Sales of Condominiums up in August

If you bought a condominium between 2005 and 2008 you have probably lost more than 60% of the homes original value, and you're not alone. Condo prices are going for steep discounts today mainly because financing is almost non-existent. Banks and mortgage companies do not want condominiums as collateral and if you're lucky to be approved for financing it's probably going to be at 60% of 'today's' current value.

According to the Orlando Realtor Association, condominium sales are up almost 260% from the same month last year. You may think this news is good but the fact is that more than 53% of the sales were condominiums priced between $1 and $50,000. The next most popular category was $50,000 to $60,000 with almost 13% of the units sold in that range.

Bottom line, the condo market may appear to be improving as sales of condo's outpace last years, but the sales price of the sold condos are going for much less than their original values.

If you are having difficulty making your mortgage payments and need help selling your home for less than what's owed contact us today!

J.D.A.
Certified Distressed Property Expert