The city of Orlando is known for its theme parks is now becoming a major luxury condo market, whose value is about a quarter of that of a similar one in Miami-Dade.

By MiamiDiario Newsroom

«kissimmee is known as a area that is still growingJoe Hernandez, president of the Real Estate Practice Group at Weiss Serota Helfman Cole & Bierman told Miami Herald.

Magic Development, an Orlando-based developer of condominiums, hotels, and vacation homes, hosts events in Miami to promote its Magic Village by Pininfarina. The luxury enclave is named after the Italian design firm that makes the Ferrari.

According to  Miami Herald the price of Magic Development is approximately a room in a luxury condominium in Miami-Dade, where is in the order of $800 per square foot, according to Keyes Luxury South Florida 2019 Third Quarter Report. The company will manage the community and provide a rental pool for homes that are not in use.

Along with the price advantage, the Orlando area has another irreplaceable attraction: the theme parks. More than 20 million visitors attended a Walt Disney World Magic Kingdom in 2018According Theme Park Insiders While more than 10 million visited Universal Studios Orlando.

Magic Development has three other developments underway in Orlando. Dores said to Miami Herald  that investors in its only completed project, Magic Village Yards, have seen at least one 6% return of investment per year with an average occupancy rate of 62%. For example, Magic Village Yards charges $250 to $270 per night and has a rate of 62% occupancy.

According to the outlet, Magic Development construction began in 2018 for the $250 million project and should be completed by the end of 2020.

The 450-unit development at 5500 W. Irlo Bronson Hwy in Kissimmee offers a three-bedroom, three-and-a-half bath unit that measures 2,195 square feet per $503,000; and a 2,355-square-foot, four-bedroom, four-and-a-half bath unit $ 575,000Amenities include a club house in the center of the project with concierge service, swimming pool and restaurant.

The firm has good reason to look for national investors in miami and foreigners. “We have seen many real estate agents bring their clients from Miami to Orlando to look for opportunities in the last year.” Help Moracy Painha Dores, Director of Magical Development.

Magic Development plans to host events throughout South Florida. “We are going to start in Miami, but we see an opportunity in Palm Beach and Fort Lauderdale,” Dores told the Miami Herald.

According to investor developers, mainly from Canada, China and Latin America,  They already bought 240 units.

Experts warn that one drawback to investing in the Orlando area is the amount of inventory "If you don't know that market and you have too much competition, you may not get the income you thought," says Hernández.

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