We found this incredible property for sale as a foreclosure last week and a few of us had to run over and take a look at it.
It is located in the Palomar section of College Park, which in itself, proved to be a great walking neighborhood with no shortage of stunning architecture.
I reached out to my friends at the Central Florida Modern group on FB and they pointed me in the right direction to gain more info on this particular house. It is known as the Kramer House and was built in 1964 on Lake Daniel. The architect was Fred Lopatka and it was built for the Kramer Family. It has seen multiple renovations, one that would appear to have been in the 80’s given the “Miami Vice” style railing on the second story and the rounded corner laminate cabinets in the kitchen. It was then again updated with some cherry colored wood floors and misc. bathroom updates. I am confident that the original design was as stupendous as though elements that still remain.
The home was listed for $550,000 and was quickly pending within 12 days with multiple offers. There is much work to be performed on this sleeper, but I hope that the new owners understand the inherent gifts this house already embodies.
College Park began developing in the 40’s and then saw renewed energy once the main shopping and dining strip along Edgewater Dr. proved to be supportive. The area has easy access to Downtown Orlando and was a natural choice for professionals who began moving to Orlando from other areas in the 50’s.
College Park was one of the first small communities in Orlando to be regentrified and become a modern stop for food, culture, entertainment and shopping. It has charm and green space, and is considered both family friendly and great for professionals who don’t need a big yard.
College Park is located in the 32804 zip code and while it is comprised largely of smaller Bungalows, there are also some mid-size Ranch homes and many custom homes ranging from sprawling Mid-Century marvels to zero lot line Contemporary or Mediterranean McMansions.
Here is a breakdown of sales trends of single family homes as of today (5/25/2015), per MLS statistical data.
The first thing I notice is that even though the number of competing listings is considered stable, the number of purchases has increased. This results in decrease in the months of housing supply which is still considered a little high at 7.48 mos. The area saw only 71 sales in the prior 4-6 months and in the most recent 90 days, that figure has jumped to 97. Sales prices have steadily increased and this does not appear to be a result of more savvy negotiating as the median list/sales price ratio has been stable at 96%. We may see a slight change in these figures in the coming months, however as the list prices are sky rocketing (225,000-265,000). IF the market is truly improving at such a rapid rate, the list/sales prices will remain in the arena of 95-96% and median sales prices will continue to increase.
Because these figures have been consistent over the entire 12 month period, it is likely that this is a stable and longer term illustration of our Orlando market’s recovery.
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