New on the Market in Vizcaya

8749 The Esplanade #18, Orlando, FL 32836

Lakefront in Vizcaya Heights

Offered at $839,900

• 3 Bedrooms
• 2.5 Bathrroms
• 2,549 Square Feet
• Year Built: 2006
• Elevators
• Parking Garage
• Dramatic View of Big Sand Lake
• Granite
• Stainless Steel Appliances

See the virtual tour HERE

Real Estate Market Numbers for Celebration Florida

Celebration has seen an incredible rise in supply of homes alongside diminishing demand during the period between May 2006 and July 2007. Inventory has increased from 1,100 to 1,411 homes on the market in the past 15 months. There are 42.8 months of inventory based on home sale numbers and 28.2 months of inventory based on pending sale numbers. Either way, the numbers are much worse than the Orlando MSA. 85 properties sold in Celebration in May 2006 and only 33 properties sold in July of 2007. The average days on market increased 27% during the same period. The sale of condos were much weaker than single family homes just as in the rest of the region. The recent drop of the fed funds rate should help thing turn around but the supply needs to come down quite a bit for any significant changes to happen. Click this link to the National Association of Realtors forecast for 2008.

Real Estate Market Numbers for 32819 Zip Code: Dr. Phillips

Properties are taking longer to sell due to an oversupply and falling demand. As of July 7, 2007 the zip code which encompasses Bay Hill and the Sand Lake Road area has doubled in inventory of homes for sale with the number of homes selling declining at the same time. As a result there are 24 months of inventory on the market and the average price per foot has shown declining as well. The average days on market has also increased by 25% in the past year. It’s a great time to buy in this zip code as the National Association of Realtors predicts a rebound in 2008.

Real Estate Market Numbers for 32836 Zip Code: Dr. Phillips

Currently in this exclusive zip code, there are more than 18 months of inventory on the market and 64% more homes on the market than 12 months ago as of July 7, 2007. The statistics for avg. price per square foot has been volatile in the past year so this is probably not the best measure of a property’s value in this zip code. The number of sales have declined alongside a ballooning inventory. Single family homes accounted for most of the sales in this period and townhomes/condos struggled to sell in this period. So when will the market change for the better? The National Association of Realtors predicts a rebound in 2008.