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October 6th, 2008 1:03 PM by David W. Welch
The Dow is tanking today over global credit concerns. The EU failed to come up with their own financial bailout package, sending investors into a selling spree. If I read correctly, Asian markets were off 8.5% and the European markets were off about 8% in overnight trading. Keep in mind that if someone is selling there must be someone buying to effect the sale. It is very hard to predict when or where the bottom is until we are headed back up, so try to take the long term view on whatever investment you have. This is hard to do in today's immediate gratification oriented world. I wish I was sitting on a pile of cash, so I could take advantage of the deals in the real estate and financial markets.
When the Orlando real estate statistics are published for September look for the median home price to have fallen to $185,000. That is a 7.5% drop from August, with an increase in the number of closed sales of about 100 or 8%. Looking ahead at the pending sales, the median list price is around $188,000. As these properties close, look for the Orlando median price to drop to below $175,000. Investors should take a serious look at Orlando at these prices. I showed downtown condos this weekend that could return 10% on the rental income without factoring in any appreciation.
www.DavidWelch.com, Orlando Real Estate Blog