Despite a cooling condos market across the nation and skyrocketing costs of construction, the Orlando condominiums market continues to grow strongly. Over the past few months more than 11 new condos have been announced.
Property managers are attributing the expanding condos market to the popularity of Orlando as a vacation destination. More than 50,000 people come to Orlando every summer to enjoy the city's great beaches, amusement parks and golf courses.
Orlando condos are available in a range of prices. However, the luxury condos for sale cost more than $ 1 million. However, these condos offer buyers the ultimate experience in luxury. Most of the condos have spas, swimming pools, small golf courses and built-in fully equipped gymnasiums.
A unique feature of the condos market in Orlando is the expansion of the hotel condo market. A lot of property developers are now developing condo suites in luxury hotels. Owners of these condos have the opportunity to lease out the suites to the hotel when they are away on vacation. In return, they get 50 per cent of the revenue generated during that period.
As in all cities, the condo market is also being accompanied by a revival of the downtown area. A lot of property developers are cleaning up the downtown Orlando area for the construction of Orlando condos for sale. In the last year, more than 29 condo towers with a combined 7,000 to 8,000 units have been announced for locations in downtown Orlando.
The condos market is reshaping the look of Orlando. More than 1,500 condo units are being planned in various parts of Orlando. Most of the projects cost around $ 30,000 for the bottom units. The luxury Orlando condos for sale cost upwards of $ 1 million.
Orlando is one of the city's that has been able to buck the downward trend in housing. The grandeur of the city and the excitement that it offers is attracting a lot more people into it. More people are also deciding to invest in Orlando condos.