<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: September 30, 1997             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 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 September 30, 1997
-------------------------------------    ---------------------------------------
Common Stock, Class A, par value $.10                   1,874,949
Common Stock, Class B, par value $.10                   2,750,575





<PAGE>   2

                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET

                                     ASSETS

                                                    September 30,   December 31,
                                                        1997            1996

                                                     (Unaudited)     (Audited)
                                                    -------------   ------------
Cash and cash equivalents                           $   3,877,579   $  2,409,376
                                                    -------------   ------------
Receivables:

  Mortgage notes                                          267,915        277,205
  Income taxes                                                 --      2,398,914
                                                    -------------   ------------
                                                          267,915      2,676,119

Inventories:

  Land                                                 69,488,036     90,105,428
  Houses and condominiums completed or
    under construction                                 50,575,088     51,080,872
  Model houses and condominiums                         4,751,870      4,776,274
                                                    -------------   ------------
                                                      124,814,994    145,962,574

  Less: Estimated costs of completion
          included in inventories                      10,852,007     14,184,967
                                                    -------------   ------------
                                                      113,962,987    131,777,607
                                                    -------------   ------------
Property and equipment (at cost):

  Land                                                  2,462,227      7,046,758
  Buildings                                            19,896,194     20,728,053
  Furniture, fixtures and equipment                     4,830,453      4,724,882
                                                    -------------   ------------
                                                       27,188,874     32,499,693

  Less: Accumulated depreciation                       10,261,437      9,648,463
                                                    -------------   ------------
                                                       16,927,437     22,851,230
                                                    -------------   ------------
Other:

  Prepaid expenses                                      2,800,524      2,709,076
  Unamortized debt issuance costs                       1,562,848      1,810,237
  Investment in and advances to joint ventures          4,603,000      6,531,000
  Land held for investment (at cost)                    2,354,398      2,346,772
  Other assets                                          3,145,013      2,434,473
                                                    -------------   ------------
                                                       14,465,783     15,831,558
                                                    -------------   ------------
Total Assets                                          149,501,701    175,545,890
                                                    =============   ============




See notes to consolidated financial statements

                                       -1-

<PAGE>   3

                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET

                      LIABILITIES AND SHAREHOLDERS' EQUITY

                                                    September 30,   December 31,
                                                        1997            1996

                                                     (Unaudited)     (Audited)
                                                    -------------   ------------
Liabilities:

  Line of credit                                        1,600,000      2,700,000
  Mortgage notes payable                               12,490,574     12,641,501
  Accounts payable                                      7,447,985     10,742,182
  Customer deposits                                    10,869,244      7,583,571
  Accrued expenses and other liabilities                5,672,443      6,588,489
  Deferred income taxes                                 1,021,551      1,387,473
  12 1/2% Senior Notes due January 15, 2003,
    net of $1,179,133 discount in 1997 and
    $1,308,064 discount in 1996                        66,284,867     66,155,936
                                                    -------------   ------------

  Total Liabilities                                   105,386,664    107,799,152

Shareholders' Equity:
  Class A common stock, $.10 par value
    Authorized - 10,000,000 shares
    Issued and outstanding -
      1,874,949 in 1997 and in 1996                       187,495        187,495
  Class B common stock, $.10 par value
    Authorized - 10,000,000 shares
    Issued and outstanding -
      2,750,575 in 1997 and in 1996                       275,058        275,058
  Additional paid-in capital                           19,267,327     19,267,327
  Retained earnings                                    24,385,157     48,016,858
                                                    -------------   ------------
  Total Shareholders' Equity                           44,115,037     67,746,738
                                                    -------------   ------------

Total Liabilities and Shareholders' Equity            149,501,701    175,545,890
                                                    =============   ============




See notes to consolidated financial statements

                                      -2-

<PAGE>   4

                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS

                                  (Unaudited)

<TABLE>
<CAPTION>

                                                          Nine Months Ended             Three Months Ended
                                                            September 30,                  September 30,
                                                    ----------------------------    ----------------------------
                                                        1997            1996           1997            1996
                                                    ------------    ------------    ------------    ------------
<S>                                                 <C>             <C>             <C>             <C>
Revenues:

  Sale of houses and condominiums                   $ 68,113,343    $ 62,107,681    $ 22,889,269    $ 21,702,274
  Sale of land                                            50,500       1,634,356          45,000          12,000
  Other operating revenues                             2,250,822       2,398,508         778,783         806,459
  Interest, rentals and other income                   2,707,303       2,884,309         700,156         994,255
  Gain on sale of property and
    land held for investment, net                        520,884       2,329,426          19,351       1,662,302
                                                    ------------    ------------    ------------    ------------
                                                      73,642,852      71,354,280      24,432,559      25,177,290
                                                    ------------    ------------    ------------    ------------

