For proof the frantic housing market permeates the top end of Central Florida’s residential real estate sector, just ask Deanna Armel.
The broker and owner of Kissimmee-based Armel Real Estate Inc. sold a multimillion-dollar Lake Nona estate formerly owned by retired football coach and ESPN analyst Lou Holtz twice in less than 100 days, with the latest sale coming on Sept. 13. “I can’t believe what’s happening in the luxury market,” she said.
Central Florida’s luxury home market again was marked by splashy deals and high sales volume in the third quarter. While pricey homes often take longer to sell, they’re moving off the market fast in Orlando.
A hot housing market driven by low interest rates combined with a wave of migration to Central Florida by affluent house hunters from out-of-state means more luxury sales at a quicker pace. In September, luxury homes in metro Orlando spent an average of 43 days on the market, according to online real estate brokerage Redfin Corp. That was faster than any Florida market except Tampa (26 days) and Weston (34 days). Ritzy homes in Orlando are selling faster than in Sarasota (69 days), Boca Raton (86 days) and Miami (152 days).
The volume of luxury sales has decreased, but it’s still high. There were 331 Central Florida homes sold for $1 million or more in the second quarter, according to the Orlando Regional Realtor Association. The Realtor association has not published sales data for September, but 205 homes sold for $1 million or more between July and August. That puts the third quarter on pace for 308 luxury sales.