EXPERTS LANE n REAL ESTATE
By Rick Singh, CFA
Orange County Property Appraiser
I
As Orange County continues to grow, it re-
mains the most unique county in the world
to appraise. Every year, the Orange County
Property Appraiser’s office (OCPA) must ap-
praise seven major theme parks, four water
parks, over 16,000 timeshare units, more
than 87,000 hotel rooms, over 53,000 con-
dos, more than 134,000 apartment units,
and over 318,000 single family homes.
While the county’s real estate market may
be complex, OCPA has proudly been at the
forefront of valuing, reporting, and manag-
ing its growth. In fact, since I took office in
2013, OCPA has assessed a combined total
of $1.1 trillion in market value.
On the evening of SOCRE, the program
kicked-off with a multi-media presentation
that focused on 2019 data about Orange
County. When comparing today’s numbers
to statistics from 2012, which was during
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VOL 5, Issue 4
the economy’s recovery from the reces-
sion, it is easy to see just how well Orange
County has rebounded into a healthy, thriv-
ing market with limitless potential.
New construction leads the charge in our
valuation increases. We’ve seen $4.5 billion
in new construction in 2019 alone — a num-
ber that equates to a staggering $12.3 mil-
lion per day. In addition to new commer-
cial construction, more than 6,500 homes
were built in 2019, representing an 8.6%
increase over the year before.
Orange County’s residential market val-
ue also continues to demonstrate healthy
gains. According to a recent report from
the Orlando Regional REALTOR® Associa-
tion, the median sales price of a home in
Orlando has risen 164% since 2012. Aver-
age home prices in Orlando now stand at
$285,000, which is the first time prices have
reached that level since July of 2007. In to-
tal, the residential market value in Orange
County has reached a historic $94.9 billion.
In addition, the commercial market in
Orange County has experienced a record-
breaking year. Because of the strength of
our economy, we’re attracting new busi-
nesses to our region daily. Overall, com-
mercial property in Orange County makes
up an impressive 46.8% of our tax roll, and
has reached a historic $94.9 billion in
market value.
APPRAISER’S
2019
State of
Orange
County
Real
Estate
n late August, I had the honor of hosting
the 2019 State of Orange County Real
Estate (SOCRE). Now in its sixth year,
this year’s event was the best yet. With
more than 1,000 guests in attendance,
SOCRE continues to offer a wonderful op-
portunity for homeowners, entrepreneurs,
REALTORS®, and industry leaders to come
together and discuss Orange County’s
current market. The event, which offers an
informational presentation followed by
a lively discussion panel, focuses on our
community’s growth and challenges.