Low prices added with the expectation that the Pound is due to fall further against the Dollar means that the Times recommends that now may well be a perfect time to consider buying in Florida.
The article also mentions that the large number of foreclosures have seen the supply of properties rise sharply in the last couple of years. It states that such properties can be obtained for ridiculously low prices - a condo could be purchased for a mere $15,000, whilst some auctions start off at only 1 cent - but such "bargains" actually have a whole host of problems. If the property isn't suffering from a state of disrepair - not unlikely, if they have been foreclosed - then it's most likely to be in a development with problems or an undesirable neighbourhood.
(However - to be clear - I'm only talking about very cheap properties. Other, more sensibly priced houses or flats that have fallen to foreclosure may actually be very good bargains.)
The article also highlights areas potential buyers may want to look into. It states that the western side of Florida is more relaxed, with subtropical weather, whilst the eastern side - basically, it talks about Miami - is more lively. And then of course, there's always Orlando which it also mentions.
Other useful tips the article mentions that may be helpful to those looking to buy:
- Mid-range, single-family properties (basically houses) are considered a better buy as they're more in demand, so will have a better resale value (although I would suggest this really depends on the area - I can't imagine that condos in the southeast Florida/Miami area are ever out of fashion)
- Always search for properties in person, don't try and buy having only seen online (couldn't agree more - at the very least, you'll have fun viewing properties in the sun!)
- A property in a gated development will be more secure, of interest if you're not there year-round
- Obtaining a Dollar mortgage will mean you're liable to exchange rate fluctuations - your monthly payments may suddenly increase a fair amount as the $-£ exchange rate varies
- Don't forget that - whatever the property is - you'll have to pay an annual property tax; on some properties (condos) you'll also have monthly maintenance fees which may be hefty
- If you're planning on renting out your property to holidaymakers or others, make sure there are no restrictions (from the condo association, for example) that apply
The article also gives some examples of properties on the market right now in various parts of Florida. Overall, it's a pretty good piece that will help you if you're just starting your search for a property in Florida!
Article: Florida: a mix of different personalities (28th February, The Sunday Times)
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