You’ve probably noticed there is a new search engine on CondoMetropolis.com. So there are now two ways to search Orlando condos. Why two? Well, the new MLS (Multiple Listing Service) database is where agents advertise their client’s condominiums – and we’re very happy to be able to share that with you!
You can still search our original data-base, which is where you’ll find the condo community inventory, i.e. condo conversions, the new construction and pre-construction condominiums and all the condo hotels (condotels).
Which one is produces the best deals? Ok, here’s the main difference:
The MLS is great if you know exactly where you want to live, Say, in the Waverly condo building downtown – but you know it sold out years ago. So you search the MLS to look for a resale. The main downside with the MLS is that because the sellers are just regular folk just trying to sell their homes, they are not always able or willing to see their condo for what it’s really worth in the current market place – especially if they bought high and are having to sell low. Sometimes, because they feel entitled to getting their money back, they are unwilling to negotiate, and so the condo sits on the market for 12 months waiting for a buyer. Now there are some motivated sellers out there, and some good condo bargains to be had, (pre-foreclosures etc.) but you have to hunt them down (and compete with every other vulture out there), because it seems to me that the bulk of condos on the MLS right now are investor units that didn’t get flipped and are now full of renters while they wait to be sold (call me a paranoid cynic).
Condo Developers on the other hand, tend to understand the dynamic forces of the market place a little better. And they’ve done their math homework. They need to sell those condominiums to stay solvent, and right now they’re offering every incentive under the sun to tempt you to buy, from free kitchen upgrades, to paid HOA fees, to closing cost assistance, to holidays and cars (and outrageous agent commissions too. There, I said it.). So it’s almost impossible for your average condo seller to compete with what developers are offering in the current “buyer’s market.”
And so, I say unto thee, O’ Troubled Condo Seeker, the best deals are probably with the condo developers, thus, use the first of the two options first and follow up with an MLS search if you don’t find what you’re looking for. And if you want to know our opinion on which condo developments constitute real value for money right now, or if you just want to review your options in general – call and say hi! Or instead you could just: a.) tear your hair out, or b.) bang your head against a brick wall. If you choose the later, may I recommend Head On. “Apply directly to the forehead.”