Bank Owned Foreclosures in Downtown Orlando Starting at $50,000
by Jake Johnson
Developers and even individual owners simply cannot compete with the prices banks are offering on their foreclosed condos for sale. I have an 1,800 square foot 2 bedroom condos in Star Tower that were sold by the developer for over $500,000 asking $184,000! I have a 1 bedroom at The Grande for sale on foreclosure with over 700 square foot for $49,000. I also have 2 bedrooms at The Waverly on Lake Eola for $160,000, 1 bedrooms on REO for sale at Solaire for $99,000, and routinely get foreclosure listings in Park North and Uptown Place under $50,000 for one bedrooms and $75,000 for two bedrooms. The problem is that these prices are so cheap that investors and buyers usually have them under multiple offer situations, with the bank accepting each bidders highest and best offer within 2 weeks of listing the property for sale. This is why buyers should be working with a licensed Realtor who specializes in working with banks on foreclosures, to ensure you submit a strong offer that will be accepted, and make sure you protect yourself against their contracts. DowntownORL is backed by the power and training of Century 21, and has all of the resources needed to get you into your new home. Contact us today for a list of foreclosures for sale.
55 West Downtown Orlando Condos or Rental Apartments?
by Jake Johnson
Upon Further review, the latest on 55 West on Church Street in Downtown Orlando, Fl is that it has now become apartments. The last reports were that Marriott was putting together a bid to buy a portion of the building to use as a luxury resort hotel. Now, ZOM, a developer of The Waverly on Lake Eola and The Paramount Condos with Publix on the 1st floor, will now take over the task of renting theunits. The majority of the units still sit vacant. These shells will take up to a year to build out suitable for occupants, so don't rush to rent Downtown Orlando's newest apartments. With the housing downtown, many buildings, including 101 Eola Condos in Thornton Park, have had to convert the majority of their unsold units to rentals. It now looks like 55 West has followed suit. Contact our Downtown Orlando rental specialists to find out how we can get you 2 months free rent at 55 West and The Paramount! Stay tuned for further updates on all of Downtown Orlando's breaking news!
Thornton Park Welcomes The Sanctuary Diner
by Jake JohnsonFifi's restaurant on Eola Drive, which resides with Graze and The Beacon on the 1st floor of The Sanctuary Condos building served its last meal Valentine's Weekend 2009. It then reopened 2 weeks later as The Sanctuary Diner. Oddly enough, SK Restaurant Group, owns all three of the Sanctuary's restaurants, will remain the owner. What's the point then? The goal behind the revamped Sanctuary Diner is to offer the trendy Thornton Park residents and visitors a lower cost option to eat breakfast, lunch and dinner. The success of this idea remains to be seen. Stay tuned for updates.
55 West Sits Vacant on Church Street
by Jake Johnson
This condo which began selling 6 years ago, looks complete from the exterior. Just drive by it on I-4 and it looks wonderful. The problem is the inside remains an empty shell. I have been told there is an offer on the table to convert about 60% of the tower to a hotel (Marriott is the name I've heard thrown around). The remaining units would be sold or rented as condos, as originally planned 6 years ago. The top floor penthouses, once listed for $2-$5million are likely to become office space. Many of the retailers and bars on Church St. were relying on the hundreds of permanent residents that were supposed to be coming from 55 West, but are now left in the dark. The only news as of yet, is that the parking garage will be opened up for public parking. One thing Downtown Orlando conitnues to be in need of is affordable parking. I will update the situation as soon as it works itself out. When that will be is anyone's guess.