Costs and Expenses:

  Cost of houses and condominiums sold                60,439,803      53,485,976      20,221,824      19,295,657
  Inventory valuation adjustment                      17,050,000            --              --              --
  Fixed asset valuation adjustment                     4,525,000            --              --              --
  Cost of land sold                                       13,338       1,691,998          10,092           8,928
  Costs relating to other operating revenues           2,634,769       2,251,531       1,098,517         749,302
  Selling, general and administrative expenses        13,224,352      12,459,815       3,885,736       3,920,049
  Interest costs incurred                              7,511,187       8,366,544       2,449,965       2,690,646
  Interest capitalized (deduct)                       (6,992,537)     (7,851,753)     (2,279,292)     (2,522,318)
                                                    ------------    ------------    ------------    ------------
                                                      98,405,912      70,404,111      25,386,842      24,142,264
                                                    ------------    ------------    ------------    ------------

Income (loss) before provision for (benefit from)
  income taxes                                       (24,763,060)        950,169        (954,283)      1,035,026

Provision for (benefit from) income taxes             (1,131,359)        357,366        (824,098)        389,298
                                                    ------------    ------------    ------------    ------------

Net Income (Loss)                                    (23,631,701)        592,803        (130,185)        645,728
                                                    ============    ============    ============    ============

Earnings per Class A and Class B Common Share:

  Net Income (Loss)                                 $      (5.11)            .13            (.03)            .14
                                                    ============    ============    ============    ============

Average Number of Class A and Class B
  Common Shares Outstanding                            4,625,524       4,625,524       4,625,524       4,625,524
                                                    ============    ============    ============    ============

Dividends per Class A Common Share                  $         --    $         --    $         --    $         --
                                                    ============    ============    ============    ============

Dividends per Class B Common Share                  $         --    $         --    $         --    $         --
                                                    ============    ============    ============    ============

</TABLE>

See notes to consolidated financial statements

                                       -3-

<PAGE>   5

                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS

                          INCREASE (DECREASE) IN CASH

                                  (Unaudited)

<TABLE>
<CAPTION>

                                                                   Nine Months Ended
                                                                     September 30,
                                                              ----------------------------
                                                                  1997            1996
                                                              -------------   ------------
<S>                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES

  Net Income (Loss)                                           $(23,631,701)   $    592,803

   Adjustments to reconcile net income (loss) to net
    cash provided by (used in) operating activities

    Depreciation                                                 1,033,229       1,014,300
    Amortization                                                   376,320         413,608
    Deferred income taxes                                         (365,922)        458,375
    Gain on sale of property and equipment and other assets       (520,884)     (2,329,426)
  (Increase) decrease in operating assets

    Receivables                                                  2,408,204       1,778,004
    Inventories                                                    931,444     (14,932,317)
    Inventory valuation adjustment                              17,050,000              --
    Fixed asset valuation adjustment                             4,525,000              --
    Other assets                                                  (801,988)        965,368
  Increase (decrease) in operating liabilities

    Accounts payable                                            (3,294,197)      1,960,846
    Customer deposits                                            3,285,673       5,498,741
    Accrued expenses and other liabilities                        (916,046)     (2,369,762)
                                                              ------------    ------------
      Total adjustments                                         23,710,833      (7,542,263)
                                                              ------------    ------------
        Net cash provided by (used in) operating activities         79,132      (6,949,460)
                                                              ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES

  Return of investment in joint venture                          1,928,000          12,000
  Land held for investment                                          (7,626)        (13,327)
  Capital expenditures                                            (382,515)     (1,545,907)
  Proceeds from the sale of property
    and equipment and other assets                               1,102,139       6,563,247
                                                              ------------    ------------
        Net cash provided by investing activities                2,639,998       5,016,013
                                                              ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES

  Proceeds from mortgage notes                                          --      12,800,000
  Payment of mortgage notes                                       (150,927)    (15,151,530)
  Borrowings under line of credit agreements                    14,398,971      27,100,000)
  Repayments under line of credit agreements                   (15,498,971)    (24,100,000)
  Repurchase of senior notes                                            --        (250,000)
  Issuance costs                                                        --         (96,236)
                                                              ------------    ------------
        Net cash (used in) provided by financing activities     (1,250,927)        302,234
                                                              ------------    ------------

