The market for Orlando condos have improved for the fourth straight month due to low rates and more affordable prices than in the past years. New first time home buyers have the best market conditions since the March of 2004.
In the Multiple Listing Service there are over 4,000 condos currently available in greater Orlando area. Most of these condos are in the price range of $100,000 - $120,000 which suggest that majority of these are bank owned, foreclosures or short sales.
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.
For all of 2008 the sales have declined 32 percent compared to 2007, majority these sales happening in the below $100,000 market. Many buyers have been on the sideline waiting for the prices to fall even more, but at these affordable prices you are seeing some buyers come back into the market.
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.
