Low prices and low interest rates are causing those with cash to jump in and scoop up some of the best condo deals Orlando has ever seen. Since the beginning of the year, condo inventory has dropped by thousands as savvy investors have been taking advantage of the fact that today, like never before, “cash is king”. This is because the only way to get a loan on an Orlando condo is to find one that is FHA approved -Â not an easy feat when so many condosÂ are blacklisted due to the glut of foreclosures most communities are suffering. With mortgages on condo conversions all but impossible, investors with cash have been able to take advantage of the many bargains on offer. Sales were up over 150% over the same time last year.
Why the sudden rush? It seems that many folk have decided simultaneously that bottom or not, it really doesn’t matter any more. If it cashflows -Â it works. In a recentÂ article on cnnmoney.com, Les Christie reported that housing affordability is at almost an all time high (Most Over- and Under- Valued Housing Markets), with our very own Vero Beach, Florida top the list ofÂ the most undervalued towns in America. Of the 330 housing markets studied in a recent IHS Global Report, 248 were considered under-valued… as much as 42.5% in Vero Beach (pictured).
As we’ve been arguing for some time now, there comes a point when it no longer makes sense to argue that the value of a property is “whatever the market will bear.” There comes a point, where a condo is so cheap that it hasÂ an intrinsic value as a place to live, or as an investment – regardless of what the market is doing. This is only true in extraordinary markets of course, which is exactly where we find ourselves.
For assistance in finding some of these once in a lifetime foreclosure deals, contact us here at Condo Metropolis – or call 407-290-3408.