September 13, 2007
South Florida Real Estate News
While the real estate market in Florida properties continue to be difficult for sellers, buyers have many options to choose from. The Broward Country which is just north of Miami had good news and also not so good news, according to the South Florida Sun-Sentinel newspaper. In March, a first year-over-year increase since last May, prices of existing homes increased a little. However, the number of homes that sold decreased by 25%, from 804 a year ago to 601 in March 2007. The average price was $372,400.
News is better for condominiums where the average price fell from $202,600 last year to $195,500 this year. Condo units sold rose from 982 to 663. In total, close to 37,000 homes and condominiums were on the market, 16% up over the past year.
Posted on: Florida
September 11, 2007
BUSH STRENGTHENS FLORIDIAN PROPERTY RIGHTS
Jeb Bush, Florida governor, ratified a law which strengthens the rights of private real estate owners in the state against possible action from local authorities. Bill HB 1567 enforces strict limits on the right of local governments to acquire private property through eminent domain or compulsory purchase.
After the ratified law, authorities using compulsory purchase to seize properties must offer to sell the property back to the previous owner as soon as it is no longer required by the authority itself. If the previous owner does not express interest on the property anymore, there must be a ten year waiting period before the property can be sold. The sale must follow a competitive bidding process.
Posted on: Florida
August 31, 2007
Cooling Florida market still hot with Brits?
Long a hotspot with British buyers of overseas property, it seems that Florida’s market stuttered a little in 2006. But does this actually make it a good time to be a buyer?
Heightened wariness of the hurricane season, provoked by Hurricane Katrina devastating effects in 2005, along with the continued rise of property prices throughout America are causing Brits to think twice when investing in a second home in Florida.
New home sales have dropped in the Sunshine State by over 21 per cent in the past 12 months. Since the beginning of 2006, sales in Florida have dropped from 796,000 between January and August 2005 to 682,000 in the same period of 2006.
Nevertheless, price of properties in Florida have continued to rise. In the past three years alone the average price of a medium-sized family home in Orlando rose from $145,100 to its current price of $271,700 - an annual growth rate of 17 per cent. In fact, since January 2006 prices in Orlando have risen by an average of $11,000 (Source: National Association of Realtors).
Posted on: Florida
August 29, 2007
Exploring central Florida
Today, Florida has firmly established itself as one of the leading, long-haul destination for second-home seeking Brits. Go back 30 years or so, the State was little more than a southern US backwater.
Had Walt and Roy Disney not decide in 1963 to purchase some barren wasteland located to the southwest of Orlando for their new theme park Disney World, Florida would likely have been a very different place today. However, the fact is that Disney World rejuvenated Florida, particularly the central region of the state. The area surrounding Florida’s sixth most populous city, Orlando, was little more than swampland until the Disney brothers arrived on the scene.
Disney World Florida paved the way for many similar attractions to be developed around the central region of the state. In fact, Florida’s centre has the highest concentration of amusement parks anywhere in the world, including 11 major theme parks such as Sea World, Universal Studios and, of course, Disney World. Not that it’s just the theme parks for which central Florida is renowned.
There are over 20 golf courses in the city alone, plus numerous others in the surrounding metropolitan area, while the region is home to more than 100 natural lakes, enabling visitors and residents alike to take some much needed serene time away from the hustle and bustle of Disney World, et al. With all these in mind, it is no surprise that Florida’s central region has become such a hit with overseas purchasers, particularly Brits who have traditionally favoured it over other areas of Florida.
What certainly doesn’t hinder this popularity is the fact that prices in this region tend to be lower than those in other popular areas of the state – namely the Gulf Coast and Miami. “Condominiums around the Orlando area can be purchased from around the upper $200,000s to early $300,000s, while three-bedroom villas start from about $350,000″, says Suzanne Morrill of World of Florida. “However, one should be aware that most of the condos/town houses are on resort developments so there are often higher monthly home owner association charges to cover looking after the central clubhouse, cinema rooms etcetera.”
Posted on: Florida
Property in Florida looking to a bright future?
The past year has seen the market for property in Florida take a bit of a slow turn. Much of this is due to an oversupply in housing.
