Florida Real Estate Investing
Florida real estate is making headline news. With a reported 198-percent increase in foreclosure rates during the first quarter of 2008, this once hot real estate market is in a hurricane-strength downward spiral. South Florida residents have taken a hard hit, with nearly 1,300 foreclosure filings last month. Default Research, Inc., provider of nationwide foreclosure statistics is reporting an average of 220 foreclosure filings per day across the Sunshine State.
Experts suggest investing in Florida real estate now could result in massive profits when the real estate market bounces back. And, bounce back it will. Real estate is a necessary commodity. People need a place to live. Private investors, who purchase distressed Florida real estate properties now, can make a fortune in rental income over the long-term.
There are thousands of Florida residents who have been displaced due to foreclosure. A smart investment strategy is to invest in homes the average American can afford to rent. Seek out foreclosure or bank-owned houses located in neighborhoods with future growth potential. If you plan to rent to families with children, conduct research on the schools in the area. Look for properties which do not require considerable repairs or renovations.
Florida is the top tourist destination in the world; particularly South Florida. Investing in Florida real estate to be used as vacation rental property, can yield a tidy profit. A large percentage of homes across Florida are second homes. People purchased condos and single-dwelling homes to escape winter weather. Many of them are now faced with a second mortgage they cannot afford. Since the market is saturated with secondary residences, there aren't enough buyers for the amount of available property. Therefore, the owners allow the property to fall into foreclosure.
Prime Florida real estate is sitting vacant. Oceanfront homes that once sold for a million bucks can now be bought for $700k. Gorgeous condos in private, gated-communities are practically being given away. Single-dwelling homes in golf communities are being sold for pennies on the dollar. While many see the real estate market as nothing but gloom and doom, savvy investors see the pot of gold at the end of the rainbow.
Florida's population rank is fourth in the nation. Approximately 1000 people move to Florida every day. Nearly 40 million people visit Florida each year. As you can see there is an enormous need for housing. Whether you invest in Florida real estate for vacation or long-term rentals, condos or multi-million dollar mansions, investing in Florida real estate has never been better.
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Published on May 19, 2008 at 11:14 AM