Florida Real Estate, Tourism and Immigration News

From today’s Orlando Sentinel:

Orlando ranks No. 1 as holiday destination and, as usual, the holiday period is expected to be a busy one for Orlando.

The city was the No. 1 destination for both Christmas and New Year’s travel, according to the Orbitz Holiday Travel Insider Index and Travel Survey, which was released earlier this year.

The online-travel site said Orlando ranked ahead of New York for Christmas travel, with Denver, Los Angeles and Chicago rounding out the top five. For New Year’s, Orlando was followed by New York, Cancun, Las Vegas and Los Angeles.

More than 80 percent of holiday season travelers said family was the top reason for holiday trips. And travelers value their voyages: 68 percent of those surveyed said they would reduce the amount they spend on gifts, or not buy gifts at all, to ensure they have money to cover travel costs during the holidays.

A good start to the New Year!

Best!

Bill Cowie

www.BritishHomesGroup.com

Orlando Florida (Kissimmee Office) 407 396 9914

British-American Chamber of Commerce Advisory Board

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The BRITISH HOMES GROUP Florida
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There were a couple of good articles in the Sentinel this week where Orlando and Orange County were mentioned in future growth and recovery projections:

Orlando among nation’s next boom towns

Here’s a bit of bright news for recession-weary Central Florida:

Forbes has ranked Orlando 10th in a list of US cities poised to become America’s next boom towns.

The cities, Forbes says, have struggled through the recession but both are well positioned for strong growth once the economy finds some sustainable mojo.

Of Orlando and Phoenix, Forbes.com writes..

“They still have more jobs now than in 2000. Their demographics remain surprisingly robust. Despite some anti-immigrant agitation by local politicians, immigrants still seem to be flocking to both of these states. Known better as retirement havens, their ranks of children and families have surged over the past decade. Warm weather, pro-business environments and, most critically, a large supply of affordable housing should allow these regions to grow, if not in the overheated fashion of the past, at rates both steadier and more sustainable.”

Orlando was the only Florida city that made the top 10.

Topping the list was Austin, Texas, followed by Raleigh, N.C.

and some new growth rates based on projections from the 2010 census …

Orange County, FL expected to lead Florida growth

Orange county is projected to lead the state in growth over the next 30 years, according to new population estimates. Orange is expected to increase its population by 670,000 by the year 2040, outpacing Miami, Tampa and Palm Beach.

The new projections are the first based on the 2010 census. They show Orange County outpacing Miami-Dade and Hillsborough counties, while Osceola County is predicted to add more people than Broward County.

“The expectation is that eventually we will get out of this recession and things will return more to normal,” said Stan Smith, director of the Bureau of Economic and Business Research at the University of Florida.

Orange County also will benefit in the future from the continual movement of the state’s population from coastal areas into interior counties, said University of Central Florida economist Sean Snaith.

Florida, in recent decades, has begun to mirror California, where the expense of living in Los Angeles and San Francisco spurred growth inland, Snaith said.

“As the cost of living in the coastal areas becomes more expensive, that squeezes population growth toward lower cost-of-living areas,” he said.

Another indication, hopefully, that the recession may be truly over here in the Sunshine State of Florida.

A great time to buy!

Bill Cowie President

www.britishhomesgroup.com

Orlando, Florida

Kissimmee Office 407 396 9914
Direct (Mobile) 407 620 7777

British-American Chamber of Commerce Advisory Board

Email Us

The BRITISH HOMES GROUP Florida
2960 Vineland Road | Info@britishhomesgroup.com or (+1) 407 396 9914

Despite a year long recession in 2008, more than 48 million people visited Orlando last year to give the area its second-best year on record, according to an official head count released Wednesday.

The visitor total reported by the Orlando/Orange County Convention & Visitors Bureau Inc. — 48.9 million — was three-tenths of a percent better than the 2007 head count of 48.7 million and the best year since 2005, when a record 49.3 million visitors came to town.

“We knew the first part of ’08 was sensational for us, and we led the U.S. in a lot of different metrics,” said Gary Sain, president and chief executive of the visitors bureau. “And then, of course, the last six months of the year were very challenging.”

The slight increase last year was due to an 18.9 percent jump in international visitors, who constitute a small but lucrative segment of Orlando’s tourism market. The number of U.S. visitors, who constitute about 93 percent of all travelers to Orlando, actually fell last year by nine-tenths of a percent.

Sain attributed the international growth to more targeted marketing in countries such as Brazil and Canada, as well as the addition of international air service by carriers such as Germany’s Lufthansa, Ireland’s Aer Lingus and Brazil’s TAM.

“We’re just making it easier for people to travel to Orlando,” he said.

The number of domestic leisure travelers last year generally held steady when compared with 2007, but the number of domestic business travelers fell 3.2 percent as the recession prompted corporations to trim their travel budgets. Overnight group meetings fell 7.8 percent compared with a year earlier, the visitors bureau said.

Richard Way, Editor for the A Place in the Sun magazine asks Lee Weaver of the British Homes Group Florida for an update on the current Florida market.

Has the Florida Market hit rock bottom yet or is there still a fall in prices to come?

According to US industry expert Hank Fishkind the UK’s favourite Florida property market, Orlando, is either at bottom or close to it in terms of pricing. Although the housing slump overall will continue, Fishkind predicted that consumers looking for home prices in Florida (and particularly in Metro Orlando) to fall much more are not likely to be rewarded for their patience. Other industry and economic sector reports bolster his opinion; UCF economist Sean Snaith sees stabilization by mid-year and the National Association of Realtors (NAR) project median price increases by 2009. With unemployment at 3.9%, job growth steady, new movers to the state remaining strong and tens of millions of yearly visitors, Florida has too strong a foundation not to quickly recover from this pricing and inventory adjustment. I think that most people are aware of that and that’s why the world wide interest for Florida property right now.

Will 2008 be the year the market starts to turn around or level out?

Probably "level out". I visualise the letter "u" with a flat bottom and I picture the market just entering the bottom curve of the left line. I think the biggest determining factor of how quickly we move off that bottom line is inventory levels. Some coastal areas may lag behind a bit and maybe the condo-hotel market in general as lenders still seem unsure of the resale market for this property type.

Surely now is a good time for Brits to buy in Florida – with it being a buyer’s market and the Pound being strong against the Dollar? If not now when will be the optimum time for Brits to buy in Florida for investment?

Absolutely right now is a good time. Uniquely so from a British perspective. excess inventory + motivated sellers + strong pound = perfect UK "Buyers Market" Absolute, no reserve auctions like that of Stirling Sotheby’s (the Florida affiliate of Sotheby’s in the UK) will raise awareness of some of the current values to be had in Florida, bring short and mid term investors back and also help reduce inventory levels. The anticipated Bank of England base rate reductions could also have immediate effects on currency exchange rates, weakening some of the buying power of the Pound.

In the wake of the credit crunch, how available is credit for British buyers? Does the market suit cash buyers? What sort of finance is available for buyers?

A number of options are still available for British buyers. The biggest affect is more in the length of time to "process" the applications as lenders require more supporting documentation for their lower "loan to value" products. Stated income products 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 the ability to originate the loan in UK Pounds and the flexibility to switch it to Dollars (or Euros etc.) at a later date. With prices for 4 bedroomed pool homes hovering around £80,000 there’s no doubt cash sales are increasing. You do lose some tax advantages (interest deduction) and potentially increase risk on your primary home in the UK (if equity is released from it for the purchase) if you pay cash though. Short sale (pre foreclosure) and auction buyers normally need to move fairly quickly so most use the cash option for the short term and then refinance with an equity draw down on the US property as soon as things have settled.

What should British buyers be wary of when buying in Florida at the current moment?

