Are Orlando duplexes going to disappear?
I got an inquiry last week for a duplex for 7 people moving from out of state.
It has been a long time since someone asked me about buying a duplex, so I had to review the market to see check the inventory. What I found was very limited duplex supply and nothing looked exciting. The prices were such, that if doing financing, a buyer would not have a positive cash flow.
Yes, almost all the duplexes are being bought for rental purposes, not typically for an owner occupant to live in.
Orlando city planners want to eliminate building duplexes
This morning, I read about duplexes in the local paper. Seems that the Orlando city planners want to nix having any new duplexes built. They claim that duplexes are “out of character” with their surroundings. They go on to say that the duplexes look out of place in predominately single-family neighborhoods.
What’s the problem?
There seems to be some conflict about whether or not property owners were given enough notice so that they can object. They want to block future construction of duplexes on lots where current permits exist. Planners are also proposing new limits on the maximum size.
Most popular style
The most popular style of duplex is the side by side model which allows each side to have their half of the back yard.
In 2003, the city banned the construction of tandam homes…one in the front and one in the back, in Colonial town. They thought that this would force a more cohesive look, but instead developers went on to build more side by side duplexes, making them bigger and bigger.
Statistics on Duplexes available for purchase
- Available to buy: Currently there are 20 duplexes for sale in the City of Orlando that range from $24,000 to $290,000. Don’t get excited by the lower prices…they all look like teardowns or at least a major rehab.
- Under Contract: There are currently 5 duplexes that are under contract ranging from $32,000-$335,000.
- Sold: In the last 6 months, 10 duplexes sold for $38,000-$537,000.
If you look at the stats: 20 available to buy, 5 under contract, and 10 sold that tells me that for whatever reason, buyers are interested in buying them.
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