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Disney STR Market Update: Why Orlando Prices Are Finally Negotiable · Short Term Shopping

• 0:02
  Speaker A: Welcome to Short Term Shopping, where we explore homes for sale in the best vacation markets in America. Some homes we do like, some homes we don't like. Brought to you by the Short Term Shop. It's Short Term Shopping. All right, market target. We are doing the Disney Podcast and update. It's been a while. Happy to bring a new episode to the Disney Podcast, the Orlando Market Podcast, the Disney Short Term Rental Podcast, whatever you want to call it. We're here to talk about buying, selling and renting houses in the Orlando, specifically the Disney Kissimmee, Florida area. And I got my man Mike here with this. He came prepared. He came prepared. I like that.
• 1:01
  Speaker B: Yeah, gotta have my ears got to the Mickey thing, you know?
• 1:04
  Speaker A: Yeah, yeah, man. So, so what's going on? Tell us a little bit about yourself and, and what's doing down there in middle Florida.
• 1:12
  Speaker B: Oh, we love it down here in Disney. Well, central Florida, all of Florida, love the area. Free snow removal all year. It's a great thing to have. So all you have to do is watch out for the storms blow through every once in a while, but not bad. Yeah, Disney's a great area. You know, you've got a lot of people coming to the area all the time. So although there's lots of inventory, there's also lots of houses. And the reason for that got a lot of people come to Disney. So it's important to have a lot of choices for these people. Whether it's a two person or a family of 14. We've got a spot for everyone.
• 1:55
  Speaker A: Yeah. Which, you know, that is probably the main reason why you would rent a house rather than staying on property. And I do want to mention that I'm a huge Disney fan. I do like to stay on property when I go there with my family. We are a family of four, so it works pretty okay for us right now as the children are young, but as they get bigger and as more family members come, then you start looking for other options. And once you get up into the, the, the larger rooms on property, things get expensive. Disney's expensive. And sometimes folks look off property to mostly help with costs, but also for, you know, larger properties. And they can have a swimming pool of your own in the backyard in a lot of cases. That's a pretty common thing in your market. So just, just to touch on that, I do personally as again, a guy that goes to Disney all the time with my family and lives in, I live in Florida as well, in Northwest Florida. To me, staying on property, you can't beat it until you start to get a little bigger, you got a bigger family, a little older. And also if you're trying to save money because you can get way more bang for your buck off property. Say in a townhome you could get maybe a three bedroom townhome for you know, a lot of cases less than something at say like the All Star resorts on property. So you got rooms for everybody in your group and then you got a kitchen and you got a lot of times that'll even have its own swimming pool. So it's got a lot of advantages. The downside of course, which I have no problem getting into as a Disney fan, is that you do have to do some driving and there's also you do, in most cases you're going to lose your, you know, on property privileges like rope dropping or early or getting in early to the property you're going to, you get, you can get in an hour early, give, give or take, depending on the property, which park you're going to for staying on property, you would lose that. But I don't know, I don't know that everybody's as crazy as me and wants to wake up at 4 o' clock in the morning and go do all that. That's a lot of work. But so yeah, I mean what you tell me, am I, am I on the right track here? What would, what would make somebody rent? Let's talk with just rent besides buying and selling one of you know, an off property like a Windsor Hills type of a property versus staying on the on the property.
• 4:30
  Speaker B: Yeah, Windsor Hills is a great example of why you'd want to use an all property location. Windsor Hills has a little bit of everything. Two bedroom condos, three bedroom condos, three bedroom townhouses, single families and the prices go from, you know, mid to upper twos for the two bedroom condos. The three bedroom condos are, you know, upper, mid to upper threes that townhouses, upper threes, low fours and then single family, typically six to seven and a half depending on what's going on. But those are great properties and what's really great about Windsor Hills is it's kind of a resort all to itself. So you go on property at Disney, you do all that, but sometimes you just want to get away. So Windsor Hills has got a water park, it's got playgrounds, it's got the community center's got a, a video area, a movie area, game rooms, a little snack bar area. It's, it's got everything you need. So you go to property, come off property, let's say it's raining or it's, you know, it's Florida. It's gonna rain every day for 15 minutes throughout the day. So you come in, you're at the property on the at Windsor Hills and you want to do lunch and then you go play in the pool. Then maybe go back and watch the fireworks. Fireworks are amazing at Disney. Got to check those out. And then you come back to the house and then the kids are playing in the pool and mom dad are having a beverage out by the pool or sitting in the living room just talking. So it's a great area to be in.
