ORLANDO, Fla., March 12, 2019 /PRNewswire/ -- Ranked as one of the best markets for real estate investment in 2019, the Orlando real estate market is becoming a target for 1031 exchange transactions. The luxury vacation homes at The Grove Resort & Water Park, five miles from Walt Disney World, highlight this 1031 exchange Florida trend. Compared with past years, The Grove is experiencing an increase of over 200 percent in contracts and enquiries from investors and 1031 exchange companies this year.
1031 exchange transactions allow investors to sell income-producing properties and acquire like-kind exchange assets as replacements to defer capital gains tax.
The 106-acre resort consists of 878 furnished condominiums filled with state-of-the-art amenities. The large two- and three-bedroom residences are selling from $299,000 to $595,000. Investors are targeting The Grove because it is an income producing property, not a primary home, which meets one of the main 1031 exchange rules. When it comes to 1031 exchange timeline, The Grove residences are all available to close within the 180-day deadline specified by 1031 exchange rules. More importantly, The Grove offers buyers a hotel program professionally operated and staffed by world-class Benchmark Resorts & Hotels® to manage the condos on behalf of the owners.
BTI Partners, the developer of The Grove, is currently offering new owners a 10 percent guaranteed leaseback on the condos participating in the hotel program until the end of 2020. Since opening in 2017, The Grove has seen a continued increase in occupancy, reaching a stage where the hotel is sold-out during certain days.
"The Grove is becoming increasingly popular with hotel guests, which is driving up revenue, and making us more popular with investors," said Dominic Pickering, Director of Sales at The Grove.
The Grove's resort-style amenities include three swimming pools, a spa, fitness center, three bars and lounges, a high-end restaurant, large-scale grab-and-go market with seating, lakefront pier for water sports, and children's art and game room. The recently-opened Surfari Water Park offers two water slides, a winding lazy river, FlowRider® Double surf simulator, kids' activity pool, and the water park's on-site bar & grill. The Grove offers the ideal vacation home in Florida.
SOURCE Grove Resort & Water Park