Housing Affordability: This is a hugely important statistic as improved affordability helps the economic recovery by enabling more families (especially first time buyers) to purchase homes.
 
Back in 2007, the average house cost $217,900, the average mortgage interest rate was 6.52% and the average family income was $61,173. In February 2010, the average house cost $164,300, the average mortgage interest rate was 4.99% and the average family income was $60,498.
 
Some difference eh? That means a housing payment is just 14% of a regular families income, way below the 25% most experts recommend for a stable family budget.
 
This affordability is one of the key reasons Torcana focus on communities where locals, as opposed to tourists buy and rent. Mosaic (below) is a prime example. 
 
Financing: A low affordability index is only useful if there is financing available to match it. The government funded home buyer tax creditshas been a major help with 128,500 people in Florida alone claiming almost a billion dollars in tax credits. 

 
Vacancy Rates: Over the past two years vacancy rates have been rising and rental rates have been falling across the USA - no surprise with an unprecedented housing and economic bust. However, latest figures from Reuters suggest that vacancy rates have stopped risingand rental rates have started increasingin the first quarter of 2010. The number of apartments rented after a discounted house was vacated surged by over 20,000 units in the first quarter - the highest net positive jump in 10 years.
 
National vacancy rates now stand at 8%, but there are plenty of developments that are far lower. Our Mosaic community has 450 units - 99% of which are occupied.  As you can probably imagine; it´s extremely hard to find investment properties like that. 

 

 

 

Hundreds of you have now enquired about this and all should have received the full brochure, information pack, financial details and site plan. Hopefully you have had the time to review and study the very detailed information provided.
 
Our sales team (including Florida expert David Shaw) have been onsite over the past few weeks and are amazed at the level of sales activity from not only our own clients but from other international and local realtors. Over 100 condos have been sold to owner occupiers and investors since the launch 5 weeks ago.
 
The reason? Desirable location; competitive pricing, great build quality, spacious floor plans, impeccable presentation on the community and an occupancy rate of 99%. All the essential boxes are ticked and then some.
 
If you´ve got some spare time on your hands, we´d encourage you to come over and have a look. The strategy of "waiting for the market to bottom out" doesn´t really apply anymore in locations like this. The demand for quality distressed assets in Florida, as illustrated by the stats above, is huge.
 
A community like Mosaic is rare. The available units, and especially the south and west facing ones with high yields, are being snapped up fast.
 
Below you´ll find a short investment summary with a link to more information on the website. As always, a full aftersales service and hassle free purchase process is available for all Torcana clients.