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Robust sales of Orlando's million-dollar homes stir "genuine excitement"

An Isleworth mansion that fetched over $3 million.
An Isleworth mansion that fetched over $3 million. (Shanklin, Mary C /)

The high-end home market is seeing robust movement, as the wealthy are drawn by Orlando's attributes and future prospects.

Since the beginning of the year, 110 homes in Orange County have sold for $1 million or more, according to Mid-Florida Regional Multiple Listing Service.

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What's behind the demand is relationship building between upper end real estate agents and their clients, managers at luxury stores talking up Orlando to their rich clientele and more large, higher paying jobs entering the area, agents say.

"We've had five straight years of growth, and we're having the best year this year," said Mark Hayes, president of Isleworth Realty and Stockworth Realty Group. "There is a genuine excitement among builders, banks and buyers."

Capitalizing on the area's large Brazilian presence, Hayes' group translated the Isleworth website into Portuguese and got four buyers this year.

Between January and May, 86 homes in Orange County sold for between $1 million and $2 million, for a value of $116 million.

Sixteen homes sold for between $2 million and $3 million, for a value of $38.7 million.

Five homes sold between $3 million and $4 million, for a value of $17 million, while none went for between $4 million and $5 million.

Three homes sold for over $5 million, for a $20 million value.

The prices compare to the $175,000 median price for a home in the Orlando area.

The dollar volume leader was Isleworth, with 12 sales totaling $31 million. One home sold for $8.25 million. Two homes sold for between $3 million and $4 million, for a value of $6.7 million. Three homes sold for between $2 and $3 million, valued at a total of $7.5 million and six residences went for between $1 and $2 million, valued at $8.5 million.

Close behind Isleworth on a dollar value basis was Keene's Pointe, with 18 sales for $30 million, while Golden Oak saw five sales for $17 million. Lake Butler Sound had four sales totaling $8 million and Waterstone had five sales for $7 million.

By city or town, Windermere, where Isleworth is located, accounted for 47 percent, or $91 million of the sales. Winter Park had 23 percent, or $45 million, and Orlando accounted for 17 percent, or $33 million. Capturing single digit percentages were Golden Oak, at 9%, or $17 million; Winter Garden, at 2 percent, or $4 million; Maitland at 1 percent, or $1.3 million; and Edgewood, at 1 percent, or $1.2 million.

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