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A new dawn for America's Sunshine State?

Posted on Wednesday, 10 March 2010 03:01PM by
Florida's decline during the global recession has been dramatic and well documented, with 50 per cent price falls on average across the Sunshine State and half of the properties currently on the market distressed sales by owners who can't keep up mortgage payments.

But just how little do you think you need to spend now, say, for a one-bedroom apartment on a gated community seven miles from Disneyworld, with swimming pools, tennis courts and a clubhouse? £100,000? £50,000? Try £15,000, with a rental income of £525 a month, in the case of apartments on Villas del Sol in Orlando.

Among the 'best bargains' is a two-bedroom apartment in Orlando's upmarket Winter Park area, which sold in 2007 for £136,000 and is now on sale for £20,000 - a staggering 86 per cent decrease. Or there's a four-bedroom house in Sandy Ridge, just 12 minutes from Disneyworld. Sold for £244,000 when built in 2006, it's now on sale for £85,000.

It is still nearly impossible for buyers to get finance in Florida for condos, considered high risk by banks as they are more likely to be owned by investors. But the market for detached houses is recovering first because finance is now available for overseas buyers in Florida, 16 per cent of whom are British. Most head straight to Orlando, the state's entertainment and conference mecca soon to see another huge boost when The Wizarding World of Harry Potter, a new Universal Studios attraction, opens this spring. The closer to Disney, the better the rental potential and the more expensive the property, but don't expect to make a large annual net income from renting out the holiday home. Your return on investment will mainly come from an increase in the property's value.

Florida is where the banking crisis all began and one of the US states that was hardest hit, But it's over the worst now and heading in the right direction.
Mail on Sunday
By Zoe Dare Hall


Dream Villas Global is able to offer non residental clients mortgage for townhomes and villas, interest and repayment, interest only or self certs.  The average rate is 5.5% on a 30 year term.


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