According to the latest Realty Trac report, the Orlando market ranked 10th among the nation's largest metro areas with the highest foreclosure levels.
The Orlando metropolitan statistical area posted a total of over 7,000 foreclosure filings, or one in every 122 households, in October of this year. That represented a 2.4 % decline from October 2009's and a 2.6 % decline from the 7,572 filings reported in September 2010.
Meanwhile, Florida as a whole, was the state with the second-highest foreclosure rate in the nation with one in every 155 homes receiving a foreclosure filing last month, 2.5 times the national average. The Sunshine State had 56,858 filings in October, a 9.5 percent increase from 51,911 filings in October 2009 but a 4.5 %decrease from 59,514 filings just one month earlier. (The winning state? Nevada.)
The numbers go up, the numbers go down, but the trend is clear. Things are (or are not) changing much depending on how you look at things.
What is clear, is that renting may not make much sense for a lot of people while home prices are so low. Provided of course you have the cash to make the home purchase, or are able to get a loan.
In Orlando, loans on condos are virtually impossible unless the community is FHA approved and I can count those on one hand. Most Orlando condo sales have been cash only for a couple of years now, particularly in the case of bank owned condo foreclosures which are so common in subdivisions like MetroWest.
However, if the MetroWest real estate for sale is not a condo, then not only can you get a loan but you will also potentially get the deal of a lifetime. You might not think so for a couple of years, but I can virtually guarantee your kids will one day be asking you where all that equity came from!
After what seems like forever, the Vue Condos downtown Orlando are finally selling again and it looks like FHA approval could be right around the corner. The only other FHA approved condo for the last year or two has been 101 Eola condos. The Vue was working on FHA underwriting last week and final approval should be any day now. What does this mean? Loans of course! Until now, most deals have had to be strictly cash but with FHA approval qualified applicants may once again be able get a mortgage. This might cause an upswing in pricing but my guess is that demand is still fairly weak so hopefully this won't happen too quickly.
Some sample inventory from the Vue at Lake Eola follows:
One bedrooms:
215 - $179,900 (939 sq ft)
403 - $195k (950 sq ft)
823 - $200k (996 sq ft)
Two Bedroom:
2108 - $279,900 (1,134 sq ft) City View
2207 - $289,900 (1,132 sq ft)
2603 - $315k (1,140 sq ft)
Corner 2/2
2112 - $365k (1,285 sq ft) City View
Corner 3/3
1701 - $595k (2,009 sq ft)
2802 - $625k (2,159 sq ft) City View
Recent sales include:
For more information, up-to-date pricing and a tour of the Vue downtown Orlando and other condo towers, visit our downtown Orlando condo site or call us on: 407-290-3408 and we'll make sure you get the best deal in town -- along with an exclusive 1-year home warranty offered as our closing gift to you!
A week or two ago, the nation's banks put America on notice that they intended to put their foreclosure inventory on hold while they sorted out their latest mess. Yesterday, amidst fears that their first round of news was about the cause a further decline in house values, the banks announced that everything was peachy with their inhouse procedures and that foreclosure sales would continue as usual. I doubt the crisis is over but I'll go with it for now.
In any case, it's good news for MetroWest Orlando real estate foreclosure sales, which currently run the gamut from single family homes to townhomes to condos. There are some great deals in every price bracket from $50K condo foreclosures to million dollar single family homes. There are also dozens of short sales which outnumber the bank reposessions in MetroWest about ten to one. For more information visit the Metro West Orlando real estate site at: MyMetroWestRealty.com
In other Metrowest Orlando news, last weekend saw the Isles in MetroWest fall festival which was a great idea but sadly was not so well attended. It was a beautiful day and there was no apparent reason for the lack of turnout, except no doubt, people just weren't feeling so neighborly.
Perhaps next year...
The MetroWest subdivision of Orlando (32835), got a new site this month as the Orlando Real Estate Pros launched a new site aimed at helping buyers of MetroWest real estate.
