The four-county metro area has an 11.7-month supply of finished-but-empty residential properties, compared with a normal supply of one-and-a-half to three months for most major markets, the Houston-based company said last week.
"The higher the months of supply, the greater the downward pressure on starts and prices, and Orlando and coastal Southern California, along with Las Vegas and San Diego, have the most severe problems," said Brad Hunter, Metrostudy's chief economist.
The Orlando market has been cutting into its built-but-unsold inventory, with 18,423 move-ins and 12,000 starts during the 12 months that ended March 31. But other markets are making faster progress: Atlanta, for instance, had more than 20,007 move-ins and fewer than 9,000 starts for the same period.
HBA cutbacks
The dubious distinction of having the nation's largest backlog of new homes, as measured in months of supply, wasn't lost on the region's home-construction stalwarts.
"The builders are doing what they should be doing, which is not building," said Beth McGee, chief executive officer of the Home Builders Association of Metro Orlando. "But it's incredibly painful on a personal level to watch the people who were trying to make a living in this industry."
As a result of the chill on home-building activity, the membership association has cut its staff salaries 20 percent by going to a four-day work week, McGee said.
McGee said she has been cautious about predicting when the area's housing market will hit bottom, but she predicted a turnaround within a year based on pent-up demand from potential buyers who at the moment are putting off large purchases for fear of losing their jobs and income.
Altamonte Springs-based general contractor and construction manager Roger B. Kennedy Inc. completed the $25 million, eight-story, 224-unit Westgate Town Center Building 6100 in Kissimmee for Westgate Resorts Ltd. The project was designed by Bergmann Associates-Architects of Jacksonville.
Kissimmee-based Terry's Electric Inc.'s recent contracts include: an addition to Osceola County School District's 23,831-square-foot Pleasant Hill Elementary School in Kissimmee; the $27 million, eight-story, 184,762-square-foot Westgate Town Center Building 4000 in Kissimmee; the 22,000-square-foot Gulfside Regional Hospice in Zephyrhills; and the multimillion-dollar, eight-story, 259,100-square-foot Vacation Village at Parkway Resort in Kissimmee.
Exit Realty plans to open two offices in the Daytona Beach area. Aswin Suri, owner of Exit Realty of Daytona Beach, said the firm will open offices this month at 1600 Big Tree Road, Port Orange, and on Beach Street in Daytona Beach. ...
NAI Realvest recently negotiated the $435,000 sale of a 5,250-square-foot industrial building at 134 Mingo Trail, Longwood. Michael Heidrich, principal, negotiated for sellers Steve and Theresa Wheeler of Sanford. George and Ana Groetzner of Longwood were the buyers, represented by Martina Leonard of Coldwell Banker. Realvest also negotiated the $160,000 sale of a 2,500-square-foot office building at 3021 E. Washington St. in downtown Orlando. Company principal Michael Heidrich negotiated the sale for the seller, Hayes Property Group LLC of Orlando. Orlando-based Timoneer Development Group purchased the property and was represented in the transaction by John Pocock of Coldwell Banker.
Cushman & Wakefield announced some Orlando-area commercial leases and a lease renewal, including: Coco Moka Café Inc. leased Suite 103 in Lighthouse Plaza at 6400 International Drive, Orlando; National University leased 1,700 square feet in SODO, the mixed-use development south of downtown Orlando; Morse Enterprises Ltd. leased 1,200 square feet at 1155 Louisiana Ave. in Winter Park; Hunt Club Cleaners renewed a lease for 1,500 square feet in The Shoppes at Hunt Club in Longwood; and a new Sherlock's European Café leased space in Davenport, in Osceola County. ...
Lake Buena Vista Resort Village & Spa has a deal with German real estate brokerage firm Engel & Voelkers Group to market its properties to international prospects.
"The builders are doing what they should be doing, which is not building," said Beth McGee, chief executive officer of the Home Builders Association of Metro Orlando. "But it's incredibly painful on a personal level to watch the people who were trying to make a living in this industry."
