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Why Orlando may be no longer the best investment
The days of viewing Florida as synonymous with Orlando are disappearing as visitors, initially attracted by the theme parks experience, move on. The Florida sunshine remains all important but having ‘been there and done Orlando!’ many are seeking a wider range of experiences, activities and cultural opportunities.
Although Orlando has been a good investment location, from the perspective of capital growth, recent figures indicate a high proportion of buyers from Britain bought when the Dollar was low - and intensive marketing that included guaranteed rentals was being promoted. However the days of an Orlando monopoly on popularity has started to dissipate as investors and second home owners increasingly become aware of alternatives – indeed some, taking advantage of their gains, are selling their Orlando property, in response to an endless supply of new build property in Central Florida and reinvesting elsewhere in Florida.
For those investors where capital growth is key, there have been higher gains in other areas of Florida, property on waterfront localities with limited supply and an ever increasing demand particularly from retirees and snowbirds who don’t want be in a large Metropolis or surrounded by theme parks. The serenity and quality of coastal areas like Sarasota, Naples and Boca Raton continue to enjoy excellent investment growth potential.
If rental income is key to covering mortgage costs there are several concerns. The sheer number of British buyers over the past couple of years in the Orlando area and rapidly increasing apartment resorts beg the question, where will all the additional renters come from – Americans take short holidays and conference delegates prefer hotels, the market for holidaymakers visiting Orlando is increasingly competitive.
Take a look on the web and view the sheer number of Orlando rental properties, In contrast areas on the Gulf and Atlantic coasts with far fewer rental properties, appeal to both the European and the American markets, offering the owner a higher rental rate and more weeks of bookings.
From the perspective of risk management there are several considerations –when you want to sell, the desirability of your property is critical. Certain developments in Kissimmee monopolised by rental properties, have particular problems. Areas surrounded by empty houses in very transient neighbourhoods, apart from being a potential security risk are not easily going to sell to the American homebuyer, if the British become less interested; whereas Gulf and Atlantic resorts retain demand from both American and International buyers.
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Andrew Bartlett an acknowledged expert on property trends and relocation in Florida, writes articles and answers readers’ questions for several British publications including Florida Magazine, Escape Magazine, Place in the Sun, Sunday Times, America, and The Red guide to buying Property in America and is regularly consulted by journalists and broadcasters. His consumer web guides have received numerous accolades.
Andrew was a Senior Government Official for 20 years before relocating to Florida several years ago where he was headhunted to set up specialist British property and relocation teams for Coldwell Banker and Remax - America’s largest estate agents. He then established a uniquely impartial and independent relocation and property briefing company working between Britain and Florida. He has written a number of watchdog style articles on overseas property and emigration selling techniques.
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