NCO & Jaymor Group Take on Orlando

New Condos Online recently joined efforts with The Jaymor Group out of Canada to promote new Orlando condos.  The Jaymor Group was founded in 1989 and has evolved into one of Canada’s premier real estate investment companies that specialize in developing multi-family residential housing across the state of Florida.  New Condos Online and Jaymor have joined together to promote two of their latest projects. 

The Monarch in downtown Orlando is a 24 story luxury condo tower offering 179 new condos.  The Monarch inspires new architectural innovations and more luxury amenities making it one of the most exclusive residences in the downtown area. 

It seems that Orlando continues to fly above the real estate storm and perform as one of the best markets in Florida.  Why is this?  I believe that Orlando was never oversaturated with investors early on as many of the other markets like Miami, Ft. Lauderdale, etc.  When the investors pulled out of these markets many projects that relied on investment traffic died.  Orlando, however, seems to have remained steady and only continues to flourish.  The price points offered in Orlando are typically much lower in comparison to the “hot” markets of early 2000.  Condos never seemed to over inflate in price and developers continued to make Orlando more of an urban center than it ever was in the past.  Obviously there has been some population growth and vacation traffic is always high.  Orlando has always experienced extremely high business travel as well. 

Jaymor and NCO are working on another great project in Daytona Beach called Osprey Landings.  Strategically located near one of the best NASCAR race tracks in the country, Daytona International Speedway, Osprey landing offers the best of all worlds.  Again, the price points in the project are extremely favorable as well starting from the low $120’s.  You just don’t find prices like that in many other popular destination markets in the country. 

Will we see these favorable price points move up as the other markets have?  Possibly, but I do not think it will happen at the rate it has in the past.  Price inflation has historically been driven by investors and speculators.  The days of purchasing a new condo or pre-construction condo expecting to “flip” it and run with a large profit are over.  Some of the low price points in Orlando are driven by more conversion product hitting the market.  Condo conversions are less expensive for the builder and can be quite profitable if done correctly.  Builders have to be careful not to cut corners on cost though and risk lawsuits later on down the road.  We have seen too much of that here in San Diego!

What else does Orlando have in store for the condominium market?