As the condo converstion pace remains frantic, will potential house seekers have trouble finding an affordable Florida home loan? So far, the city has proven to remain far above the problems facing other sectors of the state.
There’s no real estate bubble here, not as developers Tim Exner and Eric Tuscan are adding to the downtown condo conversion frenzy with a newly announced project at 706 E. Pine St. The duo, who recently finished the conversions and closings of Uptown Place and Park North at Cheney Place, will begin renovating the modern building this month.
The news comes on the heels of a Florida Association of Realtors first-quarter report that shows Orlando condo sales continue to do much better than the statewide average.
In the first three months of 2006, Orlando reported 1,501 existing condo sales, up 118 percent from 2005. Condo sales statewide, meanwhile, decreased 22 percent from a year ago.
Prices for the studio condos will start at $175,000. All units will feature hardwood floors, granite and stainless steel countertops. They will also include new appliances and plumbing fixtures. The Closing Agent Inc., an Orlando-based title insurance agent, has been selected as the title agency and will handle future condo closings.
Other cities in the state are scaling back on condo developments as the Florida real estate bubble is settled. Not Orlando. Its market remains strong.
Source : http://www.floridahomeloan.com/
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