Florida, humid, hot and bursting with sunshine, is a long-standing favourite with British second homebuyers.
By Gordon Miller
Estimates are that as many as 50,000 of us own a piece of real estate in the Sunshine State. Professional industry body AIPP noted in its 2007 annual survey of overseas property markets that the USA – led by Florida – was the third most popular destination where we buy property abroad. The AIPP estimates almost 10 per cent of a total of 242,000 purchases worldwide were made on real estate Stateside.
The reasons for Florida’s popularity with second home buyers are sunshine, a shared language, world class attractions – Walt Disney World, Sea World, The Kennedy Space Centre, and Universal Studios to name a few – and very affordable property prices, compared to those in the UK. In central Florida, around Orlando, where the theme parks are located, around £150,000 will buy you a three bedroom detached (called single family in the US) villa in several mid-market neigbourhoods.
The credit crunch of the last 12 months has made buying in Florida ever more affordable too. Property prices have declined by around 20 per cent across all house types and areas, according to statistics by the Florida Association of Realtors (FAR). In September 2008, FAR reported that Florida’s median sales price for existing homes last month was $175,100 (£125,000); a year ago, it was $224,700 (£160,000) for a 22 per cent decrease.
John Mike, National Association of Realtors (NAR) Presidents Liaison to the United Kingdom, said: 'The real estate market throughout Florida declined dramatically from mid 2005 to spring 2008, with positive signs of stabilisation in a number of markets within this large state occurring in recent months. Prices have softened significantly throughout Florida during this period, especially in 2008 with the acceptance by sellers of the reality of the ‘new’ market and of the need for realistic market pricing.'
Such has been the downturn in Florida’s property market fortunes there have been reports in recent months of property auctions with no reserve price. James Wyatt, a partner at Barton Wyatt, points out that buyers are in the driving seat and can push for very attractive terms and conditions at the point of sale. He says because the US economy will not stay down for long – the dollar is expected to rebound further in at least the medium term – purchasing in Florida right now would be a shrewd move.
Wyatt said, 'With more than 60 million people visiting Florida each year, it is not surprising that the Sunshine State is the world’s favourite holiday destination and therefore an excellent property investment destination. Not only this but with the highest concentration of amusement parks anywhere in the world, a large number of high quality golf courses and more than 100 natural lakes, it is easy to see why Florida is also a popular second homes market.'
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Amanda Lamb is on her travels finding you the ideal location for your new house
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