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December 3rd, 2008 9:46 AM by David W. Welch
From time to time my neighbors in Baldwin Park ask me what it going on in the neighborhood. Are there a lot of foreclosures? Are there any good deals? Are prices going down?
The truth is that I don't know of any area completely immune to what is going on in the economy, so yes there are foreclosures in Baldwin Park. I took a look at one about two weeks ago that originally sold for $864,100 in May of 2006, then sold for $1,150,000 in May of 2006. You read that correctly, this brand new home was flipped in May of 2006 for about a $285,000 profit. It was foreclosed on in May of 2008, and went for sale by the bank at $604,900. Too late though, at that price it was under contract in nine days. Prior to being taken over by the bank it was on the market for $1,199,000.
Yes, there are some good deals in Baldwin Park too. A 2/2 condo on Common Way just reduced the price to $175,000. These were selling for more than $300,000, and they are very nice. This one is close to the Village Center, and is also bank owned. I doubt that it will be available for long. Another great deal I have seen is a brand new David Weekley home on Ardsdale with over 2,800 sq ft and four beds, four baths including a garage apartment. This one has been reduced to $485,000 from the original price of $555,000.
Finally, prices have come down in Baldwin Park too. Last years median sales price of the 130 sales as listed on the MLS was $492,500. So far this year the median sales price of the 104 closed sales is $414,600. That is about a 16% drop in the median price on 80% of the number of transactions. There are still 21 pending contracts, so the numbers will change a little before the end of the year. The Orlando real estate market overall had a median sales price for 2007 of $246,600. Through October, the median has dropped to $207,500 which is just over a 16% drop as well.
David Welch, Orlando Real Estate Blog