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."
A look at three Orlando-area neighborhoods:
•Walt Disney World. Disney Vacation Club (disneyvacationclub.com) is a time-share operator that controls six ownership resorts inside the park, plus others in destinations such as Vero Beach, Fla., and Hilton Head, S.C. You buy a deeded interest in any of the resorts for $16,640. That deeded interest is a certain number of points, secured by a piece of real estate, which can be redeemed at any of the resorts. The basic plan includes 160 points, with larger packages available. Point redemption varies by resort, size of the unit and time of year. It is an inexpensive, flexible way to get started in Orlando vacation ownership.
•Reunion. The flagship of large developer Ginn, Reunion (reunionresort.com) is a 2,300-acre master-planned gated community, six miles from Disney World. The development features more than 2,000 units — single-family homes, condos and townhouses — with more planned. Amenities include three golf courses by Jack Nicklaus, Arnold Palmer and Tom Watson, a water park, numerous restaurants, spa and fitness facilities. "Ginn controls everything from housekeeping to lawn maintenance," says real estate agent Yung "Kan" Han. The typical Reunion offering, he says, is a 1,750-square-foot, three-bedroom, three-bath townhouse for about $375,000.
•Winter Park. An older city just north of Orlando and about 20 miles from Disney World, Winter Park combines small-town feel with big-city access. It is built around Park Avenue, the Rodeo Drive of greater Orlando, lined with shops and restaurants. Prices start at about $300,000 for a 1,500-square-foot, three-bedroom house from the 1960s and 1970s that Han cautions "usually needs a lot of work."