Florida’s property market has collapsed, but with the worst over, it could be time to swoop in the Sunshine State

It’s freezing outside, there are at least a couple more months to go before the weather warms up, and the idea of a holiday home in the sun is probably pretty tempting right now. But Spain’s not hot enough, and the Caribbean and the Seychelles are too expensive. Could Florida be the answer?

With its country-club lifestyle and balmy climate, the Sunshine State has traditionally been popular with British buyers. In the past 18 months, however, it has fallen out of favour, as prices have come crashing down by 50% or more from their peak. Florida had the second highest foreclosure rate — the equivalent of repossessions — in America in 2008, affecting one in 22 properties. Many remain empty and abandoned, after being seized by the banks.

“Some people just dropped the keys and left — they were effectively handing the property back to the bank,” says Todd Swann, owner of Swann & Associates, an estate agency based in DeLand, central Florida. “Pricing didn’t seem to matter when times were really desperate. It felt like we were working in a morgue.”

In recent months, things have started to pick up. Although prices remain low, properties are starting to move again as people try to make the most of the bargains on offer. For UK-based buyers, there is also the exchange rate to consider: although the pound is already at a nine-month low against the dollar, some analysts expect further falls, which would add to the attraction of buying now.

At face value, there do seem to be incredible deals out there, with flats in some condominiums on sale for as little as $15,000 (£9,700) — sites such as foreclosuredataonline.com give an idea of what’s on offer. Yet it’s a case of caveat emptor, warns Bill Cowie, director of British Homes Group, a Florida-based company running online auctions where prices start as low as one cent, with no reserve. “A $15,000 condo might sound good, but it’s in a building with no homeowners’ association, with a wreck of a kitchen,” he says.

Instead, do your research, visit America in person — don’t even think about buying blind off the internet — and make sure your chosen area is an attractive one with good infrastructure.

Where should you go? Florida’s two coasts have different personalities: the relaxed west coast, with its subtropical temperatures, is centred on elegant, tree-lined Tampa and classy Sarasota, with its orchestra and concert programme. The east, by contrast, is defined by hectic Miami — cruise-liner port and nightlife central — and luxurious Palm Beach. Inland is Orlando — with Walt Disney World on the doorstep and easy access to both coasts.

If you like the thought of bath-warm seas, head west. Here you’ll find everything from supersleek condo units to estates with elegant colonial-style houses set in carefully landscaped grounds, complete with waving palm trees. Al Horrigan, chief executive of the Sarasota-based RSVP Real Estate, an associate of Savills, says prices on the western coast, from Tampa down to southern Sarasota County, appear to have stabilised, which means good deals for buyers whatever the price range.

At the bottom end, you can pick up a two-bedroom, lock-up-and-leave flat in a condominium within walking distance of the beach for less than £130,000 — although you’ll have to move fast, as competition is tough.

At the other end of the scale are the “McMansions” in ritzy Longboat Key, just offshore from Sarasota. Once priced at £1.5m, they can now change hands for just £520,000. Horrigan says the mid-market is the safest option: a detached three- to four-bed waterfront home with pool starts at £390,000. “Single family homes are always a better investment than condominiums,” he says. “More people want them, so they’ll always have a higher resale value.”

If you prefer a wilder social life, head to Miami, for beaches, bars and nightlife. South Beach, in particular, has a trendy retro feel, its art-deco architecture mixed with towering skyscrapers. Oceanfront property is always going to be a safer investment here: while prices have come down 30%-50% from their peak, they are starting to stabilise.

Karla Abaunza, broker of Luxury Living Realty (luxurylivingrealty.net), a Miami Beach-based agent, recommends focusing on the first five roads south of Fifth Street, where half a dozen luxury condominiums represent the best of what’s on offer; a two-bedroom condo would set you back £490,000, but don’t forget the stiff monthly management fees of about 60p per sq ft.

If you prefer to be away from the city, try Fisher Island, once the home of the Vanderbilts and now an exclusive community, accessible by ferry from South Beach. The cheapest property available at present is a three-bedroom house, in need of renovation, for £580,000. Prices can reach the millions.

In Orlando or other inland areas, it’s worth considering a gated community, for a property you can lock up and leave. Stirling Sotheby’s International Realty (stirlingsir.com) has a three-bedroom house in the Palisades, a golf community in Clermont, west of Orlando, for £120,000; the owner gets access to a pool, boating and tennis courts.

Northeast of Orlando, in the DeLand area, you are near Ocala National Forest and St John’s River, and still only an hour from Mickey and his pals.

Properties with land are a particularly good buy now — land values have dropped so sharply that the extra acreage is almost free. A three- to four-bedroom detached property, with outbuildings and a pool, costs between £116,000 and £162,000.

