One of Central Florida's most prestigious addresses, Isleworth, an exclusive community located in Windermere, FL is not exception to the overall market decline. The commuity surrounded by lakes and a championship golf course has attracted high profile residents such as Tiger Woods, Shaquille O'Neal, Vince Carter, Stuart Appelby, Ken Griffey Jr. and Wesley Snipes.
Buyers can now call the exclusive address "home" for less than a million dollars, a price admission that would have been unheard of just a couple of years ago. About 16% of the 290 homes there are listed for sale. Over the past year, the average home was on the market for more than a year before selling. One of the subdivision's more affordable homes sold for $2.5 million a year ago and sold at auction for less than half that price four months later. There are almost 50 homes listed for sale and approximately 6 of them are foreclosures.
A second phase of lots, Gardens of Isleworth, is a section of "villas" that will sell from $2.5 million to $3.5 million.
Eventhough the pace of sales has dropped since a few years ago, buyers are still willing to invest in the lake-threaded community where security is tight.
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