Bleak Disney where prices come crashing down again
News Category: Industry News
Published: 27-Sep-2010
The going might be tough but British agents can thank their lucky stars, not to mention stripes, that they’re not trying to sell real estate in Orlando.
There, for the first time in over ten years, the average price of a home has fallen to under $ 100,000 – or £63,933.
House prices in August plummeted an astonishing 8% from the month before and are now 22% down on a year ago. Three years ago, average prices peaked at $ 264,436 or £168,966.
The last time house prices were as cheap as they are now was in May 1998.
The Orlando Regional Realtor Association also reports that 72% of August sales were of distressed properties and only 28% of sales were ‘normal’ sales.
Sales volume also dropped in August to 2,429 sales, down 3% from the previous month. Price cutting is the order of the day.
The British Homes Group, which specialises in selling properties in the area to Brits, has a five-bedroom, three-bathroom 2,000 sq ft home with private pool in an attractive residential community close to Disney for just $ 149,000 (£94,940). This home was launched with a price tag of over $ 350,000 (£222,964).
Lee Weaver, of the British Homes Group, says new properties in good condition are now as cheap as repossessions in bad condition.
We are not sure if this story should cheer British agents up or strike them with terror, given that what happens in America tends to cross the Atlantic sooner or later.
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