Condo prices have fallen more in Orlando during the past year than in any other metro area in the state and, most likely, the country. That’s according to today’s Orlando Sentinel.
Statistics from the National Association of RealtorsÂ show that the median price for a 2-bedroomÂ Orlando condoÂ is currently about $50,600Â – that’sÂ a 56% reduction from the same timeÂ last year ago, when the average price was $114,000.
The result is that more than 1,600 condos sold inÂ Orlando during the third quarter, up 265%Â from 2008.Â Add to thatÂ the fact thatÂ many complexesÂ are reverting to rental operations, and it’s easy to see why Orlando condo foreclosure inventory has dropped sharply.
Downtown Orlando condos are less a part ofÂ this equation since most of the deals that account for the most recent $50K data are condo conversions in areas like MetroWest.
Sales wise however, downtown Orlando is selling fewer units since the lack of financing meansÂ cash is requiredÂ in most cases, and the price points are far higher downtown,Â leaving both buyers and sellers frustrated.
Back in the burbs,Â the lack of loans are less of a problem andÂ about 99% of the deals remain cashÂ (unless the condos are FHA approvedÂ like Stonebridge Reserve (pictured)). In most cases, howeverÂ buyers are having to make bids on multiple properties before they are lucky enough to get one.