• 6:17
  Speaker A: I read that it's 40 to $55,000 a day for the fireworks. Well, I should say I don't pay that. No, no, I should say, I should say per night is what Disney's spending on those fireworks. And I'm actually be honest with you, I'm, I was expecting it to be a little higher than that. Total annual budget for fireworks alone is 40 to 550 million dollars.
• 6:41
  Speaker B: Wow, that's quite a show. When my parents lived in Claremont, Kings Ridge, we would stand out. In Claremont, we're talking 20 miles away and you can see those fireworks firing off. It's, it's amazing.
• 6:55
  Speaker A: So when you said condo versus townhouse, paint me a picture of what I'm looking at. I don't expect you to be able to pull something up on the fly like that. But like, you know, I mean, is it like an old school Florida style condo? What, what is like visually? What does it look like a condo versus the townhome?
• 7:13
  Speaker B: It's. Are they so in, we're going to focus in on Windsor Hills. They're great, low community. They have eight condo buildings. Each one of those buildings has I think about 20 condos in each one and they're two or three bedrooms. So it's a, it's a large three story tan brick buildings, got elevators and everything inside of it and one set of them overlooks the pool and then some of them don't, you know, so you've got elevators, you've got stairs, you've got access. What you don't have is your own private pool. Now, not a big deal, it's walking distance to the big pool. But that's one thing that if you don't want to deal with the pool or you just don't want the hassle, the expense, get a condo.
• 7:59
  Speaker A: I see. And so the townhouse is not going to have a. Well, it's probably not going to need an elevator. You got like your own private entrance and, and then also you in a lot of, a lot of cases, the pool. It will have a pool. Yeah.
• 8:13
  Speaker B: Oh yeah, absolutely. There's 200 townhomes there. Every single one of them looks like every other one outside. Now of course you can have your, your little kick ups. You want the end unit or you want the one overlooking the pond or, or. But they're all basically the same. They all do really well. There's a three bedroom, three bath townhome. Now if you go on air DNA and run the numbers, numbers not gonna look so good, you know, because it's a little large scrape. But I've seen real numbers on people that will run and the numbers are much better. You, the possible exists to have a good income producing property if it's well run.
• 8:52
  Speaker A: I totally agree and I do think that this market is under, under everything. I think that if you're in a situation in life like we are, where you have little kids and you're trying to get like Disney's a part of our lives, you know, big time. We are huge fans. We have a, I have a countdown on the mantle that says how many times until our next trip. We have a point system. We go so often that we've created a point system for the children so that they don't just feel like they get to go to Disney whenever the hell they want to. They have to earn it. And they have to earn points for each ride. In other words, they pick their favorite rides for the next trip and they have to earn five points for that ride or they can't go on it. Now just even me saying that my child can't go on the ride hurts. And have they ever not gone on a ride? Hell no. But we do. You know, they get excited, they love it, they can't wait to cross off those rides. And, and they're like, daddy, I want to sit next to you on this ride. And it's wonderful. And I, I dread the thought that someday that the, those things are going to go away. But I do, I do think that they will still have a very good relationship with Disney. And, and I bring this up because I know you're in this phase right now. I'm, I'm dreading mostly the period of time of I'm hoping no more than about 10 to 10 years would be nice where I'm waiting for grandkids because when my babies are gone and we're not doing Disney points anymore, they are going to need me and I'm going to be really good at it. And I can't wait to take the next, the next generation to Disney World. So anyway, I say all that because we love Disney and it's a huge part of our lives. And I do think that the Disney Vacation rental market is, is, it's out of, it's out of whack. You had way too many people buy stuff there that just never gave a crap. And we're going back to the beginning of all, you know, the Internet, Airbnb style of doing things. And this market, in my opinion, literally invented the word saturated because it's been like that for as long as I can remember. Ever since I started doing this 15 years ago, everybody was saying, Orlando's done, there's too many properties, you can't compete. And I do feel like that was somewhat of, you know, the case for a little while. And then I think we're to the point. Well, let's fast forward to right now. I think right now a good operator has every chance in the world to crush it. And I really do mean use, I'm going to use the word crush it. If you buy a decent property that is in a great location and make the bathrooms nice and the kitchen nice and you pay attention to your guests and you don't try and charge too much damn money. I think that's the biggest problem that they're having. I think most people in your market, they're like, I got five. Because a lot of these houses are really big, aren't they? The houses are big in a lot of cases.
