Star Tower Market Report Q1 2024

Prepare for 2024:

Downtown Condo 2024 Market Update

Condominium Stats

Downtown Orlando’s condominium market is resilient and thriving, boasting an array of exciting developments that could promise a prosperous future. Median sale prices have hovered around $302,500, almost the same as 2022. In addition, the sold price per square foot has remained stable, ranging from $315 in 2022 to $314 in 2024. The main benefit to owners is the lack of new construction competition within the metropolitan area. Since 2008, there have been no condominium developments within the downtown corridor. Buyers interested in the downtown lifestyle must choose between existing buildings, rather than waiting for a new one. Although there aren’t any condominium projects rising, a slew of development is taking shape in downtown. Exciting projects such as the restoration/ expansion of Lake Eola Park, the Edge high-rise tower, the Creative Village Campus, and the recently announced Westcourt Sports/Entertainment District, are a part of the $1.45 billion projects in the pipeline, further stabilizing the market.

With growth and a scaling economy come hurdles, and unfortunately, condominiums, in particular, have been hit by affordability issues. Monthly assessments for every building downtown have increased, along with special assessments to address ongoing maintenance issues

and/or increased reserves. This is due to higher insurance premiums and Florida’s new Structural Integrity Reserve Study, a requirement for all high-rise buildings after the tragic Surfside condominium collapse. An important metric to keep an eye on is inventory. When comparing year-to-date, the active number of condominiums has risen 108% in 2023, resulting in heavy competition between buildings.

Now more than ever, sellers must consider their strategy before listing their condominiums for sale. Review comparable active and sold units over the last 180 days. Take care of minor repairs that could potentially deter buyers. Ensure the agent you work with will provide high-quality marketing and knows the downtown market. Downtown is still ripe with opportunity and qualified buyers searching for condominiums like yours. With over 1,500 people relocating to Central Florida every week and more wealth transferring to Florida than anywhere in the country, Central Florida remains one of the best real estate markets, offering a promising potential for growth and price appreciation.