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Background
Orlando Florida is many things to many people. For most people it is the family entertainment capital of the word, with its ever-growing numbers of theme parks, fantastic weather and easy accessibility. To others it is a place of business, corporate headquarters and shopping malls; but it is also home to just over 2 million residents many of whom, directly or indirectly, are involved in the tourism and service industries. There is also no State income tax and great corporate tax breaks.
Lifestyle
Traditionally, Florida has been the dream destination of retirees – snowbirds – of the Boomer years to retire to. In recent years however, Florida has seen a decrease in the “median” age of its population, as younger families have moved into the state, drawn for the same reasons as above, but also the desire to work in a more casual climate.
Business and Industry
Surprisingly, Florida has one of the world’s largest and most dynamic economies, with annual output that surpasses that of most other U.S. states.
The difference for investors is that Florida is a residential market as well as a tourist market. It has a huge industrial workforce, it boasts one of the busiest and most important import/export businesses in the country plus it has serious and sustained tourism; and tourism represents over 1 million jobs in Florida.
Orlando is without a doubt the most established and certainly one of the most popular tourist destinations in the world. Home to more than 20 theme parks including of course Disney, Epcot, Wet n Wild and a host of films studio based theme parks. Serving in excess of 66 million visitors each year, Orlando is a huge employment centre for workers in a large cross section of industries.
Property
Florida has suffered more than any other state with the exceptions of California and Nevada, when it comes to house prices…prices are REALLY low right now.
Why Rented Accommodation?
Because it is cheaper and because people who, through no fault of their own, have defaulted on their mortgages – due to the catastrophic downturn and bubble prices bust prior to that – have no choice. This will continue until less onerous terms and affordable rate mortgages become available in about three to four years time at which point demand will dictate higher prices and material capital gains will be achievable.
Families that are heavily indebted due to the market may find it a financially sound move to declare themselves bankrupt as against spending the next 20 years paying off a debt that will essentially cripple the family for the foreseeable future.
Florida is already one of the fastest growing states in the US and it is destined to be one of the primary locations for businesses and employees who want to enjoy their rewards and a wonderful way of life at an earlier age than their predecessors.
With improved communications, infrastructure and industry comes better employment, better conditions and this means happier families who are more than content to live here full time. Better homes, more affordable homes and sensible planning will create sustained growth and employment as against duplicating prior failures.
More reasons why you should be investing in Florida distressed properties:
- Resident families with no available credit need a place to live
- Properties are cheap
- Occupancy is high
- Florida is one of the most popular states for tourists and new residents