Walt Disney Co. announced plans Wednesday to develop and sell vacation homes near Orlando's Walt Disney World. The homes will be priced between $1.5 million and $8 million. In announcing the development, Disney said the luxury home market is recovering.

The proposed 980-acre Golden Oak development will include two golf courses, 450 homes and a 445-room Four Seasons hotel, as well as a clubhouse, pedestrian walkways, and a nature preserve. The first homes are expected to be completed in 2011.

Lots will range from a quarter to three-quarters of an acre. Buyers may choose their own architects, but Disney will supply the builders and require buyers to choose from a limited number of exterior building materials and architectural styles.

Buyers interested in the first lots must deposit $25,000 to be placed on a reservation list.