Strange real estate wheeling and dealing in Parramore
Something weird is happening with land sales and property values in the Parramore area.
Earlier this year three non-profits joined forces to buy 83 homes (homes, duplexes, and apartments) in Parramore. They called that effort the Parramore Asset Stabilization Fund, and they said their goal is to renovate the units and provide affordable housing for many years.
These nonprofits – including the Central Florida Foundation, the Florida Community Loan Fund, and New Jersey Community Capital – paid $8 million for these properties.
|This duplex was part of the deal|
The Orange Property Appraisers records show the properties – most in poor condition – were worth slightly less than $2 million.
So why pay $6 million more than the property is valued, then turn around and ask the Orlando Community Redevelopment Agency for hundreds of thousands of dollars to repair the units?
But that’s not the only strange thing about these properties.
Analysis of records at the Property Appraiser’s office shows that the between 2017 and 2018 the market value of many of the rundown units purchased in this massive real estate deal skyrocketed.
Click here to see the analysis of the market rate values.
Some of these properties increased in value by more than 100 percent. (That's not a typo)
Mind you, most of these properties are in poor condition, with no upgrades or repairs between 2017 and 2018.
To make matters even stranger, there are some properties next door to these inflated value houses where the market value only increased by 4 percent.
Parramore community activist Lawanna Gelzer who conducted the analysis discussed the findings at the Orlando CRA meeting last week. Ms. Gelzer has an economics degree from Rollins College. Click here to see what she told officials.
What’s going on in Parramore?