Buying property in Florida continues to thrill

Disney World has transformed the Sunshine State from a southern US backwater into a property investor’s dream. In fact, Florida was recently ranked first in a survey conducted by Internet travel agent Ebookers to find the most popular holiday destination for British residents. Recent data from the Office of National Statistics suggests that around 2,000 British residents bought a property in Florida between 2003–04.

Things have definitely changed for Florida. Over 4 decades ago, the state had the smallest population in the southern United States. It was hardly featured as a tourist or holiday destination. Now, Florida has the second largest population in the southern United States.

Posted on: Florida

September 4, 2006

Florida property: To buy or not to buy?

For awhile, many property owners in Florida had smiles brighter than the sun. Property values increased in some areas by more than thirty per cent over a 1 year period. Unfortunately, nothing lasts forever. In the past few months, American property has no longer represented the sure-fire investment of brighter days. This is due to the well-publicised strength of the pound against the dollar. Many of us are aware that the US economy is weakening and this is having a knock-on effect on properties in the US.

According to Stuart Law, managing director of Assetz, the message to those hoping to invest in the States is to hold off. “It is not yet clear how severe the downturn in the economy and the currency will be, so investors should avoid being tempted by currently high-profile advertising and marketing on US property.”

So should property investors in Florida hold off, or is it still possible to invest safely if one knows where to look? It all depends on the intentions. “The current market favours those who are in for the long-haul,” Suzanne Morrill of World of Florida advises. “People who bought two years ago and were hoping to turn around their property quickly are the ones who have suffered – but if you are looking at a turnaround period of more like three to four years then you should see a return on your investment of around 5 per cent per year.”

The outlook for Florida property isn’t that bleak says Andrew Bartlett, an independent property and relocation consultant. “With the dollar so low against the pound at the present time and the Florida property boom coming to an abrupt end last year, the opportunity to pick up a bargain property in Florida is better today than it has been for several years.”

Posted on: Florida

October 6, 2005

Florida offers good value property

Nowadays, buyers’ interest is greatly turning towards Florida’s west coast, better known as the Gulf Coast. At the boundary of Gulf of Mexico, the coastline from Tampa south to Naples has become very popular. Property on the coast is appealing with its many golf courses, sightly fishing spots, lovely sandy beaches and pleasant nature. The Florida Association of Realtor’s said the average prices on the Gulf Coast range from $222,900 in the Tamp-St.Petersburg-Clearwater metropolitan area to $343,600 in the Sarasota-Brandeton region. Statewide, the average is $250,500.

Tampa is the third biggest city in Florida after Jacksonville and Miami. As it prepares to host the 2009 Superbowl, the city is undergoing major redevelopment and part of this is the construction of a number of apartment blocks and condominiums in the downtown area. Amidst nature preserves, parks, rivers, historic districts and flourishing new neighbourhoods, Tampa has been a popular winter destination for America’s rich and famous for a long time now. Moreover, Tampa has its own airport which offers direct flights from the UK with some airlines such as British Airways, United Airlines and Virgin Atlantic. One hundred fifty miles south from Tampa, Naples can be reached in only two and half hours by road. As expected, prices in Tampa City can be quite expensive and a lot of second home buyers usually look for a property outside of the city, particularly in St. Petersburg or Clearwater.

Posted on: Florida

September 12, 2005

Florida’s weather: positive or negative for investment?

Even if certain destinations are prone to destructive weather conditions, it does not stop the British from investing in it.

One example is Florida. A top destination abroad for the Brits, it caused widespread destruction in the south-eastern portions of the United States in 2004. In spite of what happened, strong investment continues to pour in from the British who enjoy much of the sun and warm weather it offers when the hurricane season is not around the corner. For them, hurricane or no hurricane, Florida still remains a strong investment option abroad. Its property value and high returns outweigh possible damages brought by hurricanes.

Posted on: Florida

Weather The Make or Break of a Successful Overseas Property Investment?

At a time when hurricanes are causing widespread destruction across the southern United States and severe droughts are affecting Spain, can the property market continue to grow if demand from investors slows? A recent poll commissioned by The Property Investor Show (23-25 September, ExCeL London) reveals that 72% of potential investors are still considering buying abroad despite the bad weather conditions. In fact weather still tops the polls as the main pull factor for Brits buying abroad.

Florida, one of the top destinations for Brits buying abroad, escaped unscathed from Hurricane Katrina. Despite being a prime hurricane area, British enthusiasm for investing in Florida does not appear to have been dampened. Even following Hurricane Frances in early September 2004 Brits still flocked to the ‘sunshine state’ in search of an investment opportunity.

According to Adam Woolley, Marketing Manager at Property for Life selling property in Florida, “As yet I’ve noticed no effect on our business. I am certain people will continue to buy in Florida in equally large numbers, as the draw of great value property and high returns greatly outweigh the potential of hurricane damage.”

Posted on: Florida

February 28, 2005

Floridian property market

It is estimated that 1,000 people move to Florida every day, thus it is unsurprising that Florida’s residential growth continues to increase both in sheer volume of construction and in appreciation. Long hailed for explosive suburban growth, new lofts, apartments and condos are going up in downtown Jacksonville, Miami, Fort Lauderdale, Orlando, Tampa, St. Petersburg, Sarasota and elsewhere. Favoured holiday home areas include the central area around Orlando and Disney; the south-eastern coast from Palm Beach to the Florida Keys; and gulf resorts on the south-western coast, like Naples and Venice.

Pros and cons

Florida nicknamed the ‘Sunshine State’ because the sun really does shine there for most of the year. Temperatures range from an average of 25 degrees centigrade in December to February, to 28 degrees in March to May, rising to 31 degrees in June to August; gradually cooling down again by November. This along with a plethora of spacious, affordable luxury homes and tourist attractions like Disney World, the Kennedy Space Centre and the Everglades National Park makes Florida a surefire investment proposition. When the exchange rate is favourable the argument for Florida becomes even stronger. But hurricanes are a big issue in Florida, and wind-proofing property with everything from whole-home standby generators to super-strong windows could set potential investors back by $75,000. Distance may also put some investors off - flights from London to Orlando, Miami and Tampa take eight, nine and ten hours respectively. However, there are plenty of holiday home management firms out there to help keep things running smoothly.
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Posted on: Florida

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Buying property in Florida continues to thrill

Florida property: To buy or not to buy?

Florida offers good value property

Florida’s weather: positive or negative for investment?

Weather The Make or Break of a Successful Overseas Property Investment?

Floridian property market

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