A West Virginia-based civil engineer and surveyor paid $1.2 million last week for his family's second vacation home in Kissimmee, the latest of five such investments held across four states.
located in the 2000 block of Formosa Boulevard, the custom home lies in the gated Formosa Gardens community roughly five miles from Disney theme park entrances, and features nine bedrooms and 10.5 baths across 8,198 square feet, dating to 2006.
Highlights include a movie room, sports room with gymnasium and pool table, arcade game machine, grand piano, two staircases, and an infinity pool and hot tub overlooking a lake.
The seller was Michael Manning, a retiree and United Kingdom native who owned car dealerships in England. He and his wife, who passed away last year, previously kept the property as a vacation home and rented it to tourists through much of the year.
"This was the grandest property in Formosa Gardens, and there had not been any resale above $1 million in the neighborhood so (potential buyers) were scared of the lack of comps," Penny Stokes-Hilton, Realtor with Top Villas Realty and listing agent for the seller, told GrowthSpotter on Wednesday.
Initially listed at $1.725 million in July 2016, Manning steadily lowered the price over the past six months to $1.285 million in June.
"You couldn't compare its custom features to other homes there," she said, as context for the 721 days on market. "And it was rented so frequently to (tourists) that it was a challenge to get viewings in."
The buyers were Joseph and Amber Fink out of Princeton, West Virginia. Joseph Fink is a principal there in family-owned Fink Engineering & Land Surveying, which serves real estate projects in its home state and neighboring Virginia.
The couple now owns five vacation home properties across Tennessee, North Carolina, South Carolina and Florida, with the other locally being an eight-bedroom home in Kissimmee bought last year.
"This was a unique luxury vacation rental that we liked, and it came fully furnished," Joseph Fink said. "Our business model is unique and luxury. That's what we look for when we buy homes, and this really fit the bill."