RELO - Lake Nona & UCF Medical School - Hospital (Miami: for sale, real estate)

[rn2008fl2009]

We are planning a relo to FL in 2009. I read about Lake Nona on Sperling's Best Places and will be traveling there next week to check it out. I'll be working in the medical field & continuing with my education in FL, so I need to be at a medical facility that has continuing education (Grad Level & doctorate) opportunities. Lake Nona has an interesting website and sounded great from the post at Sperling's Best Places, but the homes seem very expensive based on the local economy. I'm not a doctor so I cannot afford a house in the $400,000 range! I'd love to hear from locals who are in the 'know' about this community & the coming medical school & hospital. Will there be any delays, or is it really going to happen in the time frame predicted? Are there any other similar gated communities nearby? I like the sound of Lake Nona, but it seems a bit of a fantasy world. I will be moving with a spouse and my young family (preschool and elementary school age boys) and want to be in a safe, suburban community that offers some space for my boys to be outside running around! Thanks in advance!

[emb2519]

There are definately many, many options for you in the area under 400K!! I just bought a very nice, brand new townhome for 200K. I am not planning to live there, it's simply for investment because i am excited about what is going on in the area. I would also love to hear from others on potential delays. I have heard that the high school and middle school projects are being pushed ahead of schedule to be completed and open in 2010.

[AnnieORL]

There are several wonderful neighborhoods in the area and as Pigsty333 mentioned, North Shore at Lake hart is one of them. There is a lot of commerce, and retail not only projected but already opening in the area.

[Pigsty333]

Originally Posted by emb2519

There are definately many, many options for you in the area under 400K!! I just bought a very nice, brand new townhome for 200K. I am not planning to live there, it's simply for investment because i am excited about what is going on in the area. I would also love to hear from others on potential delays. I have heard that the high school and middle school projects are being pushed ahead of schedule to be completed and open in 2010.

Elementary is opening this August at North Shore at Lake Hart and the High School will be opening 2009 on Narcoossee Road across from Eagle Creek.

[Prichard]

You won't find new single family homes in the Lake Nona area selling for less than $400,000. I suspect that they are more in the 500-700K range. Townhomes are an option.

[Pigsty333]

There is actually one in foreclosure in my community - no one has ever lived in it and they are from overseas. People can look at this option also. You can find it and there are some great homes for sale that have had one owner, such as my neighbor's house. You can eat off the floor in his garage, his house is immaculately landscaped and it looks like a showcase home on the inside, but because of their age they want to sell and move into their condo.

All you have to do is look for a realtor that specializes in the area. Check out the homes at Village Walk at Lake Nona. You will be surprised.

[BeenAroundTheBlock]

Also there are houses that don't sell and employers come in and buy them out. They turn around and dump them. It happened in my neighborhood. It was listed for 590k, sat month after month with the price dropped. His company bought it and turned around and sold it for 420k. Good deal for someone!

[rholborn]

lake mary is great, also oviedo because it is near the 417 to get to lake nona. my husband is a UCF grad, and i'm happy to help you out! feel free to send me a PM (private message)

[Dave1994]

The medical school will not be ready on time. First, they need to get preliminary accreditation in order to be allowed to even advertise for medical students. The site visit is not going to be done before the end of 2007. It is also highky unlikely that it will pass with the first time. The dean they hired had to "resign" abruptly from her previous job and then spend at least a year in an unpaid position as the resident scholar in a foundation style place. The school does not have enough funding, despite what they claim, and they just shift funds around from other departments. They appeared to planned the whole thing in a rush and they just improvise as time goes by. Also, the 2007 US News Report ranks UCF as a tier 4 school. As for Burnham, it was never a major institution as they claim. It is laughable that they compare themselves to Scripps. I would advise you to go to Tampa to USF, or for really exciting place, try UM at Miami, or even FIU. Read the 4/29 issue of Nature. There are many articles about the medical schools in FL and what is really going on. There was also an article at the Miami Herald on 4/29 about the multimillion funding for sciences at UM and the scientists who managed to get from other top schools. All of the scientists are top names in their field. The list is extremely impressive.

[noteola]

Northlake Park at L Nona has become the focus of my search. I am a relocating professional and have bought into hot markets in Denver and Phoenix successfully. I focused on L Nona area when I heard about the medical city plans. I believe that the ppty tax cut legislation included a compromise that allows for the complete development and funding of UCF Medical, thus keeping the dominos in place for Burnham, the new VA Hospital, and now Nemours Childrens Hospital. By 2009, this area will be cooking.

That said, there are risks, some of which are mentioned in this forum. Further tax initiatives could still undercut UCF. The fuel tank farm proposed by Orlando International could be across the street from the westerly boundary of the master plan. Proposed retail and commercial (and medical) development could be delayed or worse. Still, there are never guarantees. I think it presents a great opportunity and below you can see why.

There is a recently built (Morrison Homes) subdivision in NLP @ L Nona in 2005. It sold out very near the top of the market (a bit past it) in early 2006. In addition to owner occupants, many buyers were real estate investors trying to flip for a quick profit. Needless to say, their strategy backfired. This is not a gated community which suits me fine. It is on the L Nona side of Narcoosee, and the HOA fees include a family membership to the new YMCA just 4 blocks away. There are bike paths and rec facilities in abundance. It is a quiet area at this point with little noise or traffic.

Among 240 homes or so, there are more than 25 for sale in this horrible sellers' market. Most bought these homes between 1500 sf and 2300 sf for between $320K and 380K in 2005-06. Most have been on the market for over 120 days. If they could avoid selling in this epically horrible market - they would. I am a buyer and have studied this market intensively for 6 weeks since I discovered it. I will work downtown which is a hike, but to get in at these prices with the anticipated job growth within 10 minutes it too good to pass up.

4 of the 25 are in foreclosure. We'll see how those lenders are adjusting to this market. There have only been 3 sales among 30+ listings since 1/1/07 and those average $160/sf. This subdivision sold at $180/sf. or more. Possibly, the values here are dropping $2K per month. It's like catching a falling knife. I am trying to buy now, knowing that we may be in for 12-18 mos. of continuing housing market disaster. But you rarely catch the bottom of these things. What I do know is I am getting in (if successful) nearly 20% below the original builders prices. Granted their were incentives for those buyers, but even with that discounted, this is 15% lower than the market 16 months ago. The national average decline since that time is around 3% and the national average does not have a "medical city" moving in next door. Find a house, look at the sales price in 2006, subtract 20-25% or more and make an offer. (I am speaking of those that have a job in the region within 25 miles and would use this as their primary residence.) Buyers now are so confused by this market, they tend to just wait and watch as the carnage continues. If there are 25 listings of 240 in this market, there would be 50 in an average market and if things turn upwards (not expected soon), a rush of listings would try to meet the improving market.

Responses welcome. As mentioned, I am a professional moving from another market shopping for my own home. I would be happy to answer questions or respond if asked.

noteola