close
SUN residences
Édité par Référence Sud
Siège : 6 rue Jean Daumas - 06400 Cannes - France
Responsable légal : Sylvain Réus
Impression : Stige - Via Pescarito 110 - 10099 San Mauro - Italie
N° ISSN : en cours - N° NMPP : M07821
Dépôt légal : en cours
Top Panel
Qui sommes nous ?
Top Panel

Offres Immobilières

  French Riviera (188)
       L  Monaco & nearb... (44)
       L  Nice & nearby (33)
       L  Saint-Paul & n... (21)
       L  Cannes & nearb... (58)
       L  Saint-Tropez &... (30)
  Florida (20)
  Morocco (19)
  Around the World (9)
STORMY WEATHER FOR REAL ESTATE AT THIS MOMENT Print E-mail

STORMY WEATHER

        FOR REAL ESTATE

    AT THIS MOMENT

Just when the property market in Florida seemed to have weathered the storm, things just keep getting worse. The sector is awash with theories and opinions on the current crisis and what the future might hold. Property sales and management teams are clinging on, operating on a day to day basis. The observer on the ground cannot help but be struck by the sheer enormity of the task which lies ahead to pull through the crisis.

floride83.jpg

 

Unsold apartments now number somewhere between 25,000 and 40,000 (according to our sources) and dozens more cancelled projects will not see the light of day. Building work has slowed down as developers wait for a recovery and also because the available stock does not match market demand. The credit crunch has slashed buying power and funds available to property buyers and they must continue to wait for the much longedfor recovery.floride8.jpg

 

The stricken property market is increasingly affecting individuals now as well as developers. Property auctions have become a new growth area and auction sales are heavily publicised.

Only the larger, well-structured companies are managing to withstand the downturn by pursuing an agressive international sales strategy. They have the clout and flexibility to absorb buying back some of the unsold stock and putting it back on the property market, thus offsetting their costs while waiting for better days to come. It is to be hoped that this crisis will provide salutary lessons and rid the market of the speculation and uninformed developers who flock to areas such as Florida and the Côte d’Azur, the perennial favourite dream property locations. For European buyers it is an excellent time to do business.

 

 

 

floride82.jpg

Prices are low, a wide selection of properties are available and the Euro is strong against the dollar. A beautiful fully-furnished 140 m2 duplex with pool in a peaceful residential area can currently be bought for $220,000 (around €140,000) or treat yourself to the villa of your dreams for $400,000 (around €260,000).
Property auctions have become a 
new growth area

 

However, before making an investment, make sure you are aware of any co-ownership charges and property taxes which can be quite high. At such prices, a well organised property purchase can be great value and very profitable. It is the ideal time to make good any stock-market losses. This window of opportunity will not last. There are some excellent deals out there right now, but if you delay you might be too late!

 

 
Next >
Advertisement