SOUTHWEST ORLANDO MILLION DOLLAR LUXURY HOUSING MARKET STABLE, GROWTH EXPECTED IN 2013

ORLANDO, Fla. --- A new market trends study by Stirling Sotheby’s International Realty shows that $1 million plus luxury housing sales in the southwest Orlando area, which stretches from Windermere to Disney, have stabilized and points to a substantial uptick in sales in 2013. Vicky McVay-Froom, International Marketing Expert with Stirling Sotheby’s International Realty’s Dr. Phillips Marketing Center, said 78 million-dollar plus homes sold in the southwest Orlando quadrant through the third quarter of 2012, up from 74 million-dollar plus homes during the same period last year. McVay-Froom, who conducted the study, said the average sale price was just under $1.7 million, down from an average of just over $1.8 million in 2011. The surprise market was Golden Oak, Walt Disney World Resorts’ new mega luxury community, which posted 10 sales through the third quarter with an average sale price of $2.5 million or $520 per square foot. “Listing activity was down by 29 percent through the third quarter in 2012. The overall average sale price is down, and sales are stable,” McVay-Froom said. “Those three indicators are relevant,” said Roger Soderstrom founder and owner of Stirling Sotheby’s International Realty. “The market has bottomed out. Demand is increasing, supply has decreased, and we anticipate that sales will increase in 2013 as well as sale prices,” he said.