Nonetheless, tourism is Florida’s number one industry. With visitors to the state showing no sign of abating, property in Florida could still be considered a sensible investment - if not in the short-term.
Kim Williams from Special Dreams property management in Florida says, “There is currently a lot of speculation about the longevity of the housing market as a good investment. There are so many homes being built here but I think there is still a good opportunity for investment if you are in it for the long haul.”
Posted on: Florida
August 22, 2007
Living and Working In Florida
The sunshine state of Florida continues to attract thousands of British travelers each year, despite the hurricane season. But what are the opportunities for living and working in Florida?
Due to the length of time it takes to reach the Sunshine State from the UK, British owners of Floridian property tend to spend longer periods making use of their home than, for example, a European home owner might. A majority of non-resident property owners in Florida spend between three weeks and a month there, but it is not uncommon to spend up to half a year in the state. Six months is the maximum period a foreign national is permitted to stay in Florida on a B-2 visa – the visa required to live temporarily in the United States. In order to obtain a B-2 visa, one will need to schedule an interview with a consular officer. The interview is done to convince the consular officer that the nature of the trip is temporary and that the applicant has full-time residence outside of the US. However, it is not the visa that actually grants permission to enter the US. When one arrives in the country as a non-immigrant, an immigration inspector will examine passport and visa. Afterwards, a small white card is issued – the I-94 Arrival/Departure Record. This latter will indicate the date one must leave the country. Take note: the date is at the discretion of the inspector.
Posted on: Florida
August 21, 2007
Turks & Caicos property gain is Florida’s loss
The Sunshine State and its Florida property is looking a bit overcast in terms of real estate as Turks & Caicos properties experience upturns.
The number of unsold new homes in the United States is at a ten year high. The data was released by the Florida Association of Realtors makes for sorry reading. Over the period from July 2005 to July 2006, Florida property sales in Miami were 38% down. Even Orlando seemed unable to buck the trend at 27% down. Perhaps there has never been a better time than now to pick up Florida property at bargain prices?
But Florida’s loss seems to be the Turks & Caicos’ gains. Despite being just 575 miles south east of Miami, the islands are completely bucking the trend showing a year on year increase of more than 70% in gross sales volume. This phenomenal growth is somewhat incongruous to the US pattern. Why is that?
Posted on: Florida
August 14, 2007
Buying property in Florida continues to thrill: Blown away
In spite of the growing property prices and the persistent hurricanes, real estate in the Sunshine State still continues to thrive. Brits are still buying property in Florida in spite of the hurricanes.
Every year, between the months June and November, Florida suffers and survives a torrid hurricane season. In 2005, Florida was ravaged in quick succession by three of the most destructive storms in its history – Charley, Frances and Ivan. In 2006, Florida has endured yet another huge storm when Hurricane Dennis hit parts of Florida, especially the north-west, in July.
Posted on: Florida
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.
Posted on: Florida
August 8, 2007
Cooling Florida market still hot with Brits?
Heightened wariness of the hurricane season provoked by Hurricane Katrina’s devastating effects the other year, along with the continued rise of property prices throughout America are causing Brits to think twice when it comes to investing in a second home in Florida.
New home sales have dropped in the Sunshine State by over 21 per cent in the past 12 months since the beginning of the year sales in Florida have dropped from 796,000 between January and August 2005 to 682,000 in the same period of 2006.
Nevertheless, prices of property in Florida have continued to rise. In the past three years alone the average price of a medium-sized family home in Orlando has risen from $145,100 to its current price of $271,700 - an annual growth rate of 17 per cent. In fact, since January 2006 prices in Orlando have risen by an average of $11,000 (Source: National Association of Realtors).
Florida is a major second home destination for Brits for as long as Mickey Mouse has had an interest in Minnie, and increasing prices won’t change this overnight. The pull of the state’s major theme park attractions and the picturesque beaches of the Gulf Coast has continued to woo thousands of British visitors every year, not to mention those who come to stay for good. Brits tend to look for second homes in specialised resorts where they can spend up to six months of the year in and rent out when they are not using these.
Posted on: Florida
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