Ahhh Orlando, Florida ! Home of the infamous Mouse that everyone knows and loves. Ok, sure there are some Mickey haters out there, but did you also know that according to Forbes Magazine Orlando is one of the top locations in the entire nation for flipping a home ! In fact the price of properties in Orlando according to Forbes will increase by a whopping 35% over the next few years. Last year prices increased by 7%.
These numbers are largely related to the significant job growth and population increase in Orlando. In the past two years Orlando’s job growth has increased by 7.1% and the population by 7.3%. It doesn’t hurt that Orlando’s home prices are 22% below the national average, this alone is drawing many more homebuyers.
Here’s a few other factors driving the Orlando Market:
- The population in Orlando has grown 41% since the year 2000. To date, Metro Orlando houses over 2.3 million residents.
- Rents grew by 3.4% in the last 12 months, which is higher than the national and state levels.
- Orlando’s employment growth is among the best in the U.S. with 173,900 jobs created since the recession and a growth rate of 4% per year.
- Orlando’s population has grown 41% since the year 2000 and is expected to grow an additional 1.5% in 2017, which means the demand for housing is likely to increase. Orlando Medical City boasts a $7.6 billion economic impact and will create 30,000 jobs.
- Amazon recently opened in Orlando bringing 4,000 jobs to the area, the current leader in job and population growth in the state.
- Orlando was recently named the “hottest” single-family real estate market among the 50 largest US metro areas. According to the report, Orlando has been elevated to the nation’s top market position due to limited supply, rising home values, ample jobs and income growth, especially in the leisure/hospitality sector.
The city is in the middle of a huge redevelopment plan. The Downtown Orlando website says it has $5.39 billion invested in these projects with more than $3.5 billion in projects already underway.
Some of the up-and-coming projects include the new Orlando City Stadium. It’s a privately funded project and will be home to Major League Soccer. It’s 435,000 square feet with retail space, office space, club space, and seating for 25,000. 49 of the seats are permanent rainbow chairs as a tribute to the people who lost their lives last year, at the Pulse Nightclub shooting.
Just two blocks from the stadium is the new Amway Center arena. It’s a world-class metal and glass building that’s LEED certified. Designers claim it is one of the most environmentally friendly, professional arenas in the country.
Next to the Amway Center is the proposed Sports and Entertainment District. The city wants to turn that into a mixed-use development site with hotels, stores, offices, convention halls, and residential units.
The old Amway Center is being transformed into something called the “Creative Village”. The goal is to turn that 68-acre site into a mixed-use community where people can “live, learn, work, and play”. The “I-4 Ultimate” project will create an urban park under the Interstate 4 bridge decks through the center of town. Planners want to turn that into a place for performance art, creative art, vendors, and recreational activities.
There’s also a new University of Central Florida campus headed for the heart of the city. The city website says: “The new campus will provide innovative education for high-demand fields that integrate with industry and place thousands of students within walking distance of jobs and internships.”
Orlando is considered a walkable transit-friendly city. It also has a high regard for U.S. car culture. Ace Cafe Orlando is a tribute to the world of motor vehicles. It’s a 35,000-square foot dining entertainment, and retail destination with plenty of “cool” cars and motorcycles on display for visitors.
Real estate investors also benefit from Florida’s business-friendly environment. It’s a judicial state which favors property owners, encourages new business growth, and does “not” collect state tax.
Simply put, if you are looking to flip a house there is no better place than our Orlando. Contact us today to speak to one of our investment specialists to learn more about investing in the Orlando market.