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FLORIDA


It’s a buyer’s market in Central Florida, where property now is as cheap as it was 13 years ago. We recommend some buying spots there, whether you’re looking for a lettable holiday home or a more permanent residence


WORDS LIZ ROWLINSON


ORLANDO Y


IT’S ALL GO IN


ou may have heard agents saying this for a few months already, but now might just be the best time to buy a


home in Florida. There are persuasive signs that


both prices have really bottomed out and that a recovery is nigh. In February prices in Orlando hit


their lowest level since November 1997 – with a median home price of $94,950 (£59,000), according to the Orlando Regional Realtor Association – as sales are dominated by cheap cash deals. What’s more, tourism is also booming – helped by new theme parks such as the popular Wizarding World of Harry Potter and much-anticipated Legoland on its way. Another green shoot of recovery might be detected in the rise in home loan applications, as US buyers rush to take advantage of a slide in mortgage rates.


Recently there have also appeared some mortgages for overseas buyers, typically requiring 30-35 per cent deposits and with rates of seven per cent per annum. “Now is a great time for anyone


thinking of buying a home in Florida to make that decision,” said Patricia Fitzgerald, President of the Florida Association of Realtors, who reported a 14 per cent rise in sales in January. “Mortgage rates are historically low and conditions remain very favourable for buyers with a range of housing inventory and attractive prices.” So on that basis, where is best to buy in Central Florida, if you want to short-term let – or if you don’t?


A home for holiday lets In Central Florida, or the Orlando area, you can only let out your home to holidaymakers if it’s in the Short Term Rental (STR) zone, which is south-west


Orlando


Main left


A residential street in Orlando Inset, above and left


Two of many theme park rides in Orlando, a major draw for holidaymakers, many of whom rent privately owned vacation homes


APRIL 2011 A PLACE IN THE SUN 41


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