Half of all homes in Celebration for sale?
Written by Robert Niles
An Orlando TV news report claims that half the homes in Celebration are for sale. [Thanks to The Housing Bubble Blog for the link.]Tweet
Celebration is, as most TPI readers probably know, the town that Disney carved from Walt Disney World property in the mid- to late-1990s. Development continues there, even though Disney sold its share of the development to other companies a few years back.
The lure of buying into "Disney's town" drew speculators like ants on a picnic, driving prices far beyond those for similarly sized units in unincorporated Osceola County. (Though Disney promoted Celebration as a "town," it does not exist as a political entity. It is also unincorporated land, ceded back from Disney's Reedy Creek Improvement District to Osceola County.)
With the real estate bubble bursting all over the country due to the elimination of too-easy mortgage money, "flippers" and other speculators in communities such as Celebration have been left holding the bag. From personal experience, I know that a significant number of properties in Celebration are unoccupied. And that many were, and remain, for sale.
But 50 percent? One out of every two? That number is stunning. [Full disclosure: my mother sells real estate in Celebration. So I'm feeling juuuust a little bit conflicted here.] What are our Orlando-area readers seeing?
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