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Exciting Investments in the Florida Property Marketplace

By Geoff Morris

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Published: 24Aug2006
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Geoff Morris has been involved in Florida property for some time, and works closely with several leading Realtors in the Sunshine State. This is his observation of the present Florida property marketplace.

All of a sudden, now that some of the steam has gone out of the Florida property marketplace, for the moment anyway, there are some brilliant deals popping up for second-hand properties right across Florida.

For some years now, with property inflation in the Florida property marketplace running at around 25 - 30% in some places, it has been difficult to get a good resale property without it vanishing off the market before you could say 'credit card'.

As for going for off-plan, or pre-construction, you would be looking at a 2 year wait at least, and forget any idea of doing too good a deal with the developer.

Why should they?

With organizations like Inside Track promoting many new build developments, investors were queuing up probably around three anxious investors to every opportunity in the Florida property marketplace. So why discount anything at all?

Nowadays, for at least the next 12 months or so, although property prices are still going up ( but probably closer to 14-16%), this is the time to grab yourself a bargain, sit on it for 5 or 6 years, and then move it on with a great big profit.

Resale properties.

What many people dream of in Florida, is not just theidea of a two or three bedroom apartment, but many of us really love the idea of having a luxurious detached villa, complete with its own heated pool ( Florida can be a bit perky around November to March), and all the luxuries and space that is so typically American.

Over the last few weeks, there has been a steady trickle of luxury villas, complete with their own private pools, close to the highly inviting Disney theme parks, at really reasonable prices.

We have seen the Florida property marketplace change over the last 12 months, with soem excellent deals available such as 4 bed 2 bath villas with their own pools 1,546 sq ft, from $278,950; 4 bed three bath with pool 1729 sq ft from $315,000; and really luxurious 4 bed three bath villas with pool just under 2,000 sq ft from $404,995.

Many of these are zoned for short term rental, so could be used as either a second home or a source of extra income when not being used as a play area.

12 months ago, these would have been snapped up before they met the Realtor's distribution system, but now, with the changes in the Florida property marketplace there is time to look more carefully, even fly down for an inspection visit, without the fear of these being sold before you get there.

OK, a small holding deposit may well be required for a few weeks, but nowhere as frenetic as the situation last year. Have no fear, this situation will not last for ever , and when demand picks up again early next year, so will prices.

Pre Construction or Off Plan Opportunities.

As late as last summer, you could not buy a 'new' property in many places in Florida without having to wait for at least 2 years before completion, and as for getting a discount - well forget it.

But now, we have seen a new 3 and 4 bed condo developments taking shape in the new Reunion and Champions Gate area where the first 64 units to be released not only have a discount of around $100,000 but also offer a full 12 month Leaseback included in the price! How great is that for people trying to get into the Florida property marketplace?

These units all come fully furnished, with Lakefront pool and cabanas and many other communal facilities, and quite frankly, look like one of the best opportunities we have seen for some years.

Jane and me are quite busy unloading some of our UK properties at the moment, as this lull in the Florida property market has meant that bargains abound, and for those of you who can move fast - bang on the doors of the realtors ands developers, and see what else you can squeeze out of them

Geoff Morris has been helping others build up their property portfolios to match or exceed his. You can get a free copy of his report "How To Avoid the Pension Trap and Make Yourself Wealthy" at http://imnosey.com/ie

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