As of today, there are only 54 Bank Owned Homes in Orlando (3/2, above 1800 sq ft and built after 1990). Every bank owned home I have been calling about has either multiple offers or an offer accepted. The condo inventory has shrunk considerably and my inventory has sold within a few days. There are only 38 bank owned condos available as of May 4, in Orlando. If I recall 2 years ago, that number was 6 to 7 times higher.
I don’t want to sound too optimistic, but I think Orlando has an unbelievable potential for growth. The Canadian real estate market and economy have been strong. Canadians, along with other foreign investors, have been heavily investing in Florida purchasing income properties.
The rental market is also experiencing growth since the demand is higher. According to my property manager, ” The rental market is strong”. Investors buying income properties are generating good returns.
The number of buyers seeking properties is also growing. From first time home buyers to move up buyers, everyone is looking for a deal but the options are getting fewer. I think that once the media catches up on how the real estate market is doing, it will accelerate the momentum even more.
What do you think? I would love to hear your thoughts. I would also welcome feedback from Realtors.
[twitter style=”horizontal” float=”left”] [fblike style=”standard” showfaces=”false” width=”450″ verb=”like” font=”arial”]