The Orlando Condo Blog

The latest Orlando condo conversion has its grand (broker) opening tonight. Summerlin in Winter Park (along with PUIG) summoned a decent attendance for a rainy night - some agents, some renters wondering if they should buy into their 1972 property.
Given the usual amenities, upgrade options and and floorplans, prices are pretty competetive for the neighborhood and HOA fees are low. For [...]

Urbana Condominiums. Step forward. Take a bow.
The Canadian company Metrontario has broken ground on the first phase of the 237-unit Urbana Condominiums. The first phase of the luxury multifamily development will feature 120 condos and the community’s amenity center. Forty percent are said to be presold.
Signature GMAC Real Estate will have first crack at handling the sales and marketing for the upscale [...]

Condo Metropolis Launches new online condominium marketplace.
 

Almost exactly a year after its acquisition of the property, RB-GEM Management LLC has begun work on the conversion of four apartment complexes in the Sabal Point area as part of its new Sabal Collection Condominiums. RB-GEM plans to offer seven different floor plans, a range of amenities and price points beginning at $159,900.The Keller Williams [...]

Most expensive condo:
Listed for: $749,900
Sold for: $821,910 (days on market = 1)
Least expensive condo:
Listed for: 182,000
Sold for: 180,000 (days on market = 27)
Median sales price: $399,900
Average days on market = 24          Source: Orlando Sentinel

It’s official: “The Orlando metropolitan area is one of the strongest economies in the nation. Best known for it’s tourism, it’s strength comes from rapid growth in high wage, high-tech manufacturing, research, corporate headquarters, and a host of quality business sectors not related to Mickey Mouse.”
God. How I hate that mouse.
See full report of The [...]

As we lament the over supply of condos this Thanksgiving, we should remember one thing. The homeless population of Orlando is actually increasing. According to the Coalition for the Homeless of Central Florida, the increase is largely due to a lack of affordable rents. The Center for Women and Families had a 46% increase to 78,000 shelter [...]

According to the NAHB, Builder confidence in the condominium market continued to erode in the third quarter of 2006. That wasn’t exactly news to the real estate industry. So why do developers continue to build condos in such large numbers? It’s a question I hear often in Orlando.
The issue is this: most condo communities are [...]

Now here’s something you probably knew: According to the Florida Association of Realtors® (FAR), Florida’s housing sector continued to mirror the national trend during the third quarter 2006, showing higher levels of homes available for sale in many markets, and a slowdown in sales.
Here’s something you probably didn’t know: NAR’s latest economic outlook calls for [...]

Developers finally broke ground on City Centre Kissimmee on November 15. The mixed use building will feature 31 luxury condos (in the second phase) as well as 56,000 feet of office space and 12,000 feet of retail. Let’s hope the’re not all fish-and-chip shops. 

With news of the Wyndham Hotel Group’s $300 million, 504 unit condo hotel, central Florida is now looking at a total of approximately 17,300 presale units. That’s a lot of inventory. And a lot of risk money. And at this point in time, it’s anyone’s guess whether condotels will be the world of tomorrow - [...]

I’m sometimes asked about the best way to negotiate with developers.
Eighteen months ago, someone else would have closed on your condo before you could spit out the word “offer”. But now? Sure. Absolutely. But keep it real. The market in central Florida is slow - but it’s not open season. Yet.
And while we’re on the subject, let’s get another thing straight: [...]

The University of Florida’s Center for Real Estate Studies recently conducted a new statewide survey to gain insight into current trends in Florida’s real estate industry. The result predicts that even in the event of a worsening situation nationally, Florida will be less affected than other states due to the insulating effect of its population [...]

According to a University of Florida study, the state’s population is supposed to grow another 2 million by 2010. Now, call me cynical, but that sounds like a lot of extra alligator food to me. And by 2025, the Hurricane, I mean “Sunshine” State is expected to house a whopping 25 million residents.
“Overall, Florida is [...]

I’ve suggested elsewhere in this forum, that the reason there are so many condos still going up, despite the slowdown, is because they were already in the “Oh-crap-can’t-stop-it -now” pipeline.
But there’s another reason. A more encouraging one. Despite what you may have been reading about the market, developers from other states recognize that Florida just isn’t like [...]