Lower Priced Orlando Condos Continue Surge

Nearly seven times more homes in the lower-price ranges sold last month than in the upper ranges. This is typical of a rebounding market according to real estate economists.

“Orlando’s housing market appears to be following a recognized healing pattern – from the bottom up – as evidenced by the greater number of sales in the lower-price categories,” said ORRA President Les Simmonds. “For example 75 percent of homes sold in April were purchased for less than $200,000, while 10 percent sold for more than $300,000. And, we expect the ratio of sales of lower-priced homes to increase exponentially as more and more first-time homebuyers seek to take advantage of the $8,000 federal tax credit.”

The most (148) condos in a single price category that changed hands were in the $1 – $50,000 price range, again nearly three times the number (49) that were sold in the next most populated category ($50,000 – $60,000).

At Condo Metropolis, this trend is confirmed. In fact, in the under $50K price bracket we now have a seller’s market. I’ve lost two condos this week (and it’s only Tuesday) because we were outbid by other buyers. In one case, the condo was sold before we got to see it. This is now a weekly occurence.

Deal-wise, Realtors filed 3,412 new contracts in April 2009 - nearly double than were filed in April 2008.

The good news is clear: sales activity in the lower-price categories gradually stimulates sales in other categories as sellers who want to “trade-up” are able to sell their current homes - all thanks to the cash laiden “vultures” that so many claim to despise. The truth is that without them, we’d have no chance of a revival - since the banks just will not lend on most condos these days. Vultures are doing an invaluable job of cleaning up prior investor road kill.

For those that want to keep waiting, inventory is down for the umpteenth month in a row and the very best of the bank owned deals last about, oh I’d say 72 hours. To take part you’ll need a quick wit, proof of cash funds and the ability to make a fast decision. For those who love stats and graphs, you can get the full scoop here.

For more info on finding an Orlando foreclosure deal, give us a call on 407-290-3408.

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