Securing multiple purchase contracts per week is a trend that has not been seen in Orlando’s residential real estate market in quite a few years, but it is quickly becoming the norm at Mosaic at Millenia, where Coldwell Banker NRT Development Advisors manages marketing and sales. Most notable about the sales is that virtually all of the buyers are cash investors, pointing to a return of the real estate investor market in Orlando, which abruptly went from being one of Forbes’ top 10 U.S. real estate markets for investment in 2008 to having one of the highest housing vacancy rates in the U.S. in 2009.
Coldwell Banker NRT Development Advisors ignored traditional real estate marketing practices to sell the units and instead tapped its global network of brokers to identify target buyers. It didn’t take long to spread the word about Mosaic at Millenia’s uncommonly high occupancy rates, plentiful selection, quality construction and realistic pricing, as well as Orlando’s strengthening economy, before NRT Development Advisors received a surge of contracts. In the past two months, Mosaic at Millenia experienced a level of investor interest that Florida hasn’t seen in years, possibly pointing to the beginning of a local – or event statewide – market revival.
It seems as if international investors are itching to get back into Florida’s real estate game. While they may be much more exhaustive when analyzing today’s purchases, these cash buyers are clearly not afraid to jump on sound investments when they see them – as evidenced at Mosaic at Millenia.
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