Has Florida Reached the Bottom of the Condo Market?

 

In a recent article by M. Anthony Carr, he discussed the present status of the condo market in Florida. He believes this is the year to buy in Florida. “As condo inventory has soared over the last 20 months and about 35,000 units were recently completed or about to be completed this year, according to Florida Trend Magazine. The median price of a condo in Florida stands at about $187,000 according the Florida Association of Realtors, down 9 percent from last year at the same reporting period. Meanwhile, the number of units sold compared to the same time last year is down 29 percent. Nevertheless, investors are moving in to grab good deals while they can in this buyers market. The demand for condos should continue upward as the state brings in more than 300,000 new residents per year, second only to the state of Texas. Keeping in mind that all the bad news for sellers means a land of opportunity for savvy buyers, real estate speculators are counting on softening prices and plenty of seller and builder contributions to sweeten the deals to be had in Florida’s condo market. The economy continues to plug along, albeit at a slower pace, according to the University of Central Florida’s Institute for Economic Competitiveness. All in all, the economy is taking a breather and that means opportunity for buyers.”

I currently have great deals on two Orlando area condos. Neither are in a short sale situation, and they also also not conversions. They are well established condos just minutes from downtown Orlando. You will find information on the one bedroom unit here, or the two bedroom unit here. Please contact Taylor at 407-898-9090 if you have any other questions.

Orlando is One of the Fastest Growing Economies in the U.S.

This may not be news to those of us living in Central Florida right now, but Orlando is booming. Orlando is one of the fastest growing regions in the United States right now. According to the Metro Orlando Economic Development Commission, Orlando is in a great position for the future.

FEATURE: Florida’s economic engine continues to hum. In fact, a Torto Wheaton Research study predicted that job growth in Orlando during the next five years will occur at the third-fastest rate in the country. The study also indicates that Orlando has the strongest economy in the state and is the 13th strongest out of 361 metro areas in the country. If Florida were a country, it would have the 15th largest economy in the world and the eighth largest in the Western Hemisphere.

BENEFIT: Business leaders in Metro Orlando can rest assured that they are in a region with a solid economic base and room to grow. This also provides a sense of security that family members will find plenty of job opportunities in their respective fields. fDi magazine included the Metro Orlando region among its prestigious ranking of “North American Cities of the Future.” The strong economy in Metro Orlando has also allowed local companies to look at ways of expanding their options by adding new product lines or services. In the May 2007 issue of CNN’s Business 2.0 magazine, Orlando ranks as the #1 location for “America’s best jobs in the hottest markets.

What does this mean for homeowners? It means that this is the time to buy. More jobs means higher demands for housing which will drive prices higher. The strong growth in this region is the primary reason that we have seen such high appreciation of home values over the last 20 to 30 years, and the future will be no different.

Now is the time to take advantage of lower interest rates, Amendment 1, and decreased home price. I guarantee these prices will not last indefinitely. Central Florida is poised for growth, and now is the time to make your move.