Orlando Condo Market Analysis: Jan 2009

The Orlando condo market experienced another improved month in existing sales, but declines continued  in home values, according to this month’s report from the Florida Association of Realtors (FAR).

Condo resales in the Orlando area were up 88 percent, from 91 in January 2008 to 171 last month. The median price, however, fell 60 percent, from $157,000 in January 2008 to $62,200 last month.

Florida’s existing condo sales were up nearly 13 percent, from 2,266 sold in January 2008 to 2,556 units sold last month. The median sales price last month was $113,400, a 40 percent drop from January 2008’s $190,200.

At Condo Metropolis we’re seeing a fairly aggressive increase in investor cash sales for bank owned properties – hardly surprising when so much of the inventory is going for fifty cents on the dollar.

For single family home data, head over to our Orlando Real Estate blog.

2 Comments

  1. I bought condotel in Orlando, by the name of Monalisa for £385,000 and now it is valued at £155000 by the Superior Bank. The management costs are very high. There is 55 million dollar bank loan on a property worth 70 million in good times. Developers and Banks took excessive risk and customers were not told, hence disaster. I have a deposit of $77000 which is unsecured and Banks money is secured. What a joke.

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