<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                       ----------------------------------
                             Washington, D.C. 20549

                                    Form 10Q

                 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For the quarter ended:  March 31, 2001              Commission File No. 1-6963


                               ORIOLE HOMES CORP.
  ----------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



               Florida                                59-1228702
-------------------------------------       ----------------------------------
 (State or other jurisdiction of                     (IRS Employer
 incorporation or organization)                    Identification No.)




1690 S. Congress Ave., Suite 200 Delray Beach, Fl.                   33445
--------------------------------------------------              ---------------
     (Address of principal executive offices)                     (Zip Code)



         Registrant's telephone number, including area code: (561) 274-2000




 ------------------------------------------------------------------------------
             Former name, former address and former fiscal year, if
                           changed since last report.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate the number of shares outstanding of each of the issuers classes of
common stock, as of the close of the period covered by this report.

                Class                         Outstanding at May 11, 2001
-------------------------------------      -----------------------------------
Common Stock, Class A, par value $.10                1,863,649
Common Stock, Class B, par value $.10                2,761,875



<PAGE>   2

          PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                     ASSETS
<TABLE>
<CAPTION>

                                                   March 31,          December 31,
                                                     2001                 2000
                                                  (Unaudited)           (Audited)
                                                  ------------        ------------
<S>                                               <C>                 <C>
Cash and cash equivalents                         $ 21,863,419        $ 21,707,756
                                                  ------------        ------------

Inventories
     Land                                           59,082,277          62,346,437
     Homes completed or under construction          32,222,933          34,445,028
     Model homes                                     4,246,928           4,310,488
                                                  ------------        ------------
                                                    95,552,138         101,101,953
     Less estimated costs of completion
               included in inventories              15,486,552          16,242,461
                                                  ------------        ------------
                                                    80,065,586          84,859,492
                                                  ------------        ------------

Property and equipment, at cost
     Land                                               81,379              81,379
     Buildings                                         458,855             664,065
     Furniture, fixtures and equipment               3,016,976           3,044,175
                                                  ------------        ------------
                                                     3,557,210           3,789,619
     Less accumulated depreciation                   2,089,506           2,127,155
                                                  ------------        ------------
                                                     1,467,704           1,662,464
                                                  ------------        ------------

Land held for investment, at cost                    1,898,910           1,857,300

Other
     Prepaid expenses                                1,745,082           1,713,099
     Unamortized debt issuance costs                   357,983             392,752
     Other assets                                    2,454,279           2,384,853
                                                  ------------        ------------
                                                     4,557,344           4,490,704
                                                  ------------        ------------
Total assets                                      $109,852,963        $114,577,716
                                                  ============        ============

</TABLE>


See notes to the consolidated financial statements.


                                      -1-
<PAGE>   3

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      LIABILITIES AND SHAREHOLDERS' EQUITY



<TABLE>
<CAPTION>

                                                       March 31,         December 31,
                                                         2001               2000
                                                     (Unaudited)          (Audited)
                                                     ------------        ------------
<S>                                                  <C>                 <C>
Liabilities
     Line of credit                                  $     10,000        $     10,000
     Mortgage notes payable                            15,488,285          20,415,730
     Accounts payable and accrued liabilities           8,145,217          10,022,048
     Customer deposits                                 13,895,218          10,190,140
     Senior notes                                      33,676,200          34,584,277
                                                     ------------        ------------
         Total liabilities                             71,214,920          75,222,195

Shareholders' equity
     Class A common stock, $.10 par value
         Authorized - 10,000,000 shares,
           issued and outstanding -
            1,863,649 in 2000 and in 1999                 186,365             186,365
     Class B common stock, $.10 par value
         Authorized - 10,000,000 shares,
           issued and outstanding -
            2,761,875 in 2000 and in 1999                 276,188             276,188
     Additional paid-in capital                        19,267,327          19,267,327
     Retained earnings                                 18,908,163          19,625,641
                                                     ------------        ------------
         Total shareholders' equity                    38,638,043          39,355,521
                                                     ------------        ------------
Total liabilities and shareholders' equity           $109,852,963        $114,577,716
                                                     ============        ============


</TABLE>


See notes to the consolidated financial statements.

