Orlando has always been a popular destination, and the news that Universal Studios and Walt Disney World are to spend millions of dollars expanding their theme parks is surely music to the ears of realtors specializing in sales to international buyers.
The report by OPP is pretty timely as it was recently announced that Orlando became the first US city to attract more than 50 million visitors a year. In 2010 Orlando received 51.5 million visitors compared to 48.7 million visiting New York. One of Walt Disney worlds for theme parks, the Magic Kingdom saw visitor numbers reach nearly 17 million in 2010, making it the world’s most visited entertainment resort. There are plans to build an Avatar attraction at Animal Kingdom with construction due to begin next year which with another two Avatar films currently being developed should prove popular for years. It’s thought Universal Studios will expand its Harry Potter attractions.
Property agencies in the resort are pretty sure the market is now stabilizing and prices are slowly beginning to increase. The average price of a property in December last year was $118,000 which is 12.38% increase on prices in December 2010 when the average price was $105,000. Foreclosures are also falling, with 50% fewer bank owned properties coming up for sale, while the numbers of regular sales are rising.
Agencies are reporting more sales to cash buyers coming from Brazil, the UK, Germany and Canada as the Sunshine State offers buy to let investors the chance of a steady income stream practically year round. The chairman of the Orlando Regional Realtor Association, Stephen Baker thinks the buyers are choosing to purchase property now as they have noticed declining inventory levels combined with good affordability.
While property in the Orlando Kissimmee area is hugely popular, Miami is still the number one choice for overseas buyers with 30% of international buyers choosing to purchase property here as opposed to 14% who choose to buy property in Orlando.