About Orlando Real Estate
Buying real estate in Orlando can be a difficult thing. With so many options to choose from, including established neighborhoods and new subdivisions, the choices are nearly endless. In the Orlando market, there are a number of things to consider including location, taxes, insurance and traffic. Some may find they want to stay as far away from the main tourist corridors as possible, and others may want to be in the center of the action.
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Lowest Values
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One of the best ways to compare various area for property valuation is to look at ZIP codes. By far, the areas with the lowest valuations are ZIP codes 32805, 32808 and 32811, areas known as Washington Shores, Pine Hills and Orlo Vista respectively. The average home sale price for these areas was less than $45,000 for the fourth quarter of 2010, according to the Orlando Regional Realtor Association. These areas are all to the west of the downtown Orlando.
Highest Values
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Conversely, the areas with the highest home values, by sales, are to the east and extreme southwest, the latter being near the attractions. Baldwin Park, a relatively new planned unit built on what used to be a U.S. Naval training center, had sales in excess of $420,000 on average during the fourth quarter of 2010, according to the Orlando Regional Realtor Association. The Dr. Phillips and Bay Vista areas had sales averaging more than $380,000 per unit, the association reported.
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Property Taxes
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One of the biggest concerns when looking at Orlando real estate is the property tax situation. Millage rates vary within the city based on the area, but typically ran between $17 and $20 per $1,000 in taxable valuation in 2011, according to information from the Orange County Florida Appraiser's Office. Those interested in getting the current property tax liability for a specific property can visit the Orange County Appraisers website. It is even possible to submit numbers and get an estimate of what taxes would likely be if you purchased a property for a certain price
Homeowner's Insurance
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Orlando, being somewhat landlocked, gets more of a break in homeowner's insurance rates than counties along the coasts. In fact, the rate in Orlando can be almost 50 percent less than the rate for coastal counties and cities. For example, rates for a home in Orlando with a replacement value of $300,000 and built after 2001 started at less than $900 per year in 2011, according to the Florida Office of Insurance Regulation.
Flood Insurance
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Certain portions of Orlando were built on reclaimed wetlands, meaning there are areas that are low and prone to flooding, even if there are not significant bodies of water nearby. The flooding mainly happens as the result of tropical storms, hurricanes, or even larger rain events. However, the need for flood insurance is localized to certain areas. Potential real estate buyers can look at flood plain maps available from the city of Orlando, and even have an inspector come for free and inspect a property for flood potential.
Traffic
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Orlando ranked in the top 15 of 101 major cities in the U.S. in terms of wasted hours in congested traffic in 2009, according to Urban Mobility, a program run by the Texas Transportation Institute. The best way to avoid this is to choose a home near where you work and shop. In most cases, try to avoid a north/south commute, especially along Interstate 4. Toll roads can help avoid some of the traffic, but add to expenses very quickly.
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- Photo Credit tropical sunset image by nTripp from Fotolia.com
