Florida Homes and Properties

Posts Tagged ‘Sunshine State’

Given the fact that the housing market is at an all time low in the State of Florida, owning a vacation property in Florida is now considered to be a realistic endeavor for those that otherwise could not make their dream a reality. There is a large surplus of beach houses, private villas, luxury homes, and standard homes on the market in Florida, but there is a rapid decline in interested buyers. It does not matter if you want a luxury vacation home that sits on Miami Beach or a home that is tucked away in a quiet community, there are many that you may choose from and the prices are just right! In this guide, you will learn how to choose the best vacation home in the Sunshine State for your needs.

The first step to discovering that perfect vacation get a way in the luxurious State of Florida is to research the state as a whole in order to determine which area is right for you as well as those that will be vacationing in the home with you. You may like to have a home that is located on a beach, or close to a beach. You may want to purchase a home that is located on one of the many islands that are part of Florida. You may want to purchase a home that is located on a river or lake, in the wooded and private areas of Florida, or even near the larger cities located in Florida, such as Miami, Orlando, or Jacksonville. It is important to know right from the beginning what type of location is ideal for you.

When purchasing a vacation home in Florida, it is important to consider the taxes that you will need to pay that is real estate based, the type of homeowner’s insurance that you will be responsible for keeping on the home, and other expenses. If you purchase a vacation home that is near the coast, you can expect to pay higher taxes due to the fact that these areas are typically congested as far as tourists, and the general population is concerned. You should also understand that having a home near the coast will have higher insurance rates. This is mostly due to the fact that Florida experiences many annual tropical cyclones and damages typically occur as a result of them.

You will also need to determine if your vacation home needs to be in an area that puts you in close proximity to employment opportunities, medical services, and educational facilities. There are many small communities in the State of Florida that only have access to a limited number of resources when it comes to employment, health services, and schools. Then, there are extremely large, populated areas that are close to many of these types of institutions, opportunities, and services. Knowing what you need, what you want, and how to access sources that you will depend on while in Florida will help you choose the best possible vacation home in the state!

It’s three years since Florida’s property market imploded. Foreclosures, surplus inventory and bankrupt developers may have turned the Sunshine State somewhat gloomy, but every cloud has a silver lining. There are incredible deals to be had, and some say the market is beginning to bottom out. Or at least, fall at a more demure pace. Deal-hunters may do well to start their search. Brits and Europeans, who sought holiday homes elsewhere while Florida was in free fall, are now showing renewed interest in their old favourite.

Patricia Tan, international sales director at Prudential Palms Realty in Sarasota, says Brits are beginning to wake up to the bargains on offer. “Many areas in Florida are offering property at between 40% and 60% discount from the prices they sold at the top of the market in 2005. Sterling is also comparatively strong against the dollar, and quite weak against the Euro, making US properties look more favourable to British buyers than European ones.”

Statistics recently released by the Florida Association of Realtors show sales recovering this year. Statewide, the median sale price for an apartment is now ?65,000 – a 32% decrease from 2008 alone. Yet sales of existing homes have increased every month for the last 12 months; foreclosure filings are dropping and existing-home prices have been stabilising.

Florida is a huge state, though, and it’s hard to generalise. In the Cape Coral-Fort Myers stretch of the Gulf Coast, where the median home price has settled just below ?54,400, existing home sales are up a massive 104%. Here, one out of every 88 homes is in a state of foreclosure.

Meanwhile just up the coast, Sarasota is boasting the lowest inventory level in five years and was featured on the Today Show (October 6) as “best priced market in the nation” due to a 30% price fall in the last year, followed by current signs of recovery in price. “Luxury two-bed apartments in a golf and country club are now being offered by a national builder at less than ?90,700,” says Tan of her local market. “Or those who want a detached villa should look at Lakewood Ranch area in Bradenton. A four-bedroom home with pool that sold at around ?423,200 is now under contract for ?181,300.”

In Orlando, property sales are up 49% this year on 2008. Mickey Mouse country has been dealt a huge blow by effect of recession on tourism, resulting in rising unemployment, and 50% of those sales were ‘distressed’. “Most properties for sale right now are almost back to prices of two or three years ago – around half [their pre-crash] price or more,” says Orlando-based realtor Janette Thorne. “So buying in the right location with a good loan to value will offer a good investment to most families.”

