There is an old saying that “a little knowledge is a dangerous thing.” It sure rang true as I read the Sentinel article on Aug. 26, “Orlando Condo Boom a Thing of the Past.”

The story suggests that condo projects nearing completion are the “worst-case scenario.” If the Sentinel had put some statistics in context and dug a little deeper, the paper would have found plenty of good news about the downtown-condo market, news that suggests projects under construction are still very strong investments.

To a novice, it does sound troubling when you hear about year-to-year drops in the sales of condos. But a novice may not realize this: These declines seem dramatic only because the current sales are compared to some best-condo-sales years ever in Florida. As the developer of two South Eola district condos, I never expected to keep up that record pace of the past.

I am selling units now. I have had 10 closings at my completed South Eola district condo since May 1, and five more are pending. This at a traditionally slow time of year. Buyers don’t move as rapidly as they did a few years back. They want to closely inspect their actual unit rather than a model. I know sales will pick up dramatically at my latest South Eola district project when construction is finished next month. And why wouldn’t it pick up?

My buyers are investing in not only an incredible condo but the thriving downtown lifestyle. They can stroll to Lake Eola, to some of the finest restaurants and nightspots in the region, all while avoiding Interstate 4 traffic. No suburban subdivision offers any of this.

The outlook for the future is excellent. Local governments are going to spend more than $1 billion to renovate and build public venues downtown. The beautiful new performing-arts center and events center will be within walking distance from my “worst-case scenario” project.

Meanwhile, there is dramatic growth in high-paying jobs. A biomedical cluster is sprouting up in Orange County that will include a new University of Central Florida medical school, a VA hospital and the Burnham Institute. The people taking these jobs won’t all want to live in Lake Nona.

And don’t forget the baby boomers. This huge segment of our population is retiring, and Florida is on their radar. No doubt some of these new residents will want to enjoy our bustling downtown. Plenty of other retirees already do.

The real-estate market will pick up. Throughout our country’s history real estate has always been the wisest investment. So while other developers sit on the sidelines waiting for the market to improve before starting projects, my condos will be done and available to buyers who are ready now, and ready for buyers to move in when the market does pick up.

“Worst-case scenario”?

Hardly.

Source:

http://www.orlandosentinel.com/news/opinion/orl-myword10_107sep10,0,6629593.story