Orlando Housing Market Still Facing Challenges

Orlando's real estate market isn't pretty. If you could summarize the conditions, it would look like this:

• Orlando's problem real estate: Low end condos.
  
• Where have the values leveled out? Established neighborhoods.
  
• What Orlando real estate is rising? Lakefront properties.

It's not all doom and gloom, but Central Florida underscored a trend that started around 2005, when high insurance and property taxes slowed down the sale of coastal properties.

Even with the differences between inland and coastal areas, Orlando appraisers said the tax rolls for 2006 show the beginning of trends that have grown during 2007.

"Orange County's growth in real-estate wealth was due primarily to $5 billion worth of new construction,"

said Property Appraiser Bill Donegan.

Most of Florida has seen a tremendous growth in property values recently. The slowdown of that trend comes at the same time cities and counties are beginning to wrestle with state-mandated tax cuts.

Donegan also stated,

"Central Florida's elected property appraisers reported what real-estate agents have been saying for months -- sales are down, but prices have not dipped much in established areas. While "Price Reduced" banners are popping up on residential real-estate signs, house values in long-standing subdivisions are holding steady so far."

Source: OrlandoSentinel.com

Tags: orlando, Market