Steve Kodsi, president of Historic Creations Design and Development Group, the team that developed the ultra-luxury Sanctuary Condominium in downtown Orlando and will open Star Tower, a second luxury condominium, next month, is optimistic about the long term outlook for downtown Orlando real estate.
"There are so many incredibly positive influences on the downtown market over the next few years. Thornton Park is a great place to live and it is getting better all the time. I refuse to believe that more and more people will not choose to buy here," Kodsi said.
Kodsi points to the more than one billion dollars Orange County and the City of Orlando will spend to build a performing arts center, events center and to renovate the Citrus Bowl. He is also encouraged by growth of high paying jobs in the region and the addition of many fine dining restaurants and nightspots.
"We all know someone who bought real estate in 2001 and saw their homes rapidly increase in value. I think the people who buy now will also see something similar. A few years from now, people will be kicking themselves that they didn't buy during this temporary down turn," Kodsi said.
Kodsi said nine buyers have closed on sales of condominiums at Star Tower since May 1 and five more are pending. "This has been a strong summer for Historic Creations. Is it as strong as it was in 2005? No. I never expected we'd keep up that unusually quick pace," Kodsi said.
Kodsi said downtown Orlando real estate investment may rank as the best in the entire region. "The real value of downtown is that we're the only one in the region," Kodsi said. "Every economic engine in the region powers downtown property values. When the Burnham Institute opens in east Orlando, far more of their executives will want to live downtown than in Lake Nona or Windermere," said Kodsi.
* * *
For more information, contact:
Steve Kodsi, Historic Creations Design and Development Group, 407-422-4664
Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax: 4410)
;)
;)
