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The government will likely give a $15,000 for first time home buyers in order to revitalize the housing market. The Orlando condos market in recent months has seen some up tick in the sales due to low interest rates and prices declining for past year or two. This is the best condition for new home buyers since 2004.

In the Multiple Listing Service there are over 4,000 condos currently available in greater Orlando area. Most of these condos are in the price range of $100,000 – $120,000 which suggest that majority of these are bank owned, foreclosures or short sales.

There seems to be some optimism in the marketplace as the sales have increased over 42 percent from 2007 with over 137 Orlando condos changing ownership in the last month of 2008. The downside is that majority of these sales are happening in condos below the $100,000 prices level, far from the over $500,000 condos couple of years ago.

For all of 2008 the sales have declined 32 percent compared to 2007, majority these sales happening in the below $100,000 market. Many buyers have been on the sideline waiting for the prices to fall even more, but at these affordable prices you are seeing some buyers come back into the market.

With the recent turmoils in financial markets, many Orlando condos that have begun construction have stalled and many developers are in bankruptcy. But few condominium projects have come to market recently in Downtown Orlando. The Plaza and The Jackson have recently finished and new tenants are moving in although lot of the units are unoccupied.

With over 50 percent of Orlando condos in distressed, either as Bank Owned or Short Sales, you have many options to choose from, with prices at the levels of early 2000’s. With many new projects coming to downtown area, you should have even more options and more choices to choose from. Many developers will be increasing incentives and decreasing prices to further attract buyers.