You Can Already See Signs of Disney Employees Relocating To Orlando According to Local Realtors
If you’ve been following along with us here at MickeyBlog you’ll know that the Walt Disney Company is looking to relocate around 2,000 jobs from California to Orlando. This will be a gradual process with some employees not transitioning to Florida until 2023.
However, according to a recent piece in Orlando Business Journal, the reverberations of this move can already be felt when it comes to Central Florida Real Estate. The OBJ spoke to Deanna Armel, CEO of Armel Real Estate who said that she’s already working with several buyers who work for Disney and are interested in the Lake Nona area.
Another agent with Premier Sotheby’s International Realty, Peter Luu said that he recently listed at $6.2 million Orlando home just outside of Lake Nona and anticipates that it will be picked up by a relocating exec due to the high-end, exclusive nature of the purchase. .”
Though it may seem early to some, Luu actually said that through they’re market research top executives usually start their house hunts about two years before making a move. Also, with executives moving in, its anticipated that they will have an impact on the housing sector particular in Lake Nona and other parts of Orlando.
It should also be noted that inventory is already low in the Orlando real estate market. According to the OBJ, the Orlando Regional Realtor Association reported that there was less than a month’s supply of new homes on the market last month than in the six months prior.
Most house hunters coming from Disney’s headquarters in Burbank, CA are expected to come in at the top of the market particular given that they will be selling homes in Los Angeles County where real estate is skyrocketing. The median home price in the county is $915,000. The median home price in Orlando comes in at $343,000 meaning that those relocating can enter higher on the Central Florida housing market.
Not only that, but a lot of these executives will also be given relocation perks that will cover moving and closing costs. According to Armel, these are usually in the range of $25,000 – $50,000.
As the OBJ tells us, it is still a seller’s market in Central Florida with demand higher than houses hitting the market.
However, what spells bad news for house hunters is ultimately good news for the local economy. This is after all, one of the largest job relocations in Orlando history which will serve as an “economic boon” for the area. This has resulted in a rush as developers look to build more homes in Lake Nona to accommodate those relocating.
As we’ve previously reported here at MickeyBlog, most of the employees relocating to Orlando sit within the Disney Parks, Experiences and Products division. This includes the theme parks. Walt Disney World HQ will still remain in California along with the studios.
It is estimated that the move will mean a shift of about 5% of Disney jobs from California to Florida.
However, we would agree with OBJ who points out that there could be more relocating to follow. It is not uncommon for companies to relocate certain branches or divisions in stages. We may see Disney shift further operations after 2023.
Disney is already Central Florida’s biggest employer. The company has about 60,000 local workers. As we previously covered, the company is already working on a development in Lake Nona. The $46 million deal consists of 60 acres where the company is expected to build a campus with offices. Ultimately it is estimated that the new facility could support in excess of 6,000 jobs!
This is a story that we will continue to follow closely here at MickeyBlog. Readers are encouraged to keep checking back with us for further news and updates!
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Source: Orlando Business Journal