At the ripe old age of two years, this Orlando townhouse is listed for $149,900. This REO is located in the Timber Pointe development in Avalon Park, is well maintained and clean, and has decent amenities. The original owner of this new townhouse paid $235,100 less than two years ago (11/2/2006), and Zillow.com estimates that it is currently worth $202,000.A townhouse like this could be rented for about $1,200 per month, which would not be sufficient to provide positive cash flow for an investor (taking mortgage payments, taxes, and HOA into account). This unit could, however, be a nice place for an owner-occupant seeking a deal on a newer home. Having been so over-built in the past few years, this is one of many deals that can now be had. In the long run, a purchase like this could be a good investment; as the population of central Florida continues to grow, so will demand for housing, and therefore property values, over coming decades.
The basics...
Address: 16460 Cedar Crest Drive, Orlando, FL 32828
Current Listing Price: $149,900
PREVIOUS Sale Price: $235,100 (11/2/2006)
Size: 3 Bedrooms, 2.5 Bathrooms; 1,472 square feet
http://www.realtor.com/realestate/orlando-fl-32828-1101293648/
2 comments:
Is the population of this part of Florida still growing? I was under the impression that the amount of building far exceeded the population growth. My uncle owns a condo near Orlando that he isn't even able to rent, there are so many vacancies in the area.
Yes, it is. This is near Avalon Park, on the East side of Orlando and right in the middle of what we call Innovation Way....a growing high tech corridor including the technology incubators on the campus of UCF, Siemens, Lockheed-Martin, an industrial park south of us on 528, and of course the Space Coast and tons of military simulation work. While the past couple of years has seen a severe softening in the real estate market all over central Florida, we're starting to see a lot of improvement; and this part of Orlando has the job infrastructure to be upfront.
Chris
http://www.AvalonYardSale.com
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