As with any overseas purchase, there are potential pitfalls. If you plan to a buy with a American dollar mortgage, then any further fall in the pound will increase your monthly repayments; for a fee, you can hedge against this, through a company such as World First (worldfirst.com). Or take out a mortgage half in pounds and half in dollars. Don’t forget that you will also be liable for real-estate tax — a yearly fee equivalent to 2% of the purchase price.

Nor should you count on funding your purchase by letting out the property: many condominium associations have rules governing how many rentals you are allowed in a year. Other local restrictions can also apply.

If that all sounds too complicated, you could always follow the example of Beverley Byrne and her husband, Richard Hearn. During a visit to Florida 18 months ago, the couple, both in their fifties, were tempted by a three-bedroom waterfront villa in Cape Coral, on the west coast, on sale for less than £195,000, but they decided not to restrict themselves to one area.

“Rather than become landlubbers, we bought a 44ft trawler yacht for $69,000, and we’re off exploring Florida’s Sunshine Coast,” Beverley says. Then she adds: “There are still plenty of real-estate bargains out there should we change our minds.”

Golden opportunities? A look at what’s on offer around the state

Palm Coast £180,000

Built 12 years ago, this 1,757 sq ft villa has three bedrooms, three bathrooms, one reception, a pool, a garden and a two-car garage. It is in Grand Haven, a gated community on the east coast of Florida, popular with British buyers. The agent estimates that maintenance costs would be about £1,100 a year. 00 1 386 445 9288, ecpremierproperties.com

Bradenton £130,000

This 1,861 sq ft villa in the Tampa Bay area, built in 2006, has four bedrooms, all with ceiling fans, two bathrooms and a large living room. There is no private pool, but it does come with a double garage, a large back yard and lakeside views. RSVP Real Estate, in association with Savills; 020 7016 3740, savills.co.uk/abroad

Davenport £81,000

This three-bedroom, two-bathroom house is part of a gated development in Davenport, Polk County, which is 20 miles from Orlando. The 1,700 sq ft property, which has an outdoor pool, was bought by the present owners for almost double the price — £156,000 — in 2007. 00 1 407 396 9914, britishhomesgroup.com

Survey shows that South Florida tops real-estate sales early 2009 among other states in the US with a staggering $512 million in acquisition.

The status of the real estate market all throughout the US have been in a major downtrend since the economy entered recession due to several companies in Wall Street declaring total bankruptcy. Figures show that among the counties in South Florida, the three that marked the highest sales includes Miami-Dade, Palm Beach, and Broward.

Analytics compiled by real estate experts list down properties, such as apartments, hotels, industrial space, office, and retail. Residential properties have yet to reach their full potential in sales since the real estate boom a few years back before the economic decline. Commercial properties, on the other hand, are seeing high numbers in sales as the economy slowly recovers.

The highlight of total sales belongs to Miami-Dade as its retail sales closed at $10.9 million and the hotel sales at $35 million—four times the amount compared to the figures gathered during the first quarter of 2009. Broward County, conversely, is seeing a major downward spiral in the sales of the industrial sector, closing at $6.7 million during the last few months of 2009 compared to the $21.2 million from the first quarter of the same year.

Despite prices being cheaper than property values from last year, many experts believe that the steady rise of acquisition will continue to improve this 2010. However, this prediction is overshadowed by a high probability of prices going further down owing to the distressed properties still amounting to a majority in the Florida state.

William W. Teho, Jr.

Fisher Island is a dreamland for any homebuyer who wants to live a life of modern luxury.
The 216-acre private residential community offers the most amazing and elegant residential units that might be too expensive for some acquire, but not impossible to get if you plan for it in advance.

Luxurious Living

One advantage of living in Fisher Island is the close proximity to all the fun to be had in the area. One of the highlights of this real estate dreamland is the 18 well-lighted tennis courts for those who want to enjoy sports under the tropical sun or the exotic Florida nightlife. Another luxury sport you can indulge is provided by Links Golf Course — a 3100-yard golf course designed by P.B. Dye.

For those who love to spend most of their quality time out in the wide-blue sea, then you will definitely enjoy the two marinas offered in Fisher Island. You can make use of facilities, like electrical hooks and cables to power up your boat while moored in the marina, cable television to enjoy some quality time in your own boat, phone lines, as well as golf cart rental for your trip to various corners of Fisher Island.

Spa International, one of the famous spas in the United States, is found here in Fisher Island — a perfect place for complete pampering. Other facilities include first-class restaurants, island market, schools, hospitals, polo field, private beaches, and other transportation amenities for trips in and out of Fisher Island.

Maximize Your Stay, Pick The Best Homes

To make your stay in Fisher Island a memorable experience, it is necessary to pick out the best homes in the area that will compliment with your lifestyle, as well as your purpose of your stay in the locale. There are two types of residential units to purchase — condos and estates.

