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Florida Property Presenting Excellent Bargains
February 18, 2010Article by Ray Withers
Florida property is currently presenting some of the biggest bargains that the world of overseas property has ever seen, international property investment consultancy Property Frontiers has announced. The firm says that quality properties are like gold-dust, with the best ones selling without hardly any marketing.
Director David Cox said:
“The whole of Florida is currently a hot-bed of foreign buyer-activity; we have seen several of our developments selling out just weeks after we start marketing them, and none of them have even been in Orlando, but in areas like Fort Myers and other areas with strong rental demand and low prices.
“We have just taken on what is quite simply one of the best developments I have seen in terms of value for money, not least because of the prices, which are 70% below market value, and 50% below replacement cost. And certainly not least because of its location; which is in Orlando, just minutes from the Disney World resort, and the Wizarding World of Harry Potter. Little wonder that it is offering rental yields of 10%.”
Orlando has long been one of the world’s top tourism destinations, with a whole host of activities and theme parks for all the family to enjoy. With such demand for Florida property, and such little availability of quality property coming onto the market in Orlando, the firm is expecting the Village Development in Downtown Orlando to sell even faster than its predecessors.
The Village at Town Center development offers 1, 2 and 3 bedroom condominiums priced from just $54,900 for a 1 bedroom unit. The properties are part of a world class and fully equipped resort, featuring: a swimming pool, club house, state-of-the-art health and fitness centre, volleyball, basketball and tennis courts. If the pictures are anything to go by this truly is a spectacular purchase opportunity.
The development’s investment potential, which offers 100% capital appreciation not including the 10% annual yield from rentals, sounds unbelievable, but it isn’t says Cox:
“When it comes to buying distressed property in Orlando, you don’t need to look very hard to see that it will go back to its original value not long after the world has fully recovered from the current downturn, and once all the distressed sales and repossessed properties are gone (well, most of them in the latter).
“When it comes to the yield, currently 1 bedroom condos near Disney rent for about $480. With 100% occupancy a 10% yield is achieved on a 1 bedroom The Village condo, charging $105 per week. Times that by 4 for quickness, means a quarter of the occupancy is needed, which is 25% occupancy and easily achieved on a condo near Disney World.”
For more information contact Property Frontiers on +44 (0) 1865 202700.
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