August 11, 2007
Buying property in Florida continues to thrill: Exchange for the better
The popularity of the Sunshine State continues to grow in spite of the fact that property prices also continue to rise. Property prices in Florida are growing at a dramatic rate and are expected to continue increasing in the next 12 months at the least. “The Florida Association of Relators says the median price of homes in the state in April 2005 was US$218,600 – a 26 per cent increase from April 2004″, shares Andrew Batty of The Florida Consultancy.
Surprisingly, this does not discourage investors, especially buyers from Britain. The currency exchange rate is heavily weighted in favor of British purchasers in recent years (one pound was equivalent to 1.91 dollars in December 2004. The standard exchange rate is 1.5 dollars). This means that property in Florida is still fairly affordable compared to real estate in established well-liked European second home destinations.
“A good three-bedroom, two-bathroom home within 20 minutes of Disney on a development with basic amenities, like a basketball court and swimming pool, is likely to set you back somewhere between US$259,000–345,000 (approximately £150,000–200,000)”, shares Suzanne Morrill of World of Florida. “For upwards of US$345,000 you will probably be looking at purchasing a four-bedroom home on the same type of development.”
Properties on the Gulf Coast and in Miami may be a little more steep, as people look for homes more for their own use and irregular letting. In these areas, properties can guarantee better rental values than in areas like Orlando where the letting market is already greatly saturated. This is mostly due to several foreign-owned properties.
“For under US$400,000 (approximately £231,350) in the Gulf Coast resort of Sarasota, you will be able to afford a two-bedroom, two-bathroom condominium, while on the fringes you will be looking at a three-bedroom, two-bathroom villa with a swimming pool”, claims Batty.
Entry prices for condo units in Miami start at about US$605,000 (approximately £351,000). For a little over US$778,000 (approximately £450,000) a posh pad in the city can be purchased.
Posted on: Florida
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