Take aÂ gander belowÂ at the condo projects that have gone south in the last month or so. It’s depressing. Or is it? What elseÂ doesÂ it signal?Â (other than an increase in the sales of Head On: Apply Directly To The Forehead).
I’m going to stick my neck out here and suggest thatÂ this “correction”Â mightÂ justÂ signal the beginning of the end of the condoÂ buyer’s market in Orlando.Â Because the combined value of these monthly flops is many thousands of condos that will never see the light of day – which meansÂ our condo inventoryÂ may be being absorbed faster than predicted.Â And as condo inventoryÂ is absorbed, the tide willÂ inevitably turn.Â Reduced supplyÂ =Â increased prices.Â AndÂ of course,Â incentives like free HOA fees and granite counter tops will alsoÂ disappear.
So, if you’re still sitting on that proverbial fence after Christmas, you might just to move before that piquet gets even more imbedded and you find yourselfÂ impailed there, left behindÂ – with a numb behind.
For those who are trying to keep up with what’s hot – and what’s not, here’s the latest news and gossip from the Orlando condo scene. Rumor has it:
In MetroWest, The Element (condo conversion) is in receivership (but still selling); The Greens (condo conversion) hasÂ gone back to rental due to lack of sales (shame!); andÂ The Madison (condo conversion) is all butÂ closed while it restructures prices and incentivesÂ (again).
In Maitland, the Oasis (pre-construction) condos have been scrapped.Â Construction continues but the units will now beÂ apartments. On the other side of theÂ I4 freeway,Â Ravinia (pre-construction) opens itsÂ doors as Trevi’s new neighbor, against all odds, with 297 condos for sale.
In Baldwin Park,Â The Majestic (condo conversion) which has had more offs than ons, is finally “off” for the last time, while further south in Celebration, the stunning Icon (condo hotel)Â hasÂ been haltedÂ before the first spade of dirt was moved while they clean up their mess in Miami
Back up in Altamonte Springs Park Towers condominiumsÂ have been putÂ on hold for at least a year and in the Millenia area, The Fountains (new construction) condos have converted to rental even beforeÂ theÂ last crane leaves (with 150 condo contracts down the drain).Â “Check’sÂ the mail!”Â In Winter Springs, Isis is on a slow down -Â as are most of the downtown projects. Has anyone seen that crane at 55 West move this month? Finally, in the Dr. Phillps area, the developersÂ much hyped Intermezzo at Rialto shut down the sales center last weekÂ and will now build apartments instead of condos.
Got the scoop on an Orlando condo community?Â EmailÂ tips to: Info@CondoMetropolis.com