Let's Flash Forward to Spring 2010. What about it? I my opinion, the Lake Nona area has become the best place for a long term real estate investment in Central Florida. All the promotion surrounding Tavistock's Medical City turned out to be true -- it wasn't just hype. When I drove by yesterday there were 8 giant cranes in the air and the two major hospitals are both taking shape.
Check out Lake Nona and me on my website. if you like my approach, then I'd be happy to help you out as well.
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My recent experience in the area has been that the best priced homes in good condition are getting snapped up very quickly. Park Square Homes has enough confidence in the local recovery to begin building inventory (spec) homes again. Our inventory has dropped sharply and number of closings and contracts written per month has been rising for several months.
Bunham institute is up and running and UCF Medical School will be in a few months.
I live in the area and am excited about the new schools and the quality of development we are getting. I believe we are on the verge of great things here in Lake Nona!
Blessings to you in your home search,
OK, let's jump ahead 2 more years since my last answer. Prices in Lake Nona are up big time in the past year. Under $200,000 has disappeared (as opposed to plenty in the 160's not all that long ago).
Let me know if I may email you some proeprties in the lake nona area that meets your needs. thank you! susan.
First at all I will like, to encourage you to work with a Realtor that not only knows the area, but knows about the new developments,the subdivitions, the statistics etc.
You can find neighborhood information, statistics and search for listings in Lake Nona by going to my web page http://www.nonaforsale.com there you can find all the information you may need about Lake Nona and by signing for a market update you will get al statistics about lake nona you may need, and is FREE with no obligations.
Also, you can stop by anytime at our office, we are located in the Publix shopping center between Moss PArk and Narcoossee and ask for me or for me or for my partner Gabriela Lanza.
Lake Nona which is one of the areas projected to have the highest growth in the near years, the construction of the Nemours Center for Research, UCF Medical City, the VA Hospital and the Burnham Institute will bring to this areas potential renters and buyers, also the actual prices and inventory will be on the past soon, leaving you with a good investment in one of the fastest growing areas of Orlando
Please call or email me of you want to have a list of the actual properties for sale in Lake Nona.
It will be a pleasure to help you.
My answer, however, is based on current information, and it is DEFINITELY an INCREDIBLE time to buy in Lake Nona and Moss Park!
Good question,in fact one could ask that question about just about any area in the country. Lake Nona however is a rather new community and as such has had heavy investor activity ( as with many newer neighborhoods) during the boom.
That being said, Lake Nona has it share of foreclosures and that does have and adverse effect on housing prices.
Just for grins I ran a quick stat on single family homes upto 400K sold since the beginning of the year and found the selling price vs listing price ratio to be on average 96%
what does this mean? Prices are "Reasonably" stable. This was for single family homes with 3 beds and 2 baths. No specific sq footage,just a very basic query.
In reality, you are right, prices are still falling, and I see them continueing to do so (just not as quickly as of recent) for at least the next 6-12 months as foreclosures and pre-foreclosure properties work there way through the system. So in terms of purchase price, any time between now and 12 months from now will be the best time to buy.
However you seem to already be more informed than most other buyers, and you are taking into consideration interest rates. I have a great article from Time Magazine that spelled out the math quite well. It basically said that for every .5% interest rates go up, prices on homes must go down about 5% to equal the same monthly payment on a mortgage where the buyer put 20% down! Now interest rates have gone up about .5% in just the last month it seems, and while none of us has a crystal ball, I think it's safe to say interest rates are being pressured upward by inflation. So in terms of monthly payments, NOW or 1 month ago was the best time to buy!
I don't see how prices can fall much further than they have gotten, if we see another 5-10% drop in prices (especially in the lake nona area....I've sold 2 homes in there just recently with MUCH buyer interest in them all, as well as showed MANy houses to several buyers I'm working with in that area and avalon park) I'd be very surprised.