Country: United States
28 October 2009
The Florida property market is recovering from the credit crunch and property slowdown at a rapid pace, according to one expert.
Colin Murphy of Torcana property agency says that the supply of properties in Florida has fallen dramatically over the six months due to a virtual halt in construction levels and an increase in residential demand.
“Developers are not starting new construction projects and prices of existing stock have been slashed by up to 75%,” says Murphy.
He adds: “The market bottomed out in December 2007 and it took another 15 months before activity reverted back to late 2006 levels. Over the past six months, it has been quite frantic, with huge volumes of new contracts being issued to a wide variety of buyers.”
Murphy believes that Florida property values have now bottomed out and given that sterling and euro are strengthening against the US dollar – currently trading at $1.63 and $1.48, respectively – now is a good time for Brits and Irish to buy a home in Florida.
Murphy comments: “Prices are still low, but they are not going lower, of that I am quite sure. There will always be good deals out there for the shrewd and well connected buyer, but the days of snapping up a high quality unit for $50-60k that used to cost $200-$230k are numbered.
“With the [UK] pound and euro continuing to strengthen relative to the dollar, your hard earned cash can now stretch very far indeed. If you wanted to buy a US home valued at $60,000 in late May it would have cost Brits and Irish buyers around €45,000/£40,000. Now it will cost €40,000/£36,500. That’s quite a difference.”
See Also: Colin Murphy, Florida, Marc Da-Silva, Torcana
Price: $25,000
Type: Land
Property Description:Great location to build your new house.<
View details | Enquire further
Price: $59,900
Type: Mews
Bedrooms: 1,2,3
Description :Vintage Grand is a stunning Lakefront community located in the prestigious “master planned” neighborhood of Palmer Ranch.
Price: $60,900
Type: Apartment
Description :Mosaic at Millennia exudes style and Sothern charm and is quite simply the most conveniently located gated condominium community in Orlando.
Price: $64,500
Description :
Price: £41,151(GBP)
Bedrooms: 2
Best investment deal - Villages at Town Centre is a private gated resort complex located in Orlando, close to Disney and all nearby tourist attractions.
Price: £47,000(GBP)
Type: House
Bedrooms: 4
THIS IS ONE OF A SELECTION OF BANK OWNED HOMES - 4 bed Pool Home, 2 bath, 1652SQ FT, BUILT 1998. Formal living, dining and family room, great eat-in island kitchen with breakfast bar. Master suite with walk-in closet, garden tub and separate shower!
Price: $78,900
Description:Visconti is located in Maitland, one of Orlando’s most exclusive suburbs. Maitland caters for the wealthy resident and is particularly popular due to the quality of educational institutions and local businesses.220
Price: $79,900
Description :Probably one of the most beautiful developments we’ve seen.Waterside at Coquina Key is in St Petersburg, one of the most famous towns in the State of Florida.
Price: $94,900
Bedrooms: 3
Property Description:Lot's of room in this house. Master bedroom is 17x26 with walk in closet and a 10'6"x7'6" Master Bathroom. 1 Bedroom needs some drywall to complete the room.
Price: € 75,554
Location: Orlando Florida, INVESTOR Price: € 75,554
Wake up to a stunning view over the bay, watch dolphins swim from your terrace and then relax by the pool and watch the sun set over the bay.
A serene, natural setting provides a beautiful backdrop for this exceptional community.
Property Type: Apartment
Mosaic is an elegant, beautifully designed and landscaped development, set over 52 acres.
