According to the Miami Herald, Magic Development, a condo, hotel and vacation home developer based in Orlando, is using references to Italian automotive design to sell luxury condos. The Magic Village by Pininfarina community takes its name from the design firm that builds Ferraris. The developer is hoping to lure some well healed condo buyers away from Miami and make them homeowners in the middle of the state.
The 450-unit development at at 5500 W. Irlo Bronson Hwy in Kissimmee offers a three-bedroom, three-and-a-half bath unit measuring 2,195 square feet for $503,000; and a within 2,355-square-foot, four-bedroom, four-and-a-half bathrooms unit for $575,000. Amenities include a clubhouse at the center of the project with concierge service, pool and restaurant.
The Magic Development price is about one-quarter of a luxury condo in Miami-Dade, where per-square-foot pricing is more than $800, according Keyes Luxury South Florida 2019 third quarter report. The company will manage the community and provides a rental pool for homes that are not in use.
Already investors have swooped in, primarily from Canada, China and Latin America, buying 240 units, according to the developer. Construction began in 2018 for the $250 million project and should be completed by late 2020.
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