The recovery which began in Florida in late 2011 still has some way to go and all the indicators point towards further increases in property prices this year.
(PRWEB UK) 7 June 2013
Property prices in Miami have increased by 10.7% annually and a further 1.2% in the first quarter of the year while Tampa has seen 11.8% and 2.6% in the same period (Source: Case Shiller Home Price Indices, May 28).
According to analysts at Colordarcy, this puts the two cities among the leading cities in the USA for property investors seeking the best return on investment.
Loxley McKenzie, Managing Director of Colordarcy commented, “The recovery which began in Florida in late 2011 still has some way to go and all the indicators point towards further increases in property prices this year.
The Case Shiller report highlights that not only are most cities in the USA seeing positive movement in property prices but also that national average home prices are still only at 2003 levels.
The property market crash in the US saw prices fall so dramatically that investors should expect it to take some time before prices recover to levels seen at the peak of the previous boom.
This means that the opportunity still exists for property investors to invest early in the recovery and benefit from the strong potential return on investment.”
According to Colordarcy analysts rental yields remain strong in Florida due to the property market still being in the recovery phase. Demand for rental property is still high in Florida with not everyone having the means or the finance to purchase their own homes.
A large number of homes are still in some stage of foreclosure according to the Case Shiller report indicating that there is still some way to go before balance is restored in the housing market.
In the meantime Miami tenanted property in particular has the potential to generate high rental yields according to Colordarcy.
Colordarcy are currently offering investors an opportunity to invest in refurbished townhomes in Miami at approximately $200,000 below 2008 prices. The townhomes are available for investors to purchase from $124,400 / £77,750 with tenants in place and net yields in the region of 6% to 9%.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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