Media giant, The Walt Disney Company has revealed plans for a renewed push into the world of residential real estate with multi-million vacation homes to be based at Walt Disney World in Florida
The proposed 980-acre “Golden Oak” development, most recently two golf courses within the 40 square miles of Disney’s Orlando theme parks, is expected to eventually encompass 450 homes, although less than 30 lots will be available for sale in 2010 (a deposit of $25,000 USD needs to be provided to be on the sales reservation-list) with the first homes expected to be completed sometime in 2011.
Additionally, there will be a 445-room Four Seasons hotel that will be a centrepiece of the development, and one of the golf courses will be updated. There will also be a clubhouse, parks, pedestrian walkways, with wetlands and other conservation area comprising about half the project’s acreage.
A decade after the company’s previous foray into the world, the homes will be priced between $1.5 million USD and $8 million USD, in what many would argue is a risky gamble give that Florida’s foreclosure rate remains among the country’s highest and the average price of new listings in greater Orlando, the location of Walt Disy World, this year is just over $243,000 USD. Disney, however, remains confident that the market for luxury homes is rebounding and that there is definitely a market for luxury homes in a family-friendly environment.
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