• 11:54
  Speaker B: Well, there's, there's a shoe for every foot is what I love to say. There's two bedroom condos that do well and there's 14 bedroom homes.
• 12:01
  Speaker A: Yeah, do well.
• 12:02
  Speaker B: A lot of these, a lot of
• 12:04
  Speaker A: these community, you know, rental community houses get up real easily into the five, six, seven bedroom range. And I think the biggest mistake they're making there is that they're trying to price it like a seven bedroom version of what you can get on property. I got two problems with that. Number one, it ain't on property. It is not on property. I hate to tell you, it is not a Disney property. You aren't going to get that kind of money. And number two, these properties are not like that expensive. Like in other words, to buy a five or six bedroom or a seven bedroom, where, where we're talking about here, right outside of, you know, in the Disney area, outside of Orlando, it's a fraction of what it would cost up here in the Destin area.
• 12:48
  Speaker B: Oh, yeah, we're talking six or seven hundred thousand dollars, which is six up, eight bedroom, five bath that you can sleep a lot of people in. That's not. A ton of you do that in Sevierville or in Panama City. What's that going to run?
• 13:04
  Speaker A: Eight bedrooms, Panama City Beach. Yeah. 1.9 million, $2 million.
• 13:08
  Speaker B: Right.
• 13:09
  Speaker A: You know, and honestly, they're hard to find. You're not even going to get a house with eight bedrooms up here. And you can get them in Sevierville, but they're still pretty uncommon. You know, usually you're capping out at 5, 6, and then sometimes you get these big lodges, you know, but, but yeah. So your bang for your buck is there. And I do again, I think it's because it's, it's. People haven't figured it out yet. Haven't figured that market out yet. They put up a ton of these houses, you know, in the. About 20 years ago they started banging them up. And nobody's really cracked the code, not that I've seen. And I'm sure there's probably maybe a couple good property managers that are doing well, that know what they're doing. But you know, the owner, operator, and I guess if I have a point is that there is a nice little gap in the market here in, in this market. If you are a big Disney fan, like going to Disney with your kids a lot and you're willing to price the property. Right. I think that's the biggest thing I see people doing down there. They're just pricing shit way too high for no reason other than they just said, oh, this is a six bedroom house, I can charge a lot of money for it. But you're not getting booked, so you're doing it wrong, you know. Anyway, I think it's an underserved market. Yeah.
• 14:23
  Speaker B: And really you, you just gotta, you have to be better than your neighbor. Your neighbor who's turned it over to a property manager. That is not keeping it up. That is, I mean it's, let's say it's. You got it in 22 and it's had, it's been banging out since 22. Okay. We're talking about almost four years of people being in there every week. It needs updating. You need to put a fresh coat of paint on, you need to clean up, you need to make sure the inside outside. You want to go into a property, you go to Disney, that place is nice. Your property needs to be nice 100%.
• 14:58
  Speaker A: I actually read somewhere that they, they go through and paint, do Paint touch ups on the rods every single night. And I agree with that. I mean, there's again, I'm a huge fan, huge fan, but I pay attention to that stuff. When you waiting in line and going through Peter Pan, it's spotless. It's like, dude, I mean, not spotless. There's gonna be some dust and some junk on the floor or whatever. But like the paint. Think of how many tens of thousands of people are touching that paint, like all the time. It's gonna get nasty. Now I will say, last time I was on Small World, I was like, dang, there's some stuff in here that needs a little paint. But that's kind of a weird one. I understand why they're not paying as much attention there because nobody can touch it. You know, you're in the boat. But anyway, it's probably the same boat
• 15:42
  Speaker B: I rode 100 years ago.