NET INCREASE (DECREASE) IN CASH                                  1,468,203      (1,631,213)

CASH AT BEGINNING OF PERIOD                                      2,409,376       3,275,615
                                                              ------------    ------------

CASH AT END OF PERIOD                                         $  3,877,579    $  1,644,402
                                                              ============    ============

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 
Cash paid during the period for:

  Interest (net of amount capitalized)                        $  2,497,969    $  2,516,832
  Income taxes                                                $         --    $        619
</TABLE>

See notes to consolidated financial statements

                                       -4-

<PAGE>   6


FORM 10Q

                       ORIOLE HOMES CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.       The consolidated balance sheet as of September 30, 1997, the related
         statements of operations for the three months and nine months ended
         September 30, 1997 and 1996 and satement of cash flows for the nine
         months ending September 30, 1997 and 1996 have been prepared by the
         Company without audit. In the opinion of the 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, 1996 annual report
         to shareholders.

         Certain balances have been reclassified to conform to the current year
         presentation.

2.       The results of operations for the three months and nine months ended
         September 30, 1997 are not necessarily indicative of the results for
         the entire year.

3.       Affiliated Companies.

         The Company does not have investments in affiliated companies.

4.       Inventory Valuation Adjustment.

         The Company recorded, in the first quarter of 1997, an inventory
         valuation adjustment of $8,700,000 or $1.88 per common share related to
         certain land inventory. The adjustment pertains to land inventory for
         approximately 1,000 unsold housing units located in five developments.

         The Company recorded, in the second quarter of 1997, an inventory
         valuation adjustment of $8,350,000 or $1.81 per common share related to
         certain land inventory in the amount of $8,150,000 for approximately
         1,200 unsold housing units located in five developments and the
         contingent sale portion of a land sale in the amount of $200,000 to
         take place later in 1997.

         The fair value of those units was determined in accordance with SFAS
         121 based on quoted market price in active markets, i.e., the lower of
         the Company backlog of actual contract sales or current selling prices.

         Deteriorating market conditions during the first and second quarter of
         1997 caused the Company to lower selling prices in order to maintain
         current sales levels and move current inventory resulting in the
         inventory valuation adjustments.

5.       Fixed Asset Valuation Adjustment

         The Company recorded in the second quarter 1997 a fixed asset valuation
         adjustment of $4,525,000 or $.98 per common share related to a rental
         apartment project. During the second quarter, management decided to
         dispose of this rental apartment project and reduced its carrying
         amount to its fair value less cost to sell.

6.       The inventory valuation adjustment and the fixed asset adjustment are
         based in part on management estimates and assumptions that affect the
         reported amounts of assets as well as the reported amounts of revenues
         and expenses during the reporting period. Actual results could differ
         from these estimates.

                                      -5-

<PAGE>   7

                      ORIOLE HOMES CORP. AND SUBSIDIARIES
                    NOTES CONSOLIDATED FINANCIAL STATEMENTS

                                  (Continued)

7. Backlog of Contracts for Sales of Houses and Condominiums

                                      September 30, 1997    December 31, 1996
                                       Units    Amounts     Units     Amounts
                                       -----  ------------  -----   -----------

  Single-Family Homes                    210  $ 39,471,912    173   $ 32,115,231
  Multi-Family                           182    24,736,605     93     12,695,047
                                       -----  ------------  -----   ------------
  Total                                  392  $ 64,208,517    266   $ 44,810,278
                                       =====  ============  =====   ============

8. Following is a computation of earnings per share:

                                   Three Months Ended   Nine Months Ended
                                   9/30/97   9/30/96    9/30/97    9/10/96
                              -----------  ----------  -------------- ----------

Net Income (Loss)             $ (130,185)  $  645,728  $ (23,631,701) $  592,803
                              ==========   ==========  =============  ==========

Weighted average number of
   common shares outstanding   4,625,524    4,625,524      4,625,524   4,625,524
                              ==========   ==========  =============  ==========

Earnings (loss) per share     $     (.03)  $      .14  $       (5.11) $      .13
                              ==========   ==========  =============  ==========

9. Credit commitments

On January 13, 1993, the Company issued its 12 1/2% Senior Notes ("Notes"), due
January 15, 2003. The Notes have a face value of $70,000,000 and were issued at
a discount of $1,930,600. The Notes are senior unsecured obligations of the
Company subject to redemption at the Company's option on or after January 15,
1998, at 105% of the principal amount and thereafter at prices declining
annually to 100% of the principal amount on or after January 15, 2001.

