Overseas investors – should Florida be on your radar this summer?

The Florida property market has seen a rise in sale prices for 112 consecutive months, and with lower mortgage interest rates and the Covid-19 pandemic spurring on buyers, it’s no wonder this trend has exploded.

A recent report from the Florida Realtors Research Department found the average price for single-family homes reached $315,900 in February 2021 – an increase of 16.6% from the same month last year.

Meanwhile, average property prices for condos and townhouses in the state were $233,240 – also up 16.6% from 2020.

Commenting on the property market boom, real estate investor Jeff Greene, who owns more than $2 billion worth of property in Florida, says: “Prices have just gone higher than anyone ever could have imagined.”

“People have realized that they can get a much higher quality life and still make the same amount of income. I’ll see more interesting people at Sant Ambroeus in Palm Beach than I would at Sant Ambroeus in Manhattan.” 

Come autumn, Greene believes many families will return to their original homes in New York, Los Angeles and other cities, causing prices to moderate.

Demand from overseas also grew despite travel disruptions over the last year, with one in five international buyers snapping up property in Florida, according to the National Association of Realtors.

Along with its low taxes, exceptional weather and thriving economy, the Sunshine State is expected to see an influx of buyers – local and foreign – due to its wide selection of homes and developments.

One such opportunity that may appeal to investors is The Grove Resort & Water Park in Orlando, Florida. Homes in the resort are being sold and managed by Ideal Homes International, with limited units left and exclusive discounts on offer.

Located just five minutes from Walt Disney World, the Grove is ‘a destination in its own right’, boasting an on-site water park, three large swimming pools, a 20-acre activity lake, a spa, a marketplace and multiple restaurants and bars.

Each home comes fully equipped with kitchen appliances, dinnerware, linens, towels, flat-screen TVs and washer/dryer. They also feature a private balcony – ideal for soaking up Florida’s year-round sunshine.

With a 10% return on rentals for the first year and free H.O.A fees for 12 months, prices at the Grove start at $419,000.

Properties at The Grove offer income potential, with a professionally managed turnkey hotel rental programme in place to offset purchase costs.

For UK buyers, the figures stack up. Chris White, chairman and founder of Ideal Homes International, comments: “The pound's stellar performance against the dollar, and its other major counterparts, thus far in 2021 means that Florida property prices are extremely appealing right now.”

In light of Covid, the Ideal Home International team shifted their holiday home exhibitions online, offering virtual events – where they provide information and advice to cover the buying process, property management and potential rental income, mortgage options, legalities, currency exchange and more – as well as their own digital TV show.

White adds: “Covid has certainly pushed us to be more imaginative in the way that we connect with potential buyers, but it has done nothing to lessen the depth of the desire that many of those in the UK have to own property overseas, whether as second homes, rental properties or main residences.”

While the USA is currently on the UK’s amber list, international travel is still permissible from the UK for people who are buying, maintaining, or selling second homes.

Still, Florida is now more accessible than ever before, with a new route with Aer Lingus from Manchester commencing on July 29, offering five weekly services to Orlando. Along with a daily service to New York, the Florida flights will be Aer Lingus’ first transatlantic flights to originate outside of Ireland.

Homes are still available at The Terraces, the brand-new extension at The Grove Resort, starting from $194,000, with an exclusive 10% discount on two-bedroom apartments.

“We are delighted to be offering such superb properties at this kind of price. With demand for overseas homes still incredibly strong, we expect the residences at The Grove to sell very fast indeed,” White concludes.

Ideal Homes International currently runs its own TV series – dubbed IdealHomesTV (IHTV) – providing insight and information on exclusive offers in Florida.

You can see the third episode, which premiered on May 6, below.