We’ve been here before: Back in December 2006 we were already seeing condo conversions go back to rental. Then in January, Eola Place went belly up. Then there was Knightsbridge at Stoneybrook – a fairly recent loss -Â and soÂ the condoÂ merry-go-round continues.
To keep track of the latest then: Studio Park on KirkmanÂ is rumored to have gone into bankruptcy;Â Orlando condo conversion The Cottages inÂ Hunter’s CreekÂ has gone back to rental; likewise condo conversionÂ Lakes at Maitland; The Mission Club is still selling -Â but has alsoÂ started re-renting to supplement developer funds, which means if you buy there, you’ll likely be living with a mix or owners and renters. ButÂ so many are now doing this that I can’t even list them. Such is life right now on the Orlando condo market. Others are destined to suffer the same fate – all of which sounds dreadful – but for the smart buyer, it continues toÂ mean great deals.
Remember, the time to buy is when the market isÂ down and people are scared, not when everyone is jostling for property in the middle of a boom.Â Just make sure you know which project your money is going into. And remember, a real estate agent costs you nothing when you buy, and using one will likelyÂ help you make sure you’re money is going into the right condominium.
Ask us about the current Orlando Market. We’re here to help you find that great deal!