Real estate Orlando Florida USA

Real Estate in Orlando, Florida

  • Property from US$ 69,100
  • Guaranteed returns up to 9% net
  • Prices at their lowest since 2000
  • High capital gains
  • New or fully refurbished
  • High quality apartments and detached family homes
  • Easy to manage, hassle free investment

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Why does it make sense to invest in Orlando?

The Greater Orlando metropolitan area is home to 2,134,411 people.

It is also the number one holiday destination in the USA.

And it’s not hard to see why with tourist attractions such as Walt Disney World, Universal Studios, Sea World and Kennedy Space Center.

Tourism contributes approximately US$ 28.3 billion to Metropolitan Orlando’s
US$ 95.8 billion economy.

The city has more than 116,000 hotel rooms – only Las Vegas has more.

In 2008, 48.9 million people visited the city.

At the time it was the second best year on record.

However, at the height of the recession in 2009 numbers dropped to 46,583,000.

This was only the second drop in the last 15 years.

But in 2010 the number of tourists jumped back up to 51,455,000.

And in 2011, 54,290,000 people visited the city.

Experts predict that Orlando will welcome over 55 million visitors in 2012.

Growing population

The population of Orlando has increased by 28.2% over the last 10 years.

Now, as tourism numbers pick up and the economy starts to improve, the population is starting to rise again.

In fact, on 6th April 2012 the U.S. Census Bureau reported that Metropolitan areas were seeing a new ‘mini-boom’ in population growth with increases of 4.6%.

Experts predict that by 2017 the population will increase by a further 14%.

Rising employment

In November 2010 unemployment in Orlando peaked at 11.7%.

Fortunately city officials realised they needed to diversify and become less reliant on tourism.

As a result a number of private and government initiatives were started, such as the US$2 billion Lake Nona Science and Medical Park.

In 2011, 12,200 new jobs were created.

An increase of 8%.

This was one of the highest increases in private sector jobs in the USA.

By January 2012 the unemployment rate in Orlando had dropped to 9.3%.

Growing investment

Lake Nona Science and Technology Park (Medical City) is a US$ 2 billion joint venture by the Tavistock Group and the US Government.

The project covers 600 acres (2,428,113m2) in Lake Nona, southeast Orlando.

It includes two new hospitals, the relocation of the University of Central Florida College of Medicine and a range of medical research facilities.

An economic impact study by Arduin, Laffer & Moore Econometrics projected that by 2017 Medical City will create:

  • 16,200 new jobs
  • US$ 5.2 billion in annual income
  • US$ 1.5 billion per year in wages
  • US$ 245.5 million in annual tax revenue

Increasing sales

On 17th April the Orlando Regional Realtor Association (ORRA) reported that sales in March 2012 increased by 17.82% over the previous month.

According to ORRA the number of re-sale properties on the market is also decreasing.

There are currently 9,253 re-sale properties available.

What’s more, the total number of properties for sale in Orlando has fallen to an all time low.

In April 2012 there were just 11,553 properties for sale compared to a whopping 35,357 in November 2007.

If you compare this inventory with the current pace of sales, it represents a five month supply of homes.

Economists consider a six month supply to be a balanced market between buyers and sellers.

The current five month supply tilts the balance slightly in favour of sellers, who are now getting multiple bids on their properties.

Capital growth

Property prices in Orlando are now over 60% lower than in 2006.

In April 2006 the median price for homes peaked at US$ 315,166.

Today it is just US$ 161,450.

However, this is an increase of US$ 17,110 (11.9%) from the low of US$ 144,340 seen in January 2011.

But you can still buy property for as little as US$ 69,100 in key areas of the city.

A few years ago the same properties were selling for US$ 189,000.

Opinions are divided about what will happen to prices in the short term.

California research firm, Clear Capital, expects Orlando to lead the USA in capital growth during 2012.

They predict prices in Metro Orlando will increase by 11.7%, compared with 2.1 percent for the USA as a whole.

Whereas, Chief economist for Florida Realtors, John Tuccillo, said he expects to see only modest price increases this year.

Most pessimistic are California company RealtyTrac Inc. who warn that many more foreclosures will hit the market and prices may decline further.

However, current demand for property is high, with many large investors buying up multiple properties.

And because the supply of property is now at an all time low, any new foreclosures coming to market are likely to sell fast.

The truth is, prices in Orlando are now so low that in the mid to long term you are likely to make strong capital gains.

What is on offer?

Today you can buy properties in Orlando for up to 70% less than just a few years ago.

There is a wide range of property available.

From one bedroom apartments to three and four bedroom family homes.

Often they are brand new and have never been lived in because the developers ran into trouble and banks were forced to foreclose.

Or they are almost new re-sale properties completed just before the recession hit.

For example, a one bedroom apartment in a prime location close to theme parks and leisure facilities will cost you around US$ 69,100.

In 2007, the same property would have cost US$ 189,000.
(Source: Department of Public Records Orlando)

That’s a saving of US$ 119,900.

And you can comfortably achieve net rental returns of between 6% and 9%.

As demand increases rental rates will rise together with house prices.

Summary

  • Florida’s population is growing fast
  • Unemployment rates are falling
  • Infrastructure is being improved
  • Private industry is investing
  • The US Government is investing
  • Rental homes are in high demand
  • Property sales are increasing
  • House prices are rising

But prices are still at their lowest since 2000.

Now is the time to take advantage…

From a low of US$ 144,340 in January 2011, the median asking price for property in Orlando has increased by US$ 17,110 (11.9% – a/o April 2012).

The number of properties on the market is now at an all time low.

And as you have seen, Orlando’s population is growing rapidly.

Experts predict that by 2017 the population will increase by 14%.

The US Government and the private sector are investing.

Plus, the number of tourists visiting the city is increasing.

All these factors will lead to more demand for high quality housing.

As a result rental rates and property prices will rise.

What type of property can you buy?

Real estate Orlando Florida USA

1 bed apartment

Orlando

Florida

Last sold for US$ 189,000

(May 2007)

Current Price US$ 69,100

These condominiums are typical of the type found in Orlando.

They come in one, two and three bedroom models and are located in a fully managed, gated community.

The Location

The complex is just a few minutes’ drive from Walt Disney World, Sea World, Universal Orlando and Busch Gardens.

On site is a large clubhouse with meeting area, conference room, fitness centre, kitchen, landscaped gardens and a swimming pool.

The 7,000 acre Wekiwa Springs State Park is also close by.

Previous Price

The previous sale price for one bedroom apartments was US$ 189,000 back in May 2007.

Today you can buy one for just US$ 69,100 – saving you US$ 119,900.

Rental Yield

Rental rates for a one bedroom apartment are US$ 750 per month.

Net yields are 7.9% – after all management fees and taxes.

Milan 1 Bed ApartmentUS$ 69,100
Annual Rental IncomeUS$ 9,000
Annual Property Tax and InsuranceUS$ 756
Annual Home Owners Association FeesUS$ 2,784
Net Annual IncomeUS$ 5,460
Net Return7.9%

Want to know more?

Get your free Orlando Investor’s Guide.

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