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July 7th, 2010 11:03 AM by David W. Welch
Through the first half of 2010, Baldwin Park has been hot. There were 102 closed sales during the first six months of the year.
$55,000 - $215,000
$175,000 - $395,000
$200,000 - $1,840,000
5 - 55.6%3 - 33.3%1 - 11.1%
5 - 20.0%7 - 28.0%13 - 52.0%
8 - 11.8%17 - 25.0%43 - 63.2%
The median prices for the different types of homes is no big surprise, but the ranges might look pretty big for someone not familiar with the neighborhood. There are a few different types of condos in the neighborhood, and Centerline homes is still selling new units. The less expensive units are actually in Enders Place at Baldwin Park. This was a condo conversion where units are still being rented. As a general rule, there is no financing available for condo conversions here in Florida. It can be difficult to get financing on regular condos as well, but some of the units in Baldwin Park are Fannie Mae approved. As far as the townhomes are concerned there are homes ranging from 1,600 square feet to over 3,000 with garage apartments. Single family homes range from small garden homes to luxurious custom built residences.
The other numbers that stick out are the percentages of bank owned, short sales and equity sales of condos compared to townhomes and single family. This is another clear indicator of the effect of the limited availabilty of financing for condos. Without financing, condo prices have plummeted here in Orlando forcing more owners underwater on their mortgages. With many of the condos being second homes and investment properties, we have seen more people just letting them go into foreclosure. Investors have been buying up bargain condos right and left, with over 90% of all condos sold this year selling for all cash. Fortunately, condos are not a major segment of the neighborhood real estate market. Hopefully, the second half of the year will be just as strong.
David Welch Real Estate Optimist, Orlando Real Estate