Florida is famous for its Disney theme parks and sun-kissed oranges, but has the fun and zest been squeezed out of its property market? Or is the sunshine state still a desirable place for property bargain hunters?
The credit crunch in America may have hit properties hard, with banks scared to lend and potential buyers unsure of the market, but smart investors are reaping the benefits of the weak dollar and downturn in the US economy, by snapping up affordable real estate while the going is good. Rather than fear the current climate, property website, themovechannel.com gives you four good reasons why now may be a good time to consider investing in the Floridian sun.
1. Lifestyle The mix of sun, fun and the English tongue had led to thousands of British investors spilling into Florida and it can never be emphasised enough that the ‘sunshine state’ is one of the most attractive destinations in the world for tourists and those looking to relocate. With its cosmopolitan cities, world-class beaches, golf courses and general sporting facilities, Florida offers an attractive, affordable lifestyle to buyers from anywhere in the world. On top of this, consider the allure of more than 300 days of sunshine per year, Disney theme parks, miles of beautiful beaches and breathtaking national parks.
2. Affordability Florida is one of the least expensive states to buy in and properties there are attracting increased attention from UK investors. With the pound doubling up against the dollar after tremors within the US sub-prime mortgage market, Brits are taking advantage of depressed prices to snap up bargain homes in the sun. In the meantime, developers are being forced to go that extra mile to close a sale, with many offering leaseback deals, inclusive furnishing packs and all financial costs covered as added incentives. Brandon Petty of US real estate firm, Brandon Petty Realty, says: “Being a new home builder and real estate investor myself, I can see both sides of the market. There is no better time to buy a house. Interest rates are very low and developers are willing to discount houses to clear inventory. It’s time to get off the fence and go get yourself a good home with built-in equity.” So with prices plummeting and a surplus of inventory, there are bargains to be had for those who know how to spot a good deal and negotiate a discount – some property investors are even snapping up condominiums in sets of 20 or more.
3. Economy The state’s strong economy is another positive factor for Florida’s property market. New job creation remains well above the national average, especially in sectors like professional services, healthcare, trade, education, leisure and hospitality. Florida has always been one of the most popular states for Americans to move to. It remains a strong lure, particularly for retirees, in fact, about 90 percent of the state’s population growth since 1950 – from about three million to more than 18 million – has stemmed from migration, with the lion’s share coming from other US states.
If year-round blue skies and searing hot sunshine is your cup of tea then Florida could be the location for you. Promising 360-days-a-year of sun and average summer temperatures of 32 degrees, the sunshine state has an enviable climate. So even though June is known as the wettest month, it just serves as a temporary respite from all that wonderful sunshine.
Managing director of themovechannel.com, Dan Johnson, says: “Even though gains may look unlikely short term, now could be just the right time to spot a bargain before prices begin to pick-up, allowing you to survey the stars and soak up the sun while attaining your American dream home.” For more information go to: www.usa.themovechannel.com