Lake Lorraine Gardens
Homes for Sale in Shalimar, FL
True comps, carrying-cost math, and listings before the portals.
Photo via Emerald Coast MLS
As of September 2026, the MLS records 42 closed sales in Lake Lorraine Gardens in Shalimar, FL since 1993, the most recent in October 2025. Across Shalimar as a whole, 50 homes closed in the last 12 months at a median of $395,000, 39 median days on market, with 33 homes for sale today. At that median and Okaloosa County's FY2025-26 rate of 12.89 mills, annual property tax runs about $5,090 ($4,580 with the full homestead exemption).
Lake Lorraine Gardens is a large, established pocket of Shalimar — 361 homes built across roughly six decades, from 1965 through 2024, with the median dwelling dating to 1976. That spread is the whole story on price: what a home sells for here is driven far more by condition, updates, and lot than by any single number. Two houses on the same street can be worlds apart depending on how much of the original 1970s footprint has been reworked.
With a homestead share around 82%, this is overwhelmingly an owner-occupied area rather than an investor or rental play, which tends to keep inventory tight and turnover measured. For buyers, that means patience and a willingness to underwrite renovation math on older stock. For sellers, it means a well-updated home stands out sharply against dated comps — the finish level is the lever you control.
The 60-Second Overview
This is a substantial, low-turnover Shalimar community of 361 homes with a genuinely wide vintage range and a median living area near 2,816 square feet — larger than the typical starter footprint, and old enough that condition varies widely from house to house.
Pre-construction details are compiled from public records, builder announcements and builder listings, and are subject to change without notice; figures are deemed reliable but not guaranteed. Momentum Research figures are our own analysis. This page describes homes, pricing and community attributes, not residents.
Who Lake Lorraine Gardens is best for.
Best for
- Buyers wanting more living space than a typical starter and comfortable underwriting an older home
- Renovation-minded buyers who can add value to a largely original 1970s house
- Long-hold owner-occupants seeking a settled, low-turnover street over shared facilities
Probably not for
- Buyers who need a turnkey, no-deferred-maintenance new build
- Anyone whose must-have list includes a pool, clubhouse, or other managed amenities
- Short-term investors counting on quick flips or rental turnover in an owner-occupied area
The market around Lake Lorraine Gardens
Lake Lorraine Gardens is too small for its own price trend, so here is the market around it.
In ZIP 32547, 277 homes are on the market and 32% are under contract — a fast-moving corner of Shalimar.
Across Okaloosa County, 2,265 homes are active and 765 pending (25% under contract).
ZIP and county figures describe the wider market, not Lake Lorraine Gardens specifically. Momentum Research analysis of MLS records.
Housing distress & ownership in LAKE LORRAINE GARDENS, Shalimar
Who owns here, how much is not owner-occupied, and how much for-sale inventory is under distress.
Source: Momentum Realty Research. Ownership & parcels from the FL DOR 2025 tax roll; distress from MLS active-listing status/remarks; price from MLS closed sales. Listing data provided by the Emerald Coast Association of REALTORS®. Information is deemed reliable but is not guaranteed by the MLS to be accurate. Deemed reliable but not guaranteed.
Recent Developments in Lake Lorraine Gardens
Development, infrastructure, retail, and school activity affecting Lake Lorraine Gardens, tracked by our team and summarized from public reporting and official sources, with links to the original coverage. Last updated August 2026.
- June 2026Civic
DeSantis signs state budget with funding for Okaloosa County projects
Governor DeSantis signed the state budget that included roughly $15 million for 20 Okaloosa County projects, among them $5 million for the Northwest Florida State College Workforce Innovation Center in Niceville, $1.5 million for Shalimar Bridge Park, and $3 million for Destin road and drainage work. About $7.26 million in other local requests were vetoed.
What it may mean for the marketDirects state funding toward workforce, park, road, and drainage infrastructure across Okaloosa County, supporting public facilities and capacity in Niceville, Shalimar, and Destin. The site is about 10 miles south of Lake Lorraine Gardens.
Source: Get The Coast - May 2026Development
Okaloosa commissioners approve master plan for 392-lot River Park subdivision in Crestview
Okaloosa County commissioners unanimously approved the master plan for River Park, a 392 lot single family subdivision on 263 acres east of Main Drive and north of Airport Road in Crestview. The project by River Park Landing LLC will be built in three phases, with each phase requiring a separate development order approval.
What it may mean for the marketAdds substantial single family housing supply to the Crestview market and phases new residential construction onto a large tract in north Okaloosa County. The project is about 8 miles north of Lake Lorraine Gardens, elsewhere in Okaloosa County.
Source: Get The Coast - May 2026Infrastructure
Okaloosa County opens $212M Southwest Crestview Bypass
Okaloosa County opened the $212 million Southwest Crestview Bypass, a 3.5 mile four lane corridor connecting Antioch Road to State Road 85 with access from U.S. Highway 90. The project includes a 1,713 foot bridge, sidewalks, a multi use path, and direct access to the new Pineview K-8 school opening in August 2026.
What it may mean for the marketAdds a major four lane traffic corridor serving southwest Crestview and expands regional road capacity for surrounding growth in north Okaloosa County. The project is about 6 miles northwest of Lake Lorraine Gardens, elsewhere in Okaloosa County.
