Fabulous Florida

By on August 4, 2014
Fabulous florida

The rise of the pound against the dollar in the past eight years, means the money of UK property investors goes a lot further than it did 12 months ago. In the light of this, Grahame Anderson explains, how both rental and new build markets are very much the way forward.

With 300 days of the stuff each year Florida certainly lives up to its name as ‘The Sunshine State’. Magnificent beaches, bays and estuaries, give way to serene lakes, wetlands and rolling hills. Add the glorious Florida Keys and those mysterious Everglades to the list, and you have the perfect land mix.

All of this, set against vibrant sprawling cities and a modern forward thinking lifestyle. In short, America’s 27th state is very much an investment property hotspot for the 21st century. A unique blend of colourful societies and cultures, mild winters and balmy summers happily entwine with a gloriously laid back love of life. Transfixed between the Gulf of Mexico to the West and Alabama to the North, this is the place, ‘Where The Sawgrass Meets The Sky’.

Fabulous Florida The ‘Flowery Land’s, property prices are higher in the South and on the Atlantic Coast where tourists love to come and play. As numbers of visitors increase year on year,(76 million at the last annual count) the rental market becomes stronger. Both short and long term lets are potential winners for investors. Those with rental incomes in mind should ensure their property is, ‘zoned’ as these Zoning ordinances are laws developed by local governments regulating how a piece of property can be used. Your real estate or legal representative will be able to guide you through this. You need to know the complete letting situation, even though there are no restrictions on Brits buying property here.

Buy to let and second home purchasers continue to flock in large numbers to Central Florida, home of Disney World and Universal studios. The areas around Tampa and Orlando offer the best returns, but this is also balanced by impressive new build projects. Phillip Button, Managing Director of UK based Property Investment Specialists, Brookes and Co, told us: “I’m lucky my work takes me to Florida every 6-8 weeks, but I also travel there for pleasure trips with my family as well. Orlando is an outstanding city, with something to offer everyone.” His work sees him regularly inspecting the progress of the development underway at The Fountains at ChampionsGate, where Brookes & Co are working in partnership with Floridian developer Feltrim to offer high end three and four bedroom villas as investment properties to the UK market. Button himself is buying there – and he sees it as the perfect family investment. He added: “Buying at The Fountains makes sense to me as a parent. I can use the villa for six weeks completely free without compromising my rental income. For the rest of the year, it will generate an income at the same time as allowing my capital to grow.”

The majority of buyers have been family groups, with two or three generations of family attracted to the lifestyle element of the investment, as well as the healthy financial returns. Compared to UK property prices the Florida market offers quite fantastic value with a very attractive luxurious four bedroomed home on the Orlando Lake Davis Reserve costing just $620,000. With low cost luxury in mind a quite wonderful new home at Apollo Beach near Tampa can be yours for just $600,000 complete with four bedrooms and three bathrooms. It’s a fact, seriously rich investors make for the Gulf Coast with it’s pristine white beaches and wonderful restaurants. An outstanding estate home for example on the deep waters of Galleon Cove, complete with six bedrooms and matching baths, could be yours for a little less than $11,000,000. $6,000,000 will still secure a radiant and masterfully designed, four bedroomed home from heaven, but a stunning piece of property can still be had here for less than $2,000,000. If you decide to obtain finance in the US, bear in mind most mortgages available to foreign nationals require a minimum 20 to 35 per cent down payment. The Atlantic coast includes some of North America’s most expensive locations, such as Miami, Fort Lauderdale and Palm Beach, where you can expect to pay millions of dollars for a luxury residence. Experts believe Miami presents the opportunity of rapid appreciation over the next few years, with rental income set to rise with the improving economy. You can expect to pay an average price of $800,000 for a stunning two bedroomed Marina Blue Condo close to Miami beach. $1,400,000 will get the keys to a top of the range three bedroomed unit at the same development. A luxurious four bedroomed condo at the One Miami complex in down town Miami will set an investor back $1,500,000. Many new developments In Miami will be completed both this year and next, though they won’t stay on the market long if recent trends are anything to go by. The truth is each one seems to outdo the other for grandeur, elegance and style, consistently pushing the bar up in terms of overall quality.

Whichever way you look at it property wise – Florida is fabulous.