![]() ![]() In general, while the vacation real estate market has made a full comeback with regard to sales, higher shares of those homes are being sold at lower prices. ![]() Sales in the $300,000-$500,000 price band, where the “meat” of new home sales have occurred in the county, have experienced a three-fold increase in their share of all single-family detached sales. While single-family detached vacation home sales still tend to skew toward the under $150,000 sales price band, an increasingly greater share of sales has been observed among units selling between $150,000 and $500,000. Although the year is not yet over, Osceola County has experienced particularly high growth rates in 2015 among vacation real estate sold for over $1,000,000, with the highest percentages since before the recession: over 30% of vacation-oriented condominium sales, and 3% of vacation-oriented single-family detached sales, were in this price band. Like Orange County, the large majority of sales in the county are attributable to single-family detached units, and the condominium market still lags behind the single-family market. ![]() Sales volume in Osceola County has grown at a more gradual pace of 13% annually since 2008, and real estate achieves a discount, on average, to Orange County. While the vacation real estate market is smaller in Osceola County than it is in Orange County, a similar trend can be observed. Although single-family detached vacation home sales have also seen a significant increase in the proportion of sales below $150,000, these sales are more distributed among other price bands, and the share of sales among homes priced over $500,000 actually increased. Furthermore, in 2014, over 70% of condominium sales were under $150,000, compared with less than 40% in 2005. Most of this growth is attributable to single-family detached vacation home sales, as condominium sales volumes still have not recovered to pre-recession levels. ![]() Orlando’s Vacation-Oriented Real Estate Market: Making a Strong ComebackĪs a whole, the vacation-oriented real estate market has made a strong comeback in Orange County, and sales have exceeded pre-recession highs set in 2005, growing at a compounded annual rate of approximately 27% since 2008. Overall, the vacation real estate market is strong in Orlando, with 2014 sales up 100% in Osceola County and 325% in Orange County over 2008 lows. Condominiums, and particularly condominium-hotels, lag behind the rest of the market in regards to both sales price and volume. However, the market has not fully recovered for all vacation-oriented housing types. This sentiment is evidenced by rapid growth in vacation home sales in Orange and Osceola Counties, as sales volumes have surpassed pre-recession highs set in 2005. In addition, vacation-oriented real estate in Central Florida is generally viewed by foreign buyers as a safe investment for their assets. With the help of international travel agencies such as Virgin Holidays and CVC Brazil, Orlando’s vacation-oriented real estate market has been opened to investors all over the world. As these theme parks grow and seek to reinvent themselves, foreign and domestic buyers are seeking to capitalize on Orlando’s positioning as the “tourist capital of the world” by purchasing and investing in vacation rental homes near the resort areas. Over 62 million persons visited the Orlando area in 2014, mainly attributable to the sustained and growing popularity of the Walt Disney World and Universal Orlando theme parks and resorts. Gregg Logan Community & Resort Vacation Homes Second Homes ![]()
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