The government will likely give a $15,000 for first time home buyers in order to revitalize the housing market. The Orlando condos market in recent months has seen some up tick in the sales due to low interest rates and prices declining for past year or two. This is the best condition for new home buyers since 2004.
Over 4,000 condos are currently listed with Multiple Listing Services of Orlando, Florida. Majority of these available inventories are foreclosures, short sales, and bank owned properties, which have driven down the sales prices. The majority of these condos sell for anywhere from $100,000 up to $120,000 making it a bargain.
Over 137 Orlando condos changed ownership in December of 2008, an increase of over 42 percent from year before, putting some optimism in the market. But 93 of these sales occurred in price range of less than $100,000, still some price pressure on the market.
Much of the buyers of new homes have been sitting on the sidelines waiting for the prices to decline further, but the market seems to have bottomed out from the lows of 2008. With the price pressure and costs lower, some buyers are returning back to the market. For all of 2008, sales price has decreased by over 32 percent.
For the downtown Orlando, couple of new condominium projects have come to market recently. These are The Jackson, a nine story condominium project. The Plaza, a twenty nine story condominium project with retail spaces and movie theater as well as office complex. There are also many new construction that have been planned but has not begun construction due to recent market turmoils.
With over 50 percent of Orlando condos in distressed, either as Bank Owned or Short Sales, you have many options to choose from, with prices at the levels of early 2000’s. With many new projects coming to downtown area, you should have even more options and more choices to choose from. Many developers will be increasing incentives and decreasing prices to further attract buyers.
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