Investment property for sale in Florida
The US economy and the housing market are struggling at the moment, but the pound is still strong against the dollar so investing in property in Florida may still be attractive. Florida house prices have fallen and foreclosures are at an all-time high. For investors this could, however, signal an opportunity as investment property for sale will be available at discounted prices. Most experts agree that the Florida property market has reached rock bottom and prices are unlikely to go lower. A study of real estate investment opportunities placed five Florida markets in the US top ten markets.
Where to invest in Florida
The best places to find investment property for sale in Florida are Orlando and the surrounding area, and Miami and Miami Beach. Miami is a world-class city which means that income from premium properties and rents will rise. New construction projects are already breaking ground in Miami with some high price properties. Investors in Miami will not see a quick return on their money, but in the long term prices are predicted to rise. Orlando is one of the most popular holiday destinations in the world so for those looking to rent to families on holiday it is an ideal location. Investors might also consider the coastal resorts with their excellent golf facilities such as Daytona Beach, Bal Harbour and Palm Beach. These areas will appeal to older renters such as retired couples. For those seeking short term returns, the best places are Tampa and Daytona Beach where employment rates have consistently stayed above two per cent. In areas such as Fort Lauderdale, where job growth is lower, investors should look to the longer term for their returns.
Investment property – tourism
One of Florida’s main attractions for investors looking for rental income is that Florida’s rental market is driven by tourism and, with its all-year round sunshine, the state can offer investors a 52-week season. Florida has more than 300 days of sunshine a year and its annual temperature averages around 21 degrees Celsius. Added to the great weather are some fantastic attractions, such as the Kennedy Space Centre, Disney World and Sea World. In 2011, Florida received a record number of visitors with 86 million people visiting the Sunshine State. The rise in tourists saw a concomitant rise in employment with an additional 38,000 jobs being created. An open-skies agreement has also ensured that Florida has plenty of flights making it readily accessible to tourists. Rental income varies throughout the year, but good rents can be obtained for a variety of properties in Orlando from two-bedroom apartments to villas.
Investment property – domestic rentals
Investors in Florida, however, do not just have to consider the income from tourists as the domestic rental market is also worth considering. Job and income growth in parts of Florida have outpaced the rest of America which means that Florida has pulled in job seekers from other states. The population of Florida is predicted to reach 28 million by 2028 when it will be the most populous state in the US. Most of the new residents coming into Florida will be young working-age adults who will come to take advantage of the good employment opportunities in Florida and rents should be supported by renewed population growth.