| Florida, also known as the Sunshine State, | | | | developers, $128,693 was the average price of |
| had a real estate boom from 2000 to 2005. In | | | | a home in the early part of 2006 |
| fact, the price of Florida real estate | | | | |
| increased up to 20 percent per year! | | | | Miami has fairly consistent returns for |
| Unfortunately, because of the rising prices | | | | investors. This is because of the sandy |
| that made homeownership an impossible dream, | | | | beaches and tepid water, not to mention the |
| the increase was unsustainable. | | | | nightlife that includes an almost endless |
| | | | supply of restaurants of every kind. |
| The competitive market came from residents | | | | |
| putting their home up for sale in the hopes | | | | For a more laid back lifestyle, Panama City, |
| of making some quick money. This is the | | | | in contrast to Orland and Miami, is where you |
| Florida real estate market that is still | | | | want to look. There are still things to do in |
| present today. | | | | Panama City, such as zoos and water parks. |
| | | | The pre-construction opportunities are still |
| Because the Florida real estate market | | | | large in Florida real estate and make this |
| slowed, these means it has achieved a balance | | | | area a unique place to invest. |
| between supply and demand and has become more | | | | |
| orderly. While homes are taking longer to | | | | A relatively new 'hot spot' in Florida real |
| sell, the seller will usually get the asking | | | | estate is Biloxi. It offers a wide variety of |
| price or about 95 percent of it. | | | | activities for the outdoor type and has |
| | | | changed from essentially a large retirement |
| The seller may have to wait longer and there | | | | village to a place that welcomes the younger |
| will not be as any buyers clamoring for the | | | | generation for parasailing, jet skiing, scuba |
| property as during the boom. Also, there are | | | | diving and the like. When Hurricane Katrina |
| still a good number of unsold homes in every | | | | came thru, the riverboat gambling sector was |
| price range, so buyers still have their pick. | | | | basically wiped out. Now pre-construction of |
| | | | casinos and investment property has taken its |
| "Buy and Sit for Profit" has become the new | | | | place. |
| way to invest in real estate in Florida. It | | | | |
| has replaced the "Buy and Flip for Profit" | | | | The new casino industry will be a beacon to |
| mindset during the time of the boom. This is | | | | people looking for gambling and nightlife, |
| because the market is leveling out. | | | | but a little smaller than Las Vegas. |
| | | | |
| So if you are looking to invest in Florida | | | | For vacationers who are looking for mountains |
| real estate, here are a couple of good places | | | | and other scenic places, like in Virginia, |
| to check. | | | | Florida will not disappoint. In these areas, |
| | | | real estate centers on hiking, rafting, |
| Disney World is located in Orlando, which | | | | skiing and other types of activities. Homes |
| makes this an instant hot spot. There are | | | | are historical in these areas and include |
| also other resorts and theme parks in the | | | | plantation homes as well as new, modern |
| area. A lot of real estate investors will buy | | | | condominiums. |
| homes that need a little bit of work then | | | | |
| flip them quickly for a profit. Also, | | | | During the years 2003 to 2006, Florida real |
| pre-construction is hot in this area as well. | | | | estate in Palm Beach County more than |
| | | | doubled. Median income families found it hard |
| Another favorite is Broward County real | | | | to buy in this area because the median price |
| estate. Its median income families are not | | | | of real estate was around $400,000. Of |
| able to afford its median price. Also, with | | | | course, other areas that are highly |
| Forth Lauderdale's outdoor lifestyles, | | | | desirable, such as Lake Worth and Highland |
| investors are finding this area very | | | | beach, reach prices from $1 million to more |
| favorable as well. The Everglades National | | | | than $5 million! |
| Park in this same area, along with beaches | | | | |
| and other relaxing areas is one of the | | | | With all these reasons, it is easy to see why |
| reasons why. | | | | Florida real estate is so hot. It is one of |
| | | | the fastest growing states. |
| Downtown Fort Lauderdale is home to a new | | | | |
| residential condominium building of five | | | | Summary: |
| thousand unites. However, because there is an | | | | |
| overflow in that market, some of the condos | | | | Florida real estate offers so many options |
| may have to be sold below market value. | | | | from casinos and a hopping nightlife to the |
| People who are looking to own their own | | | | more subdued Panama Beach, which is catering |
| place, condo conversions are a great way to | | | | more to the outdoor orientated vacationer. |
| do this. Because of incentives from | | | | |