• 15:44
  Speaker A: Yeah, exactly. But anyway, you know, in a Florida house in general, you do need to paint more often. It's not a Smoky Mountain cabin that's got tongue and groove, that can take a suitcase right to the neck and be just fine. It's Sheetrock. So. Especially if you got a staircase and you're 100. Right. You know, if you got, if you guys. Yeah, forget it. It's getting beat up. So you got to get in there and paint that. I paint staircases, you know, every year, sometimes twice a year if I need to, because they get beat up hard by the, by the suitcases going up and down. So, yeah, you got to pay attention, work that into your budget. Obviously, you know, paint, paint, paint job's not cheap on a seven bedroom house. Right, but that's a good point.
• 16:29
  Speaker B: Yeah, you probably don't need to paint ceilings every couple of years. But you know, the, the corners of the, the kitchen, the stairway, entrance, hallways, inside out, the doors, those all need to be maintained. You've got to keep it up. You've got to keep your appearance very high. So you know, you're, you're providing a quality product.
• 16:48
  Speaker A: Yeah. Has to be clean, has to be freshly painted, and it's got to be cheap. I'm using the word cheap. I think you have got to be cheap in the Disney market. If you're not paying attention to Disney's price per night on their hotel rooms, you're doing it wrong. You got to be paying attention to that. And we're actually going to have the Disney pod getting ready to schedule that hopefully here in the near future, in the fall here of 2025. So be on the lookout for that, folks. We're going to do the Disney Pod on my podcast, Short Term Rental management. Mike, you'll be in on that whenever we finally get around to schedule. And that should be not too long. So you talked about prices a little bit, and they seem to be getting a little bit more favorable. What's going on? Are we. Are. Is product moving in your market? Is. Is. Are these townhomes selling? Are they sitting for a while? Can you give us an idea of days on market?
• 17:39
  Speaker B: Yeah, well, yeah, things are selling if they're appropriately priced. I sold. I've sold three townhouses in Windsor Hills this year, but they're appropriately priced. I've also walked past ones that were overpriced. So. And there's lots of reasons that people sell, you know, 413 bigger properties, all that. But properties themselves do sell. And it's not just Windsor Hills. There's solar this Jefferson. There's Windsor west side. There's lots of places that have great properties. But again, you got to have a price right. You can't expect to get a 2022 price in 2025. 2026, okay, the market has stabilized. We needed this stabilization. They were going crazy. So even though the prices aren't 2018, you can still buy a property and make it work if you run it right.
• 18:36
  Speaker A: And when you say I can't expect the 22 price, you're talking about a seller.
• 18:40
  Speaker B: Yes.
• 18:40
  Speaker A: Yeah.
• 18:40
  Speaker B: Yes.
• 18:41
  Speaker A: Yeah.
• 18:42
  Speaker B: If you bought it in 2022, the prop. And all you did was run it for four years, the property will not improve. You know, you've got to make changes, and you got to realize that the market is stabilized now in general, over time, of course, real estate will constantly go up, but you have your ebbs and flows. So you need to price. If you're trying to move it, you need to move, price it appropriately, and they will sell.