Condos are considered to be the most expensive residential properties in Fisher Island real estate market. The facilities and services in condo rival those offered by 5-star hotels in all of Florida.

For starters, condos are designed to incorporate the modern amenities needed by any homebuyer who craves an easy life. The interior incorporates complete furniture and fixtures, as well as modern appliances from entertainment systems to laundry machines. Some of these condos even offer wireless and wired Internet access to each suite — perfect for any businessmen who wants to keep up with their career while having fun in Fisher Island.

The estates of Fisher Island are great residential properties to invest your money in. Estates are medium to large sized homes with facilities ranging from simple 2-bedroom flats to 5 bedroom and 5 bathroom residences. If you’re interested, then you might want to check out Palazzo del Mare for an elegant selection.

Vanessa Arellano Doctor
Fisher Island Real Estate

Selling a residential property in Miami real estate doesn’t have to be a complicated venture. Aside from the fact that you have to take in a lot of details so that you can sell the property at a decent price for profit, it can be really satisfying to see a family that is quite happy with a home they got from you.

If you want to be successful in this venture, hanging a for-sale sign in front of a residential property should not be your only option. You need to properly market your home to potential home buyers in the area, or even outside, if you want to rake in the profits. Here are some ideas to help you out.

Schedule An Open House

One surefire way to bring in the home buyers is to schedule an open house. You need to give your property a thorough cleaning and home improvements to make it appealing to potential buyers. To spread the word around, you can post on local bulletin boards, newspapers, and real estate firms around Miami.

You need to keep in mind that interested home buyers will be pushing you to lower the median price of your home by pointing out defects or problems with the property. Head this off by carefully removing any signs of niche that your home buyers can use to their advantage.

Sell Your Properties On The Internet

Selling your properties on the Internet is one of the methods being used by real estate agents today. In fact, the millions of potential home buyers on the Web are quite appealing to profit-minded home sellers. Here are some tips to get you started.

1. Create A Web Site

You first need to create Web site that will serve as the foundation of your real estate business in Miami. If you think that creating a Web site will entail cost, then you are definitely wrong. There are tons of free Web site services on the Internet. You can use blogs, social networking sites, and so on to start selling your property on the Web.

2. Describe Your Property

You need to describe your property in detail if you want to interest potential buyers on the Internet. Write something about the property itself — its architectural design, specification, style, and theme. You can also describe the surrounding areas and facilities in Miami that is accessible from your property.

It is a sound advice to include pictures of your residential property in Miami real estate if you want to make a lasting, yet pointed, impression on your online visitors.

Vanessa Arellano Doctor
Miami Real Estate

Despite the housing crisis that gripped the entire U.S., the demand for condominiums in Miami Beach is still quite high due to the convenience and luxury that it gives to its owners. In fact, foreign and local investors are now eyeing the condos in the city, especially prime areas, like those found in beaches, marinas, waterfronts, in the middle of the city, and so on.

In truth, the rising demand of these luxury units is attributed to the features that it gives to each of its occupants — making each purchase a worthwhile experience if you wish to grab the opportunity.

Fully-Furnished

Miami Beach condos are complete with furniture and fixtures that an individual might need during their stay. The developers of these condominiums take extra care in providing the most modern convenience they can find for their guests and condo unit owners.

For starters, each condo unit is fully-equipped with modern furniture that exudes a sense of beauty that will accentuate the overall theme of your home. State-of-the-art appliances can be seen from living room entertainment systems to kitchen cooking utensils that will give you a hassle-free lifestyle.

Daily Upkeep

Also, you don’t need to worry about the daily upkeep if you are staying in one of the luxurious condo units in Miami Beach. Housekeeping staffs are at the ready to provide their assistance in maintaining your unit in top shape. They can also do minor repairs from electrical appliances to leaky plumbing. You have to pay a monthly fee for it to avail of their services, though, but it’s definitely worth it.

Condo Facilities

The condos in Miami Beach also offer other facilities aside from those found in each unit. These facilities are jointly owned between you and the rest of the condo unit owners in the complex.

Swimming pools and sports facilities are commonly found in condos around Miami Beach. Some of them have their own recreational and entertainment areas accessible to the residents and guests every single day of the week. Underground parking areas equipped with high-tech surveillance systems are readily available to those who plans to bring their own ride with them when they move in.

Well-known condominiums in Miami Beach are integrating the Internet age into their services. The entire complex has access to wireless Internet connection that will serve those who plan to conduct their businesses at home; if not, each unit will certainly have one.

Safety And Privacy

Since the safety and privacy of their guests and occupants are their paramount concern, these condo owners take extra precaution to add security personnel and high-tech surveillance systems into the mix. Some of these condos take it to the next level by providing each room with a console that is connected directly to the guards on duty and front desk personnel in case of emergencies.