International property buyers are thought to be responsible for recent surge home sales in Florida. One developer has allocated funding of $100 million dollars for mortgages aimed at foreign buyers whilst a UK based overseas investment company Colordarcy www.colordarcy.com/ report 40% increase in its Florida business
In order to help his clients close on units at in Sunny Isles Beach, developer Joe Milton has put up $100 million of his company’s cash to set up a mortgage company to fund loans.
Milton, president and chief executive of J. Milton & Associates in Coral Gables.
“Sixty percent of our buyers are foreign,” yet there are no loans being made to foreign nationals”
The Florida property market has recently benefited from increased activity from British buyers. UK property investors are growing in confidence and strongly believe that we are at the bottom of the market and therefore are looking to grab a bargain in the Sunshine State.
Loxley McKenzie, managing director at Colordarcy, the UK’s leading Florida property specialist comments: ‘I was told that during October the market traditionally moves a little slower, however we have seen the contrary. Enquiries for Florida property are up 40%. As a direct result we are recruiting for more sales consultant and administrators to cope with the growing demand’.
Increased confidence in the economy is leading to increase spending. Mortgages are getting easier to obtain and this will bring more buyers to the table.
It seems that the British appetite for Florida property has never diminished unlike available financing options that have been seriously reduced.
