Despite the growing concerns surrounding Florida’s real estate market, particularly following the introduction of Governor Ron DeSantis’ new condo law, Disney is pushing forward with a new luxury condominium project at Walt Disney World Resort. The planned development, located within the prestigious Golden Oak community, promises to offer a slice of Disney magic paired with the highest standards of luxury.
The new project, spearheaded by HHR FSO LAND LLC, will introduce a stunning collection of Four Seasons Private Residences. The proposed neighborhood, Florian Park, will feature nine attached boutique homes and 31 luxurious residences, designed to blend seamlessly with the enchanting environment of Walt Disney World. Sales for these exclusive residences are expected to begin in late 2024, with prices anticipated to start at over $5 million.
This development reflects Disney’s commitment to creating a unique living experience, where residents can enjoy hotel-inspired living in a magical setting. Each residence will offer an elevated lifestyle, enhanced by Four Seasons’ legendary service. Homeowners will also gain membership in the Golden Oak Club, granting them access to exclusive amenities and experiences that epitomize resort-style living.
However, the backdrop against which this development is unfolding is not without its challenges. Florida, once considered the ideal retirement destination, is experiencing significant changes. The influx of remote workers and wealthy individuals has driven up home prices, creating financial strain for retirees living on fixed incomes. Over the past five years, the median price of a single-family home in Florida has surged by 60%, rising from approximately $250,000 in March 2018 to around $400,000 by March 2023.
In addition to rising housing costs, retirees face further financial pressures from inflation and stock market fluctuations. Many are now seeking more affordable alternatives to Florida, with areas like Limestone County, Alabama, becoming increasingly popular due to their lower property taxes and attractive living conditions.
The tragic collapse of Chaplain Towers in Surfside in 2021 has also cast a shadow over condo living in Florida. In response to this disaster, Governor DeSantis introduced new legislation aimed at enhancing condominium safety. House Bill 1021, which mandates stricter inspections and requires funding for necessary repairs, was designed to prevent similar tragedies. However, the bill’s broader implications have sparked controversy, particularly due to provisions that critics argue disproportionately benefit large companies at the expense of individual condo owners.
The law has led to an increase in HOA fees and special assessments, forcing some condo owners to consider relocating. The retroactive application of the law has also had unexpected consequences, such as allowing entities like the Miami Beach hotel and spa Carillon to avoid a $16.3 million payment.
Despite these challenges, Disney’s new condominium project remains on track. The development is poised to offer a haven of luxury and enchantment, appealing to those who wish to live where dreams come true. As the Florida real estate market continues to evolve, Disney’s commitment to creating exceptional living experiences remains steadfast, offering a unique blend of luxury and magic that only Disney can provide.
