Siesta Lago is a quiet residential community in the heart of Orlando just 15 minutes from the international airport. the facilities include: swimming pool, clubhouse, spa, gym, tennis court, bbq areas, lake, playground, landscaped gardens, clubhouse and secure gated entry

According to Colin Murphy, director of Torcana – specialists in discounted Florida Real Estate, “We are currently marketing Siesta Lago where properties start from £37,000 for a spacious (840 sq ft), one bedroom, one bathroom apartment which, after costs such as maintenance, tax and insurance, will bring in a net income of around £3,165 per year – that equates to 8.55 per cent net per annum. A three bedroom, two bathroom villa of 1,130 sq ft for £61,500 produces a net annual income of approximately £5,112 per year – a net return of 8.3 per cent.”

Murphy continued: “The housing statistic pages from the Orlando Realtors Association show that property prices are actually rising. the average sales figures for 2008, 2009 and 2010 clearly show prices decreasing very fast in 2008 and 2009 but holding steady in 2010 apart from a jump in April – June when buyers rushed to take advantage of an expiring tax credit.

“For example, in January 2009 the average sales price was $190,243 (£117,878) which fell to $159,942 (£99,127) in December 2009. In contrast, the average sales price in January 2010 was $140,422 (£87,029) with the average sales price in December 2010 being $146,582 (£90,831).”

In other words, average sales prices in Orlando actually increased in 2010.

“It is also no coincidence that Orlando inventory levels are at their lowest level in almost five years. they peaked at 26,330 in Sept 2007 and didn’t fall below 20,000 until May 2009. Throughout 2010 they held steady between 15,000 – 16,000 something that has not happened since early 2006. A major trend, this should continue throughout 2011.”

Quality of life

The property boom didn’t just appear in the Sunshine State out of the blue. the real estate market was healthy, based on firm fundamentals prior to the world monetary recession. the fundamentals included such things as quality of life, space, good schools, employment opportunities, a world class financial and tourism sector plus, of course, glorious summers and gentle winter sunshine.

Whether attracting professional workers or retirees, Orlando has a great deal to offer and because of its high tech economy encompassing large multinationals and government agencies, it draws middle class professionals eager to rent or buy.

Properties at Siesta Lago

CONDOS

1-bed, 1-bath 840 sq ft on sale for £37,000 ($59,900)

This spacious condo includes tiled flooring, , balcony and air conditioning.

One of these properties already has a tenant in place for this unit paying $780 (£539) per month which equates to a net rental yield after running costs and overheads of 8.55%.

VILLAS

3-bed, 2-bath 1,130 sq ft on sale for £61,500 ($99,900)

This modern villa includes hardwood flooring, granite counter tops, wooden kitchen cabinets, stainless steel appliances, balcony and air conditioning.

One of these properties already has a tenant in place for this unit paying $1,135 (£703) per month which equates to a net rental yield after running costs and overheads of 8.28%.

For more information, go online at: torcana.com

(Inventory levels are the total numbers of property available for sale and it is calculated on a monthly basis. Florida is highly regulated and licensed realtors can view all listed properties available on what´s called a Multiple Listing system (MLS). These can be easily tracked, and a number of organisations (including Orlando Regional Realtors Association) tabulate and compile data for their members to view. In September 2007, there were more completed properties available to buy than ever before.)

Florida: discounted properties in Orlando – Homes and Travel