Property in Florida for less than 80,000 pounds

To secure a property in Florida for £80,000, you’ll need the cool head and patience of a saint. Many Florida real estate agents are currently showing surprisingly attractive properties at super low prices that positively scream value for money for those of us who are excited about the two-for-one exchange rate.

Unfortunately, there are a couple of drawbacks. Firstly, in many cases, the agents in question have absolutely no intention of selling you a property in Florida for as little as £80,000; they simply want to introduce themselves to you before guiding you in the direction of the most lucrative property options in Florida. The second is that the two-for-one exchange rate is currently fading away; At the time of writing, the dollar is back in force, trading at around 1.83 against the pound sterling. There is still a long way to go before the dollar returns to pre-credit crunch levels, but it is definitely headed in the wrong direction for buyers.

But look what comes with a Florida property: the delights of year-round sunshine; vast stretches of beautiful coastline; the world’s largest amusement and theme parks (Walt Disney World, Universal Studios, SeaWorld, Discovery Cove and Epcot, to name just a few). And we haven’t even started on the golf courses yet.

But is the trend for Florida real estate changing? Have Florida property prices fallen low enough for us to consider taking the plunge? That’s hard to gauge in a market going through such unusually dramatic turmoil. The problem is, while the bottom has fallen out of the market, the top remains in denial, pedaling furiously through the air like Wile E. Coyote. Whether or not the coyote miraculously crosses the chasm this time around and continues on his merry way, only time will tell, but Florida property on a less rarefied level has certainly gone into a tailspin.

Lee Weaver of The British Homes Group, who specializes in providing a one-stop service for Brits looking for property in Florida, says: “In all our 30 years of helping UK buyers find property in Florida, the market It’s never been so full of bargains.For example, Countrywide Financial Corporation, America’s number one mortgage lender, is currently marketing more than 1,600 homes in Florida, some of which are trading at 40 percent less than their market value two years ago.

With this in mind, Homes Overseas has done some research and has found a Florida property on the market for less than the price of a new Jaguar.

Orlando, in central Florida, is by far the most important destination for British buyers, who are drawn by its unbeatable mix of family fun, top-class golf courses and historically reliable rental returns. It is, in fact, the largest tourist destination in the world, with more than 50 million visitors a year; however, surprisingly, it has been hit harder than most areas in Florida by the credit crunch. For example, Feltrim currently offers a studio at Horizons on the Grenelefe golf course. This attractive and substantial development boasts three golf courses (one of which is designed by Arnold Palmer) as well as a large water park, marina, spa, sports and fitness facilities, bars, shops and restaurants. The apartment has been recently renovated and is now on the market for just $80,000 (£43,500).

On Canary Island Circle, just 14 kilometers from Disney, Feltrim offers a spacious family home with four bedrooms (yes four) and two bathrooms, a heated and sheltered pool and its own garden. The property is located within a gated community that has an 18-hole golf course and lakes for fishing. This Florida property is currently on the market for just $125,000 (£68,000).

However, before you pack your bags (and your checkbook), you should remember that when a property’s price seems too good to be true, it usually is. Residential appraiser Al Franks makes this note of caution to foreign buyers: “In some places I see signs of stability and in others I don’t. A house may look good on paper, but then you drive by and much of the neighboring houses have knee-deep grass.”

There are also pitfalls for the unsuspecting foreign buyer, such as a two-tier tax system, which is not favorable to non-residents; and the fact that if you’re looking for a property in Florida as a vacation rental, you need to make sure it’s within an approved short-term rental zone.

Golf development property is usually a good bet for those with long-term rental returns and growth in mind, and Feltrim’s other Orlando apartment, at the Southern Dunes Golf and Country Club, could be a winner for singles and couples alike. , since the development has one of the highest ranked courses in Florida. This luxury development is well located for Disney and Orlando and has many on-site facilities and sports and leisure amenities nearby, including a large communal swimming pool and fishing lake. All that, but the one-bedroom condo is on the market for just $115,000 (£62,500).

For those still wondering if the time is right to jump into the troubled waters of the Florida real estate market, it must be said that there are signs of change. Orlando’s residential resale market posted its second-best sales month of the year in July, and local realtors say an improvement in the number of pending contracts bodes well for the rest of 2008.

Property prices in Kissimmee are a bit higher, but in a very desirable area, another large single-family home on the market with British Homes Group, and featuring four bedrooms, a luxury kitchen, pool, and large garage, could to be yours for just $175,000 (£95,000). At first glance, this is out of our price range; But let’s not forget that this is a buyer’s market and you should arrive ready to bargain hard.

To confirm that Florida’s real estate market is indeed shrinking, we move south down the coast to Delray Beach, situated between the luxury resorts of West Palm Beach and Boca Raton. Here, an attractive two-bedroom apartment with vaulted ceilings is currently on the market and offers numerous facilities on your doorstep, including a swimming pool, gym, spa, clubhouse and tennis courts. Downtown Delray and the beach are just a ten minute drive away and the property is on the market for $145,000 (£78,800).

Of course, if you’re looking for something a bit more luxurious for your £80,000, you might want to consider vacation ownership (yes, it’s a timeshare, but that’s not a dirty word in the US).

High-end Starwood Hotels and Resorts has a vacation ownership arm that owns Sheraton Vistana Villages, a luxury resort with some 1,500 one-, two-, and three-bedroom villas. The development features three swimming pools plus a children’s pool, tennis courts, a poolside restaurant, a staffed recreation center, two gyms and luxurious tropical landscaping throughout, with buyers automatically gaining access to the international web Starwood vacation. Annual weeks at Vistana Villages can be purchased from around $10,000 (£5,450).

Those who sell property in Florida will always say that now is the right time to buy. However, there seems to be a wave of opinion pointing in the direction that house prices will bottom out at least by the end of the year. One thing is for sure, if you love Florida and can afford to invest £80,000 in a Florida property, you’re almost out of reasons not to buy.