A recent piece in the Sunday Times confirmed that British buyers are returning to their favourite destinations to look for second homes in favour of less tried and tested markets. They say “Florida’s property market has collapsed, but with the worst over, it could be time to swoop in the Sunshine State”
The article continues “It’s freezing outside, there are at least a couple more months to go before the weather warms up, and the idea of a holiday home in the sun is probably pretty tempting right now. But Spain’s not hot enough, and the Caribbean and the Seychelles are too expensive. Could Florida be the answer?
With its country-club lifestyle and balmy climate, the Sunshine State has traditionally been popular with British buyers. In the past 18 months, however, it has fallen out of favour, as prices have come crashing down by 50% or more from their peak. Florida had the second highest foreclosure rate — the equivalent of repossessions — in America in 2008, affecting one in 22 properties. Many remain empty and abandoned, after being seized by the banks. (More …)
