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December 15th, 2010 9:59 AM by David W. Welch
Baldwin Park in Uptown Orlando is a terrific new community in a well established area. The combination of location, great schools and well designed neighborhood including lots of park and recreational spaces have made this a fairly high demand area. Like every other area of Orlando we have seen prices come down and many homes have had distress sale situations. The extent of the effect of home speculators and a slow economy has not been as great here though. While Orlando overall has seen prices drop more than 60%, Baldwin Park has seen drops of about half that. In my opnion a big part of the difference has been the lower inventory of homes for sale in the area.
While Orlando is running about an eight month supply of inventory, Baldwin Park currently only has about a four month supply. This morning I counted 53 active listings with only 2 being bank owned and 19 short sales. The remaining 32 are equity sales. Of the 37 pending sales only 4 are bank owned and 24 are short sales. All of these numbers are better than what we are seeing in the Orlando area, while prices are substantially higher. The pending sales have a median list price of $279,000 compared with Orlando overall of around $110,000. The median list price of the active listings is even higher at $389,000. Nearly half of the pending sales are condos and townhomes, while two of the pending contracts are on custom homes priced around $1 million. The median list price of the active single family homes is $550,000, so there is still probably some room for price adjustments come Spring. In the mean time with inventory low, many sellers are slow to give up much on their price.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone