Buying Property in Florida

ixwood

You'd be mad to buy now IMHO. You may as well throw 50k or whatever down the pan.

poppy10_2

Yes they might be cheaper in 6ms but hey, they also might not be

Oh come on. Show me a single legitimate commentator or economist who has forecast that U.S. prices will even be stable in 6 months time, let alone higher.

ixwood

lol. Didn't someone buy a house for a dollar, or something stupidly low?

ixwood

Lynz, you got any spare cash you'd like to invest?

Doozergirl

mr-mad wrote: »

The main issues are that during 2 recent visits I saw many properties falling in to bad state of repair. Some properties had red warning possession stickers from the local county taxation departments.
And I wondered if this was due to US and foreign owners finding they were unable to cover Motgage and general running costs by Rental income

Supply and demand. Hasn't everyone got a place in Florida near Disney by now?

If other people aren't coping and there is any evidence of that, then I wouldn't rely on it to pay the bills but it really depends on how many weeks you need to fill, presuming this is also a part residential move for you.

Fair enough if you have the cash, perhaps house prices don't matter at all, but I'd be wary of using any kind of letting/managing agent in this country, let alone abroad!

It might be worth waiting if you want it cheaper

poppy10_2

ixwood wrote: »

lol. Didn't someone buy a house for a dollar, or something stupidly low?

How about a detached 3-bed house for £5000?

poppy10 wrote: »

Here's a nice 3-bed detached home in Detroit for just 5 grand.

Plenty more where that came from.

lynzpower

ixwood wrote: »

Lynz, you got any spare cash you'd like to invest?

Id buy a house for 5k to be honest some people will spend that on a cruise!

IveSeenTheLight

poppy10 wrote: »

Oh come on. Show me a single legitimate commentator or economist who has forecast that U.S. prices will even be stable in 6 months time, let alone higher.

The OP stated that prices may continue to fall, however the exchange rate from pound to doller is also quite strong.

i.e Buying a 100,000 dollar house now would cost you 50,000 pounds.
If the exchange rate changes, the more it drops, the more the effective costs rises.

No-one has a crystal ball to work out when it will be best.

saying that, personally I wouldn't consider until there is stabalisation in the US market and then you can consider the exchange rate for its value

Generali

I depends why you want to buy it - great place for a holiday (if you like golf, can't stand the game myself); terrible investment most likely.

Buying a holiday home with the aim of profiting is always a bit iffy, IMO. Buy a holiday home to enjoy, if you can afford it, and if you make a profit then so much the better.

mr-mad_2

Sorry, I lost track of this topic.

No its not a wind up.

I will be paying cash so there are no debt risks.

Its not for investment purposes, but some returns over what interest I would earn here would be nice.

I am a regular visitor to Fl. and will be visiting more frequently when I retire in
3 years time.

I thank the positive posters for there comments and the negative posters for their concerns.

Legal problems over the sale of a property here may take the purchase into the predicted time frame for lower prices of real estate as posted here?