Property-mad Brits (they love their housing ladder), who also love going to Florida on holiday (why for the life of me I can't figure out) are getting destroyed now that Florida's housing market is crashing.
And it's not just the price cuts - if they borrowed from their bank in GBP the exchange rate and transfer fees to US$ are killing them too.
Bollocks!!!
Funniest thing is you have conmen and sweet talkers still aggressively courting ignorant property-mad Brits to invest in Florida property. Take this one for example. Or this one. Crashing market? Terrible fundamentals? Exchange rate nightmare? Nah! Now's a great time to buy!
Florida is a HOT market for Foreign National's to purchase both Second Homes and Investment Properties.
This is a great time and a great market for their purchases. With the weak dollar and the strong Euro and British Sterling, European investment in Florida is at an all time high!
However, here's the truth, thanks to the Daily Mail:
Britons count the cost of the Florida property slump
Hundreds of British investors who pumped their money into Florida's soaring housing market have been caught out in its spectacular collapse.
Many bought apartments off-plan, hoping to sell them on at a huge profit as soon as they were built.
However, they have been left with property they can't sell - even for less than the original price - because of rising interest rates and a glut of condominiums for sale.
Florida house prices have been plunging for 18 months, but research shows investors in high-rise condos have been hurt the most.
