Disneyland Relocations Cause Orlando Housing Boost
As the Walt Disney Company expands to Southeast Orlando, the housing market booms. The Disneyland relocations from Burbank, California to Lake Nona, Florida are one of the biggest influx in Central Florida history.
Disney Relocations
Disney will relocate 2,000 jobs by 2023, and it is already causing a big effect on the real estate markets. The effects in residential and commercial real estate begin in Lake Nona, and they will ripple from there.
The Walt Disney Company literally brings thousands of jobs to the area. Allen Johnson, the City of Orlando Chief Venues Officer said, “It’s going to be impactful for years to come. They’re not going to stop at 2,000 [jobs].”
Orlando Implications
The move may have big implications since relocated Disney employees will live in other areas, not just Lake Nona. Some people may move to downtown Orlando and surrounding neighborhoods like Baldwin Park, College Park, Thornton Park, and Winter Park.
Also, the new residents will visit arts and culture locations, such as the Dr. Phillips Center for the Performing Arts, Amway Center, Exploria Stadium, and more. Craig Ustler, president of Ustler Development, said, “The Disney and Lake Nona deal is a win for the entire region.”
Ustler continued to say, “It shows that our city is attractive to these types of companies.” Hence, Ustler believes that younger and creative-minded employees will be drawn to an urban environment.
More Relocations in the Future?
However, Johnson and Ustler believe that the 2,000 jobs are just the start of Disney job creation and relocation to Central Florida. After all, relocating companies tend to move employees in waves.
In addition, an economic increase would generate since each home sale in Florida has about a $93,300 impact, according to the National Association of Realtors. Plus, people will spend more money at downtown events; therefore, they will support local businesses.
Real Estate Impact
Even though the full effect on Orlando is still in the future, Disneyland relocations already influence the Lake Nona community. For example, Burbank residents are looking for their new Florida homes.
In fact, Deanna Armel, CEO of Armel Real Estate Inc. said, “They’re starting to trickle in. You’ve got them coming in and purchasing.”
Also, the Disneyland relocations may cause increased property values along Boggy Creek and Narcoossee roads. These roads bookend the Lake Nona community. Likewise, more owners may put their properties on the market that are not listed right now.
What About Disneyland?
Most of the relocating professionals work in the Disney Parks, Experiences and Products division, including theme parks. The Walt Disney Company’s headquarters remain in California, and the relocated jobs represent less than 5% of the total Disney jobs in California.
Article Information: www.bizjournals.com
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