Less Celebration In Disney Town As Foreclosures Rise

To be sure, Celebration still has amongst the highest real estate values, about twice Florida's median value. Yet the foreclosure rate of one of every 20 residents is twice that of the state's.

Long know as being a model of New Urbanism, the 1996 town built by the Walt Disney Co. outside of Disney World, 25 miles south of Orlando, recently received a lot of publicity for the first murder recorded in the town and a foreclosure-related suicide in the same week. Less known is that the town is experience a significantly greater foreclosure rate than the rest of the state:

"Celebration foreclosures are happening at a faster pace in part because property owners in financial trouble are walking away from vacation homes in the town, where real estate sells for about 30 percent more than surrounding communities, said Michael Olenick, chief executive officer of mortgage-data firm Legalprise Inc."

"The harsh reality is, bad things happen in Celebration too, both in real estate and in life," he added in this Bloomberg News article.

Full Story: Celebration, Florida, sees foreclosures rise

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
Book cover of Contemporary Debates in Urban Planning

Contemporary Debates in Urban Planning

Featuring thought-provoking commentary and insights from some of the leading thinkers and practitioners in the field.
$18.95
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95