Orlando Real Estate Market
Buying Property in Orlando, Florida
Lake Eola Park
Orange County Convention Center
- Population: 238,000
- Condo: $100,000 – $2.5M
- Family Home: $200,000 – $15M
- Waterfront: N/A
- Investment Potential Rating: ***
- Nearest International Airport: Orlando International Airport.
Orlando is of course first and foremost known for its proximity to Disney World, which lies 24 miles away from its downtown. It is nicknamed “The City Beautiful” and has many other great attractions to recommend it, but it’s for its theme parks that it’s truly well known. Other parks situated in Orlando include Sea World, Universal Studios, and Wet n’ Wild, as well as many others. These huge tourism attractions help it regularly rank as the most visited city in America.
The downtown area of the city is centered around the historic district, with the city’s symbolic fountain at Lake Eola forming the focal point. Some world class shopping is to be found in Orlando, and it is a center for convention and conference hosting too.
Orlando International Airport is a bustling hub, connecting visitors to the rest of Florida and the world. The geography of Orlando is flat, and the terrain outside the city is flat and swampy. Its inland location means it is protected from hurricanes and enjoys a sub-tropical climate with humid summers.
Orlando Property Market Summary
The Orlando residential market recovered fast, and inventory is low, so prices are on the rise, and the best opportunities are gone. However, Orlando is always a sound long term investment. In July 2013 the median home price hit $153,000 which is the first time it crossed the $150,000 mark since 2008. There are a few months of inventory on the market and typically most properties are going to closing within 90 days.
Orlando is always a popular investment destination for people all over the world. A future development of the area around the Orlando Airport, called Medical City, is going to be a big new draw for Orlando. It will be a major hub for domestic and international medical tourism and may offer good opportunities for investment.
Many of the biggest presences in the medical industry in Florida will be there: UCF (University of Central Florida), VA (Veterans Administration) Hospital, Research Center, Children’s Hospital, etc. And this will bring doctors, researchers, and surrounding support staff to the area.
What Can I Buy in Orlando?
The most affordable entry options include ‘condotels’ where you can snap up a studio for $99,000. At the top end of the Orlando market there are a wide range of mega-mansions, varying in size, style, and price, from $5 million right up to the top home at $15 million.
There are some wonderful properties in the $700,000 to $3 million range, including lakeside estates around $870,000 which seem like good lifestyle value for money. But at the other end of the market $250,000 can get you a decent three bedroom family home, or for $180,000 you can buy a comfortable family condo in a resort with short term rental programs.