Investment, Property, Short Term Rentals, Top News, Vacation homes & real estate

Orlando Holiday Villas only on the Market for 24 Hours

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Well it might have taken a minute but holiday villas and investment homes in Central Florida (Orlando, Kissimmee, Davenport, Clermont) are flying off the market often in the first 24 hours of being listed. That is everything from about $300,000 and under but even those up from $300,000 to $450,000 are not that far behind. According to Philippa (Pippa) Murray, a licensed, professional Realtor with Florida Property Agent who has specialized in selling vacation homes to international buyers for the past 20 years “the prices are still not up to the levels pre 2008 but they are going up every day” so much so that she sold two houses this week by touring prospective properties with her international clients on facetime as each buyer found themselves placing offers on multiple houses only to be outbid each time.

One British client, Lisa Binns,  was familiar with the area already and spent time on various websites doing initial research for homes that she and her husband felt met their criteria “we were able to sort through those that met our needs but in the end it really helped to have Pippa take us through the houses so that we could get a better feel and we trusted Pippa’s feedback to help us decide”  “ When you are buying property abroad, you really want to be there to choose a home and also come for completion and we just felt that being present for the closing was very important so having Pippa walk us through each home was incredibly helpful”

 Who would have ever thought of buying property abroad by video call but it’s surprisingly effective and allows for great interaction as if the buyers were present. It certainly helps in a market where both “facetime” buyers had to place offers on multiple properties before finally getting their contracts approved and they were able to find great deals as they could react very quickly.

So what’s fueling the market and who is buying?

It was recently reported by Forbes that Orlando is the #1 city in the US for real estate investment and also one of the fastest growing cities in the US. Additionally Orlando continues to break records with the number of visitors each year with 2017 showing 72 million up 4 million from 2016.

So what does this mean to the outlook of the market? According to Lisa Arcia, Sales Agent at Windsor at Westside by Pulte Homes, all inventory homes have been snatched up as they have sold over 90 homes so far this year and in most cases, buyers are now having to wait until new inventory will be complete in February / March 2019 although most of those scheduled for delivery are already under contract  as they average 20-25 sales per month at the moment.

Lisa Arcia states that “Since January there has been a huge flux of buying in the resort community with Americans coming from other states to buy but also a very strong presence from Asian buyers that was not previously seen in the area. Canadians are always big buyers locally and although British buyers have been slowed by a weak exchange rate, they are still buying and represent one of the top countries searching online. 

“If someone came in today to buy” says Lisa Arcia “we would be looking at construction completion Feb/ March 2019 and expect sell out of the whole community in 6 months although we are working on future development planned for an additional 240+ detached villas and townhomes”

According to Philippa, this is repeated in almost every community in the area and doesn’t show signs of slowing down, so for now having a full phone battery and plenty of wifi signal seems to her most important tool in helping overseas buyers to jump in maneuver quickly “Buyers can then come and visit the property once they have an accepted contract if they like and are not going to end up coming over and getting disappointed if they don’t get an offer accepted”. This is not for all buyers of course and many prefer to come and personally touch and feel the property. “Quite honestly, we are here to assist the buyers in finding the property that best suits their taste and needs and everybody is quite different in how they like to proceed, there really isn’t a right and wrong way but this strong sellers market is making it much more competitive so we advise our buyers accordingly.”

 

To reach Philippa Murray, contact her mobile at +1 407 729 1900, facetime, skype, whatsapp and of course email pippa@flpropertyagent.com

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