Boca Raton-based developer Encore Capital Management completed the first 77 homes at its master-planned vacation rental community in the Orlando area called The Encore Club at Reunion, which is attracting buyers from around the world.
“Orlando’s tourism market is on fire and we expect demand to increase with time, driving interest among investors from all corners of the globe who are looking to own a piece of that growth,” said Art Falcone, founding partner of Encore Capital Management, said in a press release.
Encore Capital is marketing the 77 newly completed homes, with five to 13 bedrooms each, to buyers who would rent them to vacationing families and groups. The prices of the homes range from the mid-$300,000s to mid-$700,000s.
So far, Encore Capital has sold 240 of the 742 homes it plans to build at The Encore Club at Reunion, many to foreign buyers from such active feeder markets as Brazil, Dubai, China and the United Kingdom. Located in Osceola County off Interstate 4, The Encore Club at Reunion is located near Walt Disney World and other Orlando-area theme parks.
The 77 newly built homes have open floor plans, in-ground pools, two-car garages and fiber-optic technology.
Encore Capital said in a press release that the size and configuration of the homes are conducive to large groups and multigenerational families, a growing segment of the tourism sector.
A recent study by AAA shows that 36 percent of American families plan to travel with their children, parents or grandparents this year, a 4 percent increase over last year.