Tuesday, September 4, 2007

Welcome to realtorworld

In Orlando, "downtown is looking up". The old Holiday Inn is currently being converted into the Lexington Condo Complex.

While the developer's website flashes the words "luxury, sophistication and style", downtown Orlando flashes back "crack, crime and urban decay". Virtual people are seen walking into the lobby. However, these virtual condo-owners don't have to negotiate with the crackheads and carjackers outside. Their human counterparts will need to find a modus vivendi with their less fortunate neighbors.

So how much does one of these "luxury" condos cost? Currently, the developers are offering one bedroom apartments for $310,000. However, that is not as much as they cost last month, but it is more than they will cost next month. The Florida condo market is in deep trouble, and the developers have far too many units to shift. This project is a long way from completion, while the condo-flippers have flapped off.

The MLS number is F694048. This blog has unjustifiably neglected the overvalued condo conversion market.

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