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One Man’s Dream In Foreclosure Florida
February 3, 2010Article by Ray Withers
According to analysts on the ground in America, the foreclosure problem is going to continue getting worse for some time yet before it gets better. This, they say is the biggest hindrance to a full housing market recovery, but in Florida — one of the worst affected states — one man’s nightmare is another man’s dream as buyers from around the world swoop in to bag the bargains.
Florida property was among the top sellers in the world of overseas property in the early-mid noughties and it would have stayed that way had prices not grown so rapidly as to price the core-buyers out of the market for the most part.
Now, with literally thousands of foreclosed properties and distressed sales on the market, Florida property is not only affordable to its core-buyer, but to the burgeoning masses of Orlando holiday-lovers and property investors from around the world.
In fact there is talk of a micro-boom in the distressed market as bargain-basement properties literally fly off the shelves. One UK firm Property Frontiers, has experienced this phenomena first hand, as developments come on and sell out in a very short space of time. David Cox, director of the international investment consultancy said:
“We have seen several top-quality low-priced developments selling out in very short spaces of time in the past several months. When we brought on Fort-Myers townhouses for little over £30k we knew they would sell quickly but we were equally as unprepared as some of our clients for just how quickly they would all go.”
The firm is currently marketing the impressive Waterside development on Coquina Quayside a few minutes outside St Petersburg. According to the website Property Frontiers have an inventory at the Waterside that is being marketed exclusively by them, and at a pricing structure exclusive to them also, 1 bedroom condos are priced at £51,400 and 2 bedroom condos at £58,200.
The development is built directly on the Quayside, but in such a way so that every property in the development has water frontage to the quays. For the keen sports fanatics there are 7 golf courses within 10 minutes drive and 15 within 25 minutes drive, plus major league baseball, football and ice hockey. In St. Petersburg there are a host of museums and galleries including the world famous Salvador Dali museum, as well as 244 miles of shoreline along Tampa Bay, Boca Ciega Bay, the Gulf of Mexico and intra-coastal waterways.