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Richard Riley
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Direct: (407) 361-5253



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RE/MAX Properties SW II
2075 Town Center Blvd.
Orlando, FL


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Orlando Area Homes – Poinciana may become a city

Sunday, September 6th, 2009

In the Orlando area Poinciana is the area which is known for having a large number of homes in foreclosure.  Its location, south of Kissimmee, is mostly in Osceola county but is listed in the MLS as being part of Kissimmee.  This creates confusion for buyers who may want to live in Kissimmee but not 14 to 18 miles south of Kissimmee in Poinciana.

In December of 2008 the Association of Poinciana Villages contracted with the University of Central Florida to conduct the Poinciana Incorporation Feasibility Study.  The study was completed on August 28th, 2009.  The study concluded that Incorporating Poinciana into a city was feasible and suggested city boundaries, possible revenue sources, services the city government could provide and the property tax rate of 3 mils.

For more information or a schedule of public meetings to be held in September 2009 see the September 5th article in The Osceola News Gazette.

If incorporated as proposed, Poinciana as a city will be in both Osceola and Polk counies with approximately 74,000 residents.  In Osceola county it will extend northeast to include many subdivisions which, although presently in the county, certainly consider themselves more a part of Kissimmee than the distant Poinciana.  It will be interesting to see what develops.

To search for Orlando homes visit http://www.richardrileyrealtor.com/

Orlando FL Area – Bank Owned Condo Prices Increasing

Tuesday, July 28th, 2009
There has been a lot of activity in the condo market in the Orlando FL area this year.  A large inventory coupled with low prices has fueled a strong market.  Investors are being attracted by the low prices and individuals are buying condos as rental properties with the expectation that they will profit when the market recovers.
The ratio of selling price to list price is an indicator of the firmness of the condo market and could also give a hint about the overall market  Obviously the selling price is a market value and the listing price is a “marketing” value.  However, when there are hundreds of sales per month one could argue that the marketing bias in setting list prices has been compensated. 

 

Under the suppositions and limitations of the foregoing we can look at the Orlando FL Condo data for this year to date.

Selling Price as percent of List Price

Month          Average          Median

Jan.                   94                      95

Feb.                   94                      95

Mar.                  94                       95

Apr.                   96                       97

May                   96                      97

Jun.                    97                      98

Jul. to date    100                     100

Perhaps the increase in the median value, for example, looks small at this point but a trend does seem to be starting.  Most trends are easy to identify when they are full blown and obvious but hard to recognize in the very early stages.

In the above data we may be seeing the very early stage of a recovery trend.  Many bank owned properties are getting multiple offers in the current market and prices are being bid up just by the number of interested buyers.  We’ll have to keep our eyes on the Orlando FL Condo data for August to see whether we are seeing a trend or a mirage.

To search for Orlando homes or Orlando FL area condos click on www.richardrileyrealtor.com

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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