Two mansions were demolished this year along Park Avenue in Winter Park to make way for new homes.
The $35 million sale of the 6-bedroom, 9.5-bath home more than doubled the previous record of $15.2 million.
The most expensive home sold this year was previously owned by former Orlando City soccer club owner Flavio Augusto da Silva and his wife, Luciana. The home includes a bowling alley, indoor basketball court and 25-seat home theater.
Windermere’s Isleworth community also had the second-most expensive home sale in the Orlando market this year.
That six-bedroom, seven-bath, 9,500-square-foot home sold for $12 million in August.
Both of these homes have at least one thing in common: They are located on a lake.
There is a limited supply of these waterfront homes, which is pushing prices up.
“There’s only so many lakefront homes to go around, and many of the lakefront (homes) aren’t going to be torn down,” said Alison Mosely, a real estate agent with Premier Sotheby’s International Realty.
“It’s increasingly becoming more difficult to find homes in the heart of these luxury markets. They’re becoming non-existent. Supply and demand always has an effect on price.”
With limited lakefront land available for new homes, he expects to see more older estate homes come down going into 2024 and beyond.
“Some people don’t want these older houses,” Mitnick said. “There’s more demand for new homes where buyers can build what they want. And when this land becomes available, people step up to the plate.”
This is a prime example of the limited supply and high demand for luxury lakefront homes in Orlando.
If you are looking for a luxury lakefront home in Orlando, be prepared to pay a premium.
Here are some additional things to keep in mind:
- The demand for luxury lakefront homes is likely to continue to increase in Orlando.
- The limited supply of these homes is likely to continue to push prices up.
- You may need to be prepared to pay a premium for a luxury lakefront home in Orlando.