Orlando Florida Real Estate Sales for January 2012, Disappointing Downturn.

PRLog (Press Release) - Feb. 7, 2012 - The January 2012 real estate sale for the greater Orlando area, specifically Orange County, declined by 28% over January 2011, according to Gitta Urbainczyk P.A., a 23-year real estate veteran with Keller Williams Heritage Realty in Lake Mary. This is a disappointing start of the year for the greater Orlando area. This decline is reflected in all other counties as well, such as Seminole County by 28%, Volusia County by 5%, Osceola County by 33%, and Lake County by 4%. There is however a silver lining as the average house values generally increased in all counties, except Volusia County where values dropped by 3%. The majority of sales were dominated by bank-owned homes, and short sales. Short sales is a process where the owner is selling the property below the mortgage balance and asking the bank to accept less for the property and considers the note as paid in full. Lenders are much more accepting of the short sale process as it is a less expensive way of disposing of a property versus foreclosure.  Some banks are even  paying a fee to the seller just to move out. Sometimes there is a deficiency judgment, but most of the time there is not and it is always advisable to have an attorney look over the paperwork prior to signing.

•   Orange County, there were 270 bank-owned and 286 short sales, 64% of the housing inventory  sales were distressed homes, and the average value of a property increased by 12% over prior year to $155,148.

•   Seminole County, there were 88 bank-owned and 132 short sales, 61% of the sales were distressed sales and the average value increased by 8% to $136,681.

•   Volusia County, there were 61 bank-owned sales and 79 short sales and the average price of a home dropped to 3% to $93,562. Volusia County was the only county where sales and values declined.

•   Osceola County, there were 96 bank-owned sales and 146 short sales, representing 69% of distressed sales and values increased by 8% to $116,195 for the average home.

•   Lake County, there were 70 bank-owned sales and 93 short sales representing  49% of distressed sales and the average price of a home increased by 5% to $128,748.

The general housing inventory is lower all over the counties compared to one or two years ago. Now the choices are more limited and this is perhaps the reason why sales are lower compared to the prior year. It certainly is not the weather since central Florida is enjoying some of the best winter weather in years. Of the 11,000 homes for sale in Orange County, 7,720 homes are in some kind of financial distress, which is 65% and represents only the tip of the iceberg. Banks seemed to have worked through some of the ROBO signing scandal issues and more bank owned homes are coming on to the market as foreclosure rates accelerate.  The Orlando area real estate market can therefore expect the foreclosure inventory to increase.

About Gitta Urbainczyk PA: Gitta Urbainczyk has been selling real estate since 1988; she is an E-Pro, Short Sale Specialist, REO Specialist, Valuation Specialist and is selling homes for numerous banks and asset management companies.  Based in Lake Mary, she is one of the leading agents for Keller Williams Heritage Realty in the greater Orlando area and has closed about 1,000 sales transactions.  “Gitta Sells and Associates ” is made up of eight team members, including buyer agents, loss  mitigators, a contract and closing manager, an office manager, and a marketing manager. Gitta’s Real Estate Team is located at 100 Waymont Court #110, Lake Mary, FL 32746. For more information call 407-330-2181 or go to http://www.Gittasells.com

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Orlando luxury real estate agent, with 23 years of local market experience is serving the greater Orlando area. Offering the services of a professional team very knowledgeable about the local market areas and very attentive to the client’s needs.

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