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There’s 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.
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’s residential real-estate market, as well.
Nuccio said he suspects the changes to Plant Street ultimately will result in a more upscale district — akin to Winter Park’s Park Avenue. With that, real-estate values will increase, as well the interest in living in downtown Winter Garden.
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.
“The people (who) have been living here for the past 30 years … used to be our teachers, nurses,” he said. “They have a small house. They are senior citizens. They’re on a fixed income. … (This is) going to push this individual to go far away from where they are.
“Everyone was upset about Three Birds Cafe, and they were upset about this door closing or this door closing,” Nuccio said. “But really, the fabric of downtown, if you lose these people who have been here since the 50s … you’re losing the very essence of what downtown America was.”
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.
“It's actually making it harder for a true American or locals to try to buy their first home,” he said. “. 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.”
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.
What’s more, as Florida continues to attract businesses from all over the country, the demand for residential real estate will remain high.
“It's become so beautiful; everybody is moving,” Nuccio said. “You know how many headquarters are moving to Miami from LA and New York? They're all moving to Florida somehow, some way.”
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.
“(I) saw it resurrected and come to be what it is now,” he said. “I (had) the pleasure to be a part, a little bit of what the design it was. … It’s beautiful. But, there’s going to be changes, and what people don't like is change. (But) it's inevitable.
“We live in paradise — one no one knew about,” Nuccio said. “And 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.”
CARMELO NUCCIO
OFFICE ADDRESS: 2630 Edgewater Drive, Orlando
PHONE: (321) 441-6951
FACEBOOK: @CarmeloNuccioRealtor
INSTAGRAM: @carmelonuccio
