Orlando-based Park Square on Dec. 8 unveiled the model home of its 385-lot Paradiso Grande vacation home community that’s under construction off International Drive. The starting prices of the lots in the community start at $976,990 with homes ranging between 2,913 to 6,374 square feet. (contact us at Vacay & Co Real Estate for more information).
The largest floorplans available in the community feature 15 bedrooms and 15.5 bathrooms. That’s what the massive model home includes, with many of the bedrooms themed after animated Disney films and blockbuster movie franchises like Star Wars and Jurassic Park.
The typical buyer of a home in Paradiso Grande is a foreign investor who will rent the house to tourists traveling to Central Florida, Park Square co-CEO Vishaal Gupta told Orlando Business Journal. That’s why Park Square worked with Design Elevation and Destination Design to outfit the model home with themed rooms and amenities that show what an investor could turn their purchase into.
The model home, and the products available in Paradiso Grande, also cater to the needs and wants of the modern vacationer, Gupta said. Post-pandemic, many families travel in larger groups and seek more private spaces in their accommodations, which vacation homes can offer better than a hotel, Gupta said.
Specifically, the Paradiso Grande homes generally include a bathroom for every bedroom and large gathering spaces. Plus, Paradiso Grande’s location on I-Drive puts it close to the theme parks, restaurants and shops vacationers want to frequent.
Park Square already has sold 74 lots. In addition, the builder has received 223 lot reservations — which required a $50,000 down payment — since 2018. Going forward, Park Square will work in phases to turn those reservations into contracts.
Next spring, Park Square expects to have the first closings in the community, somewhere between eight and 10, Gupta said. Plus, the Paradiso Grande clubhouse will open by June, Gupta added.
Across North America, demand for vacation homes is slowing and new inventory is accelerating, according to an Oct. 31 report from Denver, Colorado-based vacation rentals services firm Evolve Vacation Rental. The market has “changed significantly from what it looked like the last few years,” Evolve Senior Vice President of Revenue Eric Schueller said in a prepared statement.
However, Evolve still is tracking positive year-over-year growth in demand for these properties.
Gupta said Park Square is optimistic about demand in the vacation home sector, especially because the wealthy investors who buy those homes typically pay cash and are less concerned about economic factors like interest rates.
Even in the case of an economic recession, those who still travel will find a large group splitting a home rental provides better value than multiple hotel rooms, Gupta added. “We don’t see any headwinds in the vacation home market for us. On the contrary, we think it’s going to do better over the next 12 months.”
New residential construction activity in the Orlando area contracted in October. The metro recorded 1,973 residential construction starts in October, down 36.7% from 3,117 in October 2021, according to the U.S. Census Bureau.
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