Source: Get The Coast
Summaries reflect public reporting and official sources linked above as of the dates shown. Project details, timelines, and approvals can change. Commentary on potential market effects is general observation, not investment advice or a prediction for any specific property. For the freshest items across the whole region, see This Week in Northeast Florida.
The Lake Lorraine Gardens buying strategy.
If we were buying in Lake Lorraine Gardens today, this is the order of operations we would run for our clients.
Underwrite the condition first. Price the roof, HVAC, and systems honestly before judging any list price; condition swings value here more than square footage alone.
Match the home to real comps. Recent sales of similar condition and lot, not the asking price, tell you what a home is worth.
Move deliberately, not desperately. Neither side has a decisive edge, so a well-prepared, fairly-priced offer wins without overpaying.
Line up financing and inspection early. A pre-approval and an inspection plan let you act fast and negotiate from evidence.
Keep an agent in your corner. The listing agent works for the seller; we represent you and prepare a hand-built valuation before any offer in Lake Lorraine Gardens.
An older, large-home pocket where condition is everything
The median home here runs about 2,816 square feet, which is roomy for the price tier and reflects an inventory of full-size single-family houses rather than compact or attached product. Pair that with a median build year of 1976 and a range stretching to 2024, and you get a neighborhood where you'll find everything from largely original mid-1970s houses to newer infill construction. Read every listing on its own merits — mechanicals, roof, windows, and kitchen/bath updates matter more here than square footage alone.
No community amenities show up in current MLS listings, so this is not an HOA-driven, pool-and-clubhouse setting — it's a straightforward established neighborhood in Shalimar, in Okaloosa County. That suits buyers who want space and a settled street over shared facilities, and it keeps ongoing carrying costs simpler. If a managed amenity package is on your must-have list, look elsewhere.
The location and the amenities are priced into every listing in Lake Lorraine Gardens. The deal is won or lost on condition, the comps, and the renovation math.
Why work with Momentum here
With a six-decade build range and condition doing most of the pricing work, the value in Lake Lorraine Gardens lives in the details — what's been updated, what hasn't, and how a given home stacks against its comps. We walk the mechanicals and the finish level with you, translate that into a defensible number in a low-turnover market, and tell you plainly when a specific house doesn't pencil.
Lake Lorraine Gardens in 15 seconds.
HOA, CDD & Fees
- HOA status not on record. Verify any dues before you offer
- Any club/amenity membership is billed separately
Confirm the current HOA dues, exactly what they cover, and any CDD bond or special assessment for a specific address before you offer.
Tools for a Lake Lorraine Gardens buy.
Free calculators to pressure-test the real cost before you tour.
Selling here is won on condition and pricing to real comps, not an automated estimate. The right number comes from closed Lake Lorraine Gardens sales matched to your home.
Price it to the comps and condition, not an automated estimate.
If you are thinking about selling in Lake Lorraine Gardens, the right list price comes from recent comparable sales matched to your home's condition and location, not an automated estimate.
What is your Lake Lorraine Gardens home worth?
Get a no-obligation home value based on real comparable sales in Lake Lorraine Gardens, not an automated guess. Tell us about your home and we will personally prepare your numbers and a pricing strategy. No obligation, no spam.
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Should you buy in Lake Lorraine Gardens?
An honest fit check. We will tell you when it is not your community.
Nearby Communities
Explore more neighborhoods near Lake Lorraine Gardens with Momentum Realty’s local guides.
Data sources & freshness
| Live listings | Emerald Coast MLS, refreshed twice daily (last: September 12, 2026) |
| Under-contract shares | Emerald Coast MLS records, as of 2026-09-08 |
| Historical depth | Closed-sale records back to 1993 (42 transactions analyzed) |
Verify the primary sources yourself: Florida DOR · U.S. Census · FEMA flood maps · Citizens Property Insurance.
Momentum Research figures are our own analysis of Emerald Coast MLS records; MLS data is deemed reliable but not guaranteed. Methodology: how Momentum market scores are computed. Market metrics describe homes for sale and recent sales, not residents.
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See how LAKE LORRAINE GARDENS fits the bigger picture — live prices, inventory, and Momentum Scores:
The real cost & risk here
Before the list price, the Florida math the portals skip. These are Okaloosa County typicals — your exact home, flood zone, and insurance quote will vary, so verify each before you offer.
Check it for your address: look up your flood zone (FEMA) · insurance by county · true-cost calculator · Okaloosa County scorecard.
County typicals from Momentum’s Florida housing data (Zillow & Realtor.com aggregates, Census, FRED), updated monthly; insurance modeled. Flood zone is property-specific — always confirm via FEMA.
LAKE LORRAINE GARDENS Market Scorecard
LAKE LORRAINE GARDENS is currently a no active listings market. Limited supply, a median asking price of n/a.
Typical home value in the 32579 ZIP is $388,946, about 20.4% below the Florida norm (Zillow Home Value Index).
Go deeper: ZIP market scorecard · county scorecard · true cost calculator · affordability calculator.
Live data: realMLS, refreshed twice daily. Typical value: Zillow Research. Market metrics only; these describe homes for sale and recent sales, not residents.