Like other markets, the Orlando condo market has suffered in recent months. A number of downtown condominium projects are now on hold – some have been cancelled indefinitely. But there’s also a sense that despite all the gloom and doom, the Orlando condo market appears to be weathering the storm better than many other urban markets. It’s fully expected that Orlando will be one of the first cities to exit the recent downturn, and there are reasons to suppose that even the mid-term condominium picture looks fairly healthy. Here are a few of them:
1.) Industry continues to move here. Last week, another simulation company moved to Orlando citing Orlando as the “capital of simulation.” Who knew? This week Lockheed Martin scored another $48 million contract.
2.) With so much industry moving here, unemployment is still at record lows. Unemployment was just 3.3% for January 2007.
3.) The number of Spring visitors are up. Last week, Orbitz placed Orlando as # 1 in it’s recent list of favorite spring break destinations - for non-students. How cool is that? An influx of cash, minus the beer and the hormones. Hotels are sold out.
For a variety of reasons then (including, of course, the… shhhh… m.o.u.s.e.) Orlando has been pretty well shielded from the brunt of the recent housing “correction” – at least, compared with other Florida cities and other condo-heavy states. And despite a slower market at present, the future of real estate and yes, even the condominium market, looks very bright for Orlando - which is slated for a massive amount of growth over the next decade.
Within the next two years, Baby Boomers will begin migrating to Orlando in droves, and the increased demand for condos (without the competition for jobs) should promote steady growth in building and consequent real estate equity for the next twenty to thirty years.
For the latest news and analysis on the Orlando condo market, visit the Condo Metropolis Blog at: CondoMetropolis.com – where you’ll also find the latest hot condo deals!
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