Seventy three percent of Orlando properties sold in January were distressed. Yikes.
Even as bad as the residential real estate market has been -- especially in Florida -- I'm still stunned by this:
But the Orlando Regional Realtors Association also reported that the median price of the area's existing-home sales fell 14 percent in January from the month before — the biggest such drop in at least 15 years.
The culprit: bank repossessions and short sales, which made up 73 percent of all resales last month in the core Orlando market.
Seventy. Three. Percent.
The Sentinel's story focused on the 14 percent price drop. But to me that was secondary.
If I'm a Realtor in Orlando (or Tampa, or a bunch of other places across the U.S. for that matter), I'm thinking my job is totally different than it was in 2007, or the 30 years before that.
Now, I would be all about building a comprehensive set of services to help sellers deal with short sales, and to help buyers find and buy distressed properties. That takes partners. Mortgage lenders, renters to provide a place for families moving out to go, financial advisors, movers (ahem ...). A full team to help people deal with a marketplace that has changed tremendously. If you can help people deal with this new and, for sellers, scary situation in a turnkey way, I have to think you're going to do well.
Seventy-three percent. I'm not a Realtor, but I know how I'd adapt if I was. What other business models have turned upside down like this? What's the new opportunity in those markets?