Who Wants to be a Millionaire?

A University of Florida study recently suggested a gloomy forecast for the local market, specifically for those seeking a Florida home loan in the Orlando area. This real estate market had to see a downswing after its recent sales pace.

While this report included a warning that it may take Floridians longer to sell their homes, this is far from the case in Daytona Beach. Along the Halifax River, many homeowners could soon become millionaires, WESH 2 News reported.

A handful Realtors are offering to buy $400,000 homes for more than $1 million. They hope to replace the homes with multimillion-dollar waterfront condos - but not everyone is taking the bait. Some homes were built in the 1920s and some homeowners are not ready to sell.

Other riverfront homeowners have already sold their homes. Can you blame them? They’d now be considerered part of the wealthy class that has taken advantage of the red hot Florida home loan industry.