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Windermere Reserve: Lake Down Homes and Their Off-Lake Neighbors
On Horizon Circle inside the Town, Windermere Reserve has 28 homes built mostly in the 1990s, and its nine Lake Down homes are assessed at about two and a half times the $1,126,300 median of the 19 off-lake homes.
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Buying or Selling in Windermere Reserve
Windermere Reserve homes for sale share one street, Horizon Circle, inside Town limits. The community is small enough that a single listing can move buyers' sense of value, which is why the comparison set matters. Sunset Bay, about a quarter mile away, also has Lake Down homes inside the Town, and our Lake Down guide covers the lake as a whole.
The Community in Numbers
County records show 28 homes built between 1992 and 2025, half of them by 1998; only two have been built since 2015. All are inside the Town of Windermere. Twenty-two have pools and 22 carry a homestead exemption. On the 2026 tax roll the middle half of homes runs from $1,094,755 to $2,728,032, a wide band for so small a community.
- On Lake Down: 9 homes, median lot 1.41 acres, about 5,630 square feet, assessed roughly two-thirds higher per square foot than the off-lake homes.
- Behind the lakefront: 19 homes, median lot 0.74 acres, about 3,940 square feet, around $290 of county value per square foot.
Taking the Lakefront Premium Apart
Lake Down is one of the 13 Butler Chain lakes in the Orange County Water Atlas, so frontage here carries chain boating. But a Windermere Reserve lakefront home is also a bigger lot and a bigger house. When our agents compare one with Lake Down sales elsewhere, they match lot size and living area as well as frontage, because a sale on a smaller lot or with a smaller house will understate the price, and the reverse will overstate it. We also ask for the dock permits and a current survey early.
Off-Lake Homes Inside the Town
The 19 off-lake homes, mostly from the mid-1990s, give buyers the Town address and a lot of about three-quarters of an acre. We look at roof, system and pool dates on each and compare with similar-sized Town homes.
Windermere Reserve's Costs by Lot
The Town's 2025 millage of 15.4839 applies to every home, so the tax spread follows the value spread: roughly $17,000 to $42,000 a year before exemptions for the middle half of homes. Flood mapping touches only its nine Lake Down lots, each partly in a FEMA special flood hazard area. Schools are assigned by address; check Find My School.
Listing a Windermere Reserve Home
County records show five homes with a most recent recorded sale from 2022 through 2026, two of them on the lake. We build the price for a lakefront home from Lake Down sales matched on lot and house size, and for an off-lake home from Horizon Circle and similar Town sales.
See the Windermere neighborhoods guide for comparisons.
The Own Luxury Homes® Perspective
In Windermere Reserve, the lakefront premium is three premiums stacked together.
Windermere Reserve's nine Lake Down homes are assessed at about two and a half times the off-lake homes on the 2026 roll. They also have nearly twice the land, 1.41 acres against 0.74, and about 1,700 more square feet of house.
A Windermere Reserve lakefront home is priced on frontage, land and house together, so a comparable sale has to match all three. Before an offer or a list price, ask which of the three each comparison actually matches.
Windermere Reserve Questions
Is Windermere Reserve in the Town of Windermere?
Yes. All 28 homes on Horizon Circle are inside Town limits.
How many Windermere Reserve homes are on Lake Down?
Nine, according to county maps.
When were Windermere Reserve homes built?
Between 1992 and 2025; half were built by 1998.
Is Windermere Reserve the same as Reserve at Windermere?
No. They're separate plats with similar names; we cover Windermere Reserve, on Horizon Circle, here.
A Private, More Intentional Beginning
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Discuss your goals, the property, the market, and the questions that will help you decide how to proceed.
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Sources:
Orange County GIS, parcel data (2026 tax roll); Orange County GIS, recorded subdivision plats; Orange County GIS, hydrology (lakes); Orange County Water Atlas, Butler Chain of Lakes; Orange County Property Appraiser, 2025 final millage rates; Orange County GIS, FEMA flood zones; Orange County Public Schools, Find My School. Checked October 2026.
Figures: homes with a Windermere site address outside the Horizon West planning boundary, from Orange County parcel data; values are county just values on the 2026 tax roll, not sale prices; medians. Tax estimates multiply each home's 2026 county just value by the 2025 final millage for its tax district, before exemptions and non-ad valorem assessments, and are rounded. Flood counts are homes with at least 1% of the lot in a FEMA special flood hazard area (zones A, AE or AH) on the county's FEMA layer.
Reviewed by Ryan Brown, Licensed Real Estate Broker and CEO, Own Luxury Homes®