This year, Florida is poised to become a bargain location for real estate investors seeking affordable housing. A recent report from Winkworth International stated that some Florida properties were selling for just $47 a square foot.
As the housing recovery slowly begins, real estate experts are forecasting a rise in investor confidence. This will help bring up the average home price, clear some of the excess inventory and initiate some stabilization for the industry.
Winkworth International reported that Florida has been one of the states where surplus was a major contributing factor in the low home prices, and foreclosures as well as unfinished condo projects are also to blame.
However, the United Kingdom is one country that continues to have a vested interest in Florida, and Central and South Florida in particular. There are even entire communities and neighborhoods made up of British expats and former citizens. According to Charles Peerless, director of Winkworth International, “Low prices on a wise range of top quality luxury homes and condominiums in world class developments, combined with a favorable exchange rate and low interest rates, buyers who seek sun, golf and wide ranging lifestyle attractions can now buy a home here for about half what they would have paid in 2005.”
Sean Snaith, economics professor at the University of Central Florida in Orlando, agrees saying, “For international buyers, 2010 will be a great time to buy in Florida. The imbalance of supply and demand puts the buyer in the driving seat. Large inventory, pricing power and the continuing weakness of the dollar when compared to other currencies mean awesome deals in the housing sector.”
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