Should investors take advantage of Florida’s market boom?
13 April 2021 383 Views
The spring market in Florida is white-hot at the moment, rivalling the increasing temperatures across the state as people begin their holiday planning for the year ahead.
With the Covid vaccine rollout gaining momentum and the Federal stimulus pouring into cities and states, property buyers are pouncing on the chance to secure their dream home in the lush hues of Florida, while sellers are achieving sales well above asking price as demand surges.
With activity set to increase in the coming months – particularly as America’s borders are predicted to open for international travellers around mid-May – now is the perfect time to invest in the Sunshine State.
The rise and rise of Florida’s property market
Florida’s property market has miraculously bounced back since the start of the pandemic. With low interest rates, pent up demand and low housing supply, it has become a market for both buyers and sellers.
House prices continue to rapidly climb, reaching an average of $305,000 in February 2021 – 15.1% higher than a year ago, according to figures from Florida Realtors. The average price for condo-townhouses increased by 15.9% to $221,000, while single detached homes are going for $314,900 on average, a year-on-year rise of 16.6%.
Separate reports from RelatedISG show the majority of new developments are now 90-100% occupied or sold, and condo transactions in Q4 2020 accounted for 50% of all residential sales – an almost 100% increase since the beginning of last year.
This boom is set to continue as out-of-town buyers move from high tax, high density states for a lower cost of living, improved weather and a healthier quality of life.
Foreign buyers come in droves to Florida
Despite a year of travel disruptions, demand for overseas property also remains strong, with agents witnessing multiple offers for each new listing from local and foreign buyers.
Florida continues to prove a popular US destination for international buyers, with one in five snapping up property in the state, according to the National Association of Realtors.
Of course, accessibility is also top of many buyers’ lists. Fortunately, international travel is currently permissible from the UK for people who are buying, maintaining, or selling second homes.
Florida is now more accessible than ever before, thanks to a new route with Aer Lingus from Manchester commencing on July 29, with five weekly services to Orlando. Along with a daily service to New York, the Florida flights will be Aer Lingus’ first transatlantic flights to originate outside of Ireland.
Exclusive discounts with Ideal Homes International
Here at Ideal Homes International, we have already sold 150 properties across Spain and Portugal in 2021 and have now set our sights on Florida.
To meet the ongoing demand of the real estate boom, we are providing investors with a 10% discount offer at The Grove Resort & Water Park in Orlando, Florida.
The Grove – located just five minutes from Walt Disney World – is a destination in its own right, boasting an on-site water park, three large swimming pools, a 20-acre activity lake, a spa, a marketplace and multiple restaurants and bars.
Each home comes fully equipped with kitchen appliances, dinnerware, linens, towels, flat screen TVs and washer/dryer. They also feature a private balcony – ideal for soaking up Florida's year-round sunshine.
With the exclusive discount, prices start from just over $300,000 for a two-bedroom/two-bathroom unit on the completed resort.
Properties at The Grove offer income potential, with a professionally managed turnkey hotel rental programme in place to offset purchase costs. Given the pound's performance against the dollar, the potential for capital growth will be a huge consideration for UK buyers.
In light of Covid, our team shifted our holiday home exhibitions to online, offering virtual events and our own digital TV show on YouTube. Having officially launched the promotion on 5th April, our team are will be hosting a virtual event starting Wednesday 14th April, 2021, at 8pm GMT+1 | 3pm EST, the event will run over 3 days until Friday 16th April, 2021.
Simply sign up, and you will be sent details to join the premiere on Wednesday 14th April.
There will also be a live Q+A afterwards, so you can ask all the experts questions about this resort and what you can look forward to by owning a holiday home or rental investment in Florida!
For more information on our exclusive discount and much more, please visit www.idealhomesinternational.com.
You can get in touch with our team at firstname.lastname@example.org or give us a call on 0800 133 7644.