Condoville Realty Inc.<\/a>, a Toronto-based firm that\u2019s opening up a new office in Wynwood Miami.<\/p>\nThe new Condoville office is assisting a prominent international developer with a multi-phased condominium project in Osceola County, one of the only counties containing a Disney World Park. In fact, the development site is two minutes from Disney Park and five from its theme parks. It is also about 22 miles away from Orlando International Airport, which Gogna says is creating a lot of buzz in the investor community because it will appeal to short-and long-term tenants alike.\u00a0<\/p>\n
\u201cThe ability to purchase this opportunity in this area with the freedom to live as a resident, rent short-term and long-term is a game-changer,\u201d he said. \u201cCompeting sites in the area have several occupancy restrictions in fine print. On top of that, you\u2019re purchasing at Day 1 pricing with several hundred suites developing on site over the coming years that will automatically generate profit in your purchase as real estate prices continue to surge upwards.\u201d<\/p>\n
Construction on the first of two buildings in phase one, a seven-storey mid-rise\u2014the next two phases will be high-rises\u2014will commence in the next two months.<\/p>\n
\u201cYou\u2019re probably making $1,000-1,500 a month with projections of 85% occupancy, however, that\u2019s a pretty conservative projection because Orlando receives 75 million tourists a year and that figure is continuing to grow as COVID travel restrictions vanish,\u201d Gogna said. \u201cFlorida\u2019s tourist visits jumped by 20% in the first half of 2022 compared to the same period in 2021\u2014and remember, the state didn\u2019t really shut down during COVID, so it was getting plenty of visitors even back then.\u00a0<\/p>\n
\u201cThe labour force also increased by 6% year-over-year in April of this year, so we continue to hear this great story of housing demand across the board from local residents as well as travellers that is contributing to the growing pool of renters there,\u201d Gogna added. He also noted Florida\u2019s long tradition of attracting snowbirds has become more aggressive as first-generation immigrants look for sun and warmth in the winter months while staying close to home and the ability to access financing programs from TD and RBC has offered US property ownership without purchasing cash.<\/p>\n
Florida has long been attractive because it\u2019s an income tax-free state, and, in addition to its booming population, its favourable corporate tax structure has been enticing scores of companies to relocate to the Sunshine State.<\/p>\n
The development is also sure to reap promising ROIs for investors, considering that Orlando\u2019s home prices surged by 30.1% in the last year, thereby promising robust rental income and long-term appreciation.<\/p>\n
\u201cOrlando has typically been all about the Disney attractions, but it\u2019s becoming a tech hub for the defence, finance, and medical industries, while Miami continues to grow its reputation as a start-up hub,\u201d Gogna said. \u201cWhat we\u2019re finding is given the corporate tax structure and billions of dollars in tax incentives from local governments, newly founded companies all have Florida on their radars. Continued growth with regard to business infrastructure and investment is triggering population growth, and just like we\u2019re seeing in Ontario, homes can\u2019t be built fast enough.\u201d
\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
It\u2019s hard to think of another period during which Florida was in the news for all the right reasons. America\u2019s third-largest state is slated to break 22 million residents by the end of this year in large part because of job creation and its state government\u2019s refusal to implement severe COVID-19-related strictures like those in […]<\/p>\n","protected":false},"author":6,"featured_media":24926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9639"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=9639"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9639\/revisions"}],"predecessor-version":[{"id":24925,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9639\/revisions\/24925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/24926"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=9639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=9639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=9639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}