Who's buying these flea-bag apartments (with a nice new paint job)?
Greater fool theory in full play in Orlando... Put out an ad with that stock-art happy smiling wine drinking couple, and they'll line up..
Orlando leads the nation this year in the number of apartments converted to condominiums -- a phenomenon that has roiled the area's rental inventory and raised fears of an overheated real-estate market.
So far this year, apartment properties with a combined 14,183 units have been bought for conversion to condos -- more than triple the number in 2004, according to Real Capital Analytics Inc., a New York research company.
December 03, 2005
Orlando Florida getting pummeled with crappy condo conversions
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5 comments:
Good article. I knew the market in Orlando was nuts and this confirms it. Class B apartments turning into upscale condos? Give me a break.
Note how the guy who quoted "yuppies and empty nesters" works for Coldwell Banker. Yip, really idependent point of view there.
As I wrote earlier, Orlando is the weakest large market in FL. At least Miami has a lot of Fortune 500 latin American hq's. Orlando has Tupperware, EA Games, and Disney.
and now crappy apartments turned into $200,000 condos
wonder how far they'll fall - 50%?
50% is pretty positive in my opinion. Some of the class-B apartments are 20+ years old and should be torn down in the next 5-10 years for redevelopment.
Positive part - anyone wanting to rent will have a ton of choices about 2010 after all the property companies that made a fortune selling the properties to converters buy up the distressed condos at fire sale prices to turn back into apartments.
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What The National Association Of Realtors Don't Want you to Know
The truth about board of Realtors® owned MLS throughout the country
For_Immediate_Release:
United States of America (Press Release) December 6, 2007 -- Antitrust complaint unfair trade practices update to previous complaints.
Shutting off service to your MLS as stated in the letter below and shutting out to prevent non Realtors ( real estate agents) on Realtor owned MLS boards in my opinion is unfair trade practices on a large scale.
When a Realtor list a home is it disclosed to homeowners at the time of listing that all Non Realtors (real estate agents) will not be able to sell or show any homeowners listings unless they join the local board? Of course not, therefore limiting competition in the marketplace by the thousands of potential home sales from real estate agents nationwide with Realtor own MLS boards... I do believe that there are around 1.7 million real estate agents VS 1.3 million Realtors that leaves a Hugh gap for home buyers and home sellers if this information is not disclosed up front.
Now that shutting down Supra display keys attached to Realtor owned MLS boards because of unpaid Realtor Board dues, Not unpaid MLS dues only compounds this problem even further for the consumers who have active listings on the Realtor own MLS boards with the agents that are now shut out from a service that is provided by GE/Supra and in which the dues are not not in default..
Lets look at what I call the poster child state, Georgia
Georgia has two major Non MLS Realtor Boards GMLS and FMLS that do not discriminate between Realtor or Real Estate Agents therefore providing 100% competition for the consumers and has created a fair marketplace with a level playing field for all to enjoy.
Why have I choose not to renew my Realtor dues is a very simple explanation for me, I am shammed to be associated with NAR and to be dragged into the DOJ lawsuits against NAR for all the public to see and judge me as a not trustful Realtor (Anti trust) guilty by association, and to further damage the already scarred reputation of being a Realtor.
Were is NAR ethics here ? Http://www.google.com/search?sourceid=navclient&I.e.=UTF-8&rlz=1T4GGIH_en__214__214&q=the+doj+vs+nar
So with an estimated Realtor loss of 10% at the Orlando Regional Board of Realtors not renewing next years dues and are paid up MLS dues have had there Supra keys shut off also, what do they tell there listing homeowners clients and Home buyers? When they can not gain access to there listing, or show potential home buyers homes..
This is fair practice!! Sorry I call it unfair trade practices on a large scale and I support The Department Of Justice actions 100% to protect the general public from this unfair trade practice.
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