The indenture under which the Notes were issued requires sinking fund payments
of $17,500,000 on January 15, 2001 and January 15, 2002.

The indenture contains certain covenants that, among other things, limit the
ability of the Company to incur additional indebtedness, pay dividends or make
certain other distributions, repurchases or issuances of capital stock or
subordinated indebtedness.

On July 13, 1993, the Company entered into a secured revolving loan agreement
with a bank which provided up to $10,000,000 in short-term financing at an
interest rate of prime plus 1 1/2%, expiring July 1, 1997. This agreement was
amended by letter dated August 27, 1997 to extend the expiration date to
November 1, 1997 and reduce the line of credit to $7,000,000. By subsequent
letter agreement dated October 30, 1997, the bank agreed to reestablish the
$10,000,000 line of credit with a requirement to maintain $42,000,000 in
consolidated tangible net worth. This agreement expires july 1, 1999. As of
September 30, 1997, the outstanding loan balance was $1,600,000.

10. Income Taxes

As a result of current period losses, the Company has net operating loss
carryforwards available to offset future taxable income. Based on estimates made
for the 1997 tax year, a portion of the net operating loss carryforward has been
applied to reduce deferred tax liabilities, thereby resulting in a net tax
benefit at September 30, 1997 of $1,131,359.

                                       -6-

<PAGE>   8
                                                  Grant Thornton LLP
                                                  Certified Public Accountants
                                                  777 Brickell Avenue
                                                  Suite 1200
                                                  Miami, FL 33131-2867


Board of Directors
Oriole Homes Corp.


We have reviewed the accompanying consolidated balance sheet of Oriole Homes
Corp. and Subsidiaries as of September 30, 1997, and the related consolidated
statements of operations and cash flows for the three-month and nine-month
periods then ended. These financial statements are the responsibility of the
company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical review procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1996, and the
related consolidated statements of operations, shareholders' equity, and cash
flows for the year then ended (not presented herein) and in our report dated
March 7, 1997, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the
accompanying consolidated balance sheet as of December 31, 1996, is fairly
stated, in all material respects, in relation to the consolidated balance sheet
from which it has been derived.




Grant Thornton LLP
Miami, Florida
October 28, 1997



                                      -7-






<PAGE>   9

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

RESULTS OF OPERATIONS.

THREE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 1996

The Company's revenues from home sales increased 5.5% to $22.9 million during
the third quarter of 1997 as compared to the same period of 1996. The Company
delivered 141 homes in the 1997 third quarter compared to 127 in the same period
of 1996. The average selling price of homes delivered decreased 5.0% (from
$170,884 to $162,335) caused by a change in the mix of units sold toward less
costly models and reductions in the selling prices of certain slow moving units
 . The Company entered into 94 new contracts with an aggregate dollar value of
$15.8 million in the third quarter of 1997 compared to 146 new contracts with an
aggregate dollar value of $24.3 million in the 1996 period. Other operating
revenues remained at the same level during the third quarter of 1997 as compared
to the same period in 1996.

Interest, rentals and other income and gain on sale of property decreased to $.7
million from $2.7 million in the same period of 1996 mainly due to the closing
of two non residential properties in West Boca Raton in the same period in 1996.

As a percentage of home sales, cost of homes sold decreased to 88.3% ($20.2
million) in the third quarter of 1997 from 88.9% ($19.3 million) in the same
period of 1996.

Selling, general and administrative expenses remained at the same level during
the third quarter of 1997 as compared to the same period in 1996. As a
percentage of total revenues, the 1997 period reflected 15.9% as compared to
15.6% in the same period of 1996.

The third quarter of 1997 reflects a net loss of $.1 million or $.03 per share
as compared to a net profit of $.6 million or $.14 per share in the comparable
period of 1996. Excluding a net profit of $1.0 million ($.22 per share)
resulting from the sale of nonresidential properties located in West Boca Raton,
the third quarter of 1996 would have resulted in a net loss of $.4 million ($.08
per share).

