Foreigners planning to invest in foreclosure properties.

There are a minimum of five reasons why popular foreign investors will give preference to Florida – all that is required is proper handling. These are the findings of a study conducted by a pan American realtor’s organization. 4% of the total sale of residential houses last year involved non-resident investors from outside and a quarter of all the properties bought by foreign investors were in Florida.

A survey was also conducted by a foreign investor’s association came to the same observations. Highest investments were made in Miami and Orlando – these two being favourite destinations for property buyers from abroad.

The continuous increase in foreclosures in Florida, the unbroken drop in prices because of this rush of foreclosed units in the real estate market, strong forecasts about investment gains, the position of Florida as a fashionable holiday destination and the presence of a large number of pundits to guide the foreigners planning to invest in properties here are the five reasons why there is a rush by buyers from overseas to come to Florida.

As regards foreclosure rate, Florida ranked third in the first quarter of 2010. 153,540 houses were in foreclosure and of these 22,050 were owned by the banks. It was an increase of 7% month-over-month.

Compared to 2009 the increase was 28.8%. Last March Florida ranked fourth in foreclosure rate with one being in the foreclosure zone, out of every 149 houses. Over 59,000 were passing through the foreclosure procedure. Of these 8,643 had been taken over by the lenders and declared to be foreclosed units.

The numbers of affordable houses have spiked in Florida. In Orlando itself the average price of condo units had dropped by 69% to $49,700 in March 2010 as compared to the same month in 2006. In March 2006 the price for the same was $159,600.

In Miami the price tag for a previously owned single family house on an average last March was $197,500. It was a drop of 4% from March 2009 when the price for the same type of property was $205,600. The current price for condo units has gone down by 8% with a present price tag of $138,800 as compared to the average price of $151,000 in 2009 March.

Vying with foreclosure the unemployment figures are also increasing. But despite this, foreign travellers continue to visit the state because of its long coastline, the services offered and its long standing popularity as a holiday destination.

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