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June 23, 2010

What does Walt Disney know that we don’t? In a state where foreclosures remain near the highest, Disney will be unveiling a new line of uber-luxury homes, priced from $1.5m to $8m.

That is one bold move by Disney!

How bad is the real-estate market in Florida? In Orlando, Realtors say home values have dropped between 50% and 60% from the peak. Jeepers, that would put these new homes near the top of the market.

Say what? $1.5 to $8m? Yessir. Realtor.com says that the average price of new listings in greater Orlando this year is just over $243,000. Hmmmm..

According to the Wall Street Journal:

“The proposed 980-acre Golden Oak development, most recently two golf courses within the 40 square miles of Disney’s Orlando theme parks, is expected to eventually encompass 450 homes and a 445-room Four Seasons hotel.

The hotel will sit in the center of the development, to the south and east of one of the original golf courses, which will be updated.

Plans also call for a clubhouse, parks and pedestrian walkways, with wetlands and other conservation area comprising about half the project’s acreage.

Golden Oak will test whether Walt Disney World is compelling enough for the well-heeled to buy a home there instead of in other family-friendly resort towns. But the test will be a limited one: Fewer than 30 lots will be available for sale this year, with the first homes expected to be finished in 2011. The timing and scale of a second phase that may offer fully-built homes remains undecided. Disney declined to reveal its investment in the project.”

Call me crazy, but who is buying in this price range in Florida? Nay, who is purchasing a luxury home in Disney World?!

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