Orlando Real Estate - Blog

Orlando's commercial real-estate sales fell 55 percent during the 12 months that ended in June, according to a recent report by the commercial listing company LoopNet.

The San Francisco-based company reported that the Orlando market reported $974 million in sales for the yearlong period, compared with $2.1 billion the previous year.

Prices for multifamily properties dropped from about $98 a square foot to $70 a square foot. The lower prices did not stem a drop in sales volume for apartment and condominium complexes, down to $377 million in the 12-month period vs. $1.2 billion during the same period a year earlier.

Office and industrial sales also fell. Retail dropped from $368 million a year ago to $310 million in the 12 months through June.

A bit of good news: LoopNet's report showed the declines leveling off overall in the second quarter when compared with the first three months of the year.

Sales

In the Orlando office of CB Richard Ellis, David Murphy, senior vice president, and Erik Schwetje, vice president, represented the sellers, Roosevelt and Zsuzsa Rastegar, in sale of a 58,910-square-foot warehouse at 650 Technology Park in Lake Mary for $3.4million. The buyer, Greenwood Properties LLC, was represented by Robin Kesler of Re/Max. ... complete story

Source: Orlando Sentinel - Mary Shanklin

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Posted by Orlando Realty Experts on September 2nd, 2009 10:24 PMPost a Comment (0)

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