There\u2019s a little bit of heartbreak when RE\/MAX real-estate adviser Carmelo Nuccio talks of downtown Winter Garden. Like many, Nuccio is watching the rapid changes in businesses and building ownership with marked trepidation.<\/p>\n
But his concerns are bigger than losing his favorite lunch spot on Plant Street. As the downtown retail district evolves, he believes that will have a lasting effect on the area\u2019s residential real-estate market, as well.<\/p>\n
Nuccio said he suspects the changes to Plant Street ultimately will result in a more upscale district \u2014 akin to Winter Park\u2019s Park Avenue. With that, real-estate values will increase, as well the interest in living in downtown Winter Garden.<\/p>\n
And while all of that sounds great on the surface, Nuccio worries it could threaten the fabric that makes downtown Winter Garden so special. Higher property values mean higher property taxes. For some who have called downtown Winter Garden home for decades, those higher taxes could make their homes unaffordable.<\/p>\n
\u201cThe people (who) have been living here for the past 30 years \u2026 used to be our teachers, nurses,\u201d he said. \u201cThey have a small house. They are senior citizens. They\u2019re on a fixed income. \u2026 (This is) going to push this individual to go far away from where they are.<\/p>\n
\u201cEveryone was upset about Three Birds Cafe, and they were upset about this door closing or this door closing,\u201d Nuccio said. \u201cBut really, the fabric of downtown, if you lose these people who have been here since the 50s \u2026 you\u2019re losing the very essence of what downtown America was.\u201d<\/p>\n
Furthermore, the spike in home prices will make it all but impossible for first-time homebuyers to purchase in downtown Winter Garden. Nuccio said recently, he is advising his clients to take a look at communities to the north, such as Sorrento, which can be achievable for younger families.<\/p>\n
\u201cIt’s actually making it harder for a true American or locals to try to buy their first home,\u201d he said. \u201c. When you start building equity, then you can build more on top of that. But if you can’t ever get there, you can never (begin). Our American dream is being taken by corporations because they are raising the bar so much.\u201d<\/p>\n
And for families who had planned to leave their downtown Winter Garden homes to their children, that spike in property taxes might make the monthly payment unaffordable. In that case, those homeowners might not have any other choice but to sell.<\/p>\n
What\u2019s more, as Florida continues to attract businesses from all over the country, the demand for residential real estate will remain high.<\/p>\n
\u201cIt’s become so beautiful; everybody is moving,\u201d Nuccio said. \u201cYou know how many headquarters are moving to Miami from LA and New York? They’re all moving to Florida somehow, some way.\u201d<\/p>\n
With nearly three decades of experience in Winter Garden, Nuccio knows these changes are the signal of a new cycle for the downtown district. He remembers when the district evolved into what it is today.<\/p>\n
\u201c(I) saw it resurrected and come to be what it is now,\u201d he said. \u201cI (had) the pleasure to be a part, a little bit of what the design it was. \u2026 It\u2019s beautiful. But, there\u2019s going to be changes, and what people don’t like is change. (But) it’s inevitable.<\/p>\n
\u201cWe live in paradise \u2014 one no one knew about,\u201d Nuccio said. \u201cAnd now people know about it. So what do you think is going to happen? It is sad, but it is reality. What you can do is just try to be strong and keep up if you can.\u201d<\/p>\n
CARMELO NUCCIO<\/p>\n
OFFICE ADDRESS: 2630 Edgewater Drive, Orlando<\/p>\n
PHONE: (321) 441-6951<\/p>\n