For those still not sure what’s going on in the Orlando condo market, here’s a quick update: Bottom for condo conversions was last year; inventory is getting sparse; prices have been on the rise for 12 months now, and for Orlando bank ownedÂ condoÂ foreclosuresÂ in the under $100KÂ priceÂ bracket, it’s a fast paced, all-cash, aggressive, seller’s market. All of those statements are facts as of September 2011.Â
Suprised? Our regularÂ investors aren’t. They know, because they’re finding it increasingly difficult to pick up a deal these days. So if you’re just jumping into the condo marketÂ now, be warned, you’re likely to be a day late and a dollar short. You have to know what you’re doing and you must be prepared to move quickly when something good comes along. “We want to think it over” doesn’t fly in a foreclosure market that’s now seeing a dozen contracts submitted for every good deal that pops up with average days on market under 2 weeks. Do your thinking first, get your cash liquid before you look,Â and begin your search prepared to close the deal in 30-45 days.
There are stillÂ some great deals to be had, it’s just not as easy as it was in 2009 and 2010 to find them. But that’s what we do. Last month, we took on two bus loads of CanadiansÂ to theÂ Madison Condos in MetroWest OrlandoÂ for a tour and quick lecture by our team on the best way to pick up foreclosures and bank owned / distressed inventory. Eyewitness News 9Â came along for a the ride and they had their hands full with investors who were keen to talk and ready to buy.Â
Look out for the Eyewitness News 9Â Special Report with Josh BensonÂ next month! You can read the full Canadian Invation post on our MetroWest, OrlandoÂ real estate site.
Investors, can access our condo investor, refurb and management pdfÂ here, visit or main Orlando condo site, or call 407-290-3408 for more information. Downtown enthusiasts should visit our downtown Orlando condo site.