Regal Oaks vs Storey Lake

[Deirdre Dyreson]

I've been doing research for almost a year in the Orlando area and looking to purchase our first STR there in the next few months. After visiting several properties on a recent trip, we've narrowed it down to a 2/2.5 townhouse at Regal Oaks (with large lanai and hot tub) or a 2/2 Condo at Storey Lake. We have a bunch of reasons to sway one way or the other. Anyone out there have experience owning at these resorts? Anyone out there have units at BOTH?? We have an AWESOME real estate agent who is helping us and also doing great research. Would love to touch base with someone who has real STR experience owning at each one. We will most likely purchase in the next few months.... prices have definitely cooled off in the area and we're hoping to see them come down a little too.

[Shawn McCormick]

@Deirdre Dyreson Hopefully your agent is familiar with these communities as they are very different. (age, ammenities of the community, HOA fees, popularity amongst travelers/travel agents and more).

Age of unit will determine how much wear is on furniture, how long the a/c has life left and other things that could eat into your ROI. The overall feel of the community and its amenities, how impressive are they. Also consider how many units are in each of those that are similar to yours. Regal Oaks are all townhomes and all have the same floor plan and all have hot tubs, how will you price yours..based on what everyone else is getting? In Storey Lake, they have condos, towns and single family up to 9 bedrooms, so much more diverse and most units will be several years newer. Look at HOA fees. Regal is likely around $350-400 and Storey Lake is around $700.

I would look at the ADR of both communities for the size and type of unit you are looking at and see if that makes a difference and will cover your expenses, PITI, HOA, cap ex, maintenance etc.

Hope this helps.