Florida Real Estate Revival: Development Receives Consummate Success on Launch
09 April 2013
Select Resorts, in association with Savills International have partnered with the experienced property developers GREG Homes to promote the Callista Cay development in the picturesque area of Tarpon Springs, Florida, which proven popular with investors in its initial stages of launch to market.
Within the first week of promotion, investors were keen to snap up plots on this attractive waterfront development indicating further confidence in the Floridian real estate market and confidence in its growth.
Florida was one of the many states hit hardest during the recession, but is now proving itself to be in a solid state of recovery and with low mortgage rates, decreased property prices and unemployment at its lowest level for over 5 years, it appears that now really is the time to invest in respectable developments in Florida. The state has seen property sales increase for the last 3-years and it is believed overseas investors are driving the market forward.
Overseas investors are flocking to the region to purchase unsold inventory, as well as taking advantage of increased demand for rental accommodation. The state is seen as a safe investment market by seasoned investors – they believe that Florida is poised at the start of another housing cycle. Non-seasoned investors are currently able to exploit the opportunity of the low prices and projected resale values.
In a normal market, more supply would keep prices in check, but the amount of developed, desirable land for companies to purchase and build on has decreased substantially. As well as this, building materials and labour costs are on the increase – wait too long and buyers will see higher asking prices for new homes.
Investment opportunities in Florida certainly are increasing in number, within a variety of areas across the region, but the launch of Callista Cay, Tarpon Springs has seen a superb response during the early stages of promotion.
Select Resorts and GREG Homes are currently able to offer the new homes at Callista Cay, at extraordinarily low prices as a result of Florida’s recent housing crash. The land was acquired at a much reduced price and these savings are now being passed on and the opportunity is now being offered at a much lower price than the original release price in 2007.
Located on over 1,000 feet of waterfront, the development of 64-brand new 3-bedroomed town homes, and four 2-bedroomed properties is in the ultimate setting. Less than 40 minutes from the Tampa Bay area, residents will benefit from over 100ft of private boardwalk, a fishing deck, heated swimming pool and cabana, whilst also being conveniently situated to allow for easy international travel. All these benefits combine the comforts of home with the joys of vacation, making it an attractive option for those looking for a long-term rental investment, or a holiday home abroad, whilst appealing to a broad range of potential investors.
Furthermore, the development boasts 58 wet-slips which can be purchased in addition to the properties and are proving to be extremely popular with investors. Michael Reilly, Select Resorts Marketing Director believes this is the additional benefit that makes the development stand out above others in Florida, and potentially why it has had such a positive response in the market.
“The wet slips are extremely covetable assets – especially in an area where boating is an integral part of everyday life. From both a leisure and future worth point of view it is a crucial contributing factor to the long-term value and demand of waterfront properties.”
Interested in finding out more about this investment opportunity? Contact us today, our investment team will give a deeper insight into the Floridian Real Estate Market, Tarpon Springs and the Callista Cay development itself.
Time will tell regarding the improvement of the Floridian property market; however initial signs are extremely encouraging. Those looking for a property in the sun for an investment, or as their next holiday home are urged to seriously consider the Callista Cay development as a respectable and trusted option for investment.