Property Select - Overseas Property News

Reminder for those with property in Florida

Fri, 29 Feb 2008 00:00:00 GMT

People who bought and sold property in Florida last year are being reminded that they have until Monday March 3rd to apply for portability of Save Our Homes tax benefits.

The Save Our Homes law was introduced up to prevent tax assessments on homes from rising too fast and therefore provide homeowners in Florida with the ability to purchase a new property without incurring large tax penalties.

The benefit is the difference between the assessed value of the property, the increase in which is subject to annual limits, and its market value.

Taxpayers who sold a property in 2007 and bought a new one before January 1st 2008 can apply to transfer some or all of their Save Our Homes tax savings to their new home.

If they have applied for homestead exemption on their new home they will need to complete a separate application before March 3rd in order to do so. Applications are available from local property appraisers.

Figures from the Florida Association of Realtors show that 6,737 existing single-family homes were sold in Florida in January this year.

Property Select offers a comprehensive selection of overseas property in Florida, news, members club and reviews of the latest property developments.

Florida 'is a desirable location'

Wed, 13 Feb 2008 00:00:00 GMT

The US state of Florida has been named as one of the world's most desirable tourist locations by a news website.

Canada.com said that while it may not be as exotic as places such as Brazil and Hawaii, it still offers a number of attractions to visitors.

For example, the website said it was easily accessible and affordable, as well as a very reliable location.

These attributes were said to have made it highly popular among Canadian holidaymakers, a verdict reinforced by official figures.

According to Florida's state tourism department, Canadians accounted for the largest group of foreign holidaymakers in the region during 2006.

This coincides with comments from emigration and property specialist Andrew Bartlett, who said that many second home buyers in the UK were being drawn to the Florida market by favourable exchange rates.

He stated that investors could get a "very good price" for a home because of the current value of the pound against the dollar.

Property Select offers a comprehensive selection of overseas property in Florida, news, members club and reviews of the latest property developments.

Florida still good 'over long term'

Tue, 21 Aug 2007 00:00:00 GMT

Florida is still an excellent location to invest in over the long term, one property expert has claimed.

Paul McMullen, sales manager at Escapes2, says that anyone thinking of purchasing a property in the southern US state should make sure that they fly over and check it out before putting down any cash - as "location is everything".

But if you do get the right property in Florida, it can turn out to be an excellent buy, as renting it out for just ten to 15 weeks a year can cover all associated costs.

"When renting property in Florida you can expect to see returns of £400 to £600 a week. If your just renting it for 10 - 15 weeks a year that will cover all your costs," Mr McMullen commented.

"Florida is a good long-term investment. It's not a get rich quick, buy it now, and sell it next year kind of place. It's a stable country and climate - it's a family friendly destination with lots of theme parks and things to do with the kids," he continued.

The US property expert also described Florida as an ideal retirement location, with the cost of living "just a fraction" of what it is in the UK.

Property Select offers a comprehensive selection of overseas property in Florida, news, members club and reviews of the latest property developments.

Home sales likely to stick in US

Thu, 9 Aug 2007 00:00:00 GMT

Sales of homes in the US are likely to stay level over the coming months, with little change in sales activity expected, a new report predicts.

US organisation the National Association of Realtors (NAR) claims that sales levels should benefit from a modest increase towards the end of the year however.

It predicts that a total of 6.04 million homes will be sold over the course of this year, with a total of 6.38 million real estate transactions forecast to go through in 2008. Both these figures are less than the 6.48 million sales registered in 2006.

"Existing-home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who've been on the sidelines," NAR senior economist Lawrence Yun said.

He went on to add that a downturn in sales would ultimately support the market, as it would lead to less construction. This in turn would lower relative levels of housing stock, a factor which would push future price appreciation, he said.

Property Select offers a comprehensive selection of overseas property in Florida, news, members club and reviews of the latest property developments.