Forecast Highlights Hottest Orlando Neighborhoods

Downtown Orlando Thornton Park Lake Eola

Areas near Downtown are set to be the hottest Orlando neighborhoods this year

If popularity is driven by internet searches, neighborhoods near downtown Orlando will be the hottest Orlando neighborhoods in 2017, according to a report by real estate brokerage and analytics company Redfin.

The company predicted three neighborhoods — South Eola, Colonialtown North and the Central Business District — would be the “hottest” in Metro Orlando and most sought after this year based on the number of page views and the times someone saved a house listing as a favorite during recent months.

“Downtown Orlando has undergone a revitalization recently, and it’s become a place you actually might want to hang out after work, rather than driving back home to the suburbs for dinner,” said Redfin agent Octavia White, of Orlando. “I’ve seen a lot more interest from buyers who want to live a more urban lifestyle; maybe they want to check out a new bar or restaurant for dinner on the weeknight, or visit the farmer’s market over the weekend.”

White said her buyers have scouted some of the older condos in the South Eola area and also some of the single-family homes in Colonialtown, an area that has become more popular with investors who renovate to appeal to buyers who want a house in turn-key condition.

Shoppers are still searching for plenty of suburban homes online as well, according to Move Inc., which operates Realtor.com and other websites.

Two of the five most-searched postal codes in Central Florida during the fourth quarter were centrally located — Winter Park’s 32792 ZIP, as well as east of downtown Orlando in the 32825 ZIP — along with Winter Springs, Oviedo and Casselberry farther north and east.

Of Redfin’s three hotspots, the Central Business District, with mostly condos in the core of downtown Orlando, was the most affordable. Median prices there were $200,000. Midpoint prices for Colonialtown North were $275,000 and South Eola’s median price was $385,000, according to Redfin.

Houses sold the fastest in Colonialtown North, where listings came under contract in an average 55 days. South Eola properties took about twice that time to come under contract and those in the Central Business District landed a contract within an average 90 days.

Colonialtown buyers had the least room to negotiate; sales prices were 95.9 percent of the list price. In South Eola, they were 92 percent and in the Central Business District they were 93 percent.

Elsewhere in the country, neighborhoods a short drive from urban areas are the most likely to have a good year, Redfin Chief Economist Nela Richardson said.

“Our data on homebuyer activity shows that, this year, people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits,” Richardson said. “The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”

 

Source: “Forecast highlights hottest Orlando neighborhoods,” Orlando Sentinel