ORLANDO # 5
A recent ZipRealty report has put Orlando real estate in the No: 5 spots in a list of booming real state locations in the United States. All of the 10 markets featured in this list have been hand-picked for their excellent public schools. Orlando owes its 5th position to the highly reputed Seminole County Public School which holds a score of 7.8 on a scale of 1 to 10. The ZipRealty report also indicates that Orlando home prices have witnessed a 26% year-on-year rise to nearly $145,000.
Accessibility to good schools has always been a top priority consideration for home buyers who are looking to relocate and Orlando clearly has what it takes in this respect. Companies hoping to recruit the cream of the available talent often highlight the excellent schooling available to attract skilled employees to its ranks. This could be great news for sellers who are looking for good Orlando short sale opportunities since it means that more buyers may be viewing this location favorably. In fact, the appearance of Orlando on this top 10 list can make the job easier for short sale realtors representing sellers.
Chinese Show Interest in Orlando Properties
A recent trend also indicates that buyers should view Orlando’s properties favorably. International investors appear to be keen on buying real estate here. The Chinese, in particular, who have been investing in key locations across the United States in recent times, are also adding Orlando to their list of possible investment destinations.
In fact, a Hong King based firm, Gaw Capital Partners has plans to raise $500 million to invest in commercial property in Orlando among other places. The fund’s manager describes Orlando as an ‘innovation center’. If investors like these increase their attention on Orlando properties, the housing recovery is bound to get impetus and in turn, prices are likely to move upwards. For sellers in need of a short sale, achieving a reasonable price for their property may become easier in such circumstances.
An increase in Flood Insurance Premium may Impact Housing
On the negative side, analysts are worried that the increase in flood insurance premiums may dampen the enthusiasm for properties in low-lying areas across Orlando. Many have predicted that the rate hike will subdue housing recovery here and/ or cause a decline in property values. In the words of Governor Risk Scott, the unfair consequences of the National Flood Insurance Program reforms could devastate real estate values across all of Florida. However, as experts point out the rate hike is likely to impact only specific pockets within Florida where the wealthiest of the State’s denizens reside.