Thorne, a Brit who runs Homes of America Realty with her broker husband, Howard, recommends the small communities of Windermere and Dr Phillips as ideal for retirees or families looking for more than just a holiday home. Surrounded by the Butler chain of lakes, they offer beautiful scenery with the attractions of the City of Orlando nearby and beaches less than an hour’s drive. “Windermere is so pretty,” says Thorne. “It’s like going back in time with a small cobblestone street lined with boutiques and caf?s. People tend to think of Orlando as the Disney area and yes it is, but there’s so much more to explore.”

On the Atlantic side in colourful Miami, sales are gathering momentum but there is still plenty of choice. Here, Patricia Tan warns: “There have been problems with buyers purchasing what seems like a really good deal in an apartment building only to find that a huge percentage of the units are in some stage of foreclosure, or other residents are not paying their monthly fees.”

With so many foreclosed properties around, you might think finding that deal of a lifetime would be easy. But repossessed homes often come with hidden baggage. So find an expert agent and legal advisor you can trust, run a title search, and ensure the contract includes contingencies for financing and inspections.

John McLoughlin, a realtor and home inspector with British American Property Solutions notes on their site: “It’s extremely important to understand why and how the property has become a foreclosure in the first place. Make sure you take action with a home inspection to prevent buying someone else’s liability.” Other factors to watch for, he says, include utilities. Many foreclosed homes will have had services cut off due to debt before viewing. This makes it impossible to tell whether water and energy supplies function at all. Then there are pie-in-the-sky promises of high rental returns by unscrupulous agents.

To ensure decent rental returns, know how competitive the local market is. Greater Orlando, at the highly competitive end of the scale, has a glut of empty rental properties at present, despite its tourist draws. In contrast, some Florida beach areas that have limited rental supply can offer better returns. These may also benefit from long-term lets to Canadian and American sun seekers – so called ’snow birds’ – in the winter months.

“Purchase in an area where there’s demand for holiday rentals but supply is restricted by county ordnances,” says Tan. “Or you could look at apartment complexes in the Fort Myers area, where properties are being sold at a fraction of their 2005 prices and there’s still good demand from tenants. My favourite at the moment is a development called MUSA where apartments are priced at up to 70% off their high and are being sold with tenants in place.” Fort Myers is home to Florida’s fastest growing university, creating jobs and therefore tenants. MUSA is also located close to a hospital and other medical facilities whose staff require ongoing housing.

For a long-term investment, the white-sand beaches of the Emerald Coast, Northwest Florida are worth investigating. Florida’s ‘Panhandle’ (named for the shape) should benefit from tourism and a boost to the economy when the new Panama City-Bay County International Airport opens in 2010, in West Bay. In October, the major US domestic airline Southwest announced plans to serve the airport, starting with eight daily flights to four US cities in May 2010. This was a coup for prime landowners in the area, real estate company St Joe, who have reportedly dug deep to secure the airline’s entry. Up until now, most visitors to this hard-to-access region of Florida have come by road.

Wherever you choose to search, deals are abundant. As the New York Times trumpeted earlier this year: in Florida you can now get a condo for less than the price of a new car. That may be so, but no reason to throw caution out the window. If the subprime mess has taught us anything, it’s that fools rush in. So take your time and shop around.

The American Sunshine State of Florida has always been one of the favourite destinations for travellers around the world. The alluring tropical weather, pristine beaches, and inviting landmarks in the State are too good to resist for the locals and the visitors alike. The relaxing lifestyle of Florida’s coastal culture adds to the charm of a retired life the Brits yearn for during their entire youthful life. Due to diverse hotspots, Florida is not just popular with the retired brigade, but also with the kids and youth alike.

What Makes Florida a Hot Investment Destination?

Florida could be termed as the southernmost State of the United States of America. Surrounded by Sea and Ocean, Florida is every bit a coastal State that has natural richness of beauty and some scenic glory. Florida beckons with hundreds of pristine sandy beaches lined with towering palm trees and affording the best environs to relax your woes away. With year-round tropical sun warming the Floridan air, the weather in Florida presents the best of America to the world, and is a major reason for property investment in Florida.

It’s not only the weather that gravitates people from all over the world towards Florida, but the overall living standards enhanced by the recreational facilities in the State and its vicinity that are the USP of Florida. The State is home to the world famous Disneyland or Walt Disney Resort in Orlando – a favourite among children and adults alike. Besides, you get to enjoy a plethora of activities in Florida, like golfing, fishing, dining and theatre etc.

