x
By using this website, you agree to our use of cookies to enhance your experience.
Written by rosalind renshaw

The going might be tough but British agents can thank their lucky stars, not to mention stripes, that they’re not trying to sell real estate in Orlando.

There, for the first time in over ten years, the average price of a home has fallen to under $ 100,000 – or £63,933.

House prices in August plummeted an astonishing 8% from the month before and are now 22% down on a year ago. Three years ago, average prices peaked at $ 264,436 or £168,966.

The last time house prices were as cheap as they are now was in May 1998.

The Orlando Regional Realtor Association also reports that 72% of August sales were of distressed properties and only 28% of sales were ‘normal’ sales.

Sales volume also dropped in August to 2,429 sales, down 3% from the previous month. Price cutting is the order of the day. 

The British Homes Group, which specialises in selling properties in the area to Brits, has a five-bedroom, three-bathroom 2,000 sq ft home with private pool in an attractive residential community close to Disney for just $ 149,000 (£94,940). This home was launched with a price tag of over $ 350,000 (£222,964).

 
Lee Weaver, of the British Homes Group, says new properties in good condition are now as cheap as repossessions in bad condition.

We are not sure if this story should cheer British agents up or strike them with terror, given that what happens in America tends to cross the Atlantic sooner or later.

Comments

  • icon

    I wish I was an American Agent or 'Realator' as I belive they are known.

    You see theres so much more land there, flipping millions of acres of it infact, none of this stupid green belt and loony planning laws that make it impossible to build new homes and the place is huge with very strict imigration laws so its not almost full to bursting...................oh, no, hang on they're the same things that mean it wont all go pop here - mayby ill stay this side of the pond afterall its not so bad.

    Jonnie

    • 30 September 2010 21:03 PM
  • icon

    Why should UK estate agents be glad they aren't selling in Orlando?

    In Orlando prices are obviously reaching a more realistic level. estate agents need sales volume. While UK prices are propped up and artificially high less people can afford to buy them.

    The US economy will recover much quicker than the UK.

    • 27 September 2010 17:14 PM
  • icon

    " We are not sure if this story should cheer British agents up or strike them with terror, given that what happens in America tends to cross the Atlantic sooner or later".

    It's like pulling teeth for the last 3 years, talking up the obvious hasn't got us anywhere so far?

    • 27 September 2010 09:59 AM
  • icon

    I bet they used some Mickey Mouse statistician for this!

    • 27 September 2010 09:57 AM
MovePal MovePal MovePal