HOUSINGNEWS REPORT
ORLANDO REAL ESTATE RECOVERS ITS MAGIC
ORLANDO-KISSIMMEE-SANFORD, FL UNEMPLOYMENT RATE
Between UCF, the nation’s second largest university in terms of student population (66,000 students), plus other local institutions of higher learning, all totaling 500,000 students within a 100-mile radius around Orlando, along with people relocating to the area, the growing and diverse business sector has a large talent pool to draw from. Recovered Real Estate Similar to unemployment, the real estate market in the Orlando metro area has made a significant comeback since the Great Recession. Plus, the influx of new businesses to the metro area is having an impact on the real estate market. According to ATTOM Data Solutions, the market crash sent the Orlando metro area into a spiral. There were a total of 72,141 properties with foreclosure filings in 2009, giving Orlando the ninth highest foreclosure rate in the nation — 8.17 percent of all housing units with a foreclosure filing. The metro also ranked in the top 10 for foreclosure rates from 2012 through 2015. But in 2017 the foreclosure rate in the Orlando metro area — 0.63 percent of housing units with a foreclosure filing — ranked No. 61 out of the 219 metro areas ranked in ATTOM’s 2017 year- end foreclosure report. ATTOM reported a recent surge in Orlando foreclosure starts, with three consecutive months of year-over-year increases from May to July. These increases may represent a bounce back from foreclosure moratoriums
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is opening a high-tech $430 million, 55-acre training facility. Both complexes are located in the Lake Nona area of Orlando. Other firms are also investing in the metro area, including the United States Tennis Association, which is opening a training facility with 100 tennis courts, and Wyndham Destinations with its new global headquarters. While a number of other companies are moving facilities and jobs into the area, some companies are expanding their operations. Besides corporate headquarters and regional offices, the Orlando economy is also being bolstered by advanced manufacturing, healthcare and life sciences — such as the new Medical City located at Lake Nona — aviation, aerospace and defense. Advanced technology is at the forefront at Neocity in Osceola County, anchored by BRIDG laboratories,
where nanotechnology research and development, smart sensors and photonics will be the concentration. A $15 million investment has also been made in a STEM-focused high school to be located on five acres of land donated by the county. “We have a very high concentration of modeling and creating the simulation technology that goes into many different areas,” Martinez explained. “When you think of theme parks like Harry Potter, its one big simulator you’re riding. The medical community uses it. The Marines, the Army and Air Force all have simulation modeling facilities here.” “We just had a ribbon cutting for Easy Foods. It’s a 100,000 square foot manufacturing plant in Kissimmee,” said Osceola County Commissioner Cheryl Grieb who represents the county’s District 4. The new plant manufactures corn and flour tortillas.
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SEP 2018 | ATTOM DATA SOLUTIONS
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