Buyers Are Flocking to Florida Real Estate
September 14, 2019
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While condo sales rates are falling in major metropolitan markets around the United States, sales in Florida remain strong, according to a recent article in The Wall Street Journal titled "Out-of-State Buyers Flock to Miami." Diversifying an investment portfolio is necessary to limit risk, and real estate can be a smart investment, provided the buyer chooses a strong market. Florida, and Miami in particular, has consistently performed well in recent years and was identified by the National Association of Realtors as the state most international real estate buyers choose. With its affordability and pleasant environment, it's easy to see why investors are flocking to Florida real estate.
Affordability
Florida real estate offers more bang for your buck than comparable markets, and its affordability has made it attractive to buyers. For example, the average single-family home in Miami costs in the $300,000 range, where a modest home in San Francisco runs around $750,000. Moreover, the recent downturn in other markets referenced in the above-mentioned Wall Street Journal article is attributed to new tax laws that cap state income and property tax deductions at $10,000, making states like Florida, which has no state income tax, more desirable for a primary residence.
Vacation Homes
Florida real estate investment property can double as a wonderful vacation home. The state offers miles of beaches on the Gulf of Mexico and the Atlantic Ocean, perfect for water sports enthusiasts like swimmers, boaters and fishers, or anyone who enjoys lounging on the sun-bathed sand savoring stunning ocean views. Florida offers waterfront environments for any tastes, from the homey charm of Cape Coral to the international flair of Miami, with its famous nightlife and top-notch restaurants.
Rentability
Those looking for renters for their Florida property will find a strong market for vacation rentals from the retired "snowbirds," who flee to the state from their chilly northern homes during the winter months. Downtown Miami, with its multitude of entertainment and dining options, is popular with year-round residents, as are several neighborhoods surrounding downtown.
With its affordability and desirable location, Florida has become the top choice for many real estate investors, both domestic and international. Take a look at the different markets Florida has to offer, and chances are you'll find the perfect fit.