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Oh No! Something has Happened in Florida
The Florida housing market has attracted many foreigners to invest their hard earned money in the sunshine state. The British have for a long time favoured Florida for buying a second home. Many use their Florida home as a holiday home for friends and family. Some may rent it out on a casual business basis, renting out their Florida home from adverts they have put up at work or in the local shops. Most British buyers dream of owning the home outright and eventually using the house for their retirement.
Fragile Buyers. Despite the attraction of buying in Florida i.e. cheaper prices and a wonderful climate it does not take too much for a British buyer to get cold feet. Real estate agents in 2004 reported a rush of British buyers cancelling their sales owing to the hurricanes that hit the region. Reports in 2005 concerning fatalities concerning shark attacks again spark similiar worries and may affect the fragile buyer's attitude towards the region.
Why so fragile? It is all about choice available to the European Buyer. The British for example have cheap air fares and short journeys to the most popular places to buy a second home such as France and Spain. Now emerging markets in Turkey, Egypt,Croatia and Bulgaria not only offer cheaper property prices and cheap air fares but sound short term investments. Recent house price rises in Florida are now making the region a long term investment area not one for short term gains.
Bad News Travels Fast. Negative reports about a region will always affect the perspective of those who do not live there. So when bad news hits the sunshine state its no surprise that it affects the minds of those looking to buy overseas.
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