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Jul 9, 2009 | Posted by: LVCO

Nearly Half of Central Florida Home Buyers Pay Cash as Lower Prices Impact Housing Market

Full story: larryvershel.blogspot.com

ORLANDO, Fla. - Almost half---42.3 percent---of all home buyers in Central Florida during the first five months of this year paid cash, according to recent figures from the Orlando Regional Realtor Association (ORRA).

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty www.StirlingSIR.com in Orlando, said while ORRA’s information includes condominiums and single-family homes that buyers have been snapping up for as low as $70,000, his firm has been closing cash sales in most price ranges this year.

I think the historically large volume of cash sales is due not only to a large inventory of lower-priced condominiums – many left over from the deluge of condominium projects and conversions between 2005 and 2007 – but also homebuilder inventories and resale properties priced under $350,000,

Soderstrom said.

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pending calamity

Deland, FL

Sounds like the investors are hitting the markets because investors only have the cash and banks are not lending on that type of property.

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