We had a very interesting year in the Orlando foreclosure Real Estate market. A total of 4784 Bank Owned Properties sold during the year 2011. For the past 6 months, we had a sharp drop of inventory available. As of today, only 72 Bank Owned single family homes are currently available in Orlando (3/2, above 1600 and built after 1980).
For the deal hunters, I have good news and bad news. The good news is deals still come up for sale. The bad news is you will find yourself competing against a lot of Buyers. There is simply not many deals available. All the Bank Owned properties that I have recently listed regardless of the price, condition or location have sold within 30 days.
I think that the market Real Estate crash in Florida started in September 2005 with a furious downturn. We are currently in 2012 and I think you are going to see a positive trend accelerating over the next few years. The prices have already gone up for the past 2 years in several areas especially the condo market and the areas that were hit hard. Many investors express the feeling to me that they think they are a bit late to the party.
The rates are currently at all time low. We just need more homes.
Foreign Buyers especially from Central and South America are also extremely active in the Florida market. Brazilians are also very active in the market especially in South Florida (NY times article)
I will be watching 2012 very closely…:)