Orlando Home Prices Being Reduced

Fall is typically a slower season for real estate sales as people are preparing for their children to go back to school and planning for holidays, rather than shopping for a home.   It's a difficult time for sellers and often have to reduces prices to generate interest in a property in hopes an offer comes in.  The Orlando Sentinel just published an article about price reductions becoming a common.  Our inventory is decreasing, interest rates so low in 4%'s, pricing low, its a great time if you are a buyer.

Orlando Condo Prices Lowest in Florida

It's no wonder that Orlando has been ranked to have the cheapest condos in Florida, when I read that 57.39% or 361 condos sold in the month of August where priced under $50,000.  The median price of condo sold in August was $49,300 and median price for the State of Florida was $81,600.  These prices have been stable for the past year, but you do condo sales pace increasing month after month as our inventory decreases.  Orlando once ranked in the top three for condo conversions, many of these properties are condo conversions.  Orlando condos are not without problems with finances of HOA, maintenance of community, or high HOA fees, and these condos are sold for cash only as financing is nearly impossible.

Summerport in Windermere, Florida

Summerport located in Windermere, Florida in Southwest Orlando.  It is ideally located close to all the attractions and 20 minutes from downtown Orlando, with easy access to 429 & 408 Expressway and Florida's Turnpike.  This master planned community consists of both townhomes and single family homes. 


Summerport amenties include community pool, playground, clubhouse, fitness room, two tennis courts, volleyball and basketball courts, miles of paved walking trails, ponds, sitting areas, and access to Lake Speer.  It has excellent schools and Keens Crossing Elementary located right in the community.  This community is in biking distance to Publix shopping center, and 2 minute drive to Winter Garden Village packed with shops and restaurants.

There are two home owners associations for Summerport; the master association & town home association.  The master association covers the landscape, signs, and amenities which is $251 per quarter.  This applies to single family homes and town homes.  The town home association is $158 per month and applies to town homes only.  This covers reserves for roof and painting when roof needs replacement and buildings need repainting.  Includes landscaping, lawn maintenance, termite bond.  There are 4 town home sections.

Each new home owner is required to pay $1000 initiation fee at closing.

Summerport Town homes are priced from $120,000 to $189,000.  Summerport Single Family homes are priced from $170,000 to $720,000.

Fannie Mae Increasing Approval for Florida Condos

Fannie Mae is increasing financing approval for Florida Condo Communities, which will start to revive the condo market.  As many condo buyers know in the last few years most all condos have been paid with cash, as lenders no longer financed condos communities as there were too many investors, too many non-paying home owners, for example.  Now Fannie Mae is going back and re-evaluating condo projects on a case by case basis and have approved 23 Florida condo projects to be eligible for financing.  Keep in mind both the borrower and condo community has to qualify for financing.  As condo associations get back on their feet, and more lenders provide financing, the values of the condos will go up, but will be some time, as this is in the very early stages as many, many condo communities are still not approved.

Orlando Real Estate August Statistics



Orlando Real Estate Statistics



Orlando Real Estate August Statistics shows that sales of are up 10.91% over last August.  Distressed properties, consisting of short sales and bank foreclosures, are leading the majority of sales by 71.55% while regular sales accounted for 28.45%.  Condo sales have increased to 43.28% over last August, and condo sales throughout Florida is continue to be rising.  The median price for all types of homes is $99,900, which dipped 8.10% from July.  For more details, click on Orlando home sales increase as affordability hits all-time high.

• Average Mortgage Rate:   4.61%
• Inventory:  16,535
• New Listings:  4,416
• New Contracts:  3,892
• Under Contract:  8,945
• Back on Market:  1,277
• Expired Listings: 613
• Withdrawn:  1,285
• Sales Closed:  2,429
• Average Days on Market:  84

For historical data, see Orlando Regional Realtor Market Pulse.