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Massive Florida Property Bargain Selling Out
April 24, 2010Article by Ray Withers
There are only a few units remaining at what is arguably one of the finest property investment opportunities, and less arguable one of the biggest bargains in Florida, international property investment consultancy Property Frontiers has announced. The Village at Town Center, which offers 2 bedroom condos at the — 50% below replacement cost — price of £35,000, is almost sold out the firm has stated, director of the firm David Cox said:
“This is the latest in a succession of bargain properties in Florida that we have marketed for only a short while before they sell out. This is hardly surprising, because, while there is unlikely to be any capital growth for between 5 and 10 years, high-quality properties like this, especially those close to Disney World as this one is, at such low prices can easily fetch double digit yields, and people are willing to buy-to-hold on this basis.
“That is not to mention the lifestyle buyers, for them it is even more of a no-brainer; they are buying a property that they would have bought anyway at a massive saving — they can practically see the piles of cash they are saving.”
Recent reports have indicated that the bargains will continue to flow in the Florida property market, as thousands of homes come under repossession proceedings month on month. However, Property Frontiers has not jumped on the bandwagon of selling repossessed properties by the bundle as many have. Instead the firm has partnered with developers that are seeking to cut their losses, and cut their prices in order to secure sales.
The Village at Town Center is a luxury condo development, a gated community just a few minutes down the road from Disney World and also from the new attraction, the Wizarding World of Harry Potter. The prices are 70% below their level at the height of the boom, which is also 50% below their build-replacement cost. Due to the low prices estimated rental yields on the properties are 10% and upwards.
Property Frontiers are also marketing the Waterside at Coquina Key development, offering 1 bedroom condos from £51k. This is a low rise development, whereby the condos are in small blocks of four, in what looks like quaint little villas. As the name suggests it is by the water, but uniquely every property in the development has water frontage. The development is just minutes away from the city of St Petersburg, which boasts 244 miles of shoreline along Tampa Bay, Boca Ciega Bay, the Gulf of Mexico and intra-coastal waterways.
For more information contact Property Frontiers on +44 (0) 1865 202700.