Florida is the fourth most populous State of the USA and home to nearly 16 million residents. The ever-increasing popularity of Florida as a dream destination for first and second homes is further contributing to the riches of this giant peninsular State.

Florida is not a single-community State. Thanks to its all-round beauty and better standards of living, the State attracts people from all around the world and this makes Florida a truly multicultural paradise on Earth. Further, Florida boasts of different kinds of lifestyles in different regions. For instance, the coastal lifestyle may not be the same as that of Central Florida. The Gulf Coast towns and cities are known for being more relaxed, while the East Coast of Florida is a little more fast-paced.

Florida is flocked by tourists all the year round, which makes the demand for property – both rental and disposable – in constant demand. You can easily earn regular rental income or just stay during holidays or permanently make Florida your next permanent destination.

Florida is very well connected both within and outside the country with regular flights to and from the State. With an elaborate road and rail network to support the airways, you can look forward to easy accessibility to the Florida state.

The availability of different kinds of properties to suit every kind of taste and preference is another important factor that works in favour of Florida real estate investment.

Though the legal process governing the real estate transactions in Florida is a little tedious and cumbersome, every effort is worth the time and energies spent, as you’d hardly find a place under the Sun that is so perfect in terms of living standards. Moreover, if you are prepared to hire an attorney for all the documentary spadework and other tax hassles related to owning a property in Florida, chances are that you won’t be troubled by all the legal formalities.

Hottest Investment Destinations in Florida

You can easily find different properties for sale all around Florida. However, there are certain regions and cities that are more preferred by investors for obvious reasons.

For those seeking out a flurry of tourism-related activities around, the town of Kissimmee offers the best bet. Situated in Osceola County, Kissimmee’s close proximity to the Disney World makes it a real estate magnet in the region. Property in Kissimmee has a rich heritage and an enviable landscape with close proximity to some of the world’s premier holiday attractions. The town is within eighteen miles of Orlando and is ideally located to go further west and explore the golden beaches of Clearwater or the Space Coast to the east.

Miami is every bit a modern city with a vibrant lifestyle, world-class hotels and restaurants, some fabulous beaches and a buzzing nightlife. If you want the real thrill of Miami, don’t forget to invest in the beachfront property here, which range from villas to apartments to nice residential homes.

Tampa and Orlando are other big cities in Florida that are always in the pink for the real estate investors. The cities offer choicest options for some great rental income from apartments, villas, luxury, and holiday homes. Orlando’s world famous theme parks have a unique charm of their own that is so very irresistible for the adventurous Brits.

In all, Florida is a combination of everything you want irrespective of the kind of lifestyle you are looking for. From relaxed to adventurous to youthful to exuberant to childish, you can enjoy almost every activity under the Sun.

Investing in a residential property in Florida real estate is a good idea if you’re of a mind to relocate to the region or aiming for a tidy profit in the market. Here are some of the reason why it’s worth your time and money to buy one for your very own.

1. Tourism

The Sunshine State of Florida is teeming with tourist attractions that will surely capture your fancy. Living in one of the major cities, like Miami Beach, Sarasota, or Fort Lauderdale offers a lot of selections that will surely give you a fun time while living it off in a quiet neighborhood as you go ahead with your daily routine. Enjoy the tropical climate as you frolic in the beach, or do a little fishing in the Florida waters. Having your own home near these areas will surely add to a memorable stay for both you and your family without having to travel far just to spend some quality time with them.

2. Quality Homes

If you are planning to live in a quality home then Florida real estate offers thousands of selections for you to choose from. Luxury condos offer a convenient access to the city and recreational facilities in the surrounding areas while you enjoy the comfort and convenience of a modern home. If you want to live a simple life in the region, then a single-family residence is enough to give you the space you need for you and your family, while enjoying a serene atmosphere to cater to your need of quality rest and relaxation.

Tourists who plan to have their own residential property in the city instead of dishing out thousands of dollars on hotel accommodations will surely love the vacation homes and townhouses conveniently located near popular tourist attractions.

3. Booming Business

Considering that there are practically hundreds or even thousands of visitors in the region each year, you might want to tap into the local market by investing in a home that you can sell off for a tidy profit. Florida real estate showcase a large number of quality homes that you can buy at a lower price and sell it for a hefty price when the time is right.

4. Rich Economy

If you want to start a new life in a new city filled with opportunities for a large income, then Florida is definitely the perfect place for you. The rich economy offers untold opportunities to be had for both business and career, and having your very own home in the area ensures a comfort while you sweat it out to get your bank account on the rise.

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