While foreclosures are down, and the housing market continues it’s long slog back to sustainability, one report features a Florida city as the #1 location for luxury home “walk-aways”.
A study published by Realtytrack, shows that the Orlando-Kissimmee area is number 1 in the country when it comes to foreclosed homes priced 5 million dollars and higher. Miami-Ft Lauderdale was 2nd.
In total 12 properties were foreclosed on.
This blog is on the ground in Central Florida, and it’s tough to nail down exactly where those properties would be located. The wealthiest zip codes include the cities and municipalities of Winter Park (home to several tv/movie actors), Windermere (formerly the home of Tiger Woods, where “the incident” took place), and Lake Mary/Heathrow (where Shaq once lived and a frequent host of President Barack Obama fundraisers).
For those of us who can’t afford 5 million dollar homes, the foreclosure situation in the region is still very real, with political leaders taking drastically different approaches to the scenario. Last session, the legislature passed HB 87, a law that speeds up the foreclosure process or the “rocket docket” law in hopes of quickly getting the property back on the market. Opponents of that measure say it only hurts residents that are still making active efforts to stay in the house.