A new trend in Central Florida, foreign buyers residing in Resort Style Communities.
Resort style communities actually sells homes/units to buyers allowing them to rent them out as suites to people visiting Orlando. These resorts range from 2 to 3 bedrooms and over 1,000 square feet come fully equipped with a kitchen, dining, living area and washer and dryer. Plus cleaning services, which allow owners to collect a portion of the rental income via a management service.
This niche market is giving foreign buyers more than just a vacation home. The property values in Central Florida with owning real estate are at an all time high due to the fact the city of Orlando just brought in a record-breaking 72 million tourists in 2017, according to Visit Orlando, mainly thanks to Disney World.
Florida is the No. 1 destination for international investors buying U.S. real estate. Orlando is second to Miami with Latin Americans accounting for 34% of the buyers. Within the Orlando area, occupancy rates for resorts are around 73.5% on average all year, according to Census data. Orlando real estate has appreciated 62% over the last five years, and the average home prices are around $290,000. Plus, Florida property taxes are 1.7%, typically around $4,500 annually, which is lower than many foreigners.
Most foreign buyers are now looking at Orlando because the returns are good thanks to tourism, its profitable concept for them. Investors want something that appeals to them as a home, and if buyers decide they want to keep their property under lock and key and not rent it out, that’s fine too.
For more info about Resort Resort Style Communities, click HERE to read the full Forbes Article and for more info click HERE.