If popularity is driven by Internet searches, neighborhoods near downtown Orlando will be the metro area’s hottest for 2017, according to a new report by real estate brokerage and analytics company Redfin.
The company predicted three Orlando-area neighborhoods would be the “hottest” and most sought after this year based on the number of page views and the times someone saved a house listing as a favorite during recent months.
The top three are: South Eola, Colonialtown North, and Central Business District.
“Downtown Orlando has undergone a revitalization recently, and it’s become a place you actually might want to hang out after work, rather than driving back home to the suburbs for dinner,” said Redfin agent Octavia White, of Orlando. “I’ve seen a lot more interest from buyers who want to live a more urban lifestyle; maybe they want to check out a new bar or restaurant for dinner on the weeknight, or visit the farmer’s market over the weekend.”
White said her buyers have scouted some of the older condos in the South Eola area and also some of the single-family homes in Colonialtown, an area that has become more popular with investors who renovate to appeal to buyers who want a house in turn-key condition.
Of Redfin’s three hotspots, the Central Business District, with mostly condos in the core of downtown Orlando, was the most affordable. Median prices there were $200,000. Midpoint prices for Colonialtown North were $275,000 and South Eola’s median price was $385,000, according to Redfin.
House sold the fastest in Colonialtown North, where listings came under contract in an average 55 days. South Eola properties took about twice that time to come under contract and those in the Central Business District landed a contract within an average 90 days.
Colonialtown buyers had the least room to negotiate; sales prices were 95.9 percent of the list price. In South Eola, they were 92 percent and in the Central Business District they were 93 percent.
Elsewhere in the country, neighborhoods a short drive from urban areas are the most likely to have a good year, said Redfin Chief Economist Nela Richardson.
“Our data on homebuyer activity shows that, this year, people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits,” Richardson said. “The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”
mshanklin@orlandosentinel.com or 407-420-5538
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