More Than One in Six Florida Properties is Empty

Statistics recently released by the US Census Bureaus 2010 survey show that 1567 778 homes are currently lying empty which equates to more than one in six or 17.5%, and is the worst statistic in the country.

This is partly due to too many homes being built, and a lot of people have lost their homes to foreclosure or have chosen to play walk away from them. The figures have risen by 34% since 2000 when the last census survey was conducted.

Some parts of the state contain more empty homes than others with some suffering 51% vacancy rates. However there is some good news as the state wide vacancy rate has already fallen from its peak of 20% in early 2010, and it seems likely that things will turn around soon with the creation of more jobs and falling unemployment levels.

Another factor is that foreign investors are increasingly looking towards Florida for bargains, with buyers from Venezuela, Israel, Canada, Argentina, Brazil and Germany being especially attracted by the rock bottom prices of luxury condos.

The Venezuelans are choosing to look at Tampa Bay, Sarasota and Naples as they prefer to be near the water while the Europeans prefer to be nearer to Mickey Mouse.

Many Venezuelans are interested in buying in bulk and are looking at entire buildings or blocks of units as opposed to individual condos as the wealthiest are looking for a safe haven for their money away from the political instability in the country. Luxury condos are also cheaper than new properties, and construction has virtually ground to a halt until the backlog is cleared from the building boom.

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Categories: Florida Property / Property Invest

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