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So far, the market has shown only small signs of stabilization in isolated neighborhoods.

Even if the market levels out this year, and even if homes once again appreciate at a healthy rate, we won’t see values fully recover until 2017 or later, and we won’t reach the level we would have been at had the Orlando real estate market not crashed.

 

 Data drawn from the Orlando Regional Realtor® Association market reports & the My Florida Regional Multiple Listing Service.

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JUDY CHAPMAN | Live the life you dream

Residential Sales ∙ Luxury Sales ∙ Short Sales


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Koenig & Strey | 1925 Cherry Lane | Northbrook, IL 60062

Judy@ChgoNorthShore.com | Office: 847.749.3811 

 

Up until a year ago, I sold real estate in Orlando FL, explaining why you’ll see many, many posts related to the Orlando real estate market. Now I’m back in ‘Sweet Home Chicago’, selling real estate in the North Shore and West of North Shore Suburbs.

If you’re interested in relocating to Florida, contact me for recommendations of some very fine Realtors® all over the state. I can also refer you to some of the hardest working Short Sale real estate agents throughout the country.

 

16 Comments on Orlando Real Estate Market (2Q 2009): Do You Have 10 Years to Wait Around for the Housing Recovery?

JUL
20
2009

Wow, that graph says it all, but the upside is it is a good time to buy!
7:49am • #1
303,792 Points 37 Featured Posts Attended Rain Camp Called Shot Master

Norma - You better believe it ... but only for those who have cash!
7:53am • #2
316,586 Points 2 Featured Posts Attended Rain Camp Called Shot Master

The graph does say alot... But Some folks must sell and therefore, some will buy! Ten years is a long time ! Hopefully the turn around will come and not more decline! Short Sales will be here for a long time it looks like.
7:58am • #3
303,792 Points 37 Featured Posts Attended Rain Camp Called Shot Master

Dick and Dixie - 10 years is an even longer time for those who purchased from mid-2005 through 2007. Those homeowners won't see a breakeven point for a very very long time. In the meantime, they're stuck.
8:07am • #4
575,210 Points 3 Featured Posts

That is true for most markets as well. Ours is conservative at 7 which is around the time I had planned to retire.

I have switched gears somewhat and I am buying investment property to offset the loss of business. My plan is to buy 20 over the next five years and have them paid off in ten and live off the income.

In the mean time I can hang with Pensacola and sell as we go or move to North Carolina to a state that is not being effected and I guess we all can do that if we choose. 
8:14am • #5
615,858 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

If you are one of those who bought in the last five years, the chart is pretty dismal.  If you are a buyer, this is the time!
8:19am • #6
303,792 Points 37 Featured Posts Attended Rain Camp Called Shot Master

Charles - Sounds like a great plan!

Gary - Absolutely right about the 5 years. Those homeowners are just plain trapped. And you're right-on about buyer opportunities. If we're not at the bottom, we're pretty darned near. It costs more to build mosts homes than to sell them! That's a fulcrum which is about to pop on the upside.
8:28am • #7
425,050 Points Outside Blog Called Shot Master

Judy, I think it will be even longer but you gotta go with the graph. I was in Orlando on Holiday last month. There was no recession at Disney-World.
8:32am • #8
303,792 Points 37 Featured Posts Attended Rain Camp Called Shot Master

Frank - Totally agree that it may be longer. I'm being optimistic with an 8% projected appreciation rate. What if it averaged out to 5% annually? Many homeowners will be fiddling their thumbs for ... don't want to think about it! 

Glad you enjoyed Disney. We need the revenue!
8:54am • #9
JUL
27
2009
577,130 Points 15 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hmmm. How long does it usually take for houses to recover from this type of crash? I thought it took longer than 10 years...a colleague of mine at my school quipped back in 2006 that his house had lost value back in the last crash and he didn't see a return in its value for over 15 years....
1:10am • #10
303,792 Points 37 Featured Posts Attended Rain Camp Called Shot Master

William - It could very well take longer than 10 years. Just didn't want to frightened anybody more than they're already frightened! I was using an 8% appreciation rate in my calculations. This is actually less than the average annual pre-bubble rate. I wouldn't be surprised if Orlando settled down to national averages of 3-5%, which would extend recovery by several more years.
7:03am • #11
223,031 Points 2 Featured Posts Attended Rain Camp Called Shot Master

I hate to say it, but your graph makes a pretty good argument for strategic defaults, as much as I oppose it in principle.
2:16pm • #12

Unfortunately 8% recovery seems to much.  We will be flatlining as long as the foreclosure homes dominate the market, then we will transition to a slow growth rate until Banks start to ease back on their restrictions.
3:35pm • #13
291,061 Points 1 Featured Post

Hi Judy,

It's a pleasure to meet another who likes charts as I do.  I'm not surprised at your extrapolation.  Those who expect a quick recovery are bound to be disappointed.
3:52pm • #14
223,031 Points 2 Featured Posts Attended Rain Camp Called Shot Master

while these are not typical times, it is my understanding, long term that Florida is a V correction market.  Not a U, but i also think we are in uncharted waters
6:01pm • #15
461,400 Points 47 Featured Posts Localism Sponsor Hit Router Attended Rain Camp Called Shot Master

Judy

We used to live in Palma Vista in Metrowest. After we left in 1999, we looked back and saw where our home had shot into the stratosphere in terms of value in the next few years. We were sort of sad that we didn't hold on to our house and rent it out first, then sell it after a couple of years to see our property value grow.

Looking at your chart now, it makes us think that we got out in time since the market value doesn't seem that it has appreciated much after 10 years.

Today, we live in the Bay Area of CA where we are seeing the same kind of upward and downward trend...but happily, our island city of Alameda is one of the 8 in the Bay area that were singled out as "holding our own". We can only keep crossing our fingers that we are in a stable market. My heart can take it!

 
6:04pm • #16

What does the graphic say?

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Judy Chapman

Northbrook, IL

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DISCLAIMER STATEMENT: All data and statistics provided on this blog is for informational and educational purposes. The blogger strives to present verifiable facts, statements, and statistics, but cannot guarantee accuracy.

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