An article in the Orlando Sentinel this week continues to add to the doom and gloom of today’s housing market stating that the 2007 median house price of $250,000 would require an income of $77,000. They further state that that exceeds the means of most in Orange County. Their stats list several professions and their average yearly incomes from the Bank Teller $21,600, nurse $35,000, Professor $59,100 and on the high end the electrical engineer with an average annual income of $71,000. Now this may look bad to the average reader without doing some research. Aren’t most homes a two income producing house hold? I have poked around at some reported stats and found that this false sense of gloom and doom is a little uncalled for. Our media is scaring the average population and causing insecurities. Although this is not the market of 2005….it is not all that bad.
What I found in my poking around is that according to a 2000 census the city of Orlando’s population was 185,951 and the U.S. census population count of 2005 made Orlando the sixth largest city in Florida with a population of 213,223. The Orlando-Kissimmee MSA is Florida’s third-largest metropolitan area, just behind Miami-Fort Lauderdale-West Palm Beach and Tampa-St. Petersburg-Clearwater, according this census. The “Greater Orlando” or “Metro Orlando” area encompasses the counties of Orange, Osceola, Seminole and Lake and is currently the 28th largest metro area in the United States with a 2005 Census-estimated population of 1,933,255. In 2000, Combined Statistical Areas was instituted and Orlando was at that time joined together with The Villages and in 2006 Deltona (Volusia County) and Palm Coast (Flagler County) were added to create the Orlando-Deltona-Daytona Beach, Florida, Combined Statistical Area. The new CSA has a total population of 2,633,282 in 2006 and contains three of the 25 fastest growing counties in the nation. What this tells us is that “Greater Orlando” is a highly desired area with the influx of new jobs and a low reported unemployment rate in Greater Orlando of 2.8% in October 2006. According to an article on www.wikipedia.org, despite the housing slump the diversification of jobs in Orlando will produce 72,600 new jobs this year and next and although most hiring will come from the region’s tourism backbone, Orlando will also experience higher growth in professional services jobs. This site also states that the high-wage, white-collared category is projected to balloon by about 15 percent and the reason being is that Orlando’s population is expected to expand by 150,000 by decade’s end.
That is Greater Orlando as a whole, now what about East Orlando which reports a median household income of $70,632 which is 60% higher than the median of $44,236 for all of Orange County. Look at the retail in the Waterford Lakes area….businesses are leasing space faster than it can be built.
According to the East Orlando Chamber of Commerce’s Visioning Report, “Results from the study indicate that East Orlando’s over 164,000 residents live in one of the country’s fastest-growing and most dynamic suburban areas, with a steady supply of quality housing. Utilizing a key network of regional highways, East Orlando enjoys convenient access to Downtown Orlando, Orlando International Airport, Port Canaveral and the Space Coast, and the Walt Disney World attractions area. The area is home to the University of Central Florida, and outstanding network of public schools, and over 30,000 jobs, including over 9,000 jobs associated with the Central Florida Research Park. In addition, East Orlando offers a variety of recreational opportunities, including a significant amount of parks and public lands. Residents report felling a strong sense of community, and the area has emphasized the development of connections between the educational and business communities. Overall, the citizens of East Orlando enjoy an excellent quality of life.”
In conclusion, the Sentinel’s article may paint a grim picture, but Greater Orlando is doing better than the national average and particularly East Orlando. Yes, there is a surplus of homes and buyers have more choices, allowing for great negotiation opportunities. Sellers just need to team up with a real estate firm that is creative and has experience and resources to set their home apart from the competition. East Orlando is a GREAT place to be and I invite you to explore East Orlando communities and work with real estate agents that know East Orlando and all that it has to offer.
http://www.neighborhoodsofeastorlando.com