                                      -2-
<PAGE>   4

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                                       Three Months Ended
                                                                            March 31,
                                                                  ---------------------------------
                                                                      2001                 2000
                                                                  ------------         ------------
<S>                                                               <C>                  <C>
Revenues
     Sales of homes                                               $ 29,913,704         $ 16,076,626
     Other operating revenues                                               --               36,277
     Gain on sales of property and equipment
         and land held for investment, net                             102,218              527,139
     Interest, rentals and other income                                550,873              561,694
                                                                  ------------         ------------
                                                                    30,566,795           17,201,736
                                                                  ------------         ------------

Costs and expenses
     Cost of homes sold                                             26,855,743           14,125,361
     Costs relating to other operating revenues                          5,903               75,184
     Selling, general and administrative expenses                    4,422,626            3,753,733
     Interest costs incurred                                         1,787,010            1,437,278
     Interest capitalized (deduct)                                  (1,787,010)          (1,397,048)
                                                                  ------------         ------------
                                                                    31,284,272           17,994,508
                                                                  ------------         ------------

Net (loss)                                                        $   (717,477)        $   (792,772)
                                                                  ============         ============

Net (loss) per Class A and B common share
     available for common stockholders - Basic and Diluted        $       (.16)        $       (.17)
                                                                  ============         ============
Weighted average number of common stock
     outstanding - Basic and Diluted                                 4,625,524            4,625,524
                                                                  ============         ============

</TABLE>


See notes to consolidated financial statements.




                                      -3-
<PAGE>   5
                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                                        Three Months Ended
                                                                           March 31,
                                                                 ---------------------------------
                                                                     2001                 2000
                                                                 ------------         ------------
<S>                                                              <C>                  <C>
Cash flows from operating activities
     Net (loss)                                                  $   (717,477)        $   (792,772)

      Adjustments to reconcile net (loss) to net
       cash provided by (used in) operating activities
         Depreciation                                                 113,430              122,146
         Amortization                                                  62,067              120,406
         Gain on sales of property and equipment
            and land held for investment, net                        (115,134)            (527,139)
     (Increase) decrease in operating assets
         Receivables                                                       --              261,875
         Inventories                                                4,800,873            2,214,929
         Other assets                                                (107,784)             191,522
     Increase (decrease) in operating liabilities
         Accounts payable and accrued liabilities                  (1,876,832)            (843,645)
         Customer deposits                                          3,705,078            1,034,405
                                                                 ------------         ------------
            Total adjustments                                       6,581,698            2,574,499
                                                                 ------------         ------------
                Net cash provided by operating activities           5,864,221            1,781,727
                                                                 ------------         ------------

Cash flows from investing activities
     Return on investment in joint ventures                                --            1,242,240
     Capital expenditures                                             (49,113)            (778,316)
     Proceeds from the sale of property and equipment and
         land held for investment                                     197,000            1,092,999
                                                                 ------------         ------------

                Net cash provided by investing activities             147,887            1,556,923
                                                                 ------------         ------------

Cash flows from financing activities
     Proceeds from mortgage notes                                   4,071,615              394,243
     Payment of mortgage notes                                     (8,999,060)          (1,570,166)
     Repurchase of senior notes                                      (929,000)          (1,545,000)
                                                                 ------------         ------------
                Net cash (used in) financing activities            (5,856,445)          (2,720,923)
                                                                 ------------         ------------

Net increase in cash and cash equivalents                             155,663              617,727

Cash and cash equivalents at beginning of period                   21,707,756           18,708,081
                                                                 ------------         ------------

Cash and cash equivalents at end of period                       $ 21,863,419         $ 19,325,808
                                                                 ============         ============

Supplemental disclosures of cash flow information
Cash paid during the period for:

     Interest (net of amount capitalized)                        $    900,945         $  1,432,045
     Income taxes                                                $         --         $         --

</TABLE>


The accompanying notes are an integral part of these statements.


                                      -4-
<PAGE>   6


                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.     The consolidated balance sheet as of March 31, 2001 and the related
       statements of operations and cash flows for the three months ended March
       31, 2001 and 2000 of Oriole Homes Corp. (together with its consolidated
       subsidiaries, the "Company") have been prepared by the Company without
       audit. In the opinion of management of the Company, all adjustments
       (consisting of normal recurring accruals) necessary for a fair
       presentation of the unaudited interim periods have been reflected herein.

