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Florida Tops Charts for Residential Real Estate Sales to Foreigners in the United States
According to the National Association of Realtors (NAR) Florida accounted for almost one third of the USA’s foreign real estate transactions in 2011. Depressed house prices, a glut of ‘foreclosures’ and a weak dollar are the driving forces.
Adam Cornwell, who heads up Florida-based Feltrim International’
Milan Condominiums is set in the town of Apopka, 40 minutes drive from both Orlando International Airport and Walt Disney World - the most visited recreational resort on the planet. A former victim of the economic crisis, the project is now being marketed to investors as a safe and profitable proposition.
Adam explains, “Construction was completed back in 2007, just before the economic crash, and having only made a handful of sales the developer went bankrupt. Remaining apartments were foreclosed by the bank but subsequently snapped up by a fund that has since finished them to an even higher standard. Apartments are now for sale to investors at a massive 60% below the 2007 prices with tenants and a management company already in place. Current net yields are up to 8.91% per annum, more than you’ll get in any bank account. The risk is low as many former Florida homeowners have simply walked away from their negative equity situations and are now renting until their credit record is wiped clean in three years time when they will buy again. This, and population growth, gives us a huge pool of tenants.”
In fact Florida has a housing shortage. Latest unemployment figures show an upturn in job prospects and, with historically low mortgage rates, many people are looking to purchase. However, with properties discounted 50 to 70% from 2007 prices, new construction projects are unviable and the existing stock is being absorbed rapidly. Meanwhile, since 2005, the population of Florida has been growing consistently by 300,000 to 400,000 each year – that’s 1,000 new residents a day. It’s easy to see where the rental demand comes from. And, with high demand comes high rental prices – they have either stayed the same or increased so property investors can buy at half price but rent at full price.
A gated community, Milan Condominiums comprises one, two and three bedroom apartments with fully fitted kitchens, high speed internet, walk-in wardrobes and private patios or rooftop solariums. The community benefits from a resident clubhouse, fitness centre, children’s crèche / playroom, a large outdoor swimming pool and Jacuzzi set in landscaped gardens and on-site property management.
Prices start from just $69,100 USD (approx £44,334 GBP) for a one bedroom apartment, 60% off peak 2007 prices. Apartments are 98% let with professional tenants in place and the property management team is so confident of future success that they will guarantee the rental income for the first two years of ownership. This takes the only risk out of the investment as property prices are unlikely to fall any lower due to demand through population growth and Florida’s emergence from economic crisis. Property management costs are also covered for the first two years including cleaning, repainting and minor repairs between tenants. A hassle- and risk-free proposition.
For further information, or to arrange an inspection trip to Milan Condominiums including a tour of the local area and other investment properties in the Feltrim International portfolio, call UK Freephone 0800 862 0280, international +44 (0) 20 7183 4045, email Info@feltriminternational.com or visit www.feltriminternational.com.
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About Feltrim International - Feltrim International are recognised as one of the most established, trusted and reliable names in the overseas property sector. As international property developers as well as overseas property agents, Feltrim International are well positioned to advise you on the best overseas property investment and lifestyle opportunities. With combined experience of more than 70 years in the overseas property sector and a network of international property contacts, Feltrim International know what to look for and more importantly what to avoid when advising you on the purchase and management your overseas property.
In addition to advising our clients on buying overseas property for investment and lifestyle in the USA, which is an area we have sold and developed overseas property for the past 16 years, Feltrim International are also able to offer unique overseas property investment and lifestyle opportunities in both Spain and Turkey.