Home Resale Values Have Not Dropped in Orlando

Posted on July 14, 2007. Filed under: Foreclosure Research, Insurance and Taxes, Nationwide Markets |

Orlando, FL is showing evidence that the tail end of its real estate boom is arriving.  It’s market is down as far as the number of houses that are selling and the amount of days required to go to contract, however, prices drops have not yet occured on home resales in established neighborhoods. 

Meanwhile,  this July 3rd article in the Orlando Sentinel reports that foreclosure rates in Lake county have quadrupled.  Actually, the article reports a 24 percent increase in new home sales, but also comments that may not happen again anytime soon, even though prices are still rising on lakefront property.

Condos are expected to become most troubled Central Florida to area to watch.  Quoting local property appraiser Bill Donegan, the article reports, “Next year, eight major condominium projects will come on line, but condo prices could suffer. The condo market is one that I think that you’re going to see somewhat of a price break because so many were bought by investors,” Donegan said. “People said: ‘I’ll buy it and flip it tomorrow.’ So many of them bought it and they can’t flip it.”

Overall the news for Central Florida underscored a trend that began in about 2005, when high insurance and unbridled property taxes curbed buyers’ appetite for coastal properties.

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