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Highest rate of job growth and falling vacancy rates as people move to Florida!
REASONS TO INVEST IN FLORIDA REAL ESTATE
With a large number of second homes and condos, South Florida is prone to boom and bust cycles that stem more from investment hopes than housing needs. Add an expanding Latino population and waves of baby-boomers – two million retiring every year – and you get both risks and opportunities.
It is an area with proven positive migration over the past few decades. The pleasant climate, variety of services offered in the area, and the low costs compared to other areas, makes Florida very attractive for a variety of population groups:
1. Golden agers who are looking for a place to live during their retirement.
2. Many renters from around the world, who choose to spend half the year in the area.
Many tourists with means from various countries around the world choose to spend some part of the year in their permanent homes and another part in a different attractive place with the appropriate conditions. Florida is one of the preferred destinations for many such people. It is also an area with a strong and stable labor market. Many young people choose their place of residence based on a market that can provide them with employment. In recent years, some parts of Florida have become attractive areas for many companies to relocate their offices and factories. At the same time, many public facilities are opening in the area, providing employment, in places such as Cape Coral.
Whether you rent short term or long term, South Florida enjoys a strong rental market with high demand and good yields. Florida has several universities, which make investing in a mid-size home for 4-5 roommates or a single efficiency unit for students an attractive options, knowing demand will be high from September to June, and you could even rent it to tourists during the summer. There are some spectacular properties in South Florida. Seafront, high rising towers with all amenities you can possibly imagine, mansions in back canals, or lower key tropical hideaways nestled between palm trees, Florida properties are attractive.
Impressively, houses in the region have appreciated 44.9% in the last three years, nearly doubling the national average of 25.8%. The gains witnessed in the last three years have played a major role in removing Fort Lauderdale from the post-recession price weakness.
Owners that were fortunate enough to have purchased three years ago experienced the largest gains in equity. Accordingly, the average equity accrued by those who purchased in 2011 is $92,099. Fort Lauderdale homeowners accrued nearly $40,000 in equity more than the rest of the country in the same period. Even homes that were purchased within the last year have gained an average of $23,243 in Fort Lauderdale. That number is almost double the national average of $12,731.