Newly built homes in Parramore are about to hit the market, but the $380,000 price tag is raising questions about affordability.<\/p>\n
\u201cBy standards, that\u2019s affordable,\u201d said Commissioner Shan Rose.<\/p>\n
The three homes are part of the City of Orlando\u2019s infill program, now in its third phase, aimed at bringing more families back into downtown Orlando.<\/p>\n
Commissioner Rose, who lives in one of the homes built during the early phases of the program, said rising costs are driving prices higher. <\/p>\n
\u201cUltimately, the price of goods has increased drastically. Yesterday\u2019s price is not today\u2019s price,\u201d Rose said.<\/p>\n
Market data reflects that trend. The average home price in March rose to $385,000, up $10,000 from the previous month. Home sales increased 25%, according to the Orlando Regional Realtor Association.<\/p>\n
Local Realtor Rose Kemp says last week homes Orange County were closing around $500,000, while the lowest prices were in Volusia County, around $350,000. <\/p>\n
\u201cThat\u2019s where we\u2019re at right now,\u201d said Kemp.<\/p>\n
ORRA April 19-25 Average Closing Sales Price Report <\/p>\n
Orange: $514,100<\/p>\n
Seminole: $494,500<\/p>\n
Osceola: $419,100<\/p>\n
Lake: $387,000<\/p>\n
Volusia: $347,500<\/p>\n
Realtors say buyers also weigh location. The homes are near the Parramore Oaks, a public housing apartment complex. It\u2019s also within walking distance of the former Griffin Park Homes site, which was demolished. Former residents had raised concerns about noise, air quality and pollution, citing the site\u2019s proximity to Interstate 4.<\/p>\n
Commissioner Rose said the city has studied the area and continues to do so to ensure it is safe.<\/p>\n
To help eligible buyers, the city is offering up to $155,000 in down payment assistance. First responders may qualify for an additional $10,000.<\/p>\n
Applications open Friday. The city will host open houses every Saturday in May, beginning this weekend.<\/p>\n
622 Conley St. & 839 Short Ave.<\/p>\n
Saturday, May 2, 1-4 pm<\/p>\n
Sunday, May 17: 1-4 pm<\/p>\n
Tuesday, May 19: 5-7 pm<\/p>\n
Sunday, May 24: 1-4 pm<\/p>\n
805 McFall Ave.<\/p>\n
Thursday, May 7: 5-7 pm<\/p>\n
Saturday, May 9: 10 am-3 pm<\/p>\n
Saturday, May 16: 10 am-5 pm<\/p>\n
Saturday, May 23: 10 am-5 pm<\/p>\n
Saturday, May 30: 10 am-3 pm<\/p>\n