• 19:12
  Speaker A: I was talking to somebody other day. It was a random person that I didn't really know, and it was a real estate conversation, and they made a comment. It was a younger individual said something about, you know, my uncle bought a house in 2022, and now he's trying to sell it and he's having to take a loss on it. Can you believe it? And I thought to myself, okay, yeah, 2122. This is a very weird time when everything was nuts. But at the same time, I've been doing this long enough that I'm sitting there like, you do realize that in general, if you're trying to sell a house after only two years, in the grand scheme of the world's economy, that's not usually going to be much of an increase, if any, you know, so we're getting back to a little bit more normal here. And like I said, the 18, 19, 20 people that were coming in and like, new to real estate, they just like, were so excited about this, this equity injection that they were getting. And it was a great time, it was fun, but it wasn't real. And now. So that's. This the type of person I'm talking about. This is a guy that, you know, maybe bought a house or two in 2018, and now it's worth way more than what he paid for it, or maybe he went back to 16 or something like that. And now, oh, my God, we're selling a house after two years and I'm not going to make 50 grand. This is crazy. You know, it's like, well, this is a little bit more normal now. There are some folks that are hurting a little bit and having to sell for a loss. And to those folks, I say hold it. You got to hold it right now. If you're. If you're negative and your equity from what you paid versus what you can sell it for, that's Covid. That's 2022, that's 2023. And it's. It's not cool, but it's reality. And there's a way to fix that. And the way to fix that is to make sure that your rents are good enough that you don't have to sell it and just hold on tight. I would imagine. You got me way off on a tangent here now, Mike, but I would imagine that whenever this same person we're talking about bought this house in 2022, they didn't think they were going to sell it two, three years later, but here they are. And why don't we go back to the original plan and keep the son of a gun and your life would be better. But I get it. Sometimes we don't have a choice. I've had to take a loss on a property or two over the years, and it just happens.
• 21:36
  Speaker B: Here's a great way to learn how to run your property better right here.
• 21:39
  Speaker A: Thank you for the plug. Yes, thank you. There you go. I gotta stack of them there too, so we appreciate that. So in other words, can I. Can I wheel and deal? Can I get a deal right now, in the fall of 25 in Disney?
• 21:55
  Speaker B: Yeah. If it doesn't work at the list price, figure out a price that does work. And let's put that off, Red. Okay, Maybe they don't want to sell it. That's fine. Maybe they have to sell it. We can do that also. But if we. If you like, if you like a property, let's say it's a property and they're asking 534 and it just doesn't make sense. But you can make it make sense at 480. Put the offer in. Let's write up the offer and see if they'll take it. Sometimes they're just tired running them a short term rental. They're like, oh my gosh, this is a hospitality business. I just wanted to set it and forget it. It's not this property. Okay. So yeah, deals are out there.
• 22:38
  Speaker A: Yeah. I want to talk about the theming because it's always the thing that comes up in Disney and I hate to talk about it, but it always comes up. And I'm starting to think that we've gone too far with this theming. I might be wrong. Some examples of. Of what?
• 22:54
  Speaker B: Crazy big theming.
• 22:55
  Speaker A: Yeah.
• 22:56
  Speaker B: Oh yeah.
• 22:56
  Speaker A: I think it's gone too far. And let me hold it. Bear with me on this because this is a pretty wild idea and I might be wrong. I like to be wrong. I think that there was a period of time where everybody said, oh, Disney, you got to have a mural and a immersive tie fighter and everything in every room and all this crazy stuff. And people were coming in and spending like $200,000 on this stuff. And those houses are cool. This is an area of the world where I would say that, okay, maybe we do need to, you know, spend a little money going a little bit nuts. Whereas in the Smokies or Destin, we don't need to do those kinds of things. That's my opinion. But I think it's gone too far to the point where we've got a lot of these folks that I don't know, just bought into this whole crazy concept of over amenitizing and now they're sitting there with all these high dollar properties that they have to get these giant price per night to make it work. So I'm like, dude, I could come in here and not spend a ton of money on theming and have a low price per night and get booked with the lesser attractive property because I got a more attractive price per night. Maybe my theory is crazy. What do you think?
• 24:16
  Speaker B: Well, I, I think there's both sides. I think that some people, they want that visit experience and they want to have, they want to wake up with Star wars all over top of them and there's a market for that. But you don't have to spend a quarter of a million dollars on your property to make it work. These properties, if you're dealing with the townhouse, a three bedroom, three bath townhouse. Yes, a three bedroom, three bath townhouse that's well themed will probably do better than one that has a Mickey Mouse stuck on the wall. But you can do theming without going crazy. And I've. If people want to see this, ask me about it, I've got plenty of examples of crazy theming and I've also have some great examples of moderate theme. And then of course the Disney stuck on the wall now because there's different ways that you, you don't have to spend that much money. You can make it clean, classy and nice and make a really good prayer property.
