Orlando, Florida (PressExposure) November 26, 2009 -- After waiting for years, these new property prices mirror the exact opposite of market situations in the past that were deemed to be a ripoff and scandalous.
The last few days has seen a flurry from the various media outlets in the state reporting significant increases in condo and single-family-home sales which will be welcome news to many who have suffered problems in this down-turn. Overseas property investors are seen as an essential support to this increase. The MRI Group, which includes MRI Overseas Property are welcoming this support and trust in the market from these overseas investors.
The statistics provided that form the basis of these reports are provided by the Florida Association of Realtors (a group established to promote and support the interests of the state's Realtors), and they show that the increases in sales vary by region. In Orlando, Florida there is a 322% increase in condo sales compared with this time last year, whereas Daytona Beach boasted a 106% increase. Sarasota, showed a strong recovery too, with a 120% increase.
Generally speaking, the price of Florida homes and condos has dropped since this time last year. The median price of a Florida home, before furniture installation, last month (October 2009) was just over 140,000 USD according to the report in the Orlando Business Journal, whereas last year it was just less than 170,000 USD. That equates to a 17% drop.
The outcome of these investigations and the increase in demand is corroborated by Dominic Pickering, CEO of MRI Overseas Property, who said that many clients have contacted his office with an appetite to buy in Florida. "Demand is there for both homes and condos, with pools and without pools, with or without furniture" Dominic Pickering said.
For more information on these investigative reports you can read the Orlando Business Journal and the Sarasota Herald-Tribune.