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Foreign Surge in Florida’s Future
May 3, 2010Article by Ray Withers
Florida property investment is expected to see a massive surge in the short term according to international property investment consultancy Property Frontiers. The firm’s belief is based on a new plan by the Miami Realtors Association (RAMB). The ShortSaleSolutions program proposes to reduce the number of repossessions in Florida and Miami by speeding up the banks short sales acceptance process. RAMB is currently working hard to secure acceptance of the plan by Florida’s five biggest lenders.
RAMB’s CEO, Teresa Kinney said: “When someone submits an offer for a short sale it can be weeks or months before they find out if they are successful. Sellers are sitting on offers waiting for a better one. But banks know their inactivity on these offers is costing them money. The faster they can get a non-performing loan to perform, the fewer foreclosures there will be.”
Property Frontiers believe that the plan will make Florida property investment opportunities more time-sensitive than was previously thought, compelling investors to accelerate their plans.
Director of the firm David Cox said in a recent press release:
“Unlike the government’s scheme, the ShortSaleSolutions program will see investors as well as habitual buyers benefit from an expedited short sale procedure. This could have a phenomenal effect on the Florida property market, not least because it will see the bargain properties selling a lot faster, which will lead to a surge in buyer activity as people act to avoid missing out on the bargains.
“It has been perceived, including by us, that, because there was such a backlog of distressed properties coming up for repossession, that investors had a fair bit of time to make their move, now that window looks set to close a lot faster.”
Property Frontiers are currently marketing 2 top Florida property investment opportunities. Though there is no mention of them being short or distressed sales, their prices are well below what you would expect them to be given their quality and location.
Top of the list is the Village at Town Center Davenport, Orlando, Florida. The development, which is located just minutes from the Walt Disney Resort, and the new Wizarding World of Harry Potter attractions, offers two bedroom condos from just £35,000. The price is 70% below peak price and 50% lower than the units’ build replacement cost.
The firm is also marketing the Waterside at Coquina Key development, offering plush condos with water frontage guaranteed from £51,000 for a 1 bedroom unit.