Second homes: Orlando is a not-so-small world

— -- If California's Disneyland calls itself the "Happiest Place on Earth," Florida's Walt Disney World must be the happiest place in the universe, given its enormous size. The resort spans 43 square miles, with four theme parks, dozens of hotels, several golf courses, more than 100 restaurants, and countless shops and entertainment venues.

Disney, however, is not the sole Orlando attraction. Its success spawned Universal Studios resort, Sea World and numerous other attractions, plus an immense infrastructure of hotels, dining, golf, entertainment and myriad communities. Orlando claims a whopping 48 million visitors annually.

Not surprisingly, many of these visitors contemplate purchasing a vacation home, and the region's huge market for short-term rentals tempts would-be buyers with the promise of rental income. But for most shoppers, considering the huge number of units and competing hotel rooms, usage rather than rental income should be the primary motivation for buying.

One big appeal of Orlando is affordability. "Within half an hour of Disney World, you can get a two-bedroom, 2½-bath in a decent neighborhood for $150,000," says Yung "Kan" Han of Weichert Realtors-Hallmark Properties.

Disney World is just south of Orlando, and many of the most desirable residential communities surround the park. Celebration, a Disney-developed community immediately south of the park, has a town center many buyers find appealing. Windermere is a neighborhood just north of the park and includes gated and non-gated communities. New three-bedroom townhouses there start at $180,000.

Windermere also includes Orlando's most exclusive and expensive community, Isleworth, where Tiger Woods and other celebrities live. Houses there start at $1.5 million.

"The first question I ask every buyer is what their family unit is like," Han says. "As soon as people find out you own in Orlando, all your cousins, relatives from branches of the family you didn't even know you had, will suddenly become your best friends."