Rick Singh, CFA, Orange County, Florida elected property appraiser releases new figure showing Orange County market value at $137.5 billion
Figure surpasses the 2014 market value by nine percent
ORLANDO, Fla., June 1, 2015 /PRNewswire/ -- Rick Singh, CFA, Orange County, Fl. elected Property Appraiser, announced at the 2015 "State of Orange County Real Estate" that Real Estate growth in the county is on a major upswing. The economic impact of this growth is revealed as follows:
- 2015 market value at $137.5 billion; up from $126.2 billion in 2014
- $2.5 billion in new construction seen in 2014; $1.5 billion in new construction in 2013
- 2014 median home price was $252,000; up from $228,000 in 2013 – a 10% increase in one year
- Nearly 90 percent increase in total dollar volume of single family home sales from 2012 to 2014
According to Singh, "The population growth in Orange County has outpaced the U.S. population growth by nearly three times over the last four years. We saw our local real estate market overheat between 2005 and 2008 and overcorrect in 2009 and 2010."
Significant building booms are happening in these areas – Horizon West, Winter Garden, Lake Nona, Apopka, and downtown Orlando.
Said Singh, "Orange County is highly unique and complex when it comes to appraising property. This is the only county in the United States where the property appraiser must assess seven theme parks, 80,000 hotel rooms, and 14,000 timeshare units in addition to other commercial and residential assets."
Regarding Tangible Personal Property (TPP), businesses reported $1.3 billion in new assets acquired in 2014. That's an 18 percent increase over the previous year, yet another indicator of the return to a more robust economy.
CONTACT: Katherine Marsh, 1-407-836-5056, [email protected]
SOURCE Orange County, FL Property Appraiser's Office
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