Real Estate Closing Solutions of Florida, an Orlando escrow closing service provider, is happy to report that Florida home values in major metropolitan areas grew 5.3% to $178,000 in 2014 according to Florida Realtors. This number seems significant until compared with Orlando’s property values, which rose 9% to $180,000. Here are some contributing factors for this growth:

  • Tourism: Orlando attracts 60 million tourists annually. Many of these families book rental homes or condominiums for their vacations. Tourists are not the only reason for the value increase.Approximately 800 people move to Florida every day, which keeps Orlando real estate moving quickly.
  • New Additions to the Orlando Scene: Construction is underway on a soccer stadium and performing arts center in Downtown Orlando which will draw tourists and locals alike.
  • New Homes: New homes being built in Orlando will further increase revenue for the city. More revenue equates to better infrastructure and increased home values for the area.

Garrett Kenny, property developer and owner of Central Florida Century 21, enthuses that Central Florida is driving Florida’s economy and real estate market. He states the strong real estate market “…promotes growth in other industries including aerospace, life sciences, digital technologies and general business services.” Kenny also reports that Orlando has surpassed New York City as the most visited metropolitan area in the United States, and the U.S. Census Bureau reports that Florida is now the nation’s third most populous state.

According to Florida Department of Economic Opportunity Executive Director Jesse Panuccio, “…people feel they can make a future here, and that’s good for Florida, the economy and the real estate industry.”  In fact, private sector growth in Florida was second nationwide, rising 3.4% with only Texas leading in the largest states. Industrial growth is widespread, and employment is consistent for every economic region.

Contact Orlando escrow closing services provider RECSFL at 407-615-8550 for information on how your family or your business can take advantage of Florida’s recent economic and population surge.  We look forward to serving you.