Residential construction in Lake Nona outpaced that of all other master-planned communities in the four-county Orlando area during the past year, according to a new report.
The southeast Orlando development, which includes the Medical City of hospitals and research centers, closed on 415 new homes during the second quarter. Builders there started work on 464 new houses during the quarter, according to MetroStudy Director Anthony Crocco.
Overall, residential construction has been flat at best in Orange, Seminole, Lake and Osceola counties.
"The market has weakened a bit. There is more inventory there — more specs," Crocco told an audience of about 60 developers and related professionals last week. "Overall it's not worrisome, but the finished inventory is a little higher than we'd like to see."
Second to Lake Nona was the ChampionsGate development, which has benefited from county rules that allow short-term rentals. Located in Osceola County, the project had 224 new-home starts and 208 new-home closings for the quarter. Other projects that had the greatest activity during the quarter were all in Orange County: Millenia Park, Eagle Creek, Summerlake, Windermere Trails and Wyndham Lakes Estates.
Crocco said he expected price pressures to push buyers further out of the Metro Orlando core.
Prices for new production homes ranged from as high as $650,000 for a house on a 70-foot lot in Parkside in south Orlando to as little as $115,000 for a townhome at Regal Oaks at Old Town in Kissimmee. Crocco reported that the region had a 30-month supply of new homes during the second quarter — down from a 120-month supply in 2009.
Longwood-based Comprehensive Energy Services Inc. started more than $300,000 of heating, ventilation, air conditioning and plumbing work at the new Dick's Sporting Goods store at Orlando Fashion Square, for Schmid Construction, Clermont. The energy company also performed $4.6 million of work for Verizon's new $50 million, 220,000-square-foot office building in Lake Mary. Work included a $3.3 million contract for a total buildout for Whiting-Turner Contracting Co. and a $1.3 million contract for the core and shell of a building for Skanska USA.
Berkadia negotiated the $21.3 million sale of the Arbour Apartments on MacKay Boulevard near the University of Central Florida in east Orange County. Berkadia's Florida partner, Cole Whitaker, led the team of Berkadia Senior Vice President Hal Warren and Hold-Thyssen Inc. President Robert Hold in representing the seller, Arbour Apartments LLC. The buyer was BW Arbour Apartments LLC, based in New York.
Blue Rock Partners LLC, in partnership with Konover South LLC of Deerfield Beach, closed on its sixth Orlando apartment community. It purchased Palm Harbor Apartment Homes, with 200 units, at 2100 S. Conway Road, Orlando, for $11.4 million.
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