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Fast for Florida Bargains
April 27, 2010Article by Ray Withers
Despite a slight improvement in foreclosure and delinquent loan figures, total delinquencies including foreclosures in March, were still over 15% higher than a year earlier, according to the Mortgage Monitor report by Lender Processing Services inc. Florida is still leading the way in terms of foreclosures and delinquencies, followed by: Nevada, Mississippi, Arizona, Georgia, California, Illinois, Rhode Island, New Jersey and Michigan.
This would seem to indicate that anyone hoping to bag a Florida property bargain has plenty of time, but things are not always as they seem, according to David Cox, director of international property investment consultancy Property Frontiers, he said:
“While it looks like the flow of foreclosure properties in Florida coming onto the market is far from slowing, anyone who does want to pick up a bargain Florida property should get their finances ready, and start searching now. The market has really heated up this year, and there are literally thousands of active buyers and investors, private and institutional out there searching for their dream home in Florida. By the time the banks give their staff first refusal on the best properties, there is a lot of competition for the best ones to reach the market, and people need to act fast or miss out.
“What’s more, foreclosure properties are not immune to market realities: while the banks and creditors are generally looking for a quick sale to cut their losses, the mass of buyers, and the potential for bidding wars can and is increasing the floor levels at which the foreclosed and repossessed properties are being sold at.”
Property Frontiers are currently marketing several top quality properties for sale in Florida. Arguably the best of which is the Village at Town Center in Florida’s world famous Davenport region (where the resorts are).
The resort development is located just minutes away from Disney World Florida, and the new attraction, the Wizarding World of Harry Potter. At the 70% discounted price of just £35,000, which is also 50% below the units’ build replacement cost; these properties are perfected for the incoming hordes of investors. In fact, 91% of the properties are tenanted, and 10% net yields being achieved, which adds to the investment package on offer.
The firm is also marketing Waterside at Coquina Key, a unique development whereby every property has water frontage to the quayside. These properties are good investments, but are also perfect holiday homes, or even for those looking to live stateside.
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