Florida Property Bargains as Foreclosures Rise 133%

The just released US property repossession figures offer scope to UK investors looking to snap up bargain property in Florida . Florida state has the unenviable position of having more than 500,000 foreclosures (the US term for repossession) filed for 2008. This is the second highest foreclosure rate in the US behind Nevada. According to these figures, lenders foreclosed on more than three million properties in the US last year – an 81% increase on 2007.

Florida real estate statistics show a 4.52% foreclosure rate or one in 22 homes. Thatfts 133% up on 2007 and an increase of 412% on the 2006 figures. The main areas for Florida property foreclosures were Fort Lauderdale, Orlando and Miami.

But other Florida locations are also suffering including Sarasota, Venice, Tampa, St Petersburg, Clearwater, Palm Beach and Jacksonville. If you have the cash to snap up a Kissimmee property, a four bed luxury apartment in the Cane Island, development has plummeted in price to around £121, 500! The developers claim this is less than the build price and 54% less than the apartment cost when launched in 2005. The apartments are, less than 10 minutes drive from Walt Disney World and an hour from the airport. As an investment they could be let for a 42-week season (through a management company) with an approximate 6% return on investment. Mortgages are available at 70% loan-to-value, meaning investors could buy Cane Island with as little as £24,000 cash plus purchase costs.

For further detailed information about any of our Florida properties please call or contact Overseas Homes Forever.