Is West Orlando Real Estate Market Rebounding?

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Connie Anderson and her daughter Shanna will move in June to LakeSide Village to enjoy a no-maintenance and “Walk To Everything” lifestyle. Shanna works at Walt Disney World, two miles from their new townhome, and both look forward to walking to the new Publix shopping center located a few steps from their door. By downsizing to a townhome, Anderson cuts her monthly expenses, but more significantly gained “free time” to care for family members. Her new home is “secure”, made of solid block for both first and second stories, features a two and a half car garage, two master bedrooms, three baths and a private courtyard.

“I will no longer spend weekends cleaning the yard. I plan have more time to spend with my father”, she says. Anderson waited for several years and chose to make her move now, because prices have begun to rise in Orlando, yet interest rates are still historically low. She saw a new townhome community with “luxury features”, next to a new shopping area, and the prices were right.

Anderson is one of fifteen buyers that purchased townhomes during the month of April at LakeSide Village Townhomes in Windermere. In late March, developer Mason Simpson and builder AR Bailey Homes opened two models within a 32-unit planned townhome community and immediately sold nearly one half of the community. “The timing seems to be just right”, says Simpson. “Five of our first buyers are downsizing from single-family homes in nearby neighborhoods, and several others are young professionals or investors betting that home prices can only rise later this year. The big question is “How long will the interest rates remain low?” observed Simpson. “What that says to a buyer is ‘Now is the time to purchase!”.

The Wall Street Journal, in a May 1 cover story, reports that home prices have begun to climb again nationally and are expected to rise as much as 10 to 20% this year over the lows of 2008 depending upon location. Orlando’s median home price jumped 22% in the last 12 months according to The Orlando Sentinel. “Several of our first buyers are looking at the investment potential and they believe the low prices are behind us.” Simpson adds that “Windermere is a strong market for homes under $300,000 and propelled by move down buyers in wealthy neighborhoods and by Walt Disney World visitors, executives and employees. All share a desire for a simpler existence where they can “walk to everything.” USA Today, in an April 18th story, confirmed that buyers no longer want “too many rooms and too many amenities.” The article reports that the real estate adage, “Location, location, location” has changed to “Proximity, proximity, proximity”.

Simpson located LakeSide Village Townhomes so that his buyers would live steps from a new Publix supermarket, a 24-hour Fitness Center, a French Café, a hair salon, medical offices, banks, dry cleaner and a great “neighborhood restaurant and pub”, Piazza Rialto, as well as other convenient businesses.

Connie Anderson agrees, “I am looking forward to walking to the café for a coffee and the morning paper. I am also looking forward to walking to grocery shopping with my daughter. Where you live is more important than the size of your home.”

For more information about LakeSide Village Townhomes, call 407-488-5588.

 

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