Orlando Real Estate Trends

Analyzing the Late Summer / Early Fall Orlando Real Estate Trends
Guest Post by Paige Taylor

The end of summer is a time when some of Central Florida’s businesses may see an annual bump in sales. The influx of part-time residents and tourists bolster many of the markets. In real estate, just the increased numbers of people buying and selling real estate is a boon to the success of any Realtor, however this phenomena will not influence the market for several months. What inference can we draw from recent activity to predict the growth trends of real estate in MetroWest and Orlando in general? 

While the ends of September numbers are not yet available, the trend through August and early September looks very encouraging. Orlando remains active in real estate sales and continues to be one of the top twenty cities in the country searched for property acquisition. According to statistics posted from the Orlando Regional Realtor Association the average interest rate is at a sixteen year all time low while the median sale price jumped fifteen percent. This interest rate is the lowest since the Association started tracking. The second next lowest interest rate was 4.28 in October of 2010 as opposed to 4.26 at the present time. The rate has dropped from 4.53 as reported for July. [Read more]

website translation

MetroWest Celebrates

Orlando’s MetroWest continues its tradition of local community involvement by celebrating this year’s National Public Lands Day at Bill Frederick Park at Turkey Lake on Saturday September 24, 2011 from 9.00am to 3.00pm with special family activities, including a 5K run.

Entry fee is just $20. Packet Pick Up race day only starting at 6 a.m. Pre-Register online at: www.altavistasports.com For More Information Call 407.246.4486.

website translation

MetroWest: Canadian Invasion

The Canadian Invasion continued today with over 100 Canadians on 2 buses pulling into the Madison Condos in MetroWest Orlando for a tour and quick lecture by our team on the best way to pick up foreclosures and bank owned / distressed inventory. Eyewitness News 9 came along for a the ride and they had their hands full with investors who were keen to talk and ready to buy.

MetroWest’s real estate foreclosure inventory has been the target of overseas investors since the condo crash began in 2006. First it was the Brits who came, then the south Americans and as their respective economies crashed, it seems only the Canadians are hanging in there.

“Canadians still have equity in their homes,” said Marcus Burke, broker for Condo Metropolis and MetroWest Realty. “They’ve been fiscally more responsible over the last decade and so they also have savings in their bank accounts. Add to that, the strength of their dollar and it makes perfect sense for them to invest in Orlando real estate.”

The average spend of an overseas investor is $50-100K on a condo conversion, on an all-cash basis – the only viable option when dealing with the banks. “The real problem these days is actually finding inventory,” said Burke. “While locals are still speculating that we’re not even at bottom, investors know that bottom for condos hit last year and inventory is very low. We’re seeing about a dozen offers on every unit that hits the MLS and prices have actually risen about $10K in the last 12 months. It’s a sellers market for this limited inventory and lot of locals either can’t or won’t grasp that yet.”

Look out for the Eyewitness News 9 special report with Josh Benson next month!

website translation