THIS IS NOT A SHORT SALE. THIS IS A BANK OWNED PROPERTY THAT IS PRICED RIGHT AND READY FOR SALE TODAY!

Buy-to-Let this great Florida property.

This house has never been occupied – it is virtually brand new, built in 2006.

4 bed, 2 bath, 1900 square foot home.

Master suite with garden tub & dual sinks.
Kitchen opens up to the large family room.
Brick paver driveway.
No rear neighbors – backs up to orange grove with views of the lake.

Ideal for cash-buyer.

This is a great opportunity for homeownership at a fraction of the homes original value. Don’t delay!

Please call 0800 096 5989 or +1 407 396 9914 and ask for Jim.

Info@britishhomesgroup.com or contact us here:

ORLANDO, Florida, November 2008 – Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide.

“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”

The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.

Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.

In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.

The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”

© 2008 FLORIDA ASSOCIATION OF REALTORS

Recent statistics show that Florida accounted for an astounding 25.4 percent of foreign real estate buyers nationwide from May 08 to May 08.  This data comes from the National Association of Realtors Profile of International Home Buying Activity.  Distant spots two and three were taken by California and Arizona respectively with 8.9 percent and 8.7 percent of foreign buyers.

Brits especially are well positioned to find Florida dream homes and Orlando is their number one choice in Florida.  Disney’s tourism industry remains strong so the Orlando market has fared a little better than Florida’s southern counties.  There are still many incredible deals to be found in the area however.  According to NAR’s report, 43 percent of foreign investors buy US real estate with cash.  The United Kingdom came in second in the list of the top six countries (trumped only by the Canadians) investing in US real estate with an average purchase price of $350,000.  Interestingly enough 55 percent of foreign buyers purchase American homes as a primary residence, followed by 31.6 for vacation and investment and 13.4 for investment only.

Orlando’s British Homes Group is uniquely positioned to help buyers from the UK – their Orlando real estate team has both British and American professionals who are experts in both UK and US property purchase and financing procedures.  Through co-brokerage arrangements and the availability of the Florida Property Multilist, BHG has access to one of the largest property databases available in Florida.

Their British home loan division can also help the British home buyer with access to fixed and flexible mortgages in a variety of currencies.

Call British Homes Group Today for help with purchasing or financing your Orlando area dream home!

Orlando Area MLS Search

Is American misfortune British Luck?  It would seem so at the moment – the perfect storm has combined to allow British investors interested in Florida real estate an incredible opportunity.  A weak dollar, a crash in Orlando home prices and rapidly increasing oil prices make Orlando real estate purchases a bargain for foreign investors.  For some Orlando real estate sellers, foreign investment is a welcome phenomena.  This injection of overseas buyers is helping to keep many of the Florida markets alive and will ultimately aid in tipping the US real estate scales back to health.

Lee Weaver of British Homes Group was recently interviewed by Hot Property Overseas.  Weaver notes that 2008 business at British Homes Group is up threefold as compared to the last half of 07 thanks to British investors.  His advice for UK real estate buyers?

"One thing UK buyers of US property should do is familiarize themselves with the buying process, which is quite different from the UK’s solicitor-based one."

Weaver notes some basic differences:

• Typically you don’t need a solicitor, instead you have a closing or title company
• The American MLS System is different from the British system in that agents share the data and split commissions acting as an incentive to show prospective buyers a wider range of properties
• The lending culture in the US is different, home loans bought through mortgage brokers often get sold to other financial institutions – often times you don’t know who owns the loan

Lee believes the window of opportunity is still open but narrowing – those who have been thinking about getting into the Florida market should not wait to investigate!

Call British Homes Group Today for help with purchasing or financing your Orlando area dream home!

Orlando Area MLS Search 

2008 Luxury Brand Status Index Survey Rates Sotheby’s International Realty Nation’s Most Prestigious Real Estate Brand

Strategic Real Estate Advisors (Stratreal), the same company that invested in the Heron Tower project in London, plan to raise $1 billion to purchase luxury Florida real estate that has be repossessed by banks.  Dubbed "The Florida Prime Residential Opportunity Fund", investors aim to purchase oceanfront condos and undeveloped land that has been approved for housing.

Wealth funds from the Middle East as well as wealthy Europeans will likely seed the money for the fund.  The plan is to buy in cash and wait 7-10 years to sell.  They will initially target the Miami, South Beach, Palm Beach and nearby Star and Hibiscus Island markets however the fund may also look at properties in the Tampa and Orlando real estate markets.

