TRENDS

Orlando remains one of the most affordable markets in Florida.

By Kevin Fritz

Once upon a time, in the not-so-distant past, the Orlando area was a bastion of affordability. Then the real estate boom hit, and Central Florida housing prices soared, as did prices in almost every major market in the country.

The Orlando Regional Realtor Association (ORRA) reports that the average price of a new home in the metro area today is around $336,600 while existing homes are hovering around $250,000.

As the market has softened, prices have stopped their rapid ascent and have even slipped marginally in some areas. But no credible expert is suggesting that real-estate values in rapidly growing Central Florida are going to plummet.

Yet, despite the record-setting run-up of the past several years, the Orlando area remains relatively affordable, according to the Metro Orlando Economic Development Commission (EDC).

"Metro Orlando is still an affordable market nationwide for both residential and commercial real estate," says Jennifer Wakefield, public relations director for the EDC.

Indeed, many Central Florida builders are committed to getting more affordable homes—that is, homes priced at around $200,000 or less—on the market.

KB Home, Avatar Properties, Orleans Homebuilders, Centex Homes, Mercedes Homes, America’s First Home, Beazer Homes, Showcase Homes, Engle Homes, Pulte Homes, Maronda Homes and Meritage Homes are some of the builders with offerings in that range.

But what can you get for $200,000? Actually, more than you may think.

For example, at Hammock Trails in Osceola County, KB Home is offering 1,870-square-foot homes for $189,990. Orange-peel textured walls, designer interior lighting fixtures, flat-panel interior doors, master bedroom suites and oak recessed-panel kitchen cabinets are all included.

"Our strategy is driven by data on what our homebuyers want and what they can afford in a new home," says George Glance, division president of KB Home Orlando.

KB has homes priced at or below $200,000 throughout Central Florida, Glance notes, including $169,000 homes in Osceola County’s Mallard Pond, where community amenities include a fishing dock, recreation fields, and a children’s playground.

"There are tremendous values on the market and interest rates are still very favorable," adds Glance.

One of the best values is at southeast Orlando" target="_blank">Orange County’s Waterford Trails, a Centex community surrounded by a conservation area and close to shopping, entertainment and dining. There are three models from which to choose priced from $188,990.

In Seminole County, Centex has models in Sterling Meadows priced from $186,490. The community boasts a highly desirable location near the Heathrow International Business Center and the Seminole Town Center mall.

"The majority of our properties are priced under $200,000," says Carol-Ann Barody, spokesperson for Centex. In fact, the company has homes in 10 communities throughout Central Florida ranging in price from $140,000 to $190,000.

Outside the Box

Avatar has recently announced its new Classico Series at Stillwater Landing, a development within the resort-like setting of Bellalago/Isles of Bellalago. There, Mediterranean-style homes are being offered priced from $217,900.

According to Michael Manning, Bellalago’s director of sales, Avatar has "stepped outside the conventional box" to deliver affordably priced single-family homes on large lots in a gated, lakefront community.

"What makes the Stillwater Landing community special is that all homesites are 125 feet deep and have a minimum of 25 feet between homes," Manning says. "The extra space adds to the curb appeal and the streetscape is nicer."

Manning says that the Osceola County project was designed based in large part upon input from focus groups held this summer. "Pricepoint and space were the key things on which we were getting consistent feedback," he adds.

So, Avatar set out to offer homes that combine affordability with the Bellalago lifestyle. That lifestyle is enhanced by 300 acres of inland lakes and waterways, a fitness and aquatic center, a children’s water park and tot-lot, tennis and basketball courts, playgrounds, a bandshell, a boardwalk and boat ramps. There’s also a K-8 charter school on the property as well as the new $49 million Liberty High School.

About one-third of Stillwater Landing’s planned 125 homes will front an inland lake or a park. There’ll be six floorplans from which to choose, all with three bedrooms and two bathrooms in 1,533 square feet.

Also in Osceola County, Avatar has introduced its new Garden Collection in Poinciana, where homes priced from the $100s are offered. "These are efficient designs with great space planning," notes Manning of the 1,214-square-foot floorplans. "There is no wasted space."

Finally, Avatar is now selling its Key Grande Collection homes in Solivita, an active-adult master-planned community in Osceola County, where $196,900 gets you three bedrooms in 1,285 square feet. Located in Kissimmee, Solivita boasts a golf course, a swimming pool, a fitness center and an array of other amenities.

America’s First Home is also carving a niche in the affordable market by "value engineering" some of its homes and by positioning itself as an expert in loan-assistance programs.

For example, in Poinciana the builder is featuring the "Freedom Series," with 1,160-square-foot homes with two bedrooms and two bathrooms priced as low as $139,000.

