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October 4th, 2008 9:26 AM by David W. Welch
As of this morning 1,322 closed sales were recorded for September, that is up from 1,225 in August. October is usually a better month, so hopefully buyers will not have trouble getting loans funded this month ahead of the effects of the bailout. I believe we could see over 1,400 closed sales in October which would be around the same number of sales we saw in June and July (our peak months). Although prices have come down considerably. I am noticing an increase in buyer activity. Personally, I will be out showing downtown Orlando condos, and homes all day today.
The condos downtown are an amazing bargain right now. They are literally half price from where they were last year. Many of the units I am showing today sold in the last two years for $130,000 to $150,000 and are now priced from about $60,000 to $90,000. The one bedrooms rent from around $800 to nearly $1,000 per month. If you pick one up for $72,000 and have a net rent after association dues and taxes of $600 that is a 10% pre-tax return. Assuming no appreciation, you are still doing better than most any investment I can think of right now.
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