Although we’ve been saying it for weeks, that’s notÂ my headline – but from this week’s Orlando Business Journal:
“Orlando-areaÂ condos sold like hotcakes in July at still-falling prices, according to a new report from the Florida Association of Realtors.”
There were aboutÂ 475 condo resales in Orlando last month, more than triple the 151 resales recorded in July 2008. But the median sales price fell to $49,800, 59 % down from the $121,900 price reported in July 2008. In this case, the median refers to the fact that these were, for the most part, all condo conversion sales – andÂ $50K is about what you’ll pay for a 2/2 right now inÂ decent condition.
Florida Realtors also reported a 48 % rise in statewide July condo resales, from 3,396 in 2008 to 5,035 this year. The statewide existing condo median sales price last month was $108,300, nearly 36 percent down from the $168,700 posted in July 2008.