Florida is a great real estate market right now to buy in. In 2008 the housing market crashed and the Florida real estate market plummeted. These low prices have continued in Florida, although they are slowly increasing. This makes it a great place to buy an investment property. You will need to decide where to buy your investment property. In my previous posts I had discussed some things to look for in the locations that you are thinking about investing in. One characteristic is the economy of the local town or city. You want to make sure it is strong and has low unemployment. It is ideal if there are large businesses in the town or city that are well established. Businesses are a draw as they have new employees and other businesses develop to support a large business. This can help support the local economy making it a very desirable place to live.
Schools are also an important consideration if you are planning on renting to families. Having a good school system makes rentals in the area more desirable and also helps keep the values of homes in the area higher. In addition, having an area that has a big tourist attraction can be an asset if you plan to use your investment as a vacation rental. Below I will review a few areas to explore when thinking about where to purchase your investment property.
- Cape Coral and Fort Myers area
Cape Coral is known for its beautiful gulf coast beaches. It has golf courses and water parks that make it a very attractive tourist attraction for visitors. It is located near Fort Myers. The town is located close to airports making it easy for tourists to get to Cape Coral. There are many restaurants and activities for tourists to explore in the Cape Coral area. This is a community where many people live and commute to Fort Myers which is nearby. There are over 400 miles of navigable waterways in Cape Coral. It has more waterways than any other city in the world. This makes it a boater’s paradise. The temperature hovers between 75 degrees and 92 degrees throughout the year making it a great vacation destination. This area had one of the largest declines in home values in 2008. Values of homes in the area fell 59%. The current median home value is now $87,300 to buy a home in this beautiful area. This means buyers are getting a bargain. If you are looking for a vacation rental property this is definitely one area you should look into.
- Venice, Sarasota, Bradenton areas
This area is within Sarasota County. Venice is located on the western coast of Florida and is a beautiful vacation area. It was also voted one of the 50 most affordable small sunny towns in the United States. It boasts over 266 sunny days every year. Venice is known to be a warm and friendly community. There are many activities for visitors and residents. There are any cute downtown stores on the Main Street and Golfing, boating and fishing options abound. There is a waterway park that can be used for exercises and recreational use along the intracoastal waterway. The average temperature ranges from 70 degrees to 90 degrees. Making it an ideal getaway area as well as a great area to live. Venice area real estate dropped 40 % of its value wheat the housing bubble burst. The median home price is now $155,000 making this a good time to buy In this area. The area has some larger businesses that help keep its economy strong. Roper System is a Fortune 500 business that is located in the Venice, Sarasota area. This city is also very close to the popular Tampa and St. Petersburg areas that have many large businesses.
Keep an eye out for future posts on other areas to look for in Florida to invest in.