Rick Singh hosts 2018 State of Orange County Real Estate

Orange County Property Appraiser Rick Singh welcomed nearly 1,000 attendees to the 2018 State of Orange County Real Estate event, held Thursday, Aug. 23, at the Wyndham Orlando Resort.

The annual event affords Singh the opportunity to update residents on Orange County’s growth in the real-estate market and discuss trends and predictions with panelists representing corporations and associations involved in the county’s real-estate sector.

This year’s featured panelists were Jeff Fagan, president-elect of the Orlando Regional Realtor Association; Yolanda Londono, vice president of Global Social Responsibility for the Tupperware Brands Corporation; Joe Nunziata, co-CEO of FBC Mortgage LLC; Terry Prather, COO of LIFT Orlando; and Robert Utsey, senior vice president of Coastal Construction.

Before the panel session, Singh shared the most recent stats and data pertaining to Orange County’s market value, which is now ranked fourth highest in Florida, he said.

“Orange County’s market value is comprised of three segments: residential, non-residential and tangible personal property,” Singh said. “And the residential market value is standing tremendously strong at a historic $85.8 billion, which is a (9.7%) increase from last year.”

The median home price in Orange County is $280,000, and 6,035 homes in Orange County have been built since July 2017.

“So we’re still growing tremendously — almost 20% over last year,” Singh said. “We’ve added more than 6,000 homes in Orange County, and this trend began steadily in 2013, and of course major growth areas continue to be Lake Nona, Horizon West, Winter Garden and, of course, the downtown Orlando corridor.”

As of July 2018, Orange County’s commercial market value was $88.1 million — a 10.4% increase compared to last year’s valuations.

According to Singh, the market value for Tangible Personal Property is $14.8 billion, which saw a 6.5% increase from 2017.  The county also experienced a 38.7% increase in new construction.