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Florida developers fill gaps - 15 May 2009

As the property market in Florida continues to lack in buyers and even in interested parties, developers in some of the hardest hit States are attempting to make their empty projects more attractive to the few buyers who are in the market. In recent weeks reports have emerged of ‘resident managers’ being installed into luxury homes to make the developments more attractive to visiting potential buyers.

These imported happy families are being offered greatly reduced rents in return for keeping the property spotless and in show home condition at all times. When a prospective buyer arrives, it gives the complete impression of the property being lived in full-time. In some of the hardest-hit areas, where luxury homes have remained unsold for up to two years, ‘resident managers’ are even offered a cash bonus if the property is sold quickly.

The ‘resident managers’ themselves see it as a perfect solution for the credit crunch, allowing them to live in a property they would never normally be able to afford while paying minimal rent. Real estate developers also see the advantages of the solution, giving them a ready-made marketing tool that they would never be able to recreate any other way.

Prospective buyers may not like the way in which ‘genuine’ families are being used as a part of the sales pitch, but most are now switched on enough to be less than surprised by the antics of agents and developers. While the reality of the family living in the property may be questionable, it could be argued that the scenario being played out isn’t all that misleading – and is merely presenting a possible view of how life in the property could be. That would be what the developers say in any case…

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