Happy Wednesday, Orlando. Expect party cloudy skies this morning, with some potential thunderstorms brewing later this afternoon. We’ll see highs of around 93° with lows of 75°. Here’s what’s on deck:

• Orlando Sees Increase in Luxury Home Prices Despite Slowing Sales

• Defense Contractor Set to Triple Workforce at Titusville Campus

Let’s dive in.

REAL ESTATE

Orlando Sees Increase in Luxury Home Prices Despite Slowing Sales

What’s happening: Orlando's luxury home market is experiencing an interesting mix of rising prices, increased inventory, and slowing sales. According to Redfin's latest report:

• Median sales price: Nearly $1.2 million, up 9.7% year-over-year.

• Sales volume: Down 3.7%.

• Inventory: Up 22.7%, indicating more homes are available but are taking longer to sell.

Breaking it down: Homes are staying on the market for a median of 30 days, significantly longer than in 2022 when sales were booming. The slowdown is attributed to fewer local buyers, likely influenced by high mortgage rates, making it harder to upgrade to luxury properties. However, international cash buyers continue to support the market.

Zooming out: Orlando's luxury market, defined by the top 5% in value, mirrors national trends with record-high prices but slowing sales growth. The broader Orlando market also set a new median price record at $395,000, with a growing inventory providing more options for buyers.

The big picture: As the luxury market stabilizes with increased listings, price growth may slow down. For potential buyers, especially locals, the rising inventory offers more choices and negotiation power, albeit with challenges posed by current mortgage rates.

Read more here (Orlando Business Journal)

BUSINESS

Defense Contractor Set to Triple Workforce at Titusville Campus

What's happening: Draper, a nonprofit defense contractor based in Massachusetts, is expanding its Titusville campus (about 40 minutes east of Orlando) and plans to triple its workforce there. The new facility will grow from 50 to 150 employees, with potential further expansion in the late 2020s.

Focus areas: The facility is dedicated to testing nuclear deterrence systems, guidance systems, and other technologies for harsh environments. This includes microelectronics testing to support Draper's new advanced packaging site in St. Petersburg.

Facility expansion: The Draper Strategic Enhanced Ground Test Facility will add a second story, exceeding original size plans. Construction, led by Rush Construction Inc., is on track to be completed by the end of 2026.

Why it matters: The expansion not only increases local job opportunities but will also set the stage to further enhance security technology capabilities on a national scale.

Read more here (Orlando Business Journal)

QUICK HITS

In Other News…

1. Downtown Orlando will be installing giant pigeons on rooftops next month as part of an ongoing art initiative.

2. Irish retailer Primark is opening its first Orlando location, and an entire floor will be dedicated to Disney merch.

3. Talkin’ Tacos, a popular fast-casual spot, will open its second Central Florida location on August 2nd in Maitland.

4. Three new Orange County schools will be opening for the 2024-25 school year. Check out a sneak peek at the campuses from Click Orlando here.

5. Orlando-based National Airlines recently acquired four new planes to expand its fleet as the cargo and charter provider continues to grow.

6. Dutch Bros Coffee, a popular chain based in Oregon, is expanding into Central Florida with its first Orlando location opening later this year.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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