• 25:18
  Speaker A: No, I agree. And the, the traveler right now is looking for a deal. You know, I, I read recently state of Florida had the biggest, the busiest Q3 it's ever had. The third quarter of 2025 had more tourists than any other third quarter in the history of Florida, which is the number two most traveled state in the US Behind California with the balloons. So California's number one, which is actually, by the way, it's almost twice as much. California is about a million, a hundred million dollars a year, 100 million tourists per year and Florida somewhere around 55 million. So which I was actually surprised that it was almost twice as much. But. And then, and then from there it goes to, oddly enough Vegas, which I just came back from. Nevada number three. So Florida, huge indication as to whether people are traveling or not. And they just had their best third quarter ever. However, Disney's numbers are down a little bit. So that tells me that people are looking for a deal right now. But I'm a little conflicted because the data is showing that people are spending money moving and shaking. So I don't really know what that means for the Disney data. I will say that I think when we October and November Disney numbers come out, I think they're going to be pretty impressive. September was pretty low. They say it was their lowest since 2021, which is to me a little skewed because 2021, obviously, you know, it was like barely even open because it was Covid. But I'd like to go back. I wish I had a better number on you for you on that one because I don't have anything like what was the slowest September previous to 2021? Other than this year, how far back do we got to go? That's the number I would like to, to see. But I think we are going to have a nice October and November. I'm going in November, so I'll let you know when I get back. Because I'm expecting it to be pretty packed. And here's why. Because I pay attention to the hotels. I've. I've got a villa. They call them, I could have that word wrong. I'm pretty sure it's a villa. Anything over a just a regular hotel room is called a deluxe villa. So anything over just a regular old hotel room with two beds in it or one bed in it, they call it a deluxe or a deluxe villa. And I, my next trip to mother in law is coming and we've got, we do have a studio which is still a deluxe villa, but it's a studio. So it's basically just a hotel room with you know, it'll have like a little mini kitchen kind of thing and it'll have like a bed that, what do you call those that comes down from the wall? Murphy bed.
• 28:05
  Speaker B: Perfect. Murphy bed.
• 28:06
  Speaker A: Yeah. And the more I get to thinking about it, the more I'm thinking maybe we need a second bedroom. And I have checked. We booked this one, I booked this one in I think July, maybe August. And we're recording this in late October of 25, mid October. And there has not been anything at any property. And I've been looking at, I'm trying to get Boardwalk, that's where we're going. And there's not been one property at Boardwalk that's bigger than the studio. And there's not been at any other on property resort either. So that's where I'm like, I'm like, where the hell are these September numbers coming from? If it was that slow at Disney, then why the hell is November so busy? Because I've been looking literally like almost every day trying to find a damn room and they don't have anything. Which again then maybe you start to look off property, you know.
• 29:06
  Speaker B: Right. And remember Disney's kind of like season starts up as you get close to Thanksgiving. We're gonna start ramping up. Thanksgiving, Christmas, New Year's all the way through, then a spring break and then it's through the summer and we slow down as school comes back in. So September, October typically going to be a little bit lower because less people are coming. So that's kind of the slow season versus when you are, you know, at the beach or in a mountain views
• 29:38
  Speaker A: Yeah, I think people are out spending money right now. They are. And also, man, it is. I feel like such an old man because, like, every time I go to the grocery store, I'm like, you got to be kidding me. Well, how did this get so expensive? And then I'm. I'm sitting there, like, when my dad was my age, he probably went to the grocery store and was like, how the hell did this get so expensive? You know? And. And honestly, it's not even done the same way anymore. I just instacart everything all the time. And now when I go to the grocery store, I actually look at how much it costs because there it's right in my face, and I'm like, good night. And the same thing with. We. Like I said, Vegas. We were just in Vegas. And it was $9 and change for my coffee, for just a regular old coffee at Starbucks. And I was like, are you sure I ordered the right thing? Because it's at home. It's only $5. And I thought I lived in a place that was really expensive. So it's crazy what's going on out there. In the economy, you don't really know what to expect sometimes. Go to. We went to. We went to a little like the food court style at the casino, which I was there. I want to clarify. I'm not there for work. I was there speaking at a conference. I was not gambling. Not that there's anything wrong with that, but I just want you to know that I'm out crushing it, not playing around. And I went to the food court, the little Mexican place, and it was so expensive. It was just Avery and I, just the two of us. And when she said how much it was and I gave her my card, I was like. I had to look up at the sign. I'm like, what did I just order? This is crazy. This is crazy. Things are changing. But. And again, I sound like an old man, but I do think people are looking for value, value, value, value. And I'm. What I'm hearing from you on these purchase prices is that I can get value in Disney if I can get a three bedroom townhouse for X amount of money. You don't have to charge a fortune for it per night. So I think keep an eye on that. Do I call it month math? Right? So figure out how much you got to get per month to. To get this thing, you know, to pay for itself. And then figure out what your price per night needs to be based on your month math. You know, like 30 nights booked, 25 nights booked, whatever you want your occupancy rate to be. And I think you'll be pleasantly surprised how low you can go on your price per night in Disney and still do pretty well.
