Orlando’s Real Estate Market Sees 2024 Boom

News Summary

Orlando is experiencing a significant rise in its real estate market in 2024, fueled by tourism and various developments. Major investments from Disney and Universal contribute to this surge, along with updates to real estate regulations. The commercial real estate sector also thrives with record-high transactions, while new hotel constructions promise enhanced accommodation options. Political developments and land acquisitions indicate a solid growth trajectory for the city. Overall, 2024 is proving to be a transformative year for Orlando’s real estate landscape.

Orlando’s Real Estate Market on the Rise in 2024

Well folks, if you haven’t been keeping an eye on Orlando lately, you might want to start! The real estate market here has kicked into overdrive in 2024, and there’s a whole lot of exciting development going on. From new homes and apartments to retail spaces and even hotel rooms, Orlando is buzzing with activity.

A Focus on Tourism

One of the biggest driving forces behind this surge is tourism. Central Florida has always been a hot spot for fun and family-friendly attractions, and that’s not changing anytime soon. Universal is racing against the clock to wrap up its Epic Universe theme park, which is set to open in the spring of 2025. Can you feel the excitement? Disney, too, has resolved its previous squabbles with Governor Ron DeSantis, paving the way for a whopping $17 billion investment in the region over the next decade!

A Game-Changing Year

2024 is also shaping up to be pivotal for those looking to either buy or sell a home. The National Association of Realtors has reached a landmark settlement that will change how real estate transactions unfold. Sellers’ agents can no longer disclose commissions on MLS listings, and buyers will need written agreements with agents before they can start touring homes. This might sound a bit confusing at first, but the new regulations are designed to enhance transparency and flexibility in the slippery world of real estate.

Commercial Real Estate Hits New Heights

If you think the residential market isn’t buzzing enough, wait until you hear about the commercial real estate scene! There have been record-breaking sales this year, including the pricest hotel sale and some jaw-dropping deals for shopping centers. For instance, Lake County set a land sale record with significant transactions taking place twice this year!

Hotel Boom in Full Swing

Hotel construction is also on the rise, thanks largely to Universal’s planned three new hotels at Epic Universe, which are expected to debut in 2025. Meanwhile, IHG Hotels and Resorts isn’t sitting idle either—they’re set to open a new Kimpton Hotel in downtown Orlando and a luxury InterContinental Hotel on I-Drive this year. Talk about a major upgrade in stay options!

The construction trend doesn’t stop there. They’ve even started on a dual-branded EVEN-Staybridge Suites near Epic Universe, scheduled for early 2026. In August, the Hyatt Regency Orlando was sold for an eye-popping $1.07 billion—that’s a record not just for Orlando, but for hotel sales in the U.S. too!

Land Transactions a Plenty

But wait, there’s more! Developers spent over $440 million on land acquisitions in the Wellness Way area this year. Major deals included the sale of Arnold Groves and the Roper property for a staggering $165 million. With plans for a master-planned community called Panther Run, it’s clear this area is gearing up for some serious growth.

Retail and Office Markets Thrive

Orlando’s retail market is thriving as well, with new shops, supermarkets, and restaurants popping up all over. Waterford Lakes Town Center reached a milestone by selling for $322 million, making it the most expensive retail center in the Orlando market’s history.

The office market is not lagging either. Signs of recovery from the pandemic are palpable with new constructions, like the Westcourt Sports+Entertainment District! Big companies are making moves too, like Charles Schwab, which acquired the Maitland Summit office park for $122 million to consolidate its Florida operations.

Political Developments

Deseret Ranch property, potentially expanding Orlando by nearly 60%! A deal was eventually brokered with Orange County, leading to the dropping of appeals and millions allocated for stadium upgrades and homeless shelter development.

In a nod to community sentiment, Orlando residents voted in charter amendments to limit future rural-area annexations, ensuring our beautiful city can grow responsibly without the chaos of urban sprawl.

Conclusion

So, there you have it! Orlando’s real estate scene in 2024 is bustling with developments that promise to transform the city into an even more appealing place to live and work. With all these projects in the pipeline, who wouldn’t be excited about what the future holds?