Posts Tagged ‘reference’
Florida Real Estate Market
Wednesday, September 21st, 2011
Tips for Investing in Florida Real Estate
Not so long ago, Florida real estate was some of the most sought after property in the country. Investment groups were building expansive, all-inclusive communities and condominium complexes. Real estate investors were buying oceanfront properties for use as vacation rentals. Individuals bought beach bungalows for weekend getaways. Life was a beach.
Now, the Florida real estate market is an endless sea of foreclosure homes. Some areas are witnessing property values decline by 40-percent or more. Thousands of coastal homes sit partially built or completely vacant.
Newspaper headlines shout that Florida is experiencing a mass exodus due to skyrocketing homeowner’s insurance and unemployment rates. The U.S. Census Bureau reports approximately 200 Floridians exit the state each day. Numerous businesses have closed their doors or relocated to another state.
Another factor affecting Florida’s loss of human capital stems from the percentage of retired ’snowbirds’ who reside in the state during the winter months. The high cost of living has forced many retirees to sell their winter homes at substantially reduced rates amd never return to the state.
While the forecast for Florida’s real estate market is gloomy, there is still a ray of sunshine peeking through the clouds. Declining property values have opened the door for individuals who have considered moving to Florida. Oceanfront condos and beach homes that once sold for over a million can often be purchased for $650,000 to $800,000.
Thousands of newly constructed homes sit vacant in gated communities offering a bounty of amenities. Bank owned foreclosures are selling for 20- to 30-percent below market value. Real estate located in Florida’s interior is often discounted by 30- to 40-percent of appraised value.
Some speculate there has never been a better time to get started in Florida real estate investing. Others suggest real estate prices will continue to drop until mid-2011 and recommend waiting. One thing is certain. The Florida real estate market will rebound. Those who invest in distressed properties could potentially generate substantial profit over time.
There are plenty of opportunities to profit from Florida real estate. Homes can used as vacation rentals, seasonal rentals, or long-term. Investors can offer owner will carry financing or lease purchase option agreements.
To succeed in Florida’s competitive real estate market, investors need to be aware of tenant needs and requirements. If leasing vacation or seasonal property, investors should be prepared to provide fully equipped and furnished homes. If offering long-term homes for rent, investors will want to research the area and seek out properties located in highly sought-after school districts or areas with high rates of employment.
Due to Florida’s high foreclosure rates, many homeowners have been displaced and need a place to live. Investors may find offering lease options to be a profitable niche. Foreclosed homeowners can rarely qualify for a home loan for at least two years. By offering lease purchase option agreements, investors can retain long-term tenants and create positive cash flow.
These are just a few options for generating profit in Florida real estate. Take time to become educated about the area and explore available properties. There are many hidden gems in the Golden State. Those who take time to look around can potentially find a treasure chest of profits.
About the Author
Real estate investor, Simon Volkov shares tips and strategies to maximize profits with Florida real estate investments. His website includes a comprehensive real estate investing article library which covers topics of choosing investment properties, offering homes for rent, and seller-financing options at www.SimonVolkov.com.
SW Florida September 2011 State of the Real Estate Market Report
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