What’s the status of Central Florida’s condo market?
Thomas Allen, broker, Urbanista Brokers Inc.
The market has seen double-digit returns in the past year and a half. Downtown Orlando has stabilized to the point prior to the previous market boom.
Phil Rampy, broker, Olde Town Brokers:
We’re seeing a decrease in the condos on the market and an increase in prices. Condos aren’t staying on the market long.
Dina Najjar, Realtor, Capital Realty Group Florida:
Downtown Orlando has become a popular place to live. Investors from Canada and Asia are investing in downtown condos.
Cristian Michaels, broker, Premier Property Group LLC:
At The Vue at Lake Eola, we’re getting bidding wars. Most of the distressed sales from the past few years have flushed through. When investors see prices rising, they want to get in on the activity.
Albert Stimer, broker, Towns Realty:
It has gotten a lot better, but still is under pressure due to numerous bank-owned properties as well as the unwillingness of the banks in moving short sales faster. Also, condo associations’ delinquencies are still high.
Jon Shehan, broker, Metro City Realty & Condos Inc.:
Financing remains an issue. Cash is needed to buy in many buildings. For other buildings, financing is available, but requires 25 to 30 percent down.