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For more information to complete the application form.
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COUNTRIES |
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CLUB RATING. |
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Rentability |
Simply brilliant rental market 52 week destination |
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Capital Appreciation |
Brilliant still the 3rd cheapest State to live in, undervalued |
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Long term rating |
Remarkable housing growth in past 5 years |
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Country History
Juan Ponce de Leon discovers Florida in 1513 when he lands in NE Florida, possibly near present-day St. Augustine, to claim Florida for Spain. This is when written records about life in Florida began. First permanent European settlement is established in 1565 in St. Augustine. Florida becomes a U.S. Territory in 1821. General Andrew Jackson serves as military governor until Congress ratifies a territorial constitution. William P. Duval, Florida's first civil governor, calls the first Legislative Council into session in Pensacola on June 19, 1823. Admitted to U.S. as a State on March 3, 1845 (27th State).
Florida now is the second fastest growing state in the US. This has been acredited to its ideal climate and to a large number of US and International companies relocating there over the past 20 years. These companies include aerospace, electronics, light engineering,
manufacturing, agriculture and of course major tourist attractions, such as Walt Disney and Universal Theme parks to name only a few.
Florida has the third-largest immigrant population in the United States (after California and New York), and the fourth-largest immigrant population share of its total population (after the above two states and Hawaii). More than one of every eight of its residents is foreign born. About one in every eleven immigrants in the United States lives in Florida.The majority of Florida's immigrants comes from the Caribbean basin. Mexico plays a minor role in this settlement pattern. These immigrants play a vital role in
Florida's economy and without them major areas of construction and the tourist attractions would simply grind to a halt.
State Facts
Location: North America, bordering the states of Alabama and Georgia
Land Area: total:151,670.4 sq km land: 140,512.68 sq km Water:11,157.72 sq km
Coastline: 1,925.97 sq km
Climate: temperate: Florida is known around the world for its balmy weather. The state's mild winters have made it a haven for retirees and snow birds from Canada and other parts of the colder world. Summers can be long and hot, with showers providing much appreciated relief during the rainy season. Coastal areas also experience gentle breezes during the summer.
Terrain: The state of Florida is very flat & the highest point is only 345 ft above sea level. It is often joked about " Space Mountain" in Disney being the highest point in Florida!
Environmental Issues to consider: emissions from coal-burning utilities and industries contribute to air pollution; acid rain, produced from many light industries spread across Florida. There are a number of other issues which stem from a large population growth over the past 10 years, such as land fill issues, shortage of water and sewage works and large amounts of chemicals being used to clean, and maintain a large population.
Population: Florida's Population (2003) - 17,319,068.
Government Type: Constitution-based federal republic; strong democratic tradition . capital city - Tallahassee Counties regions in Florida - 67, Form of Government - Governor and independent cabinet consisting of Attorney General, Chief Financial Officer, Commissioner of Agriculture. Legislature - 120 House Districts, 40 Senate Districts, 23 Congressional Districts
Legal System: civil law system with indigenous concepts; judicial review of legislative acts in the Federal Constitutional Court; has not accepted compulsory ICJ jurisdiction
GDP $12.36 trillion (2005 est.) GDP Growth Rate 3.5% (2005 est.) Inflation Rate: 3.2% (2005 est.)
Economic Overview
The US has the largest economy in the world, but due to be over taken by China by 2010, with a per capita GDP of $42,000. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products.
At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The response to the terrorist attacks of 11 September 2001 showed the
remarkable resilience of the economy. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. The rise in GDP in 2004 and 2005 was undergirded by substantial gains in labor productivity. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices in 2005 and 2006 threatened inflation and unemployment, yet the economy continued to grow through mid-2006. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment
in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups.
For the State of Florida the following facts apply:-
- International Trade (40% of all U.S. exports to Latin and South America pass through Florida)
- Tourism - with 76.8 million visitors in 2004 (a record number), Florida is the top travel destination in the world. The tourism industry has an economic impact of $57 billion on Florida’s economy. 2006 figures havent been released yet but is expected to top 87 million for the first time ever.
