East Orlando
A relatively large area with several large developments each with several neighborhoods throughout. Main neighborhoods included in the 32828 Zip code are Avalon Park, Waterford lakes, and Eastwood; Included in 32825 zip code Cypress Springs and Woodland Lakes Preserve; and in the 32826 and 32817 zip codes are numerous small neighborhoods in close proximity to the University of Central Florida. The general area is a major employment center in the technology, education, and engineering sectors with firms such as Siemens, Lockheed Martin, UCF (second largest university in the country with over 55,000 students), and multiple technology companies along UCF’s Technology Parkway related to simulation, optics, clean energy etc….
First up, the neighborhoods of Avalon Park and others along Avalon Park Blvd were all constructed during the boom years and was one of the fastest growing area’s in the country during that time. With highly rated schools, a unique new urbanism town center with parks, conservation areas, and walking trails throughout. Particularly hard hit though in the bust (mostly because of the number of homes sold at peak market prices) properties in the area have in some cases more than halved their original values sold new, while the strong fundamentals of the area have kept the rental market strong; which equals great returns while renting.
Also in 32828, Waterford Lakes and Eastwood neighborhoods are more established than those in Avalon Park being built in the late 90’s and early 2000’s. This area is the best located with excellent schools, nearby employment as well as the major power center of “Waterford Lakes Towncenter”. Being more established, homes are a bit more expensive than those in Avalon Park as well as a bit older. Eastwood neighborhoods are entwined with the Eastwood golf course with a mixture of gated and non gated communities all along a manicured 2 lane oak tree lined road.
Cypress Springs in the 32825 zip code has an original much older development on its west end (along Cypress Springs Blvd) built in the 80’s, and the further east you go the newer, and higher end these executive homes become. Still with well rated schools, but the high school that serves the area isn’t as desirable as the Timber Creek High that services Avalon Park and most parts of 32828. Woodland Lakes is a newer community still being built, however the first phases of the neighborhood contain re-sale homes that can be purchased at a deep discount to new construction homes in the same neighborhood, almost all on conservation lots and practically new, built within the past 5 years.
The UCF area being in close proximity to the university is more dominated by apartment complexes, condos, and starter homes. Rentals in the area are always in demand from UCF students and can yield very well while holding.
Property Makeup: Single Family Homes mostly in Waterford Lakes, Single Family and Townhomes in Avalon Park and 32825 area, and a mixture of all types (Single Homes, Townhomes and condos) around UCF.
Price Ranges: 04/2012
- Condo’s – $40,000-$90,000 (not highly recommended typically because of HOA dues)
- Townhomes - $100,000-$175,000
- Single Family Homes - $110,000-$400,000
What to Watch out for: Condo conversion properties that are older or of poor build quality around UCF, The Stanton Power plant within eyesight of Avalon Park Town Center
Overall Rating: “A” for 32828 zip code neighborhoods, “A-“ to 32825 neighborhoods, and “B” to “B-“ for most neighborhoods in the UCF area.
Favorite Neighborhoods for Investment (where I tend to find the most and best all around deals): Any of the Avalon Park Villages, Timber Springs, Waterford Lakes, Waterford Chase, Cypress Springs neighborhoods, Waterford Villas.
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