Orlando’s housing market got stronger in May, with prices and sales increasing compared to a year ago.
ORLANDO – Before the devastating Pulse shootings in June shocked both Orlando and the entire nation, the city’s real estate market was demonstrating its greatest level of strength in years.
Both home sales and the median price of a house were up in May, according to the Orlando Regional Realtors Association’s monthly report. That indicates the housing market will continue its upward climb throughout the rest of this year, despite concerns generated over the Pulse attack.
The report indicated that sales of existing homes in the Greater Orlando area, which includes Lake, Orange, Osceola, and Seminole counties, were up by 5.83 percent compared to May 2015. Broken down by county, those sales were 7.46 percent higher in May compared to May 2015 in Lake County; 4.13 percent higher in Orange; 6.38 percent higher in Osceola; and 8.40 percent higher in Seminole.
In the city of Orlando, the median price of homes sold during the month of May increased more than 12 percent compared to May 2015. More significantly, the median price of a home in Orlando went above $200,000 for the first time since August 2008. That’s a significant number, since the summer of 2008 was when the last housing boom ended, and Florida’s housing market took a major tumble. Home sales virtually dried up, foreclosures soared across the region, and the Sunshine State ended up with one of the highest foreclosure rates in the nation. Continue reading
Nick Churton, the managing director of Mayfair International Realty, is predicting the Brexit vote won’t hurt foreign investment in the U.S. housing market.
ORLANDO – The managing director of Mayfair International Realty
, the U.K.-wide network of independent real estate brokers, is predicting that the Brexit vote will have minimal impact on the sale of homes in the United States by British investors, and could even offer a significant boost to Britain’s struggling real estate market as well.
In a recent column posted on Mayfair’s site, Churton acknowledged that last month’s vote by the people of Britain to exit the European Union after 43 years would pose huge challenges for both the United Kingdom and for the European Union.
He called the vote “a shock – even for many who voted to leave — as most had thought there would never actually be a majority to achieve this. So much for an empty protect vote. But out is out. We voted to go it alone once more, to take back full responsibility for all our laws, our borders, our revenue and our country.”
Despite the uncertainty of what the vote will mean for the future of Britain and the EU, Churton said the vote actually represents potential opportunities for real estate brokers in the British housing market if they can recognize them and take full advantage of them. Even as significant a vote as this one, Churton said, will likely not dampen the enthusiasm that many British residents have for purchasing homes in other parts of Europe – and in the United States. Continue reading
Homes in Central Florida may become more attractive to foreign buyers following the uncertainty created by the Brexit vote in the United Kingdom.
ORLANDO — Britain’s sterling currency fell on Monday to a 31-year-low against the dollar, while U.S. stocks also fell sharply in early trading – a vivid reminder of the financial uncertainly that’s been triggered since British voters opted last Thursday to vote to leave the EU.
The situation seemed to confirm the warnings by economists that the Brexit vote would have ripple effects. Britain’s 10-year government borrowing costs sank below 1 percent for the first time ever, analysts at several banks slashed their forecasts for the pound, and the Sterling hit a low of $1.3221.
At the same time, the Dow Jones industrial average was down 234 points, or 1.4 percent.
For the Orlando
area, it’s become a waiting game to see if the Brexit vote has any impact on the region’s crucial tourism industry. Britain sends the second highest number of tourists, after Canada, to the Orlando area every year.
On the other hand, MSN.Money reported on Monday that the Brexit vote appears to have boosted interest among British and other European residents in buying an investment home in the United States.
“The Brexit vote also appears to have had a somewhat surprising consequence – it has at least temporarily driven U.S. mortgage rates lower as international investors look to America as a bastion of investment safety,” MSN.Money reported. Continue reading