CASH BUYERS appear to be coming out of the woodwork for foreclosed property in Florida.

Phillip Hegarty of Dublin-based Castleroc Estates has put together a collection of Florida apartments and villas that he is selling for between $48,000 (€39,000) and $71,900 (€58,000).

The properties have fallen in value by up to 80 per cent over the last five years, says Hegarty, who has set up Foreclosed Property (foreclosedproperty.ie) specialising in property repossessed by finance houses.

He is selling homes in four schemes close to Orlando. Properties include large two-bed, two-bathroom villas with around 121sq m (1,300sq ft) in a scheme called Azur. These are priced at $71,000 (€57,500). A one-bed, one-bath 66sq m (711sq ft) apartment in the Tradewinds scheme costs $48,900 (€39,500).

With lending restricted, buyers so far have been mostly middle-aged investors with cash, says Hegarty.