Why is property in Florida so cheap at the moment ?

[domainseller200]

For example :

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=7970475

4 Bed detached spacious house with pool, double garage, 15 miles from Disney and other attractions, 6 years old for only £62,500 !

http://www.findaproperty.com/displayprop.aspx?edid=09&salerent=0&pid=8072606

5 bed detached house with pool, close to Disney and other attractions, double garage etc for only £78,250 !

I know they are bank repossessions, but these prices are insane ! I have been talking to a few on Facebook and Twitter today about it, and they honestly just seem too good to be true.

These aren't the only ones, there are 100's of properties at similar prices

 

[BG]

As you know Franky baby the recession hit hard out their big time, Las vegas is just as cheap... properties that were $500K dropped to $275K... its a fantastic time to buy in the states, actually anywhere at the moment imo if you're cash rich

Go buy some properties Frankster...

Barry

 

[JackG]

I don't find any of those properties particularly stunning but both have the luxuries which most Britons crave but thats just my opinion.

On to your question, "why so cheap?". They are bank owned, i.e the previous owner(s) where in dept was subsequently reprocessed.

Hope this answered your question.

 

[domainseller200]

As you know Franky baby the recession hit hard out their big time, Las vegas is just as cheap... properties that were $500K dropped to $275K... its a fantastic time to buy in the states, actually anywhere at the moment imo if you're cash rich

Go buy some properties Frankster...

Barry

My thoughts exactly Essex Boy more to life than digital assets lol

 

[domainseller200]

I don't find any of those properties particularly stunning but both have the luxuries which most Britons crave but thats just my opinion.

On to your question, "why so cheap?". They are bank owned, i.e the previous owner(s) where in dept was subsequently reprocessed.

Hope this answered your question.

I don't find either stunning either, but a 4/5 bed detached house with pool for sub £80k is just insane !

Yeh I knew they were bank owned repos (I did say in the original post), but they just seem too good to be true and I was concerned I had I missed something obvious. Thanks for your reply though, I appreciate it

 

[BG]

more to life than digital assets

100% agree, and at those prices it makes it extremely attractive, lets buy 10

BG

 

[JackG]

100% agree, and at those prices it makes it extremely attractive, lets buy 10

BG

Acorn Bay has a nice ring to it for a street name!

If I was to purchase a property in the US I'd at least make sure it's not in Tornado Vally as when you come to visit your holiday home it won't be there.

I agree with DN200, a home like that in the UK would probably be around £260,000. That 5 bedroom house is around a 3rd of it's estimated price. Bonkers.

It's like monopoly :mrgreen:

 

[Edwin]

I think you'd find with a lot of those properties that in actual fact they're in the middle of a "dead" neighbourhood i.e. the area's been hit so hard by repossessions that the majority of surrounding properties will be empty/boarded up, with all the myriad of problems that entails. Not the best place to spend your summer holidays.

 

[mat]

Great to buy and rent out, but although I LOVE Florida, I would never live in any of these houses you see up for sale...

They make thousands and thousands of them at a time, all in a long line next to the freeways on wasteland. Everytime I go back thousands more have just popped up and they all look the same.

If I moved to America I would probably aim for New Hampshire and pop down to Florida every so often on "Vacation"

 

[domainseller200]

100% agree, and at those prices it makes it extremely attractive, lets buy 10

BG

At those prices it is feasible !

Acorn Bay has a nice ring to it for a street name!

If I was to purchase a property in the US I'd at least make sure it's not in Tornado Vally as when you come to visit your holiday home it won't be there.

I agree with DN200, a home like that in the UK would probably be around £260,000. That 5 bedroom house is around a 3rd of it's estimated price. Bonkers.

It's like monopoly :mrgreen:

Yes for sure - location is everything, especially with hurricanes etc. Parklane £400 ? pfft !

I think you'd find with a lot of those properties that in actual fact they're in the middle of a "dead" neighbourhood i.e. the area's been hit so hard by repossessions that the majority of surrounding properties will be empty/boarded up, with all the myriad of problems that entails. Not the best place to spend your summer holidays.

Yes that did also cross my mind also. But I think that long term it could prove to be a good investment in more ways than one. £62k would just about get you a 1 bedroom flat in Wales where property prices are very very low.

Most people who holiday abroad and especially Florida, will be using the property as somewhere to lay their head, and not spend much time in the actual villa itself - how many people go on holiday for the actual property they stay in ?

I think the average rental prices for the holiday properties goes someway to confirm this as you can rent a 5 bedroom luxury property for £3-400 a week in comparison to £5-700 a week for a Haven caravan in the UK.

Great to buy and rent out, but although I LOVE Florida, I would never live in any of these houses you see up for sale...

They make thousands and thousands of them at a time, all in a long line next to the freeways on wasteland. Everytime I go back thousands more have just popped up and they all look the same.

If I moved to America I would probably aim for New Hampshire and pop down to Florida every so often on "Vacation"

Yes it would be a different kettle of fish if it was to move there. I would want something alot nicer in a personally selected area, more than the "cheap for what it is, and very close to Disney" reason

 

[Paullas]

let me know if you buy any barry as you know what we have discussed in the past about it haha

 

[rob]

If you want cheap property check detroit - you can buy a street for about £10k.

Or , closer to home, Ireland has some cheapo stuff as well.

Things are stupidly cheap for a reason... anyone want to buy some .mobi's btw?

 

[domainseller200]

If you want cheap property check detroit - you can buy a street for about £10k.

Or , closer to home, Ireland has some cheapo stuff as well.

Things are stupidly cheap for a reason... anyone want to buy some .mobi's btw?

Exactly the reason it seems too good to be true to me Rob

 

[doodlebug]

BE CAREFULL !!!

Some properties are so cheap in the states because with some you take responsibilty for the debt left by the previous owner.

I'm no property expert but that's what I read when looking at American property.

 

[rob]

Reading about some macro economic issues online can make things very black and white.

Some parts of XYZ will be screwed long term and short term, but there will always be people making money and losing it. Likewise some good areas will become bad, and some bad, become good. There will always be good areas.


The above is true for anywhere.

One saying my family uses alot is 'god is not making new land'. I however think this is very subjective, as its fine for the UK but go to USA/Australia etc and land is in plentiful supply!


I am sure there is someone in Florida looking at http://www.propertysnake.co.uk/ right now seeing houses with 50-60% off and 'just' £50k

 

[rob]

BE CAREFULL !!!

Some properties are so cheap in the states because with some you take responsibilty for the debt left by the previous owner.

I'm no property expert but that's what I read when looking at American property.

Plus wierd local council tax-esque 'charges'.

Likewise when I was looking at the detroit mess it struck me if someone walked past the house and it blew down I am sure the very litigious culture out there would ensure you paid compensation!

 

[JMOT]

Wait.... Those properties will be £30k by Xmas

 

[Pred]

a lot of people including myself wouldn't live there if you paid me. literally.
i guess thats why
sure the sun shines

i guess it beats wales though
let's face it, beirut beats wales lol
j/k big chunk of my family live in wales

seriously though, those prices are incredibly low. purely on a rental basis
again you wouldnt want to rent your property to a ncie family and dump them in a gang warzone for their summer hols, but with research there has to be some amazing pickups if you're smart

 

[aZooZa]

I wouldn't live in FLA for love nor money. Look East. See what £80k buys you in Malaysia.

 

[WaftyCrank]

The family and I have been holidaying in Florida since 2006 and will be going back this year I'm sure.

To answer some of the questions here is what I know right now:

1) The house in the first link is in davenport which is about 15-20 miles from the Disney area of Orlando. It's usually grouped with Haines City as the areas are smack bang next to each other.
2) Davenport, although a drive from the main area, is still very rentable and is still a built up area of Florida. Shops haven't moved, restaurants haven't moved and therefore is a nice play to stay and most definitely not a war zone or bad area. Places certainly aren't boarded up.
3) When we rent a villa we actually spend a lot of the holiday there because you have a pool, the sun, cable tv, BBQ and usually a games room on site. All you want really. We've done the parks over and over so it's not our priority.
4) In times gone by the properties haven't been built on wasteland or too close to the freeway. It is actually reclaimed old swamp land that has been made habitable. Most of tourist Florida used to be swamp land and is now international drive and Disney land.

If I were cash rich enough to buy one of those villas you've listed, I'd do so in a heartbeat. They rent out most of the year and easily supply an income as well as a place to holiday. That said, with the state of the US economies right now they might be cheaper at Christmas.

Take a look at OwnersDirect.co.uk for rental prices and availability in Kissimmee and Davenport, Florida. You'll see what I mean for rental potential.