subject: Orlando Prices Hit New Low And The Clients Of Investment Property Vultures Are Benefiting [print this page] Orlando Prices Hit New Low And The Clients Of Investment Property Vultures Are Benefiting
New numbers released show the price of homes in Orlando has hit a new low in the recession. With a median price under $95,000, homes haven't been that cheap since 1997.
Homeowners want to know when it is going to turn around.
Some realtors say Orlando could see prices increase in four years. However, others say in two years. But all agree that the market is starting to stabilize, slowly but surely.
Nancy Savoie is selling her home of 50 years. She has put a lot of money and time into it by adding a walkway and gazebo.
"The maintenance, alone, I think ours will sell first," Savoie said.
She's current on her mortgage and her home is priced to sell, but she has some stiff competition.
Savoie is selling her 3-bedroom 2-bathroom home for $140,000, but literally one house over from her is a larger home; a four-bedroom two-bathroom that is in foreclosure selling for $106,000.
"I think they're selling way too low for people," she said.
It's a sign of the times, according to the Orlando Regional Realtor Association. Orlando home prices are at a 13-year low.
Savoie's house was worth $206,000 in 2006. The average price for a house in Orange and Seminole counties is down 10 percent from December. But it's short sales and foreclosures that are driving down prices.
One man's loss is another man's gain. The short sales may be driving prices down and not looking good for the sellers but are attracting many foreign cash wealthy investors to purchase. These investors are a major factor in stimulating the real estate market.
A prominent company that is taking this industry by storm and offering these amazing property deals in Florida is Investment Property Vultures (www.investmentpropertyvultures.com). Investors can contact them via their website or at info@investmentpropertyvultures.com.
A bit of good news, the number of houses for sale is decreasing. In 2009, there were 22,000 homes for sale in the Orlando area. Currently, there are about 14,700.
As for people such as Savoie, she isn't worried about the cheaper house next door, saying she owns the nicest one on the block.
"I think it's well worth it. Usually, when prices drop sales do increase," she said.
That hasn't happened recently. Experts say that's because most people can't afford to buy right now; large investors are making most of the transactions nowadays in cash and many of these investors are foreigners from China, Hong Kong, and Singapore.
