The Grove Resort and Water Park in Kissimmee has completed its third tower.

1031 Exchange investors eye vacation homes in Orlando to meet July 15 deadline

ORLANDO, Fla.June 17, 2020 /PRNewswire/ — Orlando is becoming a popular destination for 1031 exchange real estate investors rushing to make like-kind real estate exchanges ahead of the July 15 deadline. An example of this trend are the luxury vacation homes at The Grove Resort & Water Park, which have seen a growing number of inquiries from 1031 exchange investors since Florida’s shelter-in-place order was lifted in May. The Grove, located five miles from Walt Disney World, has seen an uptick in interest from 1031 exchange investors looking for assets positioned for a quick close, according to its Director of Sales Dominic Pickering.”Some investors are staying away from properties that could require a lengthy due diligence period and push closings past July 15,” Pickering said. “They are coming to The Grove because they know they can close in a matter of days and avoid the risk of losing a significant amount in tax savings on gains from the sale of their commercial properties. The Pandemic has slowed down transactions and investors want to play it safe by going with a developer who has properties ready to close immediately.”At the height of the quarantine, the IRS extended the deadline to identify and acquire a replacement property to complete a 1031 exchange deal to July 15. The extension provided relief to stakeholders active in the 1031-exchange market.The Grove is an attractive option for investors because the furnished two- and three-bedroom condos can be placed in a short-term rental program managed by a seasoned hotel operator. The Grove is currently offering new owners for a limited time a 10 percent guaranteed leaseback for the condos participating in the hotel / short-term rental program.”Since opening in 2017, The Grove has seen a continued increase in occupancy and the hotel is regularly sold-out. As Orlando’s theme parks have begun to reopen following the quarantine, occupancy at The Grove has steadily increased over recent weeks,” Pickering said.The Grove, which consists of 878 luxury vacation condominiums in a resort-style setting, offers state-of-the-art amenities, including the Surfari Water Park, with multiple slides, a lazy river, and a FlowRider Double surf simulator. It also has a 6,300-square-foot game room, three swimming pools, onsite spa, fitness center, high-end restaurants, and more. The luxury vacation condos are selling in the high $300s.In recent years, Orlando has become one of the top cities for real estate investment, according to Forbes.For more information visit https://groveresidences.com; or contact 888-434-7683 or info@groveresidences.com.