Just seven years ago, 90% of all residential properties sold in Central Florida were single-family homes, according to the Winter Park Observer. Today, demand has shifted to the relatively more affordable multi-family segment, thanks to the glut of new condos built in and around Orlando from 2003-06. At the market peak in 2006, 62% of the 29,000 homes built in Central Florida were either condos or town homes. Excess inventory has pushed median condo prices well below the $250,000 level. Even though more condos than single-family homes were sold in Central Florida in 2008, the year-over-year percentage drop in sales was greater for condos (-32%) than single-family homes (-9%) or town homes and villas (-10%).Thursday, January 15, 2009
Multi-family Momentum In Central Florida
Just seven years ago, 90% of all residential properties sold in Central Florida were single-family homes, according to the Winter Park Observer. Today, demand has shifted to the relatively more affordable multi-family segment, thanks to the glut of new condos built in and around Orlando from 2003-06. At the market peak in 2006, 62% of the 29,000 homes built in Central Florida were either condos or town homes. Excess inventory has pushed median condo prices well below the $250,000 level. Even though more condos than single-family homes were sold in Central Florida in 2008, the year-over-year percentage drop in sales was greater for condos (-32%) than single-family homes (-9%) or town homes and villas (-10%).
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment