Cheap Homes In Florida Attract Snowbird Buyers

In the housing market, one man’s ‘hurricane’ is another man’s windfall. This scenario is playing out in the resort areas of Florida. Heavily salted with second and vacation homes, these areas were among the hardest hit during the collapse of the housing market in 2007-8. Owners of these homes walked away from them in droves, many from other countries.

Although prices have started to rise in recent months, the prices are still so far below their pre-collapse highs, homes can be had for one-half to even one-third of their 2007 asking price.

The benefit of the rise and faster turn around on these homes is that now there is financing available for them. During the crisis, lenders would not even look at a mortgage for a second home.

Bank foreclosures or short sale vacation homes are becoming a larger portion of the real estate pie, in some areas outselling primary residences. Small investors are feeling the urgency to find their windfall now, as liquidity and financing loosen and before the corporate conglomerates snap up all the bargains.

(See more at the Orlando Sentinel)