NINE MONTHS ENDED SEPTEMBER 30, 1997, COMPARED TO NINE MONTHS ENDED SEPTEMBER
30, 1996

The Company's revenues from home sales increased 9.7% to $68.1 million in the
nine month period of 1997 as compared to $62.1 million in the same period of
1996. The Company delivered 423 units in the first nine months of 1997 as
compared to 350 units in 1996. The average selling price of homes delivered
decreased 9.26% from $177,451 to $161,024, caused by a change in the mix of
units sold toward less costly models and reductions in the selling prices of
certain slow moving units. Deteriorating market conditions affected sales in
some projects and contributed to this reduction in selling price. In 1997, 549
new contracts were signed with a value of $87.5 million as compared to 550 new
contracts with a value of $91.4 million in 1996. Other operating revenues
amounted to $2.3 million in the nine months of 1997 as compared to $2.4 million
in the same period of 1996.

Interest, rentals and other income and gain on sale of property decreased to
$3.2 million in 1997, compared to $5.2 million in 1996 reflecting the gross
profit of $1.7 million resulting from the sale of nonresidential properties
located in West Boca Raton.

Cost of sales increased to $60.4 million in 1997 from $53.5 million in 1996, and
as a percentage of home sales, cost of home sales increased to 88.7% in 1997
from 86.1% in 1996. This increase is mainly attributable to additional interest
capitalized, reduction in selling prices, and features added to houses due to
competitive market conditions.

                                      -8-

<PAGE>   10

Selling, general and administrative expenses increased to $13.2 million in 1997
from $12.5 million in 1996, and as a percentage of total revenues, increased to
18.0% in 1997 from 17.5% in 1996.

Net loss for the first nine months of 1997 was $23.6 million, or $5.11 per share
compared to net income of $.6 million, or $.13 per share in 1996. The net loss
for the first nine months of 1997 was mainly due to noncash pretax writedowns of
$8.7 million in the 1997 first quarter and $8.4 in the second quarter of 1997
pertaining to the carrying cost of certain land inventories and a revaluation of
$4.5 million on a 480 unit rental apartment project. During the second quarter,
management decided to dispose of the rental apartment project which required an
adjustment to reduce its carrying amount to its fair value less cost to sell.
Also included is a profit, net of taxes, of $.3 million for the sale of leases
on certain recreational facilities.

The dollar amount of the Company's backlog which reflects new sales contracts
that have yet to close decreased .8% to $64,208,517 (representing 392 units) as
of September 30, 1997 from $64,691,102 (representing 393 units) as of September
30, 1996. The average per unit value of the Company backlog now stands at
$163,797, as compared to $164,608 at the end of the 1996 third quarter.

FINANCIAL CONDITION AND LIQUIDITY

The Company's financing needs depend primarily upon sales volume, asset
turnover, land acquisition and inventory balances. The Company has historically
financed its working capital needs from funds generated through operations,
borrowings and the issuance of common stock.

As of September 30, 1997, the Company has outstanding borrowings of
approximately $80.4 million, including $66.3 million in Senior Notes due 2003.
It had available cash and short term investments of approximately $3.9 million
and available funds of approximately $8.4 million pursuant to its $10 million
credit facility. The Company believes that the funds generated from operations
and its borrowing availability under credit facilities will be sufficient to
fund the Company's foreseeable working capital requirements, with the possible
exception of land acquisitions.

The Company has negotiated a renewal of its line of credit to July 1, 1999. The
agreement reestablishes a $10,000,000 line of credit with a requirement to
maintain $42,000,000 in consolidated tangible net worth.

As of September 30, 1997, the Company had invested $4,603,000 in a Joint Venture
with a South Florida building company. The Joint Venture Agreement provides that
the Company is to receive a 15% return plus $2,800 as each developed lot or
dwelling unit is sold, and 5% of the gross sales price on land sales. The
Company's investment and its return are guaranteed by the other Joint Venturer
and by the principal shareholder of the Joint Venturer.

                           PART II - OTHER INFORMATION

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

The September 30, 1997 unaudited Financial Statements included in this form 10-Q
have been reviewed by Grant Thornton LLP in accordance with established
professional standards and procedures for such a review.

(a)   There were no reports on Form 8-K for the three months ended September 30,
      1997.

(b)   Exhibits

      27 Financial Data Schedule (for SEC use only).

                                      -9-


<PAGE>   11

                                   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: NOVEMBER 10, 1997                     /s/ R.D. LEVY
---------------------------                 ------------------------------------
                                            R.D. Levy,
                                            Chairman of the Board,
                                            Chief Executive Officer,
                                            Director


DATE: NOVEMBER 10, 1997                     /s/ J. PIVINSKI
---------------------------                 ------------------------------------
                                            J. Pivinski, Vice President
                                            Treasurer, Chief Financial Officer,
                                            Chief Accounting Officer







                                      -10-