One of the biggest things to be wary of would be pre-construction developers asking for high deposits. Florida is a very heavily "consumer protected" State, but when a developer stumbles (for whatever reason) at the pre-construction stage, recovery of invested funds can be very difficult. Check to see if "incentives to buy" are simply built in to the purchase price or are they of true value. If you want to rent out the home by the week, are there any restrictions imposed at the neighborhood or county level? Retain a Realtor that works well with you and one that listens too and understands your property goals. Here in the US one agent can show you any property so you don’t have to start from scratch explaining your needs every time you want to look at a different house. For your mortgages, ask for a ‘Good Faith Estimate’ from your mortgage company and be wary of ones that don’t align with other quotes…the costs probably appear elsewhere. Normal lines of precaution would also apply…how professional are they and what is the extent of their industry knowledge?, how long have they been in business?, are there any negative reports on websites or blogs about the development or company?, who are they associated with? what do their peers say of them? and, of course, what do their existing clients say about them!

In the last few years the US "Greenback" has seen some substantial changes. The notes have been redesigned and -whilst keeping a certain amount of green on the back – now come in a whole host of colours.

However, the $5 and $100 bills have yet to be changed. All this will change when early next year a new $5 bill will be unveiled and the $100 bill is scheduled to be redesigned late 2008.

The new $5 incorporates purple and grey colouring and has new security features. The $100 bill which makes up 70% of the $776 billion of currency in circulation (2/3′s of which is held overseas) is getting an extra effort in the redesign process which will include 650,000 microlenses which give the appearance of the note shimmering in the opposite direction when moved.

All of this may be exciting to notaphilists but it is important for tourists to accustom theirselves with the new note designs. At present the $1 bill will not be changing design as it is not a target for fraudsters – it has had the same design since 1963.

Check out the links below to the new pastel coloured US notes!

Magic 107.7′s morning show is well known in Orlando, its two presenters Dave and Leslye have just embarked on a trip across the pond to Ireland where they took part in the Dublin Marathon! – They Did Finish!

They then visited London, saw friends in Oxfordshire and saw Windsor castle and more!

They are rounding off the trip with sightseeing in an open top bus in London!

If you would like to see what they are up to in the UK check out their blog (linked below also)

It is interesting to see the UK through the eyes of an tourist from Orlando as Orlando hosts so many Brit Tourists each year!

The region that once had the thousands of acres of Citrus Groves and then the spin off from the Space program is looking forward beyond its current gold pot: Tourism.

The real dynamo of the region is tourism, with fantastic weather year round and great attractions it is no wonder people want to visit here, however what if that were to change? All the thousands of low paid jobs would vanish and then what would be left?

New investments in fields such as healthcare and life-science lab work could be an answer (developments around Lake Nona for instance) however millions of dollars of capital investment are required.

However, we now have the new sporting arena at UCF and a possible commuter rail service, so the money is coming…we shall just have to wait and see what else occurs!

Orlando, Florida as you have never seen it before! Google Maps has had the street level feature before for certain large cities such as New York but now the great minds that are Google have ‘done’ Orlando.

Their photography has stretched from I-4 Near Champions Gate all the way to Daytona Beach, the US 192, where it ends at Clermont South and in Melborne on the Coast, Through the winding streets of Celebration to the High Rise SkyScrapers in Downtown Orlando.. they have covered so much!

This something not to be missed out on. Check it out today!

http://maps.google.com/maps?ie=UTF8&ll=28.598992,-81.101074&spn=1.138203,1.851196&z=9&om=1&layer=c

Anywhere there is a blue line is where you can zoom in and go to street level. Navigating through the streets can be slow but it is so interesting! What a great feature if you are considering a home here! They even stretch up to the towns in North Central Florida, Tavares, the Seat of Lake County as well as Historic Mount Dora.

Check it out today!

So take time out of your hectic schedule, go to the B-Line Diner at the Peabody – a retro styled 50′s diner open to non-residents or have coffee in the atrium next to the duck fountain. Then watch the show begin!

Studies indicated that 5.5million British Born live and work abroad. (One in 10 of the UK’s Population) with 800,000 resident Brits owning foreign property more are set to make the move, with Florida high on the list of destinations. Year round sunshine, a lower cost of living and a better quality of life are all reasons that Brits want to make the Sunshine State home. An estimated 400,000 already call it home, particularly in the Orlando area, while the total figure for Brits in the USA stand at 678,000.

The usage of the Florida MLS System helps people who are thinking of making the move or simply looking for a holiday home to find their perfect home in the sun.

Read the full article on bbc.co.uk about Brits Abroad