The city is proposing an approval of approximately 300 homes in the Lake Nona area of South East Orlando.
WFTV News, reports states over 4800 homes, condos and town homes are currently available in Orange County currently, yet my records show that there are currently 159 homes, condos and town homes for sale within the Lake Nona area which includes Moss Park, Eagle Creek and Lake Nona.
Since May 1, 2011, there have been 229 Sales in the same area, and a total of 409 homes (not houses) have sold since January 1, 2011.
Of the 409 homes sold this year, 164 of them have been single family homes with a median sold price per square foot of $78.22 or a median sales price of $200,000 so far this year.
Of the 159 homes, condos and town homes currently available for sale, only 113 are single family homes.
If you are looking to buy in the Lake Nona area, be sure to visit my Lake Nona Homes For Sale page.
Update, as of 9/30 there were currently 4893 homes, condos and town homes for sale within Orange County and 3892 of them are single family homes. The remaining 1,001 property styles are condos & town homes.
33 of the 159 are short sales in Lake Nona area (21%)
6 of the 159 are bank owned REO in Lake Nona area (4%)
Depending on the price point and specific style being built, I will hold my opinion of “is this good or bad” but I am not seeing a benefit of adding 300 homes to an area that currently has a 3.5 month inventory of existing homes and believe it may be better to let more of the Orlando area recover just a little before we willy-nilly start approving new construction. Simply put, we do need more information but I would like to see a healthier market over-all considering there are still quite a few short sales available in the area.
Here is a link to the WFTV news article about the new subdivision: Lake Nona New Subdivision if you would like to view the article and video.