09.16.07

Orlando condo market

Posted in florida, real estate at 10:16 pm by realestatecash

I recently talked to a Floridian realtor about the Orlando condo market. Her view was that the market was flooded with condo conversions, making a slow market even worse. A condo conversion is an apartment building that has been “condo-ized”, converted to condos. During the boom, this was a popular tactic and a lot of people made a bunch of money doing this. However, these buildings were not always built to the standards that true condos were (depends on the state), and of course you got to sell them to make money.

Prices for Orlando condos have dropped 5-10% over the last year and there is 15-18 months of inventory on the market.

09.08.07

Maui Real Estate Dreams

Posted in elsewhere, real estate at 1:23 am by realestatecash

I recently returned from 5 days on the lovely island of Maui. I have been to other islands in Hawaii but not Maui. I still like Kauai and the big Island better, but I enjoyed my time in Maui.

You forget how far to the west it is until you fly there, 5 hours over the Pacific seems like a long time. When you land, despite the American shopping landscape, the scenary makes you feel that you have transported to a different world. Although I was raised in the tropics, Hawaii seems alien to me. The consistent angle of the smooth and folded slopes are nature’s math equation. The rainfall and wind patterns. And of course the crown of clouds that envelop you as ascend and visit the little piece of mars tucked inside the crater.

The Hawaiians used to live in the rain belts, because things were easy to grow there. However most of the development is in the dry parts, where nothing really grows, because the tourists love the sunny weather.

As part of the package I got, I had to endure a timeshare .. no .. vacation ownership presentation. The sales person was awful. I decided to pump her for some information about the local market. I found out the average price of a SFR is 900K. That there is little buildable land. That affordable housing is an issue (this last bit came from the newspaper .. she was actually not very helpful and extremely painful to endure).

Later when I walked the Kaanapali beach walk I passed booth after booth of “vacation ownership” salesmen. Would you believe $100,000 for one week a year of an oceanfront condo? That this condo actually had trees, a path and people between it and the water? Amazing.

I found Maui beautiful but also very expensive for everything, food, land and activities.