Florida Real Estate, Tourism and Immigration News

Thanks to what some are calling "the credit crunch", the Florida real estate market may be flat but it could be just the right time for investors to step in and seize the opportunity.  The Orlando real estate market has only one place to go – up!  The UK buyer is in an especially unique position right now with such a weak dollar.  While the news is often negative, gas prices are sky high and the dollar is at an all time low, there are Florida real estate deals to be had for the savvy UK buyer.  Although the overall picture is portrayed as dismal, Orlando continues to gain popularity as a retirement destination and all indicators suggest the market will bounce back.

Considering the more restricted US mortgage industry, What do you need to do to obtain your Florida dream home?  Get smart.  Talk to your Realtor or Mortgage Lender about your options.  Often times you’ll find there are new requirements that are not insurmountable, but require thought and preparation.  Lee Weaver, Director of Operations for the British Homes Group suggests:

"Stated income mortgages – which don’t need proof of your declared income – are still available but at higher deposit levels.  US dollar fixed or adjustable products are common but by far the most popular is the multi-currency product because of its flexibility to switch to dollars at a later date." 

Cash buyers are in the strongest position with increased bargaining power, but cash buying also comes with a loss in tax advantages so you really need to weigh the options.  Lee suggests getting a "Good Faith Estimate" from your lender so that you have the information needed to make the right decision. 

There are also a few things to check for if you’re considering Florida Property:

• Research "developer incentives" – make sure they are legitimate and be wary of those asking for large sums of cash upfront.
• If you’re counting on rental income make sure you buy a property in a county with no letting restrictions.

For those of you waiting for devalued properties to return to health - weather the storm, baby boomers are retiring in droves and the Florida market will bounce back.

Read this great article, A Time to Buy, from the Show Issue of the recent London Exhibition, A Place in the Sun.  Please also feel free to use our complimentary online Florida MLS Search.

Condo-Tels or Condo-Hotels as they are more properly known are a type of hotel room that you can purchase and use as your own holiday home and when you are not using it, it is let out as a normal hotel room/suite. Usually buy a national/international hotelier chain.

Sounds like a great idea!!Well it is, you actually own a slice of real estate in a resort/hotel/location you love, it is rented out for you without you having to get too involved..however is it a great idea? With the slow down in the Real Estate market in recent months these units which are often more than the price of a single family home have been left unsold, unbuilt and in less than a year the market that was once there has dried up. This type of purchase has been doubted by the mortgage lenders who have always been cautious about lending for such a unit, now it has become even harder to finance one in the traditional sense.

According to Dante Alexander, Head of the National Association of Condo-Hotel Owners
"Eighty-five percent of the buyers were relying on second mortgages to buy their units, and that is gone." as reported in the Orlando Sentinel.

With the market virtually gone and lenders avoiding the product some projects that have yet to be built could be canceled and some which were due in the next year or so have been pushed back to 2009-2010.

Condo-Tels are no longer a Real Estate Investment, they are more of a lifestyle choice, somewhere you can vacation, relax in your favourite destination and cover some of the costs by renting out your unit as part of the hoteliers rental program.

However here at the British Homes Group, we have some lenders on board who will in certain developments offer financing to Brits who have bought or are looking to buy a Condo-Tel.