Downtown Orlando Condominium Sales Show Sharp Rise in 2010

ORLANDO, Fla. --- Downtown Orlando condominium sales showed a sharp rise in 2010 according to a market study conducted by Stirling Sotheby’s International Realty.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said 313 condominiums sold in the 32801 zip code from January of 2010 through Dec. 31, up from 172 condominiums in 2009.

Condominiums priced under $200,000 showed the sharpest increase, from 131 condominiums in 2009 to 262 in 2010, Soderstrom said.

International Luxury Home Specialist Erin Wanner of Stirling Sotheby’s World Marketing Center in Downtown Orlando compiled the report.

Wanner documented 294 condominiums listed for sale priced under $200,000 in 2009 and 324 in 2010.

Listings for condominiums priced at more than $200,000 declined, Wanner said, from 170 in 2009 to 136 in 2010.

“The number of condominiums listed for sale during the same period showed a smaller increase – a sign that the downtown market is stabilizing,” Wanner said.

“Average sale prices declined about eight percent, however with signs of stabilization in the market and the possibility of gas reaching $4 per gallon, we may see prices increasing as more downtown workers relocate closer to their jobs,” Wanner said.

Condominiums priced under $200,000 sold for about $100 per square foot on average and condominiums priced over $200,000 sold for an average of about $200 per square foot.
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For more information contact: Erin Wanner, Int’l Luxury Home Specialist, Stirling Sotheby’s International Realty, 407-581-7890; Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

About Stirling Sotheby’s International Realty: Stirling Sotheby’s International Realty is affiliated with Sotheby’s International Realty, the largest luxury real estate brand in the world. Stirling Sotheby’s exclusive services include luxury residential, new homes, commercial, property management, in addition to supporting builders, developers, lenders, and asset managers. The company operates three performance zones which serve all of Central Florida. Visit www.StirlingSIR.com.