Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Crash News From Florida - No.1 Brit B T L Location In U S

Recommended Posts

http://www.builderonline.com/industry-news...rticleID=265297

The Boom is Gone: Home Sales Fall 36 Percent in Broward County, Fla.

Source: South Florida Sun-Sentinel

Publication date: 2006-03-01

By Paul Owers, South Florida Sun-Sentinel

Mar. 1--South Florida's five-year housing boom is over.

Prospective home buyers are finding prices falling to more affordable levels. Sellers are waiting impatiently as their houses sit on the market for weeks and months, only to receive tepid interest before reducing their asking prices.
This is a dramatic shift
from the sizzling market that had yielded sellers quick buyers willing to pony up top dollar for homes.
"We're entering a new part of the cycle," said Brad Hunter, a West Palm Beach housing analyst. "We're in the process of returning to reality."

Despite such a dramatic drop in sales the EAs are trying to calm the market by saying prices will still rise! Just like Massachusetts no doubt. Saw a program on TV last year showing Brits buying up 2 to 3 houses on the assurance that prices would rise forever and rents would cover expenses. Hurricanes anyone? :lol:

Share this post


Link to post
Share on other sites

Five years ago, if you had the cash, buying a house in Florida was great bearing in mind the bang for buck you could get. Even now, what you get for your money still is miles better than the UK but... it gets a tad windy for me there these days! ;-)

Share this post


Link to post
Share on other sites

Florida is still good value as opposed to the UK for an average worker and even if it did go down a bit at least people have a decent sized place they can live in as opposed to here. Not sure if BTL actually happens much over in the US as most buildings and neighbourhoods are zoned to not allow it.

Share this post


Link to post
Share on other sites

Not sure if BTL actually happens much over in the US as most buildings and neighbourhoods are zoned to not allow it.

I live in the US and I can tell you that BTL is very much alive and well. I have heard of zoning rules preventing the building of condos (much like UK planning law) but never of rules preventing them turning into BTLs once they are built which they inevitably do. BTL is as much of a craze in the US as it is in the UK.

frugalista

Share this post


Link to post
Share on other sites

I live in the US and I can tell you that BTL is very much alive and well. I have heard of zoning rules preventing the building of condos (much like UK planning law) but never of rules preventing them turning into BTLs once they are built which they inevitably do. BTL is as much of a craze in the US as it is in the UK.

frugalista

It can be in the CCRs (Covenants, Codes, and Restrictions). My friend owned a house with a CCR stating that the houses had to be owner occupied. That said, with CCRs it takes someone (like a neighboor) to report it.

Also with condos once a building is something like 20% BTL it gets harder to get a mortgage. Or that used to be the rule 10 years ago. Maybe that has changed?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.