The movie Field of Dreams is renowned for its line “If you build it, they will come.” With the upswing in construction at The Wizarding World of Harry Potter at the Universal Orlando Resort and the immense changes Walt Disney World has designed for Fantasyland in the Magic Kingdom, people are most assuredly coming into the counties surrounding these major theme parks, filling positions in much needed jobs and stimulating growth in the housing market. Below are a few fast facts concerning the Orlando area’s current growth, brought to you by Central Florida’s title insurance company RECS.

  • Foreclosed Properties: Foreclosed properties, which once stood empty in neighborhoods where crime was prevalent, are proving the perfect affordable family homes for working households. Repairs and renovations follow new ownership, and the neighborhoods are sprucing up considerably. “I’m seeing more and more homes [that were] vacant for a long time filling up,” reports Sam Braunn, a construction labor-union employee based at Walt Disney Co.’s parks. Watching his new neighbors renovate their homes’ façades has given his spirits a boost: “I’ve been trimming up the bushes and removing the extra lumber that was lying around,” Braun says.
  • The Medical City: A new 11-square-mile medical and residential community, The Medical City, includes a medical school, children’s hospital, Veterans’ Administration center, and over 4,000 new homes at Lake Nona. Employing nearly 3,000 people, the center has sold thousands of new homes under construction in anticipation for The Medical City’s opening.
  • Confidence: Mercedes Henricksson, a Fannie Mae foreclosure sales supervisor, states that Florida had a glut in foreclosures, but “…the market has significantly turned around because of the increases in employment.”  In her estimation, buyers are confident in the economy.
  • Home Seizures: Home seizures in Florida must be approved by the state judicial system. Florida legislators secured $16 million two years ago to hire retired judges and case managers to expedite backlogged foreclosures. Their efforts have improved the real estate market’s lower-end sales. Blue-collar workers are able to afford housing close to their places of employment, causing the foreclosed homes to be snapped up quickly. Pending cases have dropped from a record 30,000 in 2011 to not quite 5,000 at the end of March, according to Lisa Munyon, a circuit judge.
  • More Jobs: Employment increased 4.2% in February, and the jobless rate dwindled to 5.3% – some of the most promising numbers in Florida. Universal Orlando currently employs 20,000 workers, up from 13,000 six years ago.
  • Tourism: Technology and medical sectors are gaining in strength, but the economy is still driven by tourism, states Rick Foglesong, a professor of political science at Rollins College. Tourism, in turn, is dependent on the strength of the entire U.S. economy.
  • New Home Construction: New home construction has experienced “explosive growth” as well, according to Clint Szubinski, a Meritage Homes Corp regional president, mostly due to the influx of new residents.

Contact Central Florida title insurance company Real Estate Closing Services if you need information on Florida’s economy as it relates to real estate. Our team of experts is available to meet all your real estate needs. You can call us at (407) 615-8550.