Florida Real Estate Investing
Florida real estate investing statistics are still quite gloomy, but the sun may shine again in the not too distant future. The market has been at a standstill since countless properties fell into the abyss of foreclosure madness.
It's been a rough few years for Florida real estate investing. Touting some of the highest unemployment rates in the nation, along with massive levels of mortgage fraud, the Sunshine State has witnessed a tsunami of hardship.
Presently, Florida has some of the best real estate deals around. Numerous counties have witnessed property values decline by more than 50-percent. Beach homes and oceanfront condos that sold for $500k three years ago are barely pulling in $240k now. Now is prime time for those who have always wanted a beach house.
In the past, investors purchased houses for use as vacation rentals. This niche can be quite profitable for those able to attract tourists on a regular basis. Average rental rates for 2 bedroom/ 2 bath vacation beach house hovers around $1500 per week. The problem is the economy has left people with less vacation dollars. Those who visit Florida aren't staying as long or drive down in RVs or campers.
Drive along the coastline and you'll see dozens of homes for rent. The competition is fierce, making it hard to earn a living investing in Florida beach property. On the flip side, if you're willing to wait out the storm or you excel at marketing property, now would be a good time to buy ocean properties.
Orange County offers a variety of investment opportunities. This area has been hit hard by foreclosures and not just residential homes. An abundance of commercial real estate is in dire need of rejuvenation. Be wary of buying investment properties located along Orange Blossom Trail and surrounding areas. This area is frequently featured on the news for its high crime rate.
Volusia County is a good option for investors with desire to service the racing community. Daytona Beach is host to NASCAR, Formula One, and Grand Am races. Investing in homes located near International Speedway Boulevard offers the potential to generate year-round rental income.
Several neighborhoods are tucked behind the race track which is conveniently located near Daytona Beach International Airport. It's best to work with a realtor familiar with the area, as several communities are governed by homeowner's associations which prohibit short-term rentals.
Investors who enjoy living in the lap of luxury will find Key West the perfect spot. This highly sought after tourist destination offers some of the world's most costly real estate. However, there are also many affordable properties. You can purchase a seaside cottage for around $175k or a 3 bedroom/2 bath pool home for $450k.
Key West attracts a unique clientele. Those who can afford luxury homes can do reap financial rewards on this friendly island. Key West offers elaborate masterpiece homes complete with furnishings and staff, and ready for endless entertaining.
Florida real estate investing opportunities are available for all budgets. There are plenty of houses, condos, palatial palaces and even private islands for sale. But, to succeed in this market requires patience, persistence, and the ability to make your property more desirable than others in the area.
While you're here we invite you to learn about other popular states for investing. Our real estate article library is packed with investment tips and suggestions. Our goal is to provide helpful real estate investing information and put the fun back into buying real estate.