Yet another deal is in the works between Walt Disney Co. Central Florida's biggest employer and Lake Nona developer Tavistock.
Burbank, California-based Disney (NYSE: DIS) is in talks with Tavistock Development Co. to develop an age-restricted community as part of the roughly 27,000-acre Sunbridge development near southeast Orlando's Lake Nona community, Orlando Business Journal has learned.
More details on the size, scope and construction timeline for Disney and Tavistock's age-restricted community wasn't known. Representatives with Disney and Tavistock weren't available for comment.
The talks come on the heels of Disney's revelation on July 15th that it would relocate 2,000 jobs to Lake Nona as part of an $864 million investment.
The planned new community would be like a smaller version of The Villages, a huge age-restricted community northwest of Orlando, sources told OBJ.
It's no surprise that Disney would be interested in an age-restricted concept. After all, The Villages was the third-fastest growing area in the U.S. for housing units in the past decade and is the second most popular master-planned community so far this year in terms of home sales.
More on Sunbridge
That said, the Sunbridge community, which is in Orange and Osceola counties, has room to grow. Sunbridge can support a combined 22,700 single-family homes, 13,990 apartments, 6,000 hotel rooms along with more than 11 million square feet of office space and 3.9 million square feet of industrial space among other uses.
The multi-decade development already features Del Webb Sunbridge, a 55-plus active-adult neighborhood on 700 acres near Narcoossee Road on the south side of Cyrils Drive, which opened in summer 2020.
Meanwhile, the 575-home Weslyn Park north of Cyrils Drive is expected to open in Sunbridge this year along with Basecamp, an information center and activity hub.
Why Disney is interested
Real estate experts agreed that the age-restricted community development may be a boon for Disney.
Consider: Demand for local senior care housing and services is forecast to boom in the next decade. Orlando is expected to reach about 1 million people age 65 and older between 2025-2030, for the first time outnumbering the younger demographic of those up to age 17, as previously reported by the Orlando Business Journal. That means more elder services will be needed in Central Florida by 2030, including independent-living communities, memory-care and skilled nursing homes, as well as developments that cater to active seniors.
"Everyone talks about the silver tsunami. It's absolutely coming," said Trey Vick, CEO of Apopka-based Strive Senior Living LLC, who is not involved in the project.
Meanwhile, Disney's brand appeals across generations, and Walt Disney World is a draw for residents of The Villages, which is less than a two-hour drive from the theme parks.
That's according to Bree Tucker, an agent and partner of Orlando-based real estate firm The Pozek Group. Tucker is involved in The Villages residential deals and knows interested buyers want to be near Walt Disney World due to personal interest and for visiting family members.
However, one of the biggest advantages of Sunbridge's location is its proximity to Orlando International Airport, Tucker said. She said the distance from a major airport is a drawback for Villages residents who hail from across the U.S. and the world.
"Being near an airport would be a huge draw for people in the Sunbridge community."
By Staff Writer, Orlando Business Journal
We remember when it was normal for it to possibly take months to sell a listing. After the 2008 financial crisis the MLS was full of distressed properties and in many areas there was an estimated six years of inventory!
Today it's literally hours and maybe a few days before we have back to back showing appointments and offers lining up in our email. In the Orlando market, home buyers can’t risk leisurely weighing several listings and sleeping on it before committing to likely the most expensive purchase of their life. Even though it's nerve racking, most buyers when they finally get that home find they made the right decision. You are living the much desired Florida lifestyle while at the same time investing in a area where growth doesn't slow down. At the end of the day, with the continued demand for so many to live in the vacation capital, it's a wise wealth investment.
The big question we get almost daily is when is the market gonna crash like in 2008? We always respond no guarantees but it's highly unlikely. This current market we are experiencing is completely different that 2008. The subprime mortgages that overstretched buyers’ budgets don't exist anymore. The banks and government regulations now put much tougher demands on income documentation and have stricter guidelines that need to be met before approving a mortgage.
But for us in the Orlando market especially it's not just demand it's the lack of supply. According to the National Association of REALTORS chief economist, Lawrence Yun, "In the housing bubble heyday, builders overbuilt. By my calculations, America had 2.1 million surplus housing units by 2006. Following the crash, underproduction steadily chipped away at the surplus, such that inventory normalized by 2011. Continuing underproduction led to the housing shortage. By 2015, the shortfall was 2 million homes. By the end of 2020, it totaled 4.8 million homes. The lack of inventory is why home prices are in no danger of falling sharply.
