Those who are looking to invest in property in the state of Florida should put Fort Lauderdale, Miami and Tampa at the very top of their list, according to real estate experts.
The great majority of the countries in Europe are at minimum two or even three years behind when it comes to their property cycle in comparison to the Sunshine State, the managing director of Colordarcy, Loxley McKenzie, believes; however, he warns that there are some areas in Florida which are still firmly at the bottom even as other areas seem ripe for investment.
So which areas are at the top of the firm's wish list and what are the reasons behind this? The city in Florida that has been getting the most attention in 2012 is undoubtedly Miami, with the median list of property in Miami having risen by 11.6% year-on-year, the latest data shows. This is a slowing down of the pace that resulted at one stage in prices increasing at a rate of 19.4%.
"The big draw in Miami is sunshine and beaches, and there have been plenty of cash-buying sun-seekers from countries including Canada and Brazil who have moved in to take advantage of prices that are still well below their peak," McKenzie says. "It is now possible to find downtown apartments in Miami for around $210,000 at a 50% discount. Combine with this a market that is growing at a rate of more than 10% a year and Miami is an ideal option for cash investors."
Tampa is another location for those looking for even lower prices, with tenanted property available for just $64,000, while an apartment in a luxury resort in Fort Lauderdale can be found for just $130,000 - less than half of the original asking prices.
