The Orlando real estate market is still heavily dominated by short sales, and while the housing inventory has been reduced, short sales are still dominating the market. The total amount of short sales in Olando is 58% or 4618 properties. There are 980 condos which make up 28% of the condo market. The government is trying to reduce the amount of foreclosures and short sales with introducing the new HARP (Home Affordable Refinance Program) it takes a HARP familiar loan officer to interview the seller to see if you qualify. As a trained short sale specialized CDPE, please go to my website Orlando CDPE Short Sale Realtor website to be connected to a loan officer trained in the HAPR program. The qualifications are pretty liberal and many sellers may qualify, this is good news. Foreclosure is affecting all segments of the real estate market, and currently there are 5 properties over $1M on short sales, and only one is pending. The subdivisions affected by these luxury short sales are Park Lane Condos, Baldwin Park, Lakeview Heights, Lake Nona, Park Lake Towers and Piney Wood Lakes.
Alaqua Lakes Real Estate sales, accoring to the Mid Florida MLS, for the first month of the jear 2012 have been very slow indeed. 50 % of the inventory is distressed which translates into further decline in values. Good new for home buyers, Alaqua Lakes real estate is becoing more attractive and should sell faster.
Baldwin Park is a newly developed traditional neighborhood, located just 3 miles from downtown Orlando. The former Naval Training Center of 1100 acres is now home of about 8000 residences and 125 businesses. There are excellent schools, lakes, shops, and restaurants and the area offers single family homes, condos, town homes and luxury homes as well as apartments. Great walking and biking areas, make this a perfect neighborhood enjoy. Being close to the Orlando international airports makes this a great place to work and live.
I just developed a new website, which is concentrating mainly on the downtown condo market and here are the 2011 Baldwin Park condo sales statistics. If you are interested in buying, here is also a link to the Baldwin Park condo MLS.
Condo prices in Baldwin Park have dropped in value in 2011 by 7% from $202,581 in 2010 to $189,217 in 2011. The per sq. ft. price dropped from $131.00 to $130.88 per sq. ft.
2011 Sold prices by bedroom category were follows:
Currently there are 7 condo units for sale and the average price is $169,657 or $119.19 per sq. ft. which would indicate a further decline in Baldwin Park condo sales for 2012.
Orlando’s original high rise condo tower built in 1985 offers 92 condos of 1 bedroom 1 bath, 1 bedroom 1.5 bathroom, 2 bedroom 2 bath and 3 bedroom 2 bath penthouse units with 2795 sq. ft. each condo has either one or two assigned secured and covered parking spaces. The location of the tower is great, walking distance to downtown and Thornton Park and the shores of Lake Eola and great restaurants and entertainment venues, cafes and even a grocery store is close by.
The real estate condo market has been challenging for 530 East Central where condo values have again dropped over the prior year 2010 from $197,500 per unit to $155,600 in 2011 or 21%. The per sq. ft. price dropped from $134.49 per sq. ft. to $113.49 per sq. ft. in 2011 or 16%. Unit sales stayed at par compared to past year, at 5 units.
As of this writing January 2012, there are currently 7 units for sale, average asking price is $291,571 or $159.50 per sq. ft. , 4 of the units are in short sale.
The condo market in the downtown Orlando area is going to be challenging for 2012, although some developments like the Vue have already seen price appreciation and sales have doubled, this is not going to be the case in all developments.
The Vue at Lake Eola had great years in condo sales, where sales increased by increased by 125% and prices jumped as well. The average price per condo increased by 12% and the average per sq. ft. price jumped 25%. The tower offers 365 units broken down as follow
1 Bedroom 1 Bath
1 Bedroom 1.5 Bath
2 Bedroom 2 Bath
2 Bedroom 2.5 Bath
3 Bedroom 3 Bath
Currently there are a total of 26 units pending and for sale:
15 units 1 Bedroom 1 Bath or 1.5 Bath average asking price $246,108 or $248.73 per sq. ft.
7 units 2 Bedrooms 2 Bath average asking price $364,243 or $284.69 per sq. ft.
4 units 3 bedroom 3 Bath, average asking price $1,402,250 or $484.57 per sq. ft.
2010 Sales Statistics
29 units sold at the average price of $234,636 or$196.41 per sq. ft.
2011 Sales Statistics:
56 units sold, Average sold price $262,611 or average $245.18 per sq. ft.
31 - 1 Bedroom unit sold for average sold price $210,300 or $212.01 per sq. ft.
21 – 2 Bedroom average sold price $322,500 or $255.96 per sq. ft.
4 – 3 Bedroom average sold price $618,724 or $298.87 per sq. ft.
The Vue at Lake Eola
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