FHA brings relief for some condos
Join the discussion below, or Read more at Orlando Sentinel.
#1 Jun 19, 2009
John Page is a Liar!!! They have only closed -50 units and have rented the remaining units out. Why would you want to buy it when you can rent it? How did they achieve FHA in an apartment building? Don't trust a word from RE Inverlad and John Page! Beware
#2 Jun 19, 2009
FHA approved is nice, BUT....you still need to be able to afford the starting prices of 300K...on a Disney Salary???
#3 Jun 19, 2009
This is big news for 101 Eola but I agree that prices must be lowered considerably for people to even be able to afford them. The prices that these developments were asking just a few years ago were totally inappropriate for the Orlando market...I can't see how they even had the audacity to ask for those prices.
The condo buildings that are now leasing are still doing something I consider very stupid. They are leasing in the $1500 - 2000 plus range. Listen I make a good penny but I am not about to pay $2000 for a small box in the sky. Don't they realize that people (even well paid professionals) have other bills like car notes, student loans, utilities and that they might even want to have leftover money to go to those overpriced restaurants?
It seems they are more concerned with maintaining a rich crowd in their buildings than actually filling them. It they rented in the $1200 to $1800 range they would fill quickly with any young professionals who want the downtown lifestyle.
#4 Jun 20, 2009
There is a problem in central FL cities they don't seem to understand tourism is first to go and last to recover in recession/depression. Compare to Jacksonville where there are three military bases and industries like the insurance industry, etc. The only hope now for places like Orlando and Daytona Beach is to appeal to baby boomer retirees moving to FL at rate of about one million a year. At least they have some of their 401ks & IRAs left plus social security and medical insurance and that beats all those in Daytona Beach are living off SSI and bringing in extra cash by drug dealing and prositution, etc. and these types outnumber regular property owners (be it a home or condo)!
#5 Jun 24, 2009
It is the lack of available financing that has caused the condo market to tank. Efforts by the federal government have been driving prices down as well as interest rates to stimulate demand. Then FHA tightened their guidlines making financing nearly impossible. This drove prices down more. The net effect of these policies has been to put more home owners upside down in their homes. The fear of losing all their equity, real or perceived, has created more short sales and foreclosures. Despite all of this, there are over 7,100 contracts pending right now. Most are awaiting bank's approval of: short sales, contracts on foreclosures, and financing.
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