We at Overseas Property Centres are continuing to see Florida attract enormous amounts of interest amongst property investors around the globe. Florida is probably the most sought-after area amongst property buyers looking for that dream home or investment property abroad.
It's not all about the exchange rate
OK, so the credit crunch has helped to push the dollar to all-time lows against sterling meaning that £100,000 now buys you a seriously attractive property stateside (see for example this one). But the appeal of Florida is enduring - the climate, Disney, Miami and so much more have attracted Brits to the area for decades and this has supported a very active rental market. Nothing seems likely to upset this significantly in the near future making Florida a top destination for the property investor.
Of course, it is vital that anyone seeking to buy an investment property in the state checks out the details as the government in Florida has zoned the areas where rental properties can be sited and failure to buy in the right zone can have a serious impact on the financial calculations you have made to be able to afford it. Don't get caught out by a small detail overlooked in the process - that property may look like a perfect dream but if it isn't in the right spot it cannot be rented out (see here).
Miami is worth a look
Orlando may be the first place we think of when considering buying an investment property in Florida because of the theme parks, Nasa and so much more but don't ignore some of those other equally evocative place names such as Miami. And prices in the past 12 months have moved decidedly to the advantage of international property investors.
The S&P/Case-Shiller Home Price Indices for February 2008 revealed that house prices in Miami slipped by 21.7 per cent. In fact, a record drop of 13.6 per cent was recorded for the ten city composite average, with properties in Las Vegas falling by 22.8 per cent. Now, it would seem, is definitely the time to buy and I would recommend a good look at these prestigious condos in Miami - they look sure to have that enduring appeal quality one needs for long-term returns.
