaper 11 protection by the end of the month. The Lexington Hotel side of the operation is reported to be profitable, however, only 31 of the 227 condo hotel units were sold. The hotel, formerly a Holiday Inn, will continue to operate as the Lexington Hotel for the time being, however, its conversion to alter ego Lexington Condo-Hotel [...]
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