• 32:06
  Speaker B: Yeah, absolutely. The old enemy method coming up there, see what they're going for, see what they're really renting for.
• 32:14
  Speaker A: Use that
• 32:17
  Speaker B: you gotta read the book.
• 32:20
  Speaker A: Yeah, I'm go, I'm gonna talk a little bit about days on market and in your area is sitting right at 75 days as of August in Orlando. This is a difficult statistic because Orlando is a big city. It is but we're, we're, we're looking at 5.77 months of inventory current currently on the market. This was as of about a month and a half ago. That's the most recent data we've received. And of course the government shut down right now anyway so we're not going to get any new data. But that's pretty, pretty common. It's a fairly healthy, we would like to see a healthier I think very, very healthy what you're looking for nationwide including primary homes, which is the bulk of all single family residential real estate. Closer to 45 to 60 days on market. So that tells me that things are not moving and shaking a whole lot in your market and it's probably a pretty good time to be throwing some, some offers around.
• 33:25
  Speaker B: Absolutely, absolutely. There's properties that are sitting out there for a while and they're sitting because they're overpriced. So like I said before, if it doesn't work at the price is that make an offer. Let's see if we can make something work for you. Some people I, I've got a property I'm closing on two days that we made a, an aggressive offer that was accepted and the lady has it says several short term rentals and she's going to retirement. She's just slowly phasing out of it.
• 33:58
  Speaker A: Okay, can you give me real numbers? What was the asking price?
• 34:01
  Speaker B: 530. Excuse me? 520.
• 34:04
  Speaker A: How many bedrooms?
• 34:08
  Speaker B: Five bedroom, four bath. Excuse me. Six bedroom, four bath. Townhome, Solara. 480.
• 34:16
  Speaker A: 480 what?
• 34:18
  Speaker B: That's what we offered and she accepted.
• 34:21
  Speaker A: And what was the asking price?
• 34:23
  Speaker B: 530.
• 34:24
  Speaker A: Okay, so 50 grand off of what the asking price was. Had the home had any price drops previous to that?
• 34:30
  Speaker B: No, she owns it free and clear. She's just, she just is like I said, slowly phasing out. She's got a property. Go ahead.
• 34:40
  Speaker A: The seller. Are you talking about yeah, yeah. So that she had it. She probably. Any idea how long she had it listed? I. I don't.
• 34:50
  Speaker B: I want to say six months at least.
• 34:53
  Speaker A: Yeah. And so she had it at that. 5:30, basically the whole time, we think.
• 34:57
  Speaker B: Right. Yeah.
• 34:58
  Speaker A: Okay. And then so you guys come in, throw 50 grand under at it, and she bit.
• 35:03
  Speaker B: Yeah. Well, that, that number is what was projected because that number worked. So that means.
• 35:11
  Speaker A: And was your buyer. Is your buyer a, an experienced operator or brand new? Brand new. Okay.
• 35:17
  Speaker B: Out of state, brand new. And the, and the seller's been amazing. There were several deferred maintenance items. Every single one of them has been covered. Everything is great. It's been a joyful experience.
• 35:31
  Speaker A: Is the buyer a Disney fan?
