The Walt Disney Company recently announced that they would be relocating approximately 2000 jobs from California to Florida in a new campus in Lake Nona.
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.
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So real estate prices are expected to increase, and this is a bad thing? Some people can never be happy…
Florida is overpriced compared to state COL and wages. This is going to destroy the central FL market, only contributing to the inflated home prices, including rentals, and making it difficult for the “average” cast member to afford housing.
If you’re a seller, then the headline should read “Disney’s New Lake Nona Work Campus to Improve Orlando Housing Market.”
It’s all a matter of perspective. :)
Or it’s going to be great for people living there now that are going to make a killing selling their homes.
I love how ol Peter at Sotheby’s uses the word “disrupt”…he is loving the increase in his realtor fees!
I really doubt Disney call center employees are going to be able to afford Lake Nona price houses.
I’m really hoping it will rather create job openings for locals here in the Orlando area, as opposed to relocating 2000 Californians and their families to Central Florida.
Yup that’s exactly what will happen. Californians coming to Florida only to turn it into another California. Thanks, Disney.
Lake Nona used to be horse and cattle farms and garden landscaping places.
The houses there are very overpriced.
I think it’s good that a big company like Disney is going to knock down some of those inflated house prices and encourage growth in the area.
I have no clue how people living in Florida can afford these 400k-600k homes. I had a job offer for a manager level position, which would be a step up from my current job role, but the salary was literally less than half of what I currently make. More responsibility for way less pay? No thanks. This isn’t a one off either- when job posters actually put the salary range on the job listing, it is similar in range (very low pay)