West Manatee Development Inspired By Two Orlando Communities

West Manatee’s new residential development draws heavy inspiration from at least two different residential developments of the Orlando real estate community – the Avalon Park and the Baldwin Park residential communities. The Crossroads development has been projected to stretch over 1,322 acres in its first phase of development, on the property of Manatee Fruit Farm in West Manatee.

 

Developer Whiting Preston Leaves No Stone Unturned

The development of the Crossroads residential community is being undertaken by Whiting Preston. To ensure that the West Bradenton community gets enough press even before residential leasing begins it is being pitched as a “hybrid” of Baldwin Park and Avalon Park.


Further, Whiting Preston is known to have hired the designers of Avalon Park for the first phase of development. The Crossroads development will thus sport a design code drafted by Cannin Associates, the urban planning consultants responsible for Avalon Park.

Manatee’s Crossroads development vs Orlando’s Baldwin Park and Avalon Park

Now, a “hybrid” community essentially means one that incorporates the best features of both Baldwin and Avalon, and Whiting Preston is leaving no stone unturned to achieve the same. At the outset, the three communities share a few similarities. They stretch over 1,000 acres and contain between 3,600 and 6,500 residential units.


The hybridization however begins on the streets. The streets of Crossroads will sport the hub-and-spoke distribution paradigm that Avalon Park is celebrated for with the traditional grid distribution that is characteristic of Baldwin Park.


Traffic has been a big problem for the residents of Avalon Park. Primarily because the six villages comprising the community are joined using a network of arterial roads in the hub-and-spoke model that has proven to be less than ideal during the rush hours. Whiting Preston may have to modify the hub-and-spoke model if it wants to prevent traffic problems at Crossroads.

Pricing at Avalon and Baldwin

According to the top Orlando realtors who have dealt with Baldwin Park, the community sells its cheapest condos for around $250,000. The traditional nuclear-family homes easily fetch over $1 million and leased-out apartments, though prevalent, start only in the higher-end range of $1,300.

In Orlando, Avalon Park typically turns out to be more affordable, when compared to Baldwin Park. Orlando real estate agents reveal that condos at Avalon Park sell for well under $200,000. Further, rental apartments are cheaper and attract many students from the neighboring colleges.

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Median Prices of Homes in the US Witness a 2-Year High

The median sales price of residential properties in the US, increased by one percent in March 2014, compared to the median price in February. The rise mounts up to 10 percent when compared to the median price same time last year.

The first signs of the US housing market snapping out of hibernation were seen at the beginning of March 2014, after six months of sluggish business. Top Realtors note that markets get typically sluggish during the fall and winter months. The one percent monthly increase in March occurred after the median sales price of residential real estate properties had been shifting between decreasing or remaining flat for six consecutive months.

On an annual basis, the increase represents the biggest hike in 24 months. Standing at $164,500 at the end of March 2014, the median price rose the highest since crashing at the bottom in the March of 2012.

Does This Mean Prospective Sellers Can Expect Better Rates?

According to some real estate agents in Orlando, it does. The spring buying season is being well received by residential real-estate buyers throughout the nation. With the decline in rates of unemployment, recovery of markets across the U.S., and cuts in the mortgage rates, buying sentiments have increased.

In the Orlando real estate market alone, realtors have seen growing enthusiasm from first-time buyers, second-home buyers as well as owners who have powered through the distress and can buy their properties back. They reveal that 34 percent of the total homes sold in the country in March were purchased by second-home buyers or investors.

An increase in sales volume is another proof of improving sentiments. Sales volume in March was up 0.4 percent from the volume in February 2014 and up by eight percent from the volume in March 2013. While still below the most recent peak reached in October 2013, the trend is largely positive.

More Owners are Now Selling Their Homes, Adding to the Inventory

The nationwide increase in annual sales volume is not without 21 of the country’s largest metros witnessing a decrease in their yearly sales volume. In Orlando, the volume in March was down 12 percent, compared to a year ago.

There are several silver linings though. One is the positive trend in housing inventory. The low-inventory situation has eased up in 38 states in total, which according to some real estate experts can be attributed to the increase in distressed sales. In comparison with the last quarter of 2013, the percentage of distressed sales increased nationwide in the first quarter of 2014. So has the percentage of non-distressed property owners who have regained enough equity to be able to relist their houses on the market.

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New Development at UCF

The campus includes a 10-story, $112.3 Million Plaza on University Project

The UCF (University of Central Florida) community is transforming and it is transforming fast. With a host of shops, apartments, and restaurants in the pipeline, the campus community is preparing to charm its residents even more.

What is Underway at the UCF Campus?

In the first stage of development, the university campus will see a new resort-style apartment complex, a Wawa, and a 4 Rivers Smokehouse. It will also witness the rise of a 10-story “Plaza on University”, which is being referred to as the university’s most ambitious project by Orlando real estate industry insiders.

The development of new restaurants and eateries comes as no surprise. The University Boulevard has been adding a new restaurant to its list, almost monthly. In the 24 months since 2012, the campus has become home to more than a dozen new eateries and a couple of shops.

The Plaza building will comprise residential apartments and retail spaces. Projected to cost around $112.3 million, the project when completed would cater to the housing needs of 2,200 university students, with a shopping center and a six-screen multiplex. The Plaza will also house a hot tub big enough to support 15 people, a couple of lap-style pools and resort-style pools as well as video-gaming parlors and lounges.

The Plaza that is expected to be built in the fall will also host Floyd’s Barbershop, Bar Louie, and BurgerFi. Orlando Realtors say that the new development projects have been aimed at turning the university campus into a small city so that students and faculty have access to all amenities.

The Enormous Growth is Both Good and Bad

The eight-year period from 2006 to 2013 was marked by economic turbulence that led to a crisis in the real estate market. However, top real estate agents note that the UCF area grew despite the crisis situation. 40 new residential buildings and around one million square feet of space for commercial leasing were added to the UCF campus – most of which happened in 2006 itself.

In the following years, growth slowed down, but revived in 2013 to reach a five-year high as Surf Skate, Lazy Moon Pizza, Burger21, and other stores were introduced to the campus. While Orlando realtors agree that the new developments have enabled nearly 50,000 people to find jobs in and around the campus.

The sprawling growth also has a downside to it. Locals note that the development is uncontrolled and has begun spilling into other areas of the city life and leading to congestion and traffic problems.

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Hottest Housing Markets in Central Florida

If you are looking for a home in Central Florida, you cannot afford to miss this latest update on the C.F. real estate scenario. Winter Park has clawed its way up to become the most sought-after city for potential home buyers. However, four other Lake County cities such as Tavares, Leesburg, Mount Dora, and Lady Lake also now dominate the list of the most popular housing markets in the region. This has been a reason for cheer among Orlando real estate agents as well as buyers.

Reasons for Winter Park’s Popularity

These areas ranked high in popularity as people found them to be a lot more appealing as they were not the conventional Florida subdivisions. These areas have sunny houses with traditional architecture. A lot of local businesses are also known to thrive in these regions. The growth in popularity has been pretty rapid and is still soaring. As such, other counties in the region are finding it hard to compete and have shown a declining trend in sales. On the other hand, various market reports have rated these areas on a number of parameters like the time houses listed for sale (in consultation with Orlando listing agents), growth in consumer interest, price cuts, and the like. All these parameters have shown a positive tilt towards these areas.

Orlando EDC’s opinion on the developments

The Metro Orlando Economic Development Commission has seen this turn of events as a positive sign. It is of the opinion that the developments will bring about an upswing in the economy of the region, by creating a flurry of activities around the real estate business. It will create jobs, pump in liquidity and give a boost to the infrastructure, manufacturing, and services industries. It will encourage local businesses further, turning the area into a self-sufficient, attractive region for high investments. Gradually, the benefits will trickle down to help the area prosper, possibly bringing in tourism as well.

This has turned out to be a happy surprise for the Orlando realtors. They are making the best use of this opportunity and promoting Winter Park to the best of their capabilities. Make sure to keep yourself updated with the latest happenings in the hottest real estate market in this area.

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