Florida property time to look not buy?

Posted on 02/12/2006 By Carol McDonald Categories: Buy property overseas

Overseas property buyers may be changing their minds about emerging markets and look to Florida property as the US dollar continues to slide. It seems the ideal time to buy real estate in the sunshine state but is this really true?

The Florida property market has always been an attractive place to buy overseas property. The attraction of Florida real estate to the overseas buyer includes:

Highly regulated real estate industry giving buyer’s confidence.
An Ideal holiday destination
Good holiday rental prospects.
Disney attractions
Warm climate
Value for money
Choice of Financing options
Stable environment

Many Brits for example think of Florida when asked where they would like to buy overseas property. English football star WAYNE Rooney recently bought £250,000 condo in Florida - so fiancé Coleen McLoughlin's nine-year-old sister Rosie can enjoy days out at Disneyland. The Man United and England star chose the pad especially for Rosie, who suffers from the neurological disorder Rett Syndrome. Florida has a special place in Wayne's heart - Miami was the destination for him and Coleen's first trip away alone when he was just 17. And his new condo is at Harbor Pointe, voted one of the top five places to live in Florida. A source said: "They won't be alone as a string of top stars have already bought into the development - including around 20 Premiership players."

Is the time right to buy property in Florida?

With the dollar sliding to the two dollar mark against the pound many overseas property agents feel that they will see a rush to buy Florida property. The feeling is also the same from Florida realtors. Nicholas Marr CEO of the overseas property web site HomesGoFast.com’ this week has seen a doubling of Florida developers and agents joining our marketing service. Their own market appears to be slowing down and with the decline in the US dollars they see overseas buyers as the growth area for Florida real estate sales. Peter Conradi the property editor of The Sunday Times and author of the overseas property guide 'Fly to Let' expresses a note of caution to overseas property buyers. In his recent blog he says ‘The most obvious caveat, of course, is what if the dollar hasn't yet reached the bottom? Your dream property may be a bargain at £1=$1.95, but will be an even better one if the American currency sinks to $1.97. And then there is the other small matter of the parlous state of the US property market, which, after several years of boom, appears not to be heading for the much vaunted soft landing, but instead to be going into reverse.

The message to those hoping to invest in the States is hold off," says Stuart Law, the managing director of Assetz, the property advisory company. "There is further to go before the market stabilises and offers the prime opportunity to investors." Only time will tell if they are right.

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