       Certain footnote disclosures normally included in financial statements
       prepared in accordance with generally accepted accounting principles have
       been omitted. It is suggested that these consolidated financial
       statements be read in conjunction with the financial statements and notes
       thereto included in the Company's December 31, 2000 annual report on Form
       10K.

       The preparation of financial statements in conformity with generally
       accepted accounting principles requires management to make estimates and
       assumptions that affect the amounts reported in the financial statements
       and accompanying notes. Actual results could differ from those estimates.

2.     The results of operations for the three months ended March 31, 2001 are
       not necessarily indicative of the results for the entire year. The
       Company allocates certain costs to units delivered based upon estimates
       of the number of units projected to be delivered and the associated
       timing of the deliveries. When it becomes apparent that the number of
       deliveries in a project will vary significantly from the estimates, the
       Company will revise these cost allocations, which will affect results of
       operations.

       The Company's consolidated statements of operations for the three-month
       period ended March 31, 2001 includes revenue and expenses of the Vizcaya
       project acquired in August of 2000. Accordingly, the results of
       operations for the three-month period ended March 31, 2001 are not
       directly comparable to the results of operations for the three-month
       period ended March 31, 2000.

3.          Backlog of contracts for sales of homes:
<TABLE>
<CAPTION>

                                  March 31, 2001                  December 31, 2000
                          -----------------------------   --------------------------------
                             Units          Amounts            Units          Amounts
                          ---------   -----------------     ------------   ---------------
<S>                         <C>         <C>                  <C>                         <C>
      Single-family         355         $ 83,718,127                 294         $63,914,626

      Multi-family          190           27,969,847                 166          24,047,090
                            ---         ------------         -----------         -----------

      Total                 545         $111,687,974                 460         $87,961,716
                            ===         ============         ===========         ===========
</TABLE>


       The Vizcaya project contributed 128 of the 545 total units and $24.8
       million of the $111.7 million backlog as at March 31, 2001.


                                      -5-
<PAGE>   7

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


4.     Senior Notes

       On January 13, 1993, the Company issued 12 1/2% senior notes ("Senior
       Notes"), due January 15, 2003. The Senior Notes have a face value of
       $70,000,000 and were issued at a discount of $1,930,600. The Senior Notes
       are senior unsecured obligations of the Company currently subject to
       redemption at the Company's option at 100% of the principal amount.

       Under the terms of the indenture ("Indenture"), the Company must make
       sinking fund payments of $17,500,000 by January 15, 2001 and January 15,
       2002. As of December 31, 2000, the Company had satisfied the requirements
       of each of the sinking fund payments. The Indenture also contains
       provisions restricting the amount and type of indebtedness the Company
       may incur, the purchase by the Company of its stock and the payment of
       cash dividends. At March 31, 2001, the payment of cash dividends is
       prohibited and will be restricted until the Company posts cumulative net
       income in excess of $78,784,000.

5.     Line of Credit

       The Company may borrow up to $10,000,000 at an interest rate of prime
       plus 1.5% under a revolving loan agreement (line of credit) with a bank,
       secured by a mortgage on certain real property. At March 31, 2001,
       $9,990,000 was available under this line of credit. The loan agreement
       expires June 30, 2001 and the Company anticipates it will be able to
       further extend the line of credit on terms comparable to the current
       arrangement or obtain a replacement credit facility if necessary.

       The line of credit can be used to finance ongoing development and
       construction of residential real estate and short-term capital needs and
       only requires monthly interest payments. The loan agreement contains
       typical restrictions and covenants, the most restrictive of which are:

       a.     the Company shall maintain, at all times through the life of the
              loan, a consolidated tangible net worth of not less than
              $37,000,000; and

       b.     the Company's ability to incur additional debt is restricted.