In addition Yun adds, "Home building activity in 2021 is expected to be slightly above historical norms. But it will take at least a few years to correct the massive shortage. In the meantime, we expect the national median home price to rise 9% this year and another 3% in 2022. Hyperspeed home buying should taper off by year’s end as supply improves and affordability challenges persist."
We know home buyers are looking for some type of reprieve from the cut throat competition. It's not unusual for a family to make offers on multiple homes before something lands...if someone else didn't waive their rights to a home inspection, offer way over asking price, offer to pay the difference in cash when it doesn't appraise, or just pay the whole lump in cash and close in two weeks. It's exhausting but we encourage buyers to hang in there....the wait will be the reward of soon owning your own little piece of the Sunshine state.
Get ready a 36 acre mixed use development that will include apartments, commercial space and 9 acres of up to 92 townhomes has been approved by Orlando city commissioners to begin on the fringes of Orlando's booming and popular Lake Nona community.
The homes are expected to be a high-end product similar to Lake Nona's neighborhood Laureate Park. Lake Nona is one of Orlando's top-selling communities even though it's average home sales price is almost twice the average Central Florida price of $360K.
The Lake Nona area is desirable for buyers because of the jobs supported by Orlando International Airport , nearby Amazon warehouse and access to Kissimmee and major connecting highways.
Townhomes are popular with a wide range of buyer. From first time homebuyers, families, and investors. The townhomes in Lake Nona in particular are hot because it gets you into the community with a smaller price tag than a single family home.
It looks like Brightline has taken one more steps toward its proposed Orlando-to-Tampa extension project.
The Miami-based rail firm met with several stakeholders in the last few weeks, Brightlines Exec VP of Infrastructure Michael Cegelis said the rail line currently has a July 31 deadline to negotiate the lease of right of way needed for the expansion to Tampa, which is needed for the project to proceed.
So far, the rail firm has met with Florida's Turnpike Enterprise and several Florida Department districts. Other meetings that are taking place are with the Greater Orlando Aviation Authority and the Central Florida Expressway concerning lease agreements.
Brightline has already presented two potential 17-mile routes, one which serves the Orlando International Airport to Disney Resorts. This route follows the State Road 417. The alternate route goes near Vineland Road and communicates with Universal Orlando Resorts and International Drive Resorts.
It's yet to be determined which route is in the best interest of Orlando county residents or will it come down to costs? Hmmm.....either way on a personal thought.... I sure hope it get's used more than our Sunrail system that runs through Orlando.
Brightline said they are targeting the full 85-mile extension from the Orlando airport to Tampa by roughly 2028-2029 but still don't really know just how much it's gonna cost.
The company is currently 52% complete on its $2.7 billion, 170-mile extension from West Palm Beach to the Orlando airport. Service is expected to start in 2023 after completion of the route by the end of 2022. We shall see :)
When you want to sell your house most owners hope for a quick transaction that will turn the most profit. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are just five reasons why this is the perfect time to sell your house.
In Orlando the buyer demand is strong right now. Locals are looking to get into the perfect community and people from out of state and abroad are flocking here. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year.
When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.
“Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.”
The National Association of Realtors (NAR) also reveals that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market!
A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the Orlando real estate market today.
Clearly, many more people are interested in buying than selling this spring, creating the ultimate sellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations.
The My Dream Home in Orlando team has seen a huge increase in bidding wars with the average of 4 offers per house! Demand is there, and now is the perfect time to sell for the most favorable terms.
According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. Equity is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home, downsizing or relocating.
Mark Fleming, Chief Economist at First American:
“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”
So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate our home space and what we find most important in a home.
Whether it’s a house that has the features suited to working from home with space for home schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and find the home of your dreams.
Today’s Orlando housing market belongs to the sellers. But, interest rates are still favorable for home buyers. Making a more expensive home easier to afford. If you’ve considered making a move but have been waiting for the right market conditions, your wait is over. Reach out to us and we can help you get into the best position to win when you sell your house this spring.
Request a free estimate or consultation with RE/MAX Premier Properties today! We'll be happy to help every step of the way.