Buying Property in Florida

hearts

I have also been looking at the possibility of buying in Florida. I have been looking to do so for some time.
With prices falling I suppose its all about when you feel the time is right. Where else can you buy a 4 (or more) bedroom detatched property/holiday home with a pool on a gated community for 150k.
In my opinion the main things to consider. Can you afford the full cost INCLUDING upkeep without worrying about rental income. ( There are many, many properties for rent).
I say including upkeep becasue this is the main thing holding me back. The costs involved in owning there seem to be very high.
I'm also worried about something you mention. Will the repossessions and lower prices lead to falls in the standard of these communities.

Too many people on here seem to view property only from the investment angle. Obviously you don't want to be throwing money away, but prices always reach a level at which they will sink no further. A good buy is a good buy. ;-0

vivatifosi

Hi mr-mad,

Sorry if my last post was a bit curt, I think I was a bit led on by suggestions that your questions may have been a wind-up, which clearly they weren't.

If you keep an eye to the local newspaper The Orlando Sentinel it does regular stories on the property market there. The latest of these was only published yesterday and shows the current trends for the area. Here's a link:

http://www.orlandosentinel.com/classified/realestate/orl-homes2708feb27,0,876392.story

chriz1000

Its unbelievable what £200k will buy you over there. Seriously makes you laugh when you think that any house in that bracket would cost £1mil plus overhear if it was placed in the south.
Wish I could sell up and move over there.

Kez100

That's the point though. We can't live over there easily. Also they have homes that are only for holiday purposes and some only for living in - so you have the buy the right type.

gfplux

Hearts said
"I'm also worried about something you mention. Will the repossessions and lower prices lead to falls in the standard of these communities."

I believe this is something few people have given any thought to. We have all seen reports and pictures of whole community's being destroyed in some of America's industrial area's.
? Could this happen in some Florida community's - who knows?

MissMoneypenny

There have 58 repossessions to date on the Florida estate that my friend's brother bought his villa (to rent).

She said a big worry to the owners of the other villas, is that the services get turned off on the repossession and then the swimming pools turn black and the houses start to go mouldy. Nobody wants to have a black swimming pool in eyesight of their rental villas pool.

Generali

If you can bear to, hang on for another year and see how all this pans out would be my advice. It's not like Florida is going anywhere and the last thing you want to do is buy a beautiful place surrounded by rotting hulks.

mr-mad_2

Some very good points indeed, and thanks to vivatifosi for the Sentinal link.

I did witness some nice properties, with unsuitable properties neighbouring them, on our visit in January. You certainly need to have your wits about you buying Real Estate there.

Eyesparky

Buyers market ... haggle extremely hard and remain emotionally detached as there are plenty of properties available at the moment.

Trollfever

Another report about Florida:


Foreclosures up 57 percent in the past year

Cape Coral-Fort Myers, Fla., leads U.S. with highest rate of any metro area



http://www.msnbc.msn.com/id/23342585