Beth Kassab is just cheerleading, the Orlando Sentinel is one and a half feet into the grave already, without real estate listings the newspaper is going to go bankrupt.
I’ll put it bluntly, in the Orlando metropolitan statistical area, there is now an INFINITE supply of McMansions.
What I mean is, there is now a supply of
MLS listed +
Foreclosed +
Shadow Inventory +
90+ day deliquent mortgages
in the single family residence category priced at over 400K to surpass the average length of home residence for householders who buy a 400k home in Orlando MSA.
Until such time as tens of thousands of new householders move into McMansions that already exist in the Orlando MSA, there will never be again a new boom in McMansion construction.
On top of that, the average median salaries of the top decile of Orlando MSA households can still not support the current prices of the existing McMansion inventory, Orlando has at least a 7% further drop in prices just to reach a sustainable Case-Shiller market equilibrium, or the rent equivalent market equilibrium.
So if an individual or couple/family have the means, now is the time to buy a nice home for pennies on the dollar?
McMansions will make a come back when 6 ton family station wagons, with large gas sucking V-8's become popular again...
What do you mean by ‘shadow inventory’? I’ve never heard the term before- are you talking about properties under contract?