Parramore homeowners bombarded by investor offers to buy their homes

ORLANDO, Fla. — Homeownership in Orlando’s Parramore neighborhood is trending down, with more than 90% of the people there being renters.

And some people are concerned that that number could get even higher as investors and developers continue to buy up property in the area.

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Some residents say they are being flooded with multiple cash offers to buy their homes. But some people are encouraging their neighbors to turn the money down.

“It’s just starting to be a bit much,” homeowner Jamie Williams said.

Read: Orlando unveils 7-story mural dedicated to unsung heroes of Parramore neighborhood

Williams, who bought her first home in Parramore after living in the community for 18 years, said she’s bombarded with phone calls, texts, pamphlets, brochures and door knocks by investors or developers wanting to buy her home.

Anne Ray from the Shimberg Center for Housing Studies at the University of Florida said she found that Parramore was the highest-targeted neighborhood by investors last year within the city of Orlando. Investors scooped up 28% of the homes sold in the first four months of 2021.

Read: Orlando City Council approves plan to improve, expand homeless services in Parramore

“The effect is that there is less economic diversity in neighbors, and neighborhoods, especially downtown, are less accessible to working-class people, people who grew up there,” Ray said.

Some Parramore homeowners said investors have gone as far as contacting their other family members, like parents, uncles and cousins, to see if they could convince them to sell their homes.

Read: “It’s unlimited what can happen:” Parramore area earns Orlando “Main Street” designation

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Orlando unveils 7-story mural dedicated to unsung heroes of Parramore neighborhood

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