Just like in the rest of the country, Orlando's luxury condominium market has taken a hit in the recent economic downturn. The upside of a down market is always the fact that buyers can take advantage of great prices to make owning their dream home a reality. And, this down market is definitely beginning to rebound, so this great time to buy may be short lived.
And, who wouldn't want to own one of Orlando's luxury high-rise condominiums? There are many buildings to choose from, and each has its own unique personality. Here are a few we like to highlight if you're in the market for a luxury downtown Orlando condo:
The Sanctuary This is one of Orlando's most prestigious addresses. Live here, and some of your neighbors will be players from the Orlando Magic basketball team. You'll also have access to the restaurants on the first floor of the building, assigned garage parking, 24-hour security and concierge, a fitness center and a zero entry pool with cabanas. The building itself is conveniently located in Thornton Park. There has never been a better time to buy in this wonderful condominium community, where condo's range from around 1300 square feet to over 3000. This neighborhood is one of Orlando's best, with a nice mix of beautiful condos like the Sanctuary, along with single-family homes, retail shopping, nightlife and fantastic restaurants.
Waverly on Lake Eola This 22 story condominium community is one of a kind. Built by Zom, the building offers features like wavy hallways that you can't find anywhere else in Orlando. One of the biggest reasons to buy at the Waverly is the proximity to 60-acre Lake Eola, with its beautiful fountain and surrounding park. You can picnic, rent swan boats and enjoy lots of other amenities at the park on the lake. Each condo has floor to ceiling windows that offer spectacular views, whether you happen to be facing the lake, with its magical fountain, or the downtown skyline. The building offers 24-hour security, a wonderful pool and a fitness center.
China Glass Warehouse Lofts These unique condos are not for everyone. But, if you're looking for a New York style loft with brick walls and concrete floors, you'll love these. They offer some great contemporary amenities, like granite countertops and enormous windows. You'll also get 24-hour security and secured parking. This building is not a high rise and isn't as large as many other downtown condos, which is appealing to many people.
The Grande The Grande Downtown has some of the best deals in luxury condo real estate right now. Located right in the center of downtown, living at The Grande means that you're within walking distance of Thornton Park, Lake Eola and all the shops, restaurants and bars in the heart of town. Condos in this building are not nearly as pricey as many of the other buildings we've mentioned, but you still get a great pool and fitness center, secured parking and fantastic views.
101 Eola Condos This midrise condo building offers lots of amenities for residents, including a business center. Downstairs, you'll find retail space, including restaurants and bars. There's also a wonderful swimming pool and barbeque area, as well a fitness center. Eola offers a more intimate setting than many of the other condos, with less of an "apartment" feel.
Jackson Condos One of the newer buildings in downtown Orlando, Jackson was completed in 2006. It is a mid-rise building with gated parking and a rooftop common area. This building is within walking distance of Thornton Park and Lake Eola, as well as being very convenient to all of downtown's restaurants, shopping and bars.
These five complexes are just a few of the downtown luxury condos that continue to have units available at great prices. Whether you're looking for a home for yourself, a vacation home, or rental property, now is a great time to invest in a downtown condominium in Orlando.
Real estate in Orlando is always a good bet, because the area has so much to offer for both residents and visitors. The downtown is now a thriving business hub, with lots of representation from the banking industry, like Suntrust and Bank of America.
Downtown Orlando is a convenient place to live, especially for those who work downtown. Though the main business district is not totally adjacent to areas like Thornton Park and Lake Eola, the commute is still easy.
As Orlando grows, the downtown area, especially around Lake Eola and Thornton Park is expected to continue to be a hot area for young urban professionals who want the convenience of living near where they work and who enjoy the bustling day and nightlife offered by living in Orlando's downtown community.
If you think only of Disney World and Sea World when you think of Orlando; think again. Downtown Orlando is far removed from the tourist area located south of town, and has a very different vibe than the suburban Orlando.
Real estate in Orlando, in general, has taken a beating in recent years. In the third quarter of 2010, 46% of the single-family home sales in Orlando were foreclosures. The average for the state was 36%. Prices on foreclosed home averaged 25% lower than on sales in which the homes were not in foreclosure.
While that all sounds a bit gloomy, it's important to note that we're definitely seeing an upswing in the economy, and to remember that real estate is still a good investment if you look at it from a historical perspective.
So, if you're interested in living in downtown Orlando, or just owning a piece of this beautiful area for your own vacations or for renting to others, now is the time to jump on the luxury condos located downtown. There's no question that these beautiful downtown properties won't be available at these prices forever. There's also no question that, over time, buying a luxury downtown condo in Orlando will be a good financial investment; not to mention offering a wonderful home for the right resident
