“According to the news, real estate is still going to drop by 10% so I’m going to wait.”
I hear that a lot. And thoseÂ folk are losing out big time right now -Â ifÂ it’s a condo they’re after.Â Because the truth is, if you want to buy an Orlando condo,Â you’re already too late for the best deals.Â Orlando condos hit bottom a long time ago – in 2010 in fact. So if you’re planning on waiting, you’re just going to pay more with every month that passes.
Remember, all real estate is local – and single family homes, villas, condos and townhomes are all different animals. There is no national picture -Â only regional markets, so if the messages on theÂ early evening news speak to you, then you probablyÂ shouldn’t be investing your dollars in real estate.
In the third quarter ofÂ 2011,Â theÂ condominium market continued on its path of fewer resales but higher values according toÂ the tradegroup for Florida Realtors. The reason? More condo buyers chasing less condo inventory.
Association members sold total of 1,486 existing Orlando condo units in the third quarter, a 36 percent decline from the 2,333 sold in last yearâ€™s third quarter. But the median price of those condo sales grew to $59,000, an 18 percent jump from third-quarter 2010â€™s $49,900. In the second quarter, condo resales also were down while values were up.
The single-family home market, meanwhile, saw little change. A total of 6,846 homes resold in the third quarter, just 1 percent up from third-quarter 2010. Meanwhile, the median home price fell 2 percent for single-family homes, from $130,300 in third-quarter 2010 to $127,800 in this yearâ€™s third quarter. A very different picture.
For more information on the Orlando condo market and for assistance with buying or selling your condominium, call Condo Metropolis on: 407-290-3408 or email Sales@CondoMetroplis.com