Orlando’s top production homebuilders are facing a significant drop in home sales this year. As a result, they’re eliminating some bells and whistles so they can offer lower prices.
The problems originated with the white-hot housing boom of 2004 and 2005, which saw investors snap up homes intending to flip them for a tidy profit. That left an artificial shortage of housing which rapidly drove prices up to record levels.
Now, with a lot so starry-eyed investors facing foreclosure, there’s a glut of homes back on the market. But with the median home price in Orlando at $253,000, many remain out of reach for most buyers.
So in an effort to attract buyers, local home builders now are offering lower prices.
- The Orlando Business Journal, July 2007 -