OK, so the photos with the online listing make it look like Grandma’s house. But the three-bedroom, two-bath home is well-maintained, and the price has been reduced repeatedly during the four years it has been on the market.
At a time when houses in the core Orlando market are selling faster than they have in years, a few For Sale signs appear to be growing mold.
Of the 2,400 resale properties sold in June by members of the Orlando Regional Realtor Association, 110 sold in a single day — but 109 had taken a year or more to sell.
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The long-listed three-bedroom house on Brookside Road in south Seminole County is emblematic of a market that remains deep in recovery mode, said Robert Kilcourse, the broker who put the property on the market in May 2008.
“I think one of the problems around here is that people are afraid to buy or just don’t have the money to do it,” said Kilcourse, broker for Exclusive Real Estate of Fern Park. “Mortgages are harder to get, and people are leery about buying something.”
The seemingly unmarketable, light-blue house, built in 1968, is also emblematic of a market in which many sellers have been slow to adjust to the fast downward spiral of competing prices from foreclosures and short sales.
In the four years since the surviving family members of the home’s previous owner first put it on the market, they have dropped the price more than 30 percent, to $179,000. Meanwhile, sales prices in Orange and Seminole counties were plummeting 40 percent
As a result, “it will probably have to go lower before it sells,” said Kilcourse, who lives next to the house.
mshanklin@tribune.com or 407-420-5538
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