I read a lot of commentary about how much "inventory" is on the Orlando condo market, and a lot of predictions about how long it will take to be absorbed. I think by and large, the predictions are pretty good, but they don't always take into account the fact that many condo units are disappearing, often hundreds at a time, as developers get out of the condo business and slide back into the rental business. Some condominiums have been postponed, others have been axed completely. I can [...]
You've probably noticed there is a new search engine on CondoMetropolis.com. So there are now two ways to search Orlando condos. Why two? Well, the new MLS (Multiple Listing Service) database is where agents advertise their client's condominiums - and we're very happy to be able to share that with you! You can still search our original data-base, which is where you'll find the condo community inventory, i.e. condo conversions, the new construction and pre-construction condominiums and all the [...]
Lest I be the only person pointing out the obvious benefits of the current Orlando buyers market - and the cons of waiting too much longer to buy that condo - and lest you find yourself saying: "Well he would say that, wouldn't he - he's a real estate agent!" check out today's piece by Anthony Carr at Real Estate Times: http://realtytimes.com/rtcpages/20070615_marketshit.htm
According to data gathered by the Orlando Regional Realtor Association, the median resale price of a home in Central Florida is about $250,000. At a quarter of a million dollars, most first time home buyers are effectively priced out of the housing market. But believe it or not, it is still possible to find an Orlando condo for under $100,000. And that could prove to be a vital first foot on the property ladder. In other words, condos are still affordable - just. But they probably won't be in a [...]
I saw a rather pathetic site this morning. He was supposed to be the Statue of Liberty: A middle aged man with facial hair wandering around the intersection of Kirkman and Colonial wearing a green dress and a pointy star thing on his head. He was carrying a sign for Liberty Insurance. It was pathetic because not only did he make a really unattractive Statue of Liberty, but he clearly wasn't enjoying his work. It makes one wonder about the value of such advertising. "Human directionals" as they [...]
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 [...]
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 [...]
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.[...]
Pre-construction. Downpayments. Now why would anyone want to tie up 20% of half a million of their dollars (at zero interest) for a year or two on a property that might never get built, when it could be earning 5% in a CD? That's the question buyers are posing, since that's what most developers are looking for. Even if the property actually increases in value, if it's only by a couple of thousand dollars, then you could still be upside down on the deal. And unless you've got a wad of spare [...]