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December 19th, 2011 9:07 AM by David W. Welch
One of the investors I work with asked me to double check the MLS, because she is not getting any new listings. She likes downtown and uptown Orlando condos, and has purchased several from me over the last few years. Three of the buildings where she has purchased are: Metropolitan at Lake Eola, Park North at Cheney Place and Uptown Place. All three of these complexes are in midrise buildings and offer similar amenities. The Metropolitan is right across the street from Lake Eola, so I think it has the best location hands down. The other thing all three share is a real turnaround.
There are 245 units in Uptown Place and 111 have turned over in the last three years. There are only eight foreclosure related filings open this year. Park North has 305 units and 124 have turned over wth only four filings this year. The Metropolitan has 129 units and 59 (almost half) have resold in the last three years with only four filings in 2011. For those of you who may not know this, any condo sales over the last few years would be cash deals. So, if you are thinking someone who bought in 2008 might still be upside down - it just is not likely. I wrote some time ago about another condo community in South Orlando with 360 units that was down to nine paying owners in 2008 that had 240 paying owners by 2010.
This type of turnaround is happening all over Orlando which helps explain why November's median sales price was up 9.5% over the same month a year ago. If you are thinking about getting back into the Orlando real estate market, don't wait too long. Prices are still very low and interest rates are ridiculously low. This won't last forever though.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone