Wealthy Florida Mortgage Applicants Seek Second Homes

It’s no secret that Florida has a wellspring of second homes owned by the wealthy.

Now, that market niche is about to get bigger, says a new survey by Stirling Sotheby’s International Realty and Architecture Digest.

Their findings: More than one-third - 36 percent - of 3,000 magazine readers polled for the survey say they are seriously considering a second home purchase within the next two years. These individuals are not the type to need a bad credit Florida home loan, either.

In addition, 35 percent of those who already own a second home plan to buy a third residence during the next two years. Moreover, about 49 percent of those who already own three homes expect to buy yet another during the next two years. Lowered Florida mortgage rates are simply making it easier for these rich people to increase their residences.

It’s a phenomenon with which Roger Soderstrom, founder and owner of Orlando-based Stirling Sotheby’s International Realty, is quite familiar.

In fact, his firm continues to see a great deal of interest in the Central Florida housing market from all over the world - but especially from buyers in the northeast United States.

“Orlando is one of the stronger markets with the flow of people coming in here for second and third homes,” says Soderstrom, who currently has clients in such places as the United Kingdom and Switzerland. “Everyone has a desire for Florida.”

Wanted: Waterfront property

For luxury homeowners, the dip in the housing market during the past year has proven to be just a speed bump, and many have been in a wait-and-see mode before making a second-home purchase, Soderstrom notes.

The pre-purchase pause hasn’t stopped the housing market - it’s simply created a pent-up Florida mortgage demand that’s finally reaching the tipping point. “Properties in top condition in a good location and priced well are selling,” says Soderstrom.

When luxury home purchasers do buy, the survey notes that 75 percent want oceanfront or waterfront property, 48 percent want to be on or near a golf course, while 34 percent want an in-home fitness center and 32 percent desire a media room.

It takes several million dollars to buy into a starter second home in this sector, says Suzi Karr, owner of Suzi Karr Realty in Windermere.