posted by orlandovacationhome on Nov 15
Cheap Orlando Vacation Homes
Vacation homes in Orlando have become a cheaper commodity. It is estimated there are 35,000 +/- vacation homes in the area. Many of these vacation homes are often unoccupied.
Expect the Orlando vacation home rental rates to drop further for the following reasons:
- Many current owners are now cash strapped and are willing to rent their homes for less
- As the recession sets in, less people are visiting driving demand down to rent these homes for their Orlando vacation. Please see our POST on this topic.
- There are large amounts of these vacation villas entering foreclosure and are being picked up for a fraction of their original price, thus the new owners can rent them out more affordably.
Many of these expansive villas can now be rented at a lesser price than most cramped hotel rooms.
Don’t be afraid to shop around for vacation villas in Orlando, and feel free to ask a lot of questions. Remember, all vacation villas and vacation home management companies are not created equal, so do your homework.
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posted by orlandovacationhome on Oct 29
Buying A Vacation Home in Orlando – Kissimmee
At a dinner party in our home town of Frome, England, we recently met a couple who told us they just bought a vacation home in Orlando, Florida.
As we go to Orlando all the time and our mum owns two vacation homes, we had a lot in common. Our new friends told us where they bought the home, so we looked it up on the Internet. When we visited Kissimmee the following week, we met with our management company and started talking about the home. The owners told us they paid $220K cash for the house. Our property manager said the same model was selling for less than $160K (bank owned).
In America, there are various real estate professionals that can help you. To ensure you are getting the best deal possible, directly hire your own independent professional advisors. Your cost for this type of advice will be several hundred dollars for an appraiser as an example.
Hiring a professional to do some market research could have saved our friends almost $60,000. Don’t make the same mistake!
So if you are looking to buy a vacation home in the Orlando, Kissimmee, Clermont or Davenport area, do your homework and directly hire a team of independent professionals these might include CPAs, Appraisers and Attorneys. As always we just express an opinion and don’t offer professional advice. Please reference our disclaimer.
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posted by orlandovacationhome on Oct 28
Foreclosures Effect Orlando Vacation Home Market.
The level of foreclosures in the Orlando vacation home market are now at or near record levels. As many vacation homes in the Central Florida are second homes and many were bought by speculators, the prices in many communities have dropped significantly. It would seem that many owners have simply walked away due in part that the rents from such homes are not enough to cover their expenses.
Some of the communities hardest hit are those that saw the greatest appreciation. Unlike regular homes, vacation home communities tend to have less permanent resident owners that can help stabilize the area or neighborhood.
Many banks are also being tough when lending on vacation homes which can further hold demand down. In effect, this means that many homeowners who bought a property over the prior three years could now face significant losses they sell today.
We are not real estate professionals, as we had to go through online public records, and methodically pull sales along with calling a few local realty offices in the Orlando and Kissimmee area. Our information may not be perfectly accurate so, as always, consult a real estate professional in the area and have them pull the data for you.
So what will happen to the Orlando vacation home market in the future? No one knows, and it is pure opinion and speculation at best. If we knew, we would be sitting on an island in Tahiti sipping a beer rather than worrying about the general state of the market.
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