Greater Orlando has nearly 156,000 vacant residential lots sitting idle in central Florida due to the state's dramatic housing crash.
Many of the 155,835 vacant lots are located in partially completed new subdivisions in the Central Florida counties of Orange, Osceola, Seminole, Volusia and Lake, according to the Orlando Sentinel.
"The backlog of vacant lots is especially evident in more rural counties, such as Lake and Osceola, where developers rushed in during the housing boom and secured approvals to build on huge tracts of inexpensive land," according to the Orlando Sentinel.
In Lake County, developers have constructed only 7 percent of the 5,398 new homes that were approved to be built. In neighboring Osecola County, there are 30,806 undeveloped lots ready to be built upon but with no takers.
A chunk of those undeveloped Osceola County lots are in the highly promoted subdivision of Reunion, where only 33 percent of the 1,626 lots have been built upon, according to the Orlando Sentinel.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM .
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