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News Letter:- 7th April 2009 - Lloyd Hart - President

We have all seen the dramatic events in the real estate market over the last few months. The Brits are getting more from the Dollar once they sell so they’re happy to reduce the asking price to quicken a sale. All I hear from buyers and sellers is “Has the market bottomed out?” The truth is, no one knows because there hasn’t been an economic effect like this in all of our professional lives.

What I can tell you is that in various developments in this area, official records indicate two or three sales during the entire year of 2008, and now I’m seeing four or five contracts pending and more activity in just a few months, than the last couple of years altogether. Does this mean property prices will start to pick up? I personally doubt it as the inventory is still there, the buyers are simply people with money or investors that are coming in and having a field day with all these bargains, obviously targeting the desperate sellers and I don’t blame them.

Some of the deals around at the moment are truly once in a life time chances. You would also expect rentals to be down, but we have doubled the amount of direct bookings so far this year easily. The only big difference is that we are finding that it is that the guests are not booking a long way in advance, but only two weeks ahead of their vacation or sometimes a couple of days. No one wants to commit to a vacation later in the year, but we have been full in February when last year we were 40% full so it isn’t all doom and gloom.

Lloyd Hart
President - Florida Estates

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Why move to Florida?

FLORIDA IS REWARDING BUYERS WITH A strong rate of annual capital appreciation,while promising a good potential income from a tried and tested rental market. Soaring visitor figures and a burgeoning second home market are proof that Britain's long standing love affair with Florida is as passionate as ever, especially in the Orlando region where the lure of The Disney Magic reigns supreme. Visitors in need of R&R will find Florida oh-so relaxing, while those seeking roller coaster thrills and spills will soon discover some of the finest theme parks on the planet.

Why Florida?

Florida's glorious year round weather is as warm as its people, and more than 50,000 British homeowners have now joined the local population of 17 million and are reaping the rewards of a savvy Sunshine State investment. Tourist figures are generally a good indication of the vitality of a real estate market and in Florida visitors to the central 11 tourist corridor are tipped to hit 49 million in 2006.Visitors to Orlando and Central Florida account for 35 per cent of the total US visitors arrivals. Average house prices here have soared past the $200,000 mark for the first time in history: the 24 per cent rise in a 12 month period represents an average increase of $40,000 and a hike of more than 87 per cent in just five years.

Where to buy?

Orlando remains by far the most popular holiday destination in Florida thanks to a range of world class tourist facilities, restaurants and magic castles. Miami and the Everglades follow with 16.8 per cent of the overall market, while Tampa and St Petersburg represent the third most popular destination within Florida, with 12.3 per cent of the market, up from 11.9 per cent in 2003. Other key areas include the white sand beaches of Sarasota, the southwestern Gulf coastline and the quirky tropical archipelago, the Florida Keys.

Properties in Orlando have risen 30 per cent in value on average since January 2004, mirroring Central Florida's trend in tourism and inward investment. Many foreign buyers choose new-build homes over a resale, with the aim of maximizing rental appeal.They also try to find houses as close as possible to Orlando's major tourist attractions and within easy reach of the newly expanded international airport. Many seek a close proximity to amenities that will drive up the return on their investment, a factor that has seen Florida spawn several popular self-styled "resort communities" over the last two or three years. These offer buyers (and their rental customers) a range of first class on site facilities such as basketball and tennis courts, swimming pools, spa and health facilities, restaurants and bars (sometimes with hotel~style room service) playgrounds, picnic areas, private beaches and 24 hour security. More and more are centered on championship golf courses with landscaped grounds and gardens, and are of a standard comparable to a five star hotel. Prices come with a premium but its rent ability is often optimized thanks to a package of amenities that is second to none.

What can you get for your money?

A prime example of a resort community in the Orlando area is the Peunion Resort and Club, located on 2,300 acres in Osceola County, immediately south of Celebration and just 15 minutes from Disney World. Recreation facilities include three signature golf courses, while other amenities include shops, a spa and fitness centre, tennis courts, fishing lakes and riding stables. Prices start in the late $200,000s for a condominium and in the mid $300,000s for a villa, both of which are eligible for the year round rental scheme. Other resort communities in Orlando include Legacy Pad where a deluxe pool home with three to five bedrooms is priced from $381,990, as well as Sandy Ridge, where a similar villa costs $400,000.

Miami means business

Although the salsa city of Miami once epitomized the seedier side of Florida, today a New York style clean-up has freed the city from a reputation that almost brought about its demise. A skyscape of palm-edged plazas, beach-front cafes and swish high-rise apartments overlook a slick business district that is quickly becoming one of Miami's most desirable buy to let locations.

Sleek, stylish and with dazzling river views Brickell on the River is one of Miami's latest high, rise condominium projects. Located in the business area of the city looking out onto Key Biscayne, the development comprises a range of apartments priced from the mid $300,000s. Elsewhere in the business district, a two bedroom, two bathroom resale condo with striking waterfront views is priced at $699,000.

Sarasota and the Keys

North of Naples along the Gulf Coast is the pretty coastal city of Sarasota, renowned for its pristine white sandy beaches and immaculate streets. The city has a genteel character enhanced by large expanses of water dotted with flotiflas of boats. It's famed for its theatre, opera and artisans and is the self-proclaimed "Cultural Capital of Florida" staging hundreds of performances and concerts as well as an annual International Film Festival. Property prices in Sarasota have risen sharply since 2000 and achieved an annual growth of 32 per cent in 2004. In February 2005 an average family home cost $330,000, compared to $230,000 12 months earlier. Few communities allow short-term rental but some allow longer term leasing. In Siesta Beach these three month lets are popular with a Canadian "snowbird" crowd, who return to Sarasota each year to avoid their own harsh native winters. Two bedroom condos in Siesta Beach can cost anything from $250,000 and can command peak weekly rental rates of $4,000 per week. Expect to pay $419,500 for a four bedroom, three bathroom home on the Lakewood Panch development in Bradenton, and anything up to $20 million for a waterfront pad on the exclusive Bird Key.

There is more sought after real estate in the Florida Keys, where palm-fringed beaches and the 220 mile long coral reef inspire house hunters to settle in an area famed for its congeniality and eccentricity. The islanders fish, sail and hang out in bars or hammocks all day. Even sky-high property prices (combined with a higher than average cost living) don't dampen the appeal. A four bedroom, two bathroom home in Key West's Truman Street will set you back at least $3.5 million, yet holiday rentals can easily command up to $1,000 in rental per night for the right place, at the right time, making buy to let properties feel rather stylish.

10 Reasons to Buy in Florida