As a result of the chill on home-building activity, the membership association has cut its staff salaries 20 percent by going to a four-day work week, McGee said.
McGee said she has been cautious about predicting when the area's housing market will hit bottom, but she predicted a turnaround within a year based on pent-up demand from potential buyers who at the moment are putting off large purchases for fear of losing their jobs and income.
Construction
Skanska USA Building Inc. has been selected in a joint venture with JCB Construction as construction manager for the $21.8 million renovation of the Winter Park Ninth Grade Center at 528 Huntington Ave. in Winter Park. The project includes a new, 80,000-square-foot classroom/media center/cafeteria. DLR Group is the project's architect. ...Altamonte Springs-based general contractor and construction manager Roger B. Kennedy Inc. completed the $25 million, eight-story, 224-unit Westgate Town Center Building 6100 in Kissimmee for Westgate Resorts Ltd. The project was designed by Bergmann Associates-Architects of Jacksonville.
Kissimmee-based Terry's Electric Inc.'s recent contracts include: an addition to Osceola County School District's 23,831-square-foot Pleasant Hill Elementary School in Kissimmee; the $27 million, eight-story, 184,762-square-foot Westgate Town Center Building 4000 in Kissimmee; the 22,000-square-foot Gulfside Regional Hospice in Zephyrhills; and the multimillion-dollar, eight-story, 259,100-square-foot Vacation Village at Parkway Resort in Kissimmee.
Sales
The Orlando office of Apartment Realty Advisors has been hired to market 160 multifamily units in the Milan Condominiums in the Apopka area. ARA Florida's Distressed Assets Solutions Group is the exclusive agent for the bank-owned units, which constitute two-thirds of the complex. Milan's previously sold units went for an average of $162,000 each. ...Exit Realty plans to open two offices in the Daytona Beach area. Aswin Suri, owner of Exit Realty of Daytona Beach, said the firm will open offices this month at 1600 Big Tree Road, Port Orange, and on Beach Street in Daytona Beach. ...
NAI Realvest recently negotiated the $435,000 sale of a 5,250-square-foot industrial building at 134 Mingo Trail, Longwood. Michael Heidrich, principal, negotiated for sellers Steve and Theresa Wheeler of Sanford. George and Ana Groetzner of Longwood were the buyers, represented by Martina Leonard of Coldwell Banker. Realvest also negotiated the $160,000 sale of a 2,500-square-foot office building at 3021 E. Washington St. in downtown Orlando. Company principal Michael Heidrich negotiated the sale for the seller, Hayes Property Group LLC of Orlando. Orlando-based Timoneer Development Group purchased the property and was represented in the transaction by John Pocock of Coldwell Banker.
Leases
Realty Capital of Orlando completed several transactions: Jelpy Lopez leased 1,200 square feet at 2600 Boggy Creek Road in Kissimmee; Thomas Cook Destination Services Inc. renewed for 3,654 square feet at 1650 Sand Lake Road in Orlando; Orlando Sentinel renewed for 6,250 square feet at 904 Jan-Mar Circle, Clermont, with outside broker Cushman & Wakefield; DragonFire Industries Inc. leased 2,398 square feet at 4065-4085 L.B. McLeod Road, Orlando; and Gentiva Health Services leased 2,730 square feet at 3296 Greenwald Way North, Kissimmee. ...Cushman & Wakefield announced some Orlando-area commercial leases and a lease renewal, including: Coco Moka Café Inc. leased Suite 103 in Lighthouse Plaza at 6400 International Drive, Orlando; National University leased 1,700 square feet in SODO, the mixed-use development south of downtown Orlando; Morse Enterprises Ltd. leased 1,200 square feet at 1155 Louisiana Ave. in Winter Park; Hunt Club Cleaners renewed a lease for 1,500 square feet in The Shoppes at Hunt Club in Longwood; and a new Sherlock's European Café leased space in Davenport, in Osceola County. ...
Lake Buena Vista Resort Village & Spa has a deal with German real estate brokerage firm Engel & Voelkers Group to market its properties to international prospects.
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