The site focuses on Metro West single family homes but also has a condo section. The site's developer, Marcus Burke is a resident of MetroWest and says that MetroWest needed a real estate site that was dedicated to the subdivision.
"It seems that condos get all the attention these days," he said. "But the fact is that the real estate in MetroWest is pretty diverse with a good number of townhomes and high-end single family residences but because they are hidden behind the golf course, very few people are even aware of them."
The new Metro West site gives useful school information, highlights some of the best Metro West foreclosure deals and short sales, and also introduces the MetroWest Real Estate Blog for the latest local news & gossip. The Central Florida MLS can also be accessed via the site giving buyers the opportunity to browse MetroWest's real estate inventory from the comfort of their homes at no charge.
The launch of the new site comes hot on the heels of the new downtown Orlando condo site and more hyper local sites are planned for the future.
For more MetroWest home information and to obtain free foreclosure listings, call: 407-290-3408 or email: Info@MyMetroWestRealty.com
55 West condos downtown Orlando, now essentially apartments, are continuing their efforts to rent the entire condominium ASAP. They will be downtown rentals for the forseeable future until they can be resold as condos.
Fifty-Five West condos have some great deals at the moment including free give-aways each month. Condo Metropolis will also give renters a $200 check for using their service. Just register Condo Metropolis as your sole agent when you register your interest at 55 West condos during your first visit!
Multiple floor plans are still available as the owners rent their way up through the remaining floors of the building. 55 West has the best pool deck in downtown for those who don't know. On the minus side, the condominium is close to the train tracks which may bothers some, although the noise insulation is very good. And for those that like to drink and stumble home, this is the closest condo community to the bars... in some cases, you might have to walk all of a hundred yards.
Call Condo Metropolis at 407-290-3408 for more info and a tour of 55 West apartments, and visit our site for more info on the orlando condo scene. See our brand new downtown site for specific info on Orlando's downtown condos & apartments.
Condo Metropolis is Orlando's free, one-stop shop for condos, plus MLS access. Condo Metropolis is also home to the Orlando Condo Blog where you'll find all of Orlando's latest condo news & gossip!
Marcus Burke is the owner and founder of Condo Metropolis LLC which has been in business since 2006. He was President of the Central Park Condominium Association's Board of Directors in Orlando 2008. He holds a Florida broker's real estate license and is a member of the National Association of Realtors and local MLS. A published British author and journalist, he speaks French and German and earned his doctorate in Social Psychology from the University of Essex.
Burke also runs The Orlando Real Estate Pros website and is a contributor to several other real estate blogs. See our new site here Orlando Real Estate and also our Downtown Orlando Condo sales site. Our MetroWest Real Estate site was launched in September 2010.
Because Condo Metropolis specialises in condos - in Orlando. Period. We do not list houses in Miami, nor commercial buildings in Tampa. Orlando condos are our business. We know every "for sale" development from pre-construction to new conversion. We are THE specialists for condos in the greater Orlando area.
Do I have to take an agent?
You don't. You can go it alone if you like. But prices and incentives change frequently, and in an increasingly tight market-place, it's important to know if and how you ought to negotiate. Remember, on-site sales agents represent the developer's interests - not yours. An agent costs nothing when you buy, so why not use the expertise of a local agent to help you navigate Orlando's ever growing maze of choices? You'll do less driving and waste less time. You'll find your new home or investment faster.
Why are agent's services free?
When you purchase a condominium, an agent's commission is paid by the developer. So you get the services of a knowledgeable local agent at zero cost. So why go it alone? Experts are on hand to help!
TESTIMONIAL
"Marcus: It was a pleasure working with you to purchase our condo. All went smoothly (and fast) considering the distances involved.
We very much appreciated your video of the unit. It allowed us to make the offer with more confidence. We will certainly recommend your services in the future."
R. Welch, May 2009, Canada.
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