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