Almost every newspaper or magazine wrote about a mortgage meltdown in the United States. However, all journalists have described this situation only from a negative point of view.
Now that the crisis is almost over, we know that the clever person can earn money and find opportunities, even during crisis time.
The state Florida is located in the south-eastern part of the United States and bordering with the Gulf of Mexico and the Atlantic Ocean. The climate is one of the biggest advantages of living in Florida, and it attracts a huge number of tourists and new citizens. Florida is for people who love warm weather and eternally green palm trees. Tourism is one of the main branches of the state’s economy. The most popular tourist centers in the state are Miami, Miami Beach, Fort Lauderdale, Palm Beach, Panama City, Pensacola etc.
Among the 50 states, Florida is a confident leader in the number of properties that foreigners are buying. Florida accounted for nearly 26% of all real estate purchases in the United States, which was made by non-US residents.
Why foreigners choose Florida for house purchase?
The state does not have heavy industry. There are no plants, which recycle crude oil. From the environmental point view, Florida is the perfect place where you can relax with the kids and not worry about their health.
The second advantage is current home pricing. Property in Florida is currently very affordable. Of course, you can find private residences for $ 51 million, but the average cost per single family home is between $270 and $280 thousand.
What about the subprime crisis? This question is asked by many people who want to buy a home in the state of Florida. People think that the U.S. is now at the bottom, and property values have depreciated. But the crisis has moved into the final stages and it will soon be over. This is backed up by the gradual and phased increase in home prices. So do not expect to buy real estate for 2007 prices, property values are increasing and you should plan on buying real estate right now.
Changes in price
Having analyzed the growth and decline of home prices since 2005, it is possible to see that since 2005 housing pricing has sharply increased. It could not be the same as in the past years, because the population of the country increased by 50 million people. In 2006, prices slightly decreased, and a single-family home cost nearly $297 thousand, in 2007 – $263 thousand. Currently the costs have risen to $275 thousand. Thus, we can say that Florida was the first state which released from subprime mortgage crisis, because the average price in the country for the single-family home is $246 thousand dollars.
The greatest popularity among foreigners, who buy real estate in Florida, is the City of Miami. The City is known by many people; nevertheless it isn’t the capital of the state. One of the advantages of the city is the airport`s location. Distance between Miami International Airport and city center is nearly twelve kilometers.
Real estate experts say, that the prices have slightly decreased, but the crisis will soon come to an end and, respectively prices will once again start increasing in the near future.
Florida is a successful and prosperous state; because of this, the demand for real estate will always be there. The geographical location and demographic situation have a very positive effect on property values . The question is – buy now and save money, or wait until the crisis ends and pay twice as much. The choice is yours!