To secure Florida ownership for £80,000, you’ll need the calm mind and patience of a saint. Many Florida real estate agents are currently offering surprisingly attractive properties at very low prices that offer positive value for money for those of us who are passionate about the two-for-one exchange rate.
Unfortunately, there are two drawbacks. First, in many cases, the agents involved have no intention of selling you a property in Florida for less than £80,000; They just want to introduce you to the most attractive real estate options in Florida before turning you over. The second is that the two-to-one exchange rate is starting to fade away; At the time of writing, the US currency is back in a retrace, trading around 1.83 against the British Pound. There is still a long way to go before the dollar returns to pre-credit crisis levels, but it is certainly heading in the wrong direction for buyers.
But just look at what a Florida property comes with: masterpieces of sunshine year-round; Huge area of beautiful beach. The largest theme parks in the world (Walt Disney World, Universal Studios, Sea World, Discovery Cove and Epcot, to name a few). And we didn’t even start the golf course.
But is the tide turning for property in Florida now? Are real estate prices in Florida now high enough for us to consider taking the initiative? It’s hard to measure up in a market going through such unusually dramatic turmoil. The problem is that while the bottom has famously been taken out of the market, the top is still in denial, propelling Wiley E. Moving as aggressively as a coyote. Whether the Coyote will miraculously cross the abyss this time and continue on its merry path, only time will tell, but Florida’s less-than-unstable-level ownership has certainly taken a major downturn.
Lee Weaver of British Homes Group, which specializes in providing a one-stop service to Britons looking for property in Florida, says: “Over 30 years we have helped UK buyers find Florida properties, the market has ever been For example, Countrywide Financial Corporation, the number one lender for homes in the United States, is marketing more than 1,600 homes in Florida, some homes up to 40 percent off their market value two years ago. The percentage was recorded low.
With this in mind, Homes Overseas took some investigative action and brought Florida properties to market for less than the price of a new Jaguar.
Orlando, in Central Florida, is the hottest destination for British shoppers, tempted by a unique combination of family fun, high-quality golf courses and historically reliable rental returns. It is actually the largest tourist destination in the world, with over 50 million visitors annually; It is surprising, however, that much of Florida has been hit hard by the debt crisis. For example, Feltrim at Horizons currently offers a studio apartment at Grenleaf Golf Resort. This charming and intimate development includes three golf courses (one of which was designed by Arnold Palmer), as well as a sprawling water park, marina, spa, sports and fitness facilities, bars, shops, and restaurants. The apartment has been renovated and is now on the market for just $80,000 (£43,500).
On Canary Island Circle, just 14 kilometers from Disney, Feltrim offers a spacious family home with four bedrooms (yes, four), two bathrooms, a heated, covered pool, and its own private garden. The property is located within a gated community that includes an 18-hole golf course and fishing lakes. This Florida property is currently on the market for just $125,000 (£68,000).
However, before you pack your bags (and your checkbook), you should remember that when the price of an asset sounds too good to be true, it usually is. Residential appraiser Al Franks issues this warning note to foreign buyers: “In some places I don’t see signs of settling, in others I don’t. The house may look good on paper, but then you can run into it and the next. The door houses have knee-high grass.”
There are also disadvantages for the unsuspecting outside buyer, such as a two-tier tax system, which is counterproductive to non-residents; And the fact is, if you’re looking for property in Florida as a vacation rental, you should make sure it’s located in an authorized short-term rental area.
A golf development property is usually a good bet for those with rental yields and long-term growth on their mind, and Feltrim’s another Orlando apartment at Southern Dunes Golf & Country Club, could prove to be a winner with singles and couples alike. , because Evolution boasts one of the best courses in Florida. This upscale development is well-located to Disney and Orlando and has plenty of on-site amenities and nearby sports and leisure facilities, including a large communal pool and fishing lake. All that, and yet the one bedroom apartment is on the market for just $115,000 (£62,500).
For those still wondering whether it’s a good time to jump into the turbulent waters of the Florida real estate market, it must be said that there are signs of change. Orlando’s residential resale market posted its second-best selling month of the year in July, and local real estate brokers say the improvement in the number of pending contracts bodes well for the remainder of 2008.
Property prices in Kissimmee are a bit high, but in a very attractive area, another large family home on the market with British-class homes – four bedrooms, a luxury kitchen, pool and large garage – can be yours for just $175,000 (£95,000). At first glance, this is out of our price range; But we must not forget that this is a buyer’s market and you should arrive prepared for serious negotiations.
To confirm that the Florida real estate market is indeed back, we head south down the coast, to Delray Beach, located between the upscale resorts of West Palm Beach and Boca Raton. Here, a charming two bedroom apartment with vaulted ceiling is currently on the market, which offers many amenities like pool, gym, spa, club and tennis court at the doorstep. Delray city center and the beach are only a ten-minute drive away and the property is on the market for $145,000 (£78,800).
Of course, if you’re looking for something a little more luxurious for £80,000, you might consider vacation ownership (yes, it’s a timeshare, but it’s not a dirty word in the US).
Upscale Starwood Hotels & Resorts has a vacation ownership arm that owns Sheraton Vista Village, a luxury resort that features approximately 1,500 one-, two- and three-bedroom villas. Featuring three swimming pools as well as a children’s pool, tennis courts, poolside restaurant, staffed entertainment center, two fitness centers and lush tropical landscaping, shoppers automatically have access to Starwood’s international leisure network. Annual weeks at Vistana Village can be purchased for around $10,000 (£5450).
People who sell Florida real estate will always say that now is the time to buy. However, there seems to be a huge wave of opinion indicating that asset prices will drop at least until the end of the year. One thing is for sure, if you love Florida and can afford to pay £80,000 on a property in Florida, you have exhausted your reasons for not buying.
Mike Hayes for Homes Abroad – Discover our wide selection of Florida real estate, read our guide to buying Florida real estate and our offshore real estate articles offering independent expert advice on buying or investing in Florida real estate . Foreign real estate specialist since 1965.
Article Source: https://EzineArticles.com/expert/M_Hayes/73614
Article Source: http://EzineArticles.com/1600296