Disney Announces New Luxury Home Development
Will luxury home buyers want to live in Florida's Disney World? The Wall Street Journal reports that Walt Disney Company has made the move into luxury residential real estate with a Golden Oak, a new 980-acre development that will eventually include 450 homes and a 445-room Four Seasons hotel. The homes themselves will be priced between $1.5 million and $8 million.
Florida's real estate has remained sluggish and the top-end of the Orlando market is already stuffed with multi-million luxury homes. But according to the WSJ article Disney is bullish on the concept and sees room for its expansion into the luxury market. The brand has made a few interesting forays into pricey items already, with expensive restaurants and wine bars in its parks and a line of diamond jewelry and high-priced bridal gowns.
Disney is taking its time with this concept, they are offering less than 30 lots during this first go-round with the first homes being finished next year. The roll-out of other fully-built homes should come later, possibly after real estate continues to rise.
Golden Oak isn't Disney's first development. It created the fully-formed town of Celebration which offered everything from rental apartments to luxury homes in an idealized planned town. Golden Oak is nothing like Celebration, it's not a planned town but a cluster of neighborhoods set amid ample undeveloped space. Carolwood is surrounded by natural preserves and has 17 custom home sites that are up to three-quarters of an acre. some with golf course or water views. Silverbrook has 19 homesites of about one-half acre and will be located near Summerhouse, the proposed private clubhouse for Golden Oak. Kimball Trace is a Tuscan-inspired village with courtyard homes.
The entire project could take eight to 10 years to complete. Florida has seen its share of failed developments but the Disney name should keep this one afloat. Interested buyers can put down $25,000 to get on the sales reservation-list. More info is available at the designated Golden Oak website.