Peter Luu, a Premier Sotheby’s International Realty agent who specializes in the Lake Nona area, stated that California buyers who are moving to Florida will be willing to pay even more than a home’s current asking price, worsening the housing market in the area. “They are really going to disrupt the Lake Nona market,” he said.
The Lake Nona submarket already is one of the most expensive overall in Orange County. It is also known as one of the most popular communities. According to the Orlando Regional Realtor Association, the average home sales price in Lake Nona’s 32827 ZIP code was $686,085, versus the the county average of $429,195.
Home inventory this year in the Orlando area is at its lowest levels in at least 20 years with so many new families moving to the area daily. This forces many potential owners to pay more than list price. Local home prices are increasing regardless, with the median home price up 42%. However, Californians relocating to Florida will certainly be comfortable paying for home prices here in Orlando, as the market is a lot less expensive for them overall, on top of the Walt Disney Company potentially offering employees relocation assistance.
It will be interesting to see how this relocation will continue to impact the area overall in the coming years.