If you've read the last few real estate entries in my blog about the horrible market for buying and selling homes not only in Orlando but nationwide then this is probably the last blog post title that you expected to see from me. But, it's true. On July 13, 2007 (Friday the 13th) my fiancee and I closed on a house in Orlando. It's a very basic 3 bed, 2 bath one story house built in 1947. So why after all of my thoughts about how bad the market is in Orlando did I go out and buy a place in the same market? Glad you asked.
- Location, Location, Location - That's the first thing they teach you in real estate school, right? This house is located on a street with very light traffic and it is half a block from "downtown" College Park, which keeps expanding with new shops and restaurants every month. Also, while other streets around it have already had most of the older, run down homes torn down and new construction put in its place, this street is still waiting for that to happen. I think that spells opportunity in the future.
- Local Comp Sales - I studied the local comps in the area and we purchased our house for about $50/sq. ft. less than the current comps. I think it is important that I note that I looked at current comps, within the last 3 months, and not ones from early 2006. Sure, the market may continue to drop in Orlando, but I feel confident that for the price I picked this house up at I never have to worry about being upside down in it.
- Solid Home - My fiancee and I had looked at a number of homes over the last 6-8 months and many of them were priced low because of the numerous problems they contained. However, this home, for being built in 1947, is in surprisingly good shape. I contribute most of that to the previous owner, who took very good care of the place and didn't let it fall into disrepair even after he moved across the country to California and rented it out for a short time. Sure, it has its issues that we will have to address, but it truly is move-in ready.
I think my next blog post or two will be in regards to what I learned in the course of buying a home. Having gone through it for the first time I think there are things I want to put in writing for both anyone reading this blog as well as myself so I can look back and remember what I did and didn't do the next time around.
Oh, and if you're wondering, do I think the Orlando housing market is still in horrible shape and posed to linger in this downturn for at least another year and probably longer? Yep. But, in the mean time, I'm going to watch the down turn from my new front porch
