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Orlando promising repo bargains, says expert

12th January 2009 | back to article listings BACK    print this article PRINT

For those investing in US property, the name of the game has been that of bargain hunting. As foreclosures sweep across the country in the wake of the sub-prime crisis, America is full of properties that have come back onto the market and are available at knock-down prices.

It is for this reason that the Orlando Foreclosures Expo is to take place at the Plaza Resort & Spa in the Florida city on February 7th and 8th. With the sunshine state being hit hard by the crisis, it is an opportunity for buyers to find some bargains. As the organisers point out: "Buying foreclosures is becoming an increasingly popular way for homebuyers and investors alike to buy new homes and investment properties because of the incredible savings they offer."

This view has now been backed by Les Calvert, the director of overseas investor portal Property Abroad. Speaking about the event, he said: "One of my contacts in Florida has just bought a four-bedroom, two-bathroom villa near the Disney resort for just $64,000 (£41,000), absolutely incredible. You would be hard pressed to get a four-bed, two-bath villa anywhere in the world for £41,000, to get one near the Disney Resort in Orlando for that price is an absolutely incredible rep within quote, bargain by anyone's standards."

So it seems there is nothing Mickey Mouse about the savings that can be made in the Orlando area. Mr Calvert went on to state that those who knew how to market Florida property could take one of these properties and sell it on at a profit of 50 per cent or even 100 per cent very quickly.

But while some may wonder how swiftly they can turn a cheap purchase into a tidy profit, others may consider the potential such an investment can offer for tourist buy-to-let. Being close to Disney World is, of course, one of Orlando's most ensuring attractions. But there is much else besides.

For instance, those who enjoy golf will have plenty of courses to choose from, as well as some professional events. For example, March this year will see the Arnold Palmer Invitational Tournament taking place. Not only does contest, this which is held at the Bay Hill Club, carry the name of one golfing legend, it also attracts many more. Last year, for example, the competition was won by Tiger Woods, while the field also featured the likes of Vijay Singh, Phil Mickelson and Fred Couples.

So while the expo and other events may highlight the possibilities for investors to grab bargains in the Florida property market, some may look at what else the state has to offer as a means of making the most of their investment over the longer run.

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