Brand new high-end homes in Orlando difficult to shift

Here's a piece from the Orlando Sentinel from a few days ago on properties at the higher end of the scale - in the $1.2 million to $4 million range, to be precise. Sure, it's not exactly the budget of many looking to buy in Florida, it's still interesting to see the issues facing more expensive houses in Florida.

Throughout the article, the properties are referred to as "custom-built", which I assume to mean that they're specifically crafted with their own interiors and fixtures and fittings - as opposed to those lots of houses and flats that are all built identical.

Let's look at some of the statistics. Currently, such homes are taking on average a year to shift. Demand has tumbled dramatically: 66 houses were sold in the first six months of this year, whereas 256 were sold in the same period in 2006. And prices have been slashed considerably; in some cases by up to 50%.

Previously, such houses sold easily, with many selling as soon as they were finish. Nowadays, many languish untouched for months with little interest in them, whilst the construction companies behind them must pay for their upkeep, taxes and other expenses.

Article: Unsold Central Florida mansions bedevil builders (6th August 2009, The Orlando Sentinel)