Keeping your hard-earned money safe in the bank is smart. However, in order to build your wealth, you need to do more and invest in assets that lead to higher returns. Investing in real estate can lead to a myriad of benefits, including passive income, predictable cash flow, and tax advantages. If you’re diversifying your portfolio, it can also offset the volatility of high-risk assets.
Florida has many promising opportunities for real estate. As the 22nd largest state in the US, it offers high-yield rental markets. Although opportunities abound, finding the right investment for you is no easy feat. Qualified professionals who know the market like the back of their hands are your best bet.
Truly, some of the best investment opportunities in the state are in metros such as Miami, Orlando, and Jacksonville. There are, however, many other areas that can offer you equally promising prospects.
Here, we’ll show you where to invest in Florida real estate.
- Cutler Bay
The suburban community of Cutler Bay is not only a great place to live in but also a great place to invest in. It has a lot of real estate potential, given that the buyers outnumber the sellers in the area.
Compared to other cities in Miami-Dade country, homes here sell so much faster, averaging only 76 days on the market. The median list price is $350,000, while the median sold price is $325,000.
- Fort Meade
Around 54 miles east Tampa, you’ll find the historic city of Fort Meade, brimming with its small-town charm. It has some of the most budget-friendly real estate prospects in the state. The cost of living in Fort Meade is cheap, too—lower than the national average. It’s no surprise why the community is on the rise.
With new residents moving in to enjoy the year-round warmth and sunny weather, the demand for housing will continue to remain high. Here, even the average worker can find the right real estate prospects for their portfolio.
- Coral Gables
Coral Gables is one of the most affluent neighborhoods in South Florida, which is home to diverse residents ranging from wealthy foreigners to young professionals and students. It offers a wide array of residential and commercial opportunities. It also draws in crowds of tourists all-year-round because of its business establishments. Since the University of Miami is located in the area, it has a large student population too.
It has a well-balanced real estate market, which means it has a balanced number of buyers and sellers.
An influx of new residents is driving up the cost of living in Lakeland, Florida. However, it’s still more reasonably priced compared to cities in the north and west coast. Here, potential buyers easily outnumber the homes available. On average, a home sells after being on the market for 60 days.
The median list price for homes in Lakeland was $200,000 as of July 2020, with a sale-to-list price ratio of 99.23%.
A decade after Gainesville’s devastating housing crisis, it is thriving, making it an ideal place for real estate investments. The market currently has more buyers than active homes. Due to the increasing availability of employment opportunities in the area, new residents are looking for homes to move into.
The job growth is also empowering locals financially, making homeownership within reach for many of its long-time residents. If you have the means, you can purchase an investment property in Gainesville below the market price. Then, you can rehab and sell them at above-market rates.
- Palm Coast
Palm Coast, the most populated city in Flagler County, is a seller’s market. Known for its calm and laid-back way of life, it’s no surprise that it has more prospective buyers than active homes on the market.
The median list price in the area is $238,000, while its median sold price is $225,000. No doubt—you can make solid profits from investment properties in the area.
- Fort Myers
Fort Myers is one of the hottest Florida cities for selling property. As the commercial center of Lee County, it draws a lot of tