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Florida Real Estate Bounces Back After Irma
Now the dust has settled in hurricane-hit Florida, Richard Way explains why property in Orlando and the Gulf Coast has lost none of its shine... The most powerful hurricane ever recorded over the Atlantic made landfall in Florida in September 2017, giving ...
Another option could be Balmoral at Waters Edge in Haines City, a recently opened five-star resort set around a lake, which has townhomes as well as large detached villas availableRealtors warn investors and anyone looking to maximise rentals to be wary of homeowners association (HOA) fees – these rise in line with the size of a resort and the facilities available there, thereby eating into rental income.
Cities and resorts on Florida’s white sandy Gulf coast remain popular with mature British second homeowners, including retirees, who value culture and coastal leisure activities over the bright lights of DisneySarasota and its adjoining islands, including famed Siesta Key, is a lively city complemented by a beach and nautical scene.
“In Sarasota, I’m seeing a steady flow of lifestyle buyers,” said Pat Tan, an expat realtor at Your Global Agents“Some do rentals when not using their propertyRenters here tend to come for one to three monthsThis is longer than in the Orlando area, which typically means fewer turnovers, less wear and tear, and lower management charges.”
Most of Ms Tan’s clients this year have bought villas, usually in communities with resort-like amenities and with price tags of $300,000-$400,000Some retirees have opted for smaller condos, spending $150,000 to $225,000.
“Another trend we are seeing is new ‘multi-generational’ homes, which are villas with a separate granny annexeThese allow British buyers to keep one part of the home for themselves and put a long-term tenant in the other part of the propertyThese homes start at around $360,000.”
Ms Tan, who has never been hit directly by a hurricane in 20 years of living in Sarasota, highlights the Soleil development as a particularly attractive buy right now“Offering two and three-bed coach homes and with prices in the low $200,000s, these brand new homes are just seven minutes’ drive to downtown Sarasota and 15 minutes to St Armand’s Circle and Lido Key beaches.
North of Sarasota is the popular area of St Petersburg, whilst further south in the upmarket resort of Naples, another established destination for discerning UK buyers, Brits are back looking for homes“Only last week we had five British couples come into our office off the street,” said Ms McQuaid at McQuaid & Company at the end of October“Two were looking to buy an amenity-rich resort-style condo near the beach, while another was looking for a single-family home in a golf communityTheir budgets ranged between $550,000 and $1.6millionThe remaining two were looking for seasonal rental property.”
Popular golf communities in Naples right now include Quail Creek, with prices from $600,000s, and the more affordable VineyardsFor condo homes, Ms McQuaid suggests the Isles of Collier, with prices starting in the mid $500,000s, or the more central Naples Square development in downtown Naples.
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Thursday, February 22, 2018
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