A combination of the building boom and a collapsing mortgage market created the biggest surplus of condos in the Florida real estate market in about 30 years.  Prices have fallen almost 26% since the boom in 2006.

Stratreal hopes to pay about $400 per square foot for Florida homes, right now they estimate prices are around $500/sqft and are set to wait for the best bargain.

Contact British Homes Group today for information about multi-currency mortgages or for more information about Orlando Real Estate.

Orlando Area MLS Search

Several home builders believe that baby boomers are looking for environmentally sensitive communities.  Boomers are hitting retirement age and many are looking for "active lifestyle" or specialized retirement communities.  Some builders are capitalizing on this trend and offering eco-friendly and energy-wise homes.  Below are some features you might expect to find in an eco-friendly home:

• green-fiber recycled insulation
• motion sensor triggered lighting
• energy efficient windows and appliances
• electric vehicle charging stations
• solar powered fans
• Solar hot water systems

Shea Homes, one of the nation’s largest home builders, is debuting in the Florida retirement market with Victoria Gardens in DeLand.  They are building similar homes in California, Arizona and Washington.

An AARP survey found that nearly half of all boomers consider themselves environmentally aware.  Fortunately going green doesn’t necessarily mean boomers will have to give up any luxuries.  In fact they are looking for luxury living in combination with energy efficiency.  Many may even be willing to pay a premium for such luxuries combined with environmental awareness.  Although boomer buying patterns haven’t yet substantiated this sensitivity – it seems to be the next "trend" in retirement living.  Will other Florida real estate communities follow in the footsteps of Victoria Gardens?  This remains to be seen, but with average energy reductions from 40-75% it seems likely. 

Please contact the British Homes Group for Orlando real estate or home loan information.

Complimentary Orlando MLS Search

According to a recent article entitled, "The Housing Crisis is Over" by the Wall Street Journal, analysts believe it is likely that April 2008 will mark the bottom for the US housing market.  While many make take this as difficult news, what it really means is that the trend is no longer worsening.  All indicators point to a slow and steady return to health.  According to national trend, home sales peaked in July of 2005.  This "bust" has lasted nearly three years yet numbers indicate 15-year lows. 

So what does this mean for the Florida Property Market?  What will stop the decline?  Technically the tables will turn due to sheer affordability.  Boomers are all coming into retirement ages and Florida is an increasingly popular place for those folks to retire.  Tourism and the local economy in the Orlando area remains strong.  Affordable home prices will drive the market back to health slowly but surely.  In fact, the boom made housing unaffordable for many Americans and International second home owners.  Home prices increased so much that people could just not afford to live in them, and thus those people stopped buying altogether.  Since the boom, prices have fallen approximately 10-15% while incomes continue to grow slowly.  The levels have come back into check. 

According to the Wall Street Journal, "In the past five major housing market corrections, every time home sales bottomed, the pace of house-price declines halved within one or two months".  While the news has been extreme during the last several cycles, the message here is that things likely won’t get worse.  The market is beginning it’s slow correction and we are heading out of this crisis.  In the meantime, Florida is a buyer’s market – there are many deals to be had – especially for Brits looking at investment properties.  With the combination of the market crisis and the strength of the Sterling, there has never been a better time to pursue buy to let properties in Florida.  For sellers, it looks like the key is time.  There is no place to go but up.

For more information about buy to let properties, Florida Villas or currency converting mortgages, please contact the British Homes Group.

Online Orlando Area Property Search   

What a great year it has been, this blog has gone from strength to strength and the exchange rate has become great for British buyers in Florida.

Why not start the new year with a great holiday home in the sunshine state?

Please click on the link below or call us on our freephone number 0800 096 5989.

Bank of England Cuts Rates!: This very welcome news to UK homeowners has a knock on effect to Florida in many ways: UK Buyers have more disposable income, UK Buyers can take advantage of our Multi-Currency mortgage – which when the loan is in pounds sterling, tracks the Bank of England Base Rate and a rate cut is aimed at boosting the economy! A boost in the economy in the long term means an advantageous exchange rate for British Buyers looking to buy property in Dollars!

Florida property is a fantastic investment opportunity at the moment, the the exchange rate over $2 to £1 and low prices it is a great time to buy.

Please contact us using our free online form right now if you are thinking of Refinancing or Purchasing a Florida property.