• 35:33
  Speaker B: Oh, yes.
• 35:34
  Speaker A: Okay, that's good. I like that. I think that's important. Yeah, I think, you know, I don't. I'm not saying that you couldn't come into Disney and do okay. And when I say that, I mean, you know, the Orlando area and do okay with just a regular old rental property if you're a badass property manager or want to be one. But I do think that it would behoove you to have some sort of interest in Disney or young kids or maybe grandkids. And that's. To me, that's the whole point. You know, it's the secret to the whole thing. We need a reason to be going there and interest in the area. I think that you need to be so good at Disney that you can help your guests with Disney because there's nothing worse than going to Disney for the first time.
• 36:17
  Speaker B: It's.
• 36:18
  Speaker A: It's hard, you know?
• 36:19
  Speaker B: Yeah.
• 36:20
  Speaker A: And I'd like the statistic on that. I'm actually gonna. Hold on. I'm looking this up. All right. I wasn't able to find much data on the subject, but I did find one AI that would pull that. 30% of Disney World visitors are return visitors and 70% are first time visitors. Those 70%, if this is a good statistic, I don't even know where it's come from here. They need help. And I would be willing to bet that there's a good chance they're never coming back. Because everybody I know in my life that I've ever talked to about Disney that didn't like it. They all had something in common. They only went one time. And I know the first time I went with the family, we were like, man, this is horrible. It's so much work. You don't know where you're going. You don't even know how to feed yourself. You're constantly walking and it's, it's like you don't know where anything is. You don't even know how to find your room. And then you get better at it. And we just kind of dedicated ourselves to getting really good at it. And now we're a symphony. Like, if you, if you go to work, taking her mom, Avery's mom, for the first time, November, and I can guarantee you she's going to be like, this was the greatest day of my life. This is the greatest time I've ever had in my life. Because it, when, when she gets off the ride, I'll be like, please go this way. You know, we need you to take, we need you to take 127 steps this direction. And okay, right now we're going to, we're going to walk over here and we're going to get an ice cream sandwich and then we're going to go that way because everybody needs a refresh. We even know when to give people ice cream because we've been there so many times that we know that if this, if this ice cream break doesn't happen, people going to get cranky, you know, and they don't even, they don't even know they need an ice cream break. But we do because we've been here enough times and we've been in this exact spot at this time of day enough times to know that it's time for you to get, get yourself a little, you know, whatever, some pink ice cream with sprinkles on it.
• 38:25
  Speaker B: Yep. So if you're staying on property, you got to know which parking garage to go to. Where do you go to? Orange, do you go to lime? Do you go to grapefruit? Which one do I go to? Which, where do I get off? Where can I catch a train?
• 38:37
  Speaker A: Where.
• 38:38
  Speaker B: Which park do I see first? That's all the stuff that I can help with.
• 38:42
  Speaker A: 100. As a Disney fan, if you're operating this house, you have a huge advantage because I hate to tell you, it, it's all about Disney. These kids are screaming and going nuts and they want their bubble blowers and all this stuff and mom and dad need help and if you can give them help, you know, even just be there for them for a little message here. I'm not saying be their Disney planner or their travel advisor, but, you know, just be, be helpful. It goes a long way anyway. We're way in the weeds. I'm gonna let you go. Had a great time. You got me fired up. For the Disney pod, which is coming soon. It's reminding me. I'm gonna write that down right now. I would like to get that scheduled asap. Yeah, we already, we tried to do it a couple weeks ago and then we just. Everybody got too busy. Disney pod is coming. That'll be on short term rental management. And I'm so psyched to be able to provide an update here to the Orlando short term rental market podcast. There's the ears.
• 39:45
  Speaker B: Let me. I gotta put those back up here. Unblur here. There we go.
• 39:49
  Speaker A: There it is. Now we're talking. All right, Mike, how do we find you?
• 39:55
  Speaker B: Easy Mike. It's short term shop. I'm easy to find.
• 40:00
  Speaker A: Mike@theshorttermshop.com I'm luke@theshorttermshop.com Thank you for hanging with us on the Disney Orlando short term rental podcast.