- Space Industry - The space industry represents $4.5 billion of the state's economy. The average annual wage of aerospace workers is approximately $52,000. The number employed at Kennedy Space Center (KSC) alone is 15,000 and Florida ranks 4th among the states in overall aerospace employment with 23,000 jobs.
- Agriculture – Florida leads the southeast in farm income. Florida produces about 75% of the U.S. oranges and accounts for about 40% of the world's orange juice supply.
- Construction - This industry's strength results from the steady stream of new residents and visitors who are welcomed to Florida each year.
- Services - growth in high tech, financial & back office operations
- Software - many small, entrepreneurial companies
- Health Technology (medical, biotech, laboratories)
- University Research - more than $500 million per year in sponsored research at Florida universities
Why Buy In Florida?
With record breaking tourist rates and massive expansion in the domestic real estate sectors, house prices in Florida are still about a 1/3 of other states. It's hard to ignore the magic of the excitement of Florida's Disney's Epcot, Magic Kingdom, MGM and Animal kingdom, Seaworld and Universal Studios. Worldwide appetite for this ever-evolving, multi-faceted wonderland remains insatiable.
Florida is one of the most important property markets in the world, popular with Worldwide audiances including the Americans undertaking multiple return trips year after year. As it is estimated that there are currently 78 days of theme parks without repeat (increasing daily), so multiple trips are required to do Florida justice. This with the ever reducing cheap airline tickets has increased tourist figures up to its estimted all time high 87 million. This is keeping property prices particularly buoyant: houses in Orlando (short term rental) communities have doubled in the last 2 years alone. The small but steady rise in interest rates that would ordinarily discourage buyers, has only marginally discouraged the domestic market, but the international buyers coupled with the very faviourable exchange rates makes for a very healthy market, and there is no sign of any slow down, both in the domestic and investment ownership market. High demand for rental properties still enable properties to be bought and rented out in order to cover mortgage and running costs, with the added bonus of massive (in terms of US prices) price rises. It is still posible to justify your purchase based on rental income But careful selection needs to be done. There are a number factors that effect US property purchase relating to mortgages, and these are:-
- Loans will be secured on your property in Florida.
- Minimum loan amount available is £75,000 or dollar equivalent.
- Eligibility will be assessed by your credit history.
- If you already own property in Florida equity release is available on a case by case basis.
- There are no life assurance requirements although it is highly recommended
- Maximum loan to value is 80%
- UK Pound, US Dollar & Multi Currency Mortgages available
- Borrowers with any missed credit or mortgage payment in the last 12 months will be declined, although with expert advice this can be overcome.
- Maximum term available is 40 years.
- Mortgage products are available on a repayment and interest only basis.
- Condo hotel finance and other similar types of project are considered on a case by case basis.
- Fixed rates are available for a maximum of 40 years (starting from 8% - 9%).
- Variable rates are often fixed initially (3 or 5 year periods) and then revised annually after that. Introductory rates start from 1.45% (with deferred interest) up to 8.125% for a more constant rate.
- Options are available to make early repayments without penalties.
- It is not a requirement for borrows to be UK home owners or UK residents.
Another major reason effecting purchasing is the ever increasing investment into all sorts of tourist attractions; theme parks, water parks, restaurants etc. 2006 will see opening of new attractions and expected record high investments. Florida is also the most visited place on the planet, which makes for a shortage of high quality hotels and villas all year round! and although there are 3 seasons to Florida holiday makers there is always high demand for rental property. So this is an excellent place to invest, and will be at the top of our list.
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Useful Information: |
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Time Difference: -5 GMT |
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Currency: US dollar (US$) |
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Flying Time: 8 1/2 Hours |
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Visa Required: Brits can stay 90 days |
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Major Airports: Miami, Orlando, Tampa |
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Work Visa Required: Yes |
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Dialing Code: 001 |
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Electricity: 120V/60Hz |
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