6.     Mortgage Notes

       On August 8, 2000, in connection with the Vizcaya project, a wholly owned
       subsidiary of the Company borrowed an aggregate principal amount of
       $26,787,200, of which $9,580,430 is for future construction costs (the
       "Vizcaya Loan"). The Vizcaya Loan is evidenced by a mortgage note, which
       is due on February 8, 2003 and bears interest at a floating rate equal to
       the Prime Rate, currently 7.5% per annum. The Vizcaya Loan is secured by
       real property and other assets acquired in connection with the
       acquisition of the Vizcaya project. The Company has agreed to guarantee
       up to an aggregate of $2.0 million of the Vizcaya Loan. Certain
       individual guarantors, not related to the Company, have agreed to jointly
       and severally guarantee the Vizcaya Loan.



                                      -6-
<PAGE>   8

7.     Income taxes

       At March 31, 2001, the Company has no deferred tax benefit related to its
       net operating loss as the Company's ability to realize these benefits is
       not "more likely than not" as defined by SFAS Statement No. 109
       "Accounting for Income Taxes".

8.     Segment information

       The Company has the following two reportable segments: home building and
       rental operations. The home building segment develops and sells
       residential properties and planned communities. The rental operations
       segment consists of no units at March 31, 2001 and 32 units at March 31,
       2000. Selected segment information is set forth below (in thousands):

                                         Three Months Ending
                                              March 31,
                                        ------------------------
                                         2001             2000
                                           $                $
                                        -------          -------
      Revenues

          Home Building                  30,450           17,060
          Rental Operations                  --               36
          Other                             117              106
                                        -------          -------
          Total                          30,567           17,202
                                        =======          =======

      Segment net income (loss)
          Home Building                    (795)            (799)
          Rental Operations                 (--)             (39)
          Other                              78               45
                                        -------          -------
          Total                            (717)            (793)
                                        =======          =======


9.     Commitments and contingencies

       The Company is involved, from time to time, in litigation arising in the
       ordinary course of business, none of which is expected to have a material
       adverse effect on the Company's consolidated financial position or
       results of operations.

       The Company is also subject to the normal obligations associated with
       entering into contracts for the purchase, development and sale of real
       estate in the routine conduct of its business.


                                      -7-
<PAGE>   9

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

OVERVIEW

GENERAL

         The results of operations for interim periods during the year are not
necessarily indicative of results of operations for the fiscal year. The Company
allocates certain costs to units delivered based upon estimates of the number of
annual units projected to be delivered and the associated timing of the
deliveries. In past years, the Company has experienced inventory valuation
adjustments reducing net income when expected deliveries fell short of
expectations. These included adjustments of $13.9 million in 1995, $21.6 million
in 1997 and $4.9 million in 1999.

RESULTS OF OPERATIONS

         The Company's consolidated statements of operations for the three
months ended March 31, 2001 includes the results of operations of the Vizcaya
project acquired on August 8, 2000. Accordingly, the results of operations for
the three-month period ended March 31, 2001 are not directly comparable to the
results of operations for the three-month period ended March 31, 2000.

         Among other things, the acquisition contributed the delivery of 62
homes producing aggregate revenue of $12.6 million and net income of $643,000 to
results for the three-month period ended March 31, 2001. The backlog at March
31, 2001 related to the Vizcaya project is 128 homes having aggregate revenue of
$24.8 million.

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000

         The Company's revenues from home sales increased $13.8 million (81.3%)
to $29.9 million during the first quarter of 2001 as compared to the comparable
quarter of 2000 primarily as a result of an increase in the number of homes
delivered. Oriole delivered 167 homes in the 2001 first quarter compared to 97
in the same period in 2000. The average selling price of homes delivered
increased from $165,700 per home to $179,000 primarily as a result of the higher
selling prices of homes that were part of the Vizcaya project. The number of
contracts signed at 252 and the aggregate dollar value of those contracts at
$53.6 million increased in the 2001 first quarter from 193 and $30.3 million,
respectively, from the same period in 2000, primarily due to the Vizcaya project
and the initial phase of a multi-family condominium project with The Celebration
Company, a subsidiary of The Walt Disney Company.

         Non-homebuilding revenues decreased to $102,218 during the quarter
ended March 31, 2001 from $527,139 in the quarter ended March 31, 2000,
primarily because of reduced revenues from the sale of investment properties and
the absence of rental revenues from rental properties sold by the Company in the
first quarter of 2000. Interest, rentals and other income decreased slightly
during the first quarter of 2001 as compared to the same period in 2000.

         Cost of home sales increased to $26.9 million (90.8%) from $14.1
million in 2000 primarily as a result of an increase in the number of homes
delivered. As a percentage of home sales, cost of sales increased to 89.8% from
87.9% in the first quarter of 2001 primarily due to the Company's decision to
reduce sales prices on certain remaining homes to close out completed
communities.

         Selling, general and administrative expenses increased $0.7 million in
dollar value and decreased as a percentage of revenues to 14.5% from 22.0% as
compared to the same period in 2000 due to increased selling costs associated
with the $13.4 million increase in revenues.

         The Company incurred a net loss for the quarter ended March 31, 2001 of
$717,000 or $.16 per share compared to a net loss of $793,000 or $0.17 per share
during the same period in 2000. Earnings before interest, taxes, depreciation
and amortization (EBITDA) increased $.4 million to $1.1 million in the first
quarter of 2001 as compared to the same period in 2000.



                                      -8-
<PAGE>   10

LIQUIDITY AND CAPITAL RESOURCES

         The Company's cash requirements vary from period to period depending
upon changes in inventory, land acquisition and development requirements,
construction in progress and, to a lesser extent, the Company's current net
income. The Company obtains funds for its cash requirements from operations, the
sale of investment property and borrowings. In connection with land acquisitions
and development, the Company may borrow money secured by land and improvements.

         During the first three months of 2001, the Company used a portion of
available cash to purchase $0.9 million of senior notes and to pay down $9.0
million of mortgage notes. At March 31, 2001, the Company had approximately
$21.9 million in cash and cash equivalents and the availability of substantially
all of its $10.0 million revolving line of credit. The line of credit expires
June 30, 2001. The Company anticipates that it will be able to further extend
the line of credit on terms comparable to the existing line or obtain a
replacement credit facility if necessary. The Company believes that funds from
operations, available cash and cash available under its line of credit will be
sufficient to provide for its cash requirements through March 31, 2002.

FORWARD LOOKING STATEMENTS

         Certain statements made in this document, including certain statements
made in Management's Discussion and Analysis, are "forward looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements which are predictive in nature, which depend upon
or refer to future events or conditions, which include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," or similar
expressions, or which involve hypothetical events. In addition, any statements
concerning future financial performance (including future revenues, earnings, or
growth rates), ongoing business strategies or prospects, and possible future
Company actions, which may be provided by management, are also forward-looking
statements as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based upon current expectations and projections
about future events and are subject to risks, uncertainties, and assumptions
about the Company, economic and market factors and the industry in which the
Company does business, among other things. These statements are not guaranties
of future performance and the Company has no specific intention to update these
statements.

         Actual events and results may differ materially from those expressed or
forecasted in forward-looking statements due to a number of factors. The
principal important risk factors that could cause the Company's actual
performance and future events and actions to differ materially from such
forward-looking statements, include but are not limited to the following:
changes in consumer preferences, increases in interest rates, a reduction in
labor availability, increases in the cost of labor and materials, changes in the
regulatory environment particularly as relates to zoning and land use,
competitive pricing pressures, changes in federal income tax laws, the general
state of the economy, both nationally and in the Company's market, and
unseasonable weather trends.


                                      -9-
<PAGE>   11

                           PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

Exhibits and Reports on Form 8K

(a)    Exhibits

        None

(b)    There were no reports on Form 8-K filed for the three months ended March
       31, 2001.


                                      -10-
<PAGE>   12

                                   SIGNATURES

Pursuant to the requirements of Section 13, of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                      ORIOLE HOMES CORP.
                                      (Registrant)



DATE:    MAY 14, 2001                 /s/ R.D. LEVY
--------------------------            ---------------------------------------
                                      R.D. Levy,
                                      Chairman of the Board,
                                      Chief Executive Officer,
                                      Director

DATE:    MAY 14, 2001                 /s/ J. PIVINSKI
---------------------------           ---------------------------------------
                                      J. Pivinski, Vice President - Finance,
                                      Treasurer, Chief Financial Officer




                                      -11-