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: £39,393
Type: Apartment
Bedrooms: 2
BMV Condos in luxurious Venetian Place, Orlando. 60% plus discounts, closing costs paid, tenanted, 8-10% return! Investment of a lifetime! Waterfront views, resort style living!
View details | Enquire further
Price: £42,424
Bedrooms: 3
Ideal investment, new build 1 bed apartment in City Centre, 5th floor, 37m2, lift, balcony, tenanted, excellent valie at €105,000 only. Typical pictures only.
Price: $70,000
Type: House
Great location at Lakewood Ranch without the CDD fees. Private and quiet in the back of the community. Has an attached garage. Community offers lovely amenities.
Room Dimensions:# Bedroom 2: 11x10# Master Bedroom: 11x11# Kitchen: 11x11
Price: $79,000
SHORT SALE......one of the original Conch houses in Englewood. This home has lots of character you will not find newer homes today. Plaster walls, clay tile flooring, original tray ceiling. .Great location in downtown Englewood...1 block north of W.
Price: £66,606 (GBP)
Type: Detached
3bed/2bath pool home, Calabay Park at Tower Lake Ph 2, built 2007, 1554 sq ft. Spacious kitchen features island and pantry. Master suite has his/hers walk-in closet. Cover lanai and screened in pool! Close golf and theme parks.
Price: $110,000
Short Sale. A charming Tri-Plex (house and 2 Units) with POSITIVE CASH FLOW in downtown Sarasota (Gillespie Park).A fast appreciating area.
Price: $114,900
Nice, clean, private, freshing painted 2010, roof 2003, hot water tank 2004, lg fenced private backyard. Nice wood deck for entertaining and enjoying the beautiful Florida weather.
Englewood Isles condo, small complex w/pool and located on a canal. Complex has right of use docks, pool, lovely tropical grounds, and conveniently located. This lovely condo is being sold totally TURNKEY FURNISHED. Immaculately maintained! Must see!
Price: $119,000
Property Description:Beautiful lake views with plenty of wildlife make this a charming home in Sarasota Springs. Home has newer AC & water heater, and a "Permaguard" roof, needs some updating throughout the home, but move in condition.
Price: £131,000
Bedrooms: 4 Bathrooms: 3
5 mins from Walt Disney World ®. Relax in your own optional pool, take a stroll by the natural pond.
Price: $195,000
Bedrooms: 3 Bathrooms: 2
Blackburn Harbour: between Venice & Sarasota. Boat mooring available. Perfect investment or second home.
Price: $242,000
Venice Golf & Country Club: Enormous master suite, second suite area, lanai and summer kitchen. 2 car garage.
Price: $350,000
Bedrooms: 4
Osprey, Sarasota County: 3,000+ sq ft. living space. Huge fenced backyard. Deep sailboat water dockage.
