Admittedly, I see some things written to promote real estate listings which seem a bit over-the-top. A little too much. Overly excited. While I tend to have a knack for using words, I can never manage to say anything I do not truly believe.
So when I say the new 'The Greens at Park' development of 6 single family homes is the sort of opportunity we will never see again in our lifetimes, I believe that is quite an accurate statement. While the property available for new construction in Winter Park has dwindled significantly across Winter Park in the past few years, immediately on and around Park Avenue, that is even more true. While there have been new condo units constructed, there is no land which you would ever reasonably expect a small development of single family homes to be undertaken. In fact, this tract, itself, was to be townhomes, when a developer several years ago purchased it from the Christian Science Church. Now in the hands of FG Schaub, 6 unique single family homes are now in the works.
Let that word unique hang in the air a bit. It needs to, I believe. As I met with Fred Schaub on Friday, he explained the city insisted each home is to be unique and that is his goal. At this point, despite the general parameters of the property, infrastructure now installed, each prospective owner can get very creative with Schaub's in-house architect. I, myself, have long dreamt of recreating an Yves Saint Laurent type villa in Marrakech, and might just do so if I win the lottery in the near future!
So, that hint offered, I'll get to the pricing, which presently stands at between $3.8 - $4.5 million per residence. Those prices will seem lofty to many, I am certain. But considering recent dry lot sales for properties at a much greater distance from Park Avenue, as well as some other finished products coming on to the market, actually, not bad. Comparatively, maybe even a deal.
Again, I'm not good at packing on the superlatives, so let me restate a point or two, add to them. Land in Winter Park is in short supply. Locals surely know of a house or two they were shocked about when they torn down in the past few years, making way for new ones. When the availability of likely buildable lots dissipates, those seeking such opportunities then must pay more. And the prices for all Winter Park real estate have risen accordingly.
As well, there is a building & renovation boom in many states across the country. This has made the availability of some building materials scarce, has increased prices just in the past year by as much at 100% for some items.
Florida, in general, is a super hot real estate market right now. New homes, those completed and move-in ready, are being snatched up quickly. Lots of people like to see what they are buying, walk around in it. Historically, those who purchase pre-construction get better pricing, as well as the opportunity to customize the finishes in the kitchen and bathrooms, determine overall how various aspects of a home will appear when complete. In the case of The Greens at Park, literally, you can now determine whether a home may have contemporary, art deco, Mediterranean, Cape Cod or other influences in its architecture.
I spoke about this with Fred and asked him about a home he is now building directly next door to me. I noticed the sale has already been closed in MLS. He explained it had to do with the loans involved. I had wondered if it might even be about the buyers locking in on a price at a time when building materials are so increasing. No question in my mind, if someone was buying the home after completed, the price would be higher than what is being paid. Buying pre-construction can have considerable benefits, if that works for the buyer.
Again, right now, Florida is HOT. Or, as a show I used to sometimes watch when I was trying to learn a bit of Spanish in South Florida was called: Caliente! Think fiery.
Is this momentary or does it have long legs? No one can tell you 100% what is going to happen going forward. But in the United States, Baby Boomers are now retiring in big numbers and cold weather is less friendly to aging joints and bones. Many will tell you -- and I tend to concur -- lots and lots of those Boomers have been dreaming of the day they would reside in the Sunshine State. And to Fred Schaub's credit, each of the seven homes in The Greens at Park will feature an elevator, aiding in ease mobility for all.
In Winter Park, honestly, you cannot beat this location. You are just off Park Avenue along the 8th fairway of the Winter Park Golf Course. You can be in the midst of every event in no time at all, yet you will be delightfully removed. The short street in front of your home devoted to your home and your 6 neighbors. Walk to dinner, come home for a nap during the Winter Park Sidewalk Art Festival, entertain friends before heading to Christmas in the Park.
There are lots of Winter Park real estate developments I've been anxious to see come together, but this one is right at the top of the list. Because it's never happened before and not likely to happen again.
Want to learn more? Yes, I'd LUV to be your guide, get you with Fred & his team, answer any and all questions, help design a home you never want to leave. You can always reach me, Clyde Moore, at 407.539.3977 or ILUVWinterPark@earthlink.net, any of my social media platforms, @ILUVWinterPark, @ILUVParkAvenue, @MyWinterParkNeighbor.
If you are not already my Winter Park Neighbor, it would be my honor to help make you one!