According to Renata Jedrey, director of business development, America’s First is helping buyers identify the loan programs that best meet their needs and providing them with the necessary paperwork to apply.

"The more knowledge a buyer has, the more confidence he or she will have when it comes to deciding which home to buy," says Jedrey. "Giving buyers this information is a win-win situation."

Living Lakeside

In the heart of Lake Alfred in Polk County, Meritage is offering homes at the Lakes of Lake Alfred priced from the $160s.

"Meritage Homes has responded to current market conditions," says Amanda Miller, the company’s vice president of sales and marketing. "The Lakes at Lake Alfred has seen improved traffic and sales with this response."

All homes include zoned irrigation, Permacrete exterior paint that protects from wind-borne rain penetration and ceramic tile in the entry, kitchen, breakfast nook, utility room and bathrooms. Kitchens boast 30-inch panel oak cabinets.

Lake County is also a hotbed for affordable communities. Jim Bible, owner of Showcase Homes and president of the Lake County Home Builders Association, says most properties for sale are single-family homes with yards, making the county’s offerings perfect for young families.

For example, at Sleepy Hollow in Leesburg, Showcase is offering 1,200-square-foot homes priced from $172,900.

"This location is ideal since it sits next to a 60-acre regional park offering things like soccer and baseball fields," notes Bible.

In addition, Showcase is offering homes for $179,000 in Grand Island Oaks in Leesburg. The 1,200-square-foot, three-bedroom, two-bathroom homes offer proximity to Lake Yale and Lake Eustis.

Centex is busy in Lake County as well. For example, at Martin’s Grove in Tavares, the company is offering homes priced from the $150s. White fencing surrounds the community, which features such amenities as a fitness path as well as outdoor grill and picnic areas.

Home sizes start at a generous 1,433 square feet. And the two-story, 2,509 square-foot Royale model, priced at only $203,490, encompasses four bedrooms, two-and-a-half bathrooms and a two-car garage.

At Lake Jackson Ridge in Mascotte, Orleans Homebuilders is offering its 1,200-square-foot, three-bedroom, two-bathroom Claro model priced from $194,950.

Overlook at Lake Griffin in Leesburg features Maronda’s Montgomery model priced from $149,900. The 1,312-square-foot home has three bedrooms and two bathrooms. At 2,800 square feet, Maronda’s Bayberry model offers four bedrooms and two bathrooms at a price of $199,400.

Terrific Townhomes

While it’s true that many of the region’s more affordable single-family homes can be found outside the city’s core, close-in townhomes are providing value and convenience for an increasing number of buyers.

In Orlando, KB is finding success with Avalon Park Townhomes, located in the southeast Orlando master-planned community of Avalon Park. The units, priced from $192,990, range in size from 1,594 to 1,750 square feet.

The project is surrounded by hundreds of acres of natural fields, trails and ponds. Buyers will also enjoy all the Avalon Park amenities, including walking and biking trails, community pools, tennis and basketball courts, a dog park and on-site schools.

KB also offers $179,000 units at Lake Burden Townhomes, located in prestigious Windermere in southwest Orlando" target="_blank">Orange County. There, buyers get exclusive use of an on-site amenity center complete with a community pool, a cabana and a children’s playground.

In southeast Orlando" target="_blank">Orange County, Beazer is busy at Sawgrass, a 700-acre affordable townhome community where three-and-a-half bedroom, two-and-a-half bathroom units are being offered from $169,990.

Also in southeast Orlando" target="_blank">Orange County, Engle has opened a new townhome community, Nona Terrace, near the planned UCF Medical School and the Burnham Institute. There, the company plans to offer Mediterranean-style townhomes from the $170s.

In Seminole County near Sanford, Engle has townhomes at the gated community of Twin Legs starting at $199,990. Elsewhere in Seminole County, Centex is offering townhomes at Walden Chase priced from $169,000 to $199,000. The company also has good buys at Lynwood at Southmeadow, with 1,303-square-foot townhomes ranging in price from $159,000 to $186,000.

In Winter Garden in southwest Orlando" target="_blank">Orange County, Meritage is offering townhomes priced from $169,990 at the Oaks at Brandy Lake. The community is located near quaint downtown Winter Garden and the West Orange Trail. Buyers will also have access to a community center and pool.

So, from single-family homes on the lake to townhomes near the city, one thing is clear: Greater Orlando is still an affordable place to buy a home, if you know where to look.

And plenty of people are looking. According to the EDC, despite the slowdown, 1,800 families and single adults are still moving to Central Florida each week.

Most of them, as it turns out, should be able to find a home they can afford.