Orlando Bank Owned Properties

Find Orlando Bank Owned Foreclosures updated every time, also Foreclosure news and articles of Florida real estate. Start searching Orlando Bank Owned Foreclosures now!

Orlando is located near the center of Florida. It is a major city, known all over the world. It is the most important city in its metropolitan area and ranked number 27 in the whole country. Orlando was officially recognized as a city in 1885.

The main original industry of Orlando and Orange County was agriculture, recognized as a major center for citrus fruits (mainly oranges.) Today, Orlando is home to a great variety of industries and world famous for its unique major tourist attractions. Universal Orlando Resort is located in Orlando, as well as Sea World Orlando. It is also the closest major city to Lake Buena Vista, home of Walt Disney World. Thanks to all of these, Orlando is one of the foremost tourist destinations in the world. In 2009, it was the most visited city in the United States.

Apart from its tourist trade, Orlando is come to many businesses that cater to the needs of the population of Central Florida. The University of Central Florida, second most populous campus in the country, is located in Orlando. The region has a warm, quasi-tropical climate, with heavy rains in the wet season.

The average price per square foot has been steadily dropping in the last couple of years, averaging now at $77. The average home sales price has also dropped steadily. There are approximately 10,500 homes at some stage of foreclosure, for those looking to invest. The average listing price is $225,768, which has roughly stayed the same, with a slight upwards trend. The most popular middle class neighborhood is Meadow Woods, with an average price of $153,000 and a more popular upscale neighborhood is Lake Nona, with an average price of $534,000. For investors, Lake Sunset and Lake Formosa properties have shown a marked rise in the median price, with gains of up to 50%.

• » Orlando
• » Apopka
• » Winter Park
• » Winter Garden
• » Ocoee
• » Windermere
• » Maitland
• » Christmas
• » Zellwood
• » Oakland
• » Gotha
• » Plymouth

» Florida Bank Owned Homes by City

• » 32828
• » 32822
• » 32825
• » 32808
• » 32818
• » 32824
• » 32835
• » 32837
• » 32810
• » 32807
• » 32829
• » 32839

Our listings includes Bank of America foreclosures in Orlando FL, Wells Fargo Foreclosures in Orlando FL, and a lot more of trusted sources, like:

• » Fannie Mae REO in Orlando FL
• » Orlando FL Freddie Mac Foreclosures
• » JP Morgan Chase Foreclosures in Orlando FL
• » Orlando FL Citibank Foreclosures
• » Wachovia Bank Owned Properties in Orlando FL
• » Orlando FL Suntrust REO Homes
• » HSBC Bank Foreclosures in Orlando FL
• » Foreclosure Apartments in Orlando FL

Introduction to Orlando, FL

Orlando has a population of 238,000 and is the fifth largest city in Florida and the 79th largest city in the country. The city is nicknamed “The City Beautiful” and attracts close to 47 million tourists each year. The city is probably best known as the home to the Universal Orlando Resort and the Walt Disney World Resorts. The two resort theme parks are Orlando’s primary form of tourism which makes up most of the city’s economy. Orlando was not heavily populated before the early 1800s. Orlando became settled in the mid-1800s, though it remained largely unpopulated throughout the Civil War. Reconstruction caused a population boom and subsequently influenced Orlando’s official incorporation into Florida in 1885. From 1875 to 1895, Orlando enjoyed a period of prosperity as Florida’s primary center for the citrus industry. By the 1920s, Orlando became one of the first Florida cities to act as a resort city. Forty years later, in 1965, Walt Disney built the Walt Disney World Resort. Orlando was chosen over Miami and Tampa because of its inland location and lack of constant hurricanes. Opening in 1971, the Walt Disney World Resort created a great deal of economic growth for the city. Throughout the decades, Orlando became the epicenter for theme parks, making it the city with the most theme parks in the world.

Living in the City

Orlando is comprised of wetlands, lakes, and swamps. Within Orlando, there are 115 neighborhoods. Since Orlando shares some land with the nearby Orange County (which Orlando is part of), the city has a lower population than most other U.S. cities. While Orlando is primarily known for its amusement parks and resorts, it has a culture that revolves around entertainment and the performing arts as well. Orlando has been unofficially dubbed “Hollywood East” because it’s home to a number of movie studios. It is also home to a number of different entertainment venues and festivals such as the Florida Film Festival, the Central Florida Ballet, the Orlando Shakespeare Theater, the Orlando Repertory Theatre, the Dr. Phillips Center for Performing Art, and the Orlando International Fringe Theater Festival. The city is also home to the Orlando Magic basketball team which plays in the Amway Center. Orlando has many notable universities as well, including the University of Central Florida, Florida A&M University College of Law, Valencia College, DeVry University, Florida Institute of technology, Columbia College, Palm Beach Atlantic University, Rollins College, University of Florida College of Pharmacy, Florida Metropolitan University, and Webster University. The city is connected by an intercity bus system as well as a commuter rail system. Right now, the only major interstate connected to the city is Interstate 4.

Job Opportunities

Most of Florida’s economy is sustained through tourism; however, it also has a strong basis in the media and healthcare industries. Close to 11% of the population is unemployed which is on par with the unemployment rate in the rest of the country. A great number of engineering companies are located in Orlando and contribute to many jobs for the city’s residents. Some of the top companies include Raytheon Systems, AT&T Boeing, the United States Army Research, Development and Engineering Command United States Army Simulation and Training Technology Center (STTC), Veritas/Seagate, Mitsubishi Power Systems, Siemens, General Dynamics, Embry-Riddle Aeronautical University, and Hewlett-Packard. In terms of healthcare, the non-profit employers in the city are Orlando Health and Florida Hospital. The largest employers in Orlando are, by far, the amusement parks and hotels. Tourism accounts for over half of the city’s economy. The major theme parks in Orlando are Walt Disney World Resort, SeaWorld Orlando, and Universal Orlando Resort. The Walt Disney World Resort is Orlando’s largest attraction and has multiple hotels and parks such as Disney’s Hollywood Studios, Animal Kingdom, Epcot, Magic Kingdom, Downtown Disney, Typhoon Lagoon, and Blizzard Beach. Universal contains Universal Studios Florida, CityWalk, and Islands of Adventure. Orlando is also known to have the most hotels in the country after Las Vegas and is one of the most popular cities to host conferences. Because Orlando’s economy is so focused on tourism, it’s not considered a great city to start your own business. While the state of Florida has tried to encourage local businesses in its cities, Orlando has had a high amount of foreclosed businesses in the past decade.

Real Estate Market

Orlando’s real estate market has been steadily falling since the housing collapse in the late 2000s. The slow economy and recent urban sprawl in the city has contributed to the decline of Orlando’s market. Compared to the rest of the country, the real estate market is moderately priced. The average price per square foot is $106 which is an increase of 21.8% as compared to 2010. The average sales price for a home is $100,000 which is an increase of 9.9% and $9,000. In the past year the number of completed home sales decreased by 2.2%. The average listing price for a home is $251,743 which is a decrease of 1.1% and $2,768. The popular neighborhoods in Orlando are Meadow Woods, Lake Nona, Pine Hills, College Park, and North Orange. The listing price for these areas ranges from $168,825 to $797,283. The median home cost in Orlando is $185,100 with a home appreciation rate of -7.64%. Of all the homes in the city, 70% are valued between $100,000 and $30,000. The current homeowner percentage in Orlando is 35.84%. The number of houses on the market that are vacant is 11.29% and 52,87% of the population rents houses, condos, or apartments. The average price range for apartments in Orlando is $750 to $800 for a studio, $800 to $900 for a one bedroom, $900 to $1,100 for a two bedroom, and $1,100 to $1,200 for a three bedroom.

Weather

Orlando has a climate that’s humid subtropical. The summer season lasts from June to September and is hot and rainy. The average high temperature is 90 degrees Fahrenheit, though the humidity usually causes the temperature to reach between 100 and 115 degrees. Temperatures usually don’t drop below 70 degrees. Thunderstorms occur frequently during these months. The winter season lasts from October to May and is generally dry and warm with an average temperature high of 72 degrees Fahrenheit and an average nighttime low of 50 degrees. The city sees about 113 days of precipitation with an average rainfall of 50 inches per year. October through May is considered Orlando’s dry seasons, meaning that the typical thunderstorms and rainfall happens June to September. Because Orlando is located inland, it doesn’t usually experience severe weather. However, it does experience intense thunderstorms during its summer season. It has also been known to receive hurricanes and tornadoes, though none have ever been as bad as the hurricanes that happen in Miami and Tampa. Regardless, real estate in the Orlando area should still be properly equipped for this type of weather. Specifically, the house should be elevated, made from material that will prevent the foundation from shaking (wood is the best option) and have the option for a safe room.

Cost of Living

The cost of living is a little higher than normal in Orlando. This is due to the urban sprawl happening in the city which has resulted in higher taxes, fees, expensive real estate, and stagnant salaries. Orlando’s economy has been suffering for the past few decades and even the tourism industry can’t help bring the city back to its former prosperity. The average salary for a household is $40,732 while the average salary for a family is $45,648. Men have an average salary of $35,866 whereas women have an average salary of $30,267. The per capita income in Orlando is $26,216. Around 13.18% of the population earn less than $15,000, while 12.30% earn between $15,000 and $25,000, and 13.54% earn between $25,000 and $35,000. The largest portion of the population, 20.19%, earn between $50,000 and $75,000. Out of the entire population, 13% of people are living at or below the poverty line. Orlando institutes a sales tax of 6.50%, an income tax of 0%, and a property tax of 1.23%. Despite the lack of income tax and the growing tourism industry, Orlando remains in a rut it has struggled to get out of over the past decade.