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Sunshine state’s buy to let property market set for boost from increased British Airways service
April 11, 2011Article by Ray Withers
The news that national flag carrier, British Airways, is set to increase its frequency of transatlantic flights from London Gatwick to Tampa, Florida to a daily service spells good news for those thinking about investing in a holiday home in the sunshine state.
Responding to client demand British Airways, currently the only long-haul carrier flying direct to Tampa, will increase from five flights a week to a daily service making it even easier for Brits to reach the popular holiday hotspot.
Ray Withers, Director of Florida property investment experts, Property Frontiers, comments,
“Florida remains one of the most sought after vacation destinations especially for families due to the guaranteed sunshine and wealth of activities and entertainment available. Over 16.6 million passengers passed through Tampa International Airport in 2010, over 1.2 million last month alone andtherefore the news of BA’s increased flight frequency is certainly a positive sign for the future of the state’s tourism industry.”
And it’s not only Floridian tourism which is seeing signs of revival, the state’s property market, hard hit by the economic downturn, is widely believed to be at the bottom of the cycle with increases in the number of sales recorded in the first quarter of 2011 compared to the same period last year.
Indeed it is savvy buy to let investors which are capitalising on this unique opportunity to purchase prime American real estate at up to 70% below peak prices. The latest data from the National Association of Realtors (NAR) revealed that investors represented 17% of home sales across the USA in 2010, the majority of whom are cash buyers.
Ray Withers continues,
“It is the affordable entry level which makes the current stock available in places such as Davenport, just one hour’s drive from Tampa, so attractive. Median house prices in Florida are now at $121,900 (Metrostudy, Feb 2011), a significant fall of 53% from the $257,800 median in June 2006 at the height of the boom.”
One established resort development in Davenport, Regal Palms, is receiving serious interest from British buyers keen to snap up the 3 and 4 bedroom fully furnished townhouses available from just $99,000.
The just released high quality properties are located only 10 miles from Walt Disney World and 19 miles from SeaWorld and Regal Palms offers a two acre swimming pool complex complete with lazy river, waterslides and sundeck making them ideal family holiday homes. Furthermore with an experienced onsite rental management company in place and average occupancy rates of 64% forecast owners can be confident of receiving income when they are not using the property themselves.
A limited number of 3 and 4 bedroom townhouses are available at Regal Palms from $99,000 so contact Property Frontiers today on +44 (0) 1865 202 700 for more information.