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The future of the 'sunshine state' becomes brighter
The Floridian housing market may well be heating up according to a recent report from the National Association of Realtors, seeing sales of existing homes climbing by 13% in the first quarter this year compared to the same period last year, with 17 of 19 metropolitan areas in the Florida state recording more property sales.
In light of increased sales, data sourced exclusively from TheMoveChannel.com, has shown that enquiries for Florida property are up by 61% in June 2011 compared to June last year.
Additional data from TheMoveChannel.com indicates that 2 and 3 bedroom condos are the most popular searched for properties in Florida and that peak enquiries for the 'Sunshine State' take place during the winter months between December and February.
The major city of Orlando, located in the central region of Florida saw 62.53% of sales completed in May this year for distressed properties; however Orlando has slowly started experiencing a rise in traditional sales, indicating the market is moving in the right direction, given that non-distressed properties sell at higher prices. And certainly, as tourism continues to surge, with the city being the first to surpass the 50 million mark last year with Buddy Dyer, Mayor of Orlando and Florida officials announcing that Orlando pulled in 51.45 million tourists in 2010, beating New York to the post as the most visited place in the US, property sales are likely to continue to rise as Orlando's popularity grows and buyer confidence strengthens.
Ray Withers, Director of Florida property investment experts, Property Frontiers, comments,
"Florida, in particular Orlando, recognised as a 'world city' remains one of the most sought after vacation destinations, especially for families, due to the guaranteed sunshine, wealth of activities and entertainment available.
The market is on the up and it is certainly a good time to buy, particularly in Orlando where shrewd buy to let investors will be able to take advantage of the remarkably affordable property prices seeing as high quality homes, such as Highgate Residences at Regal Palms, are now on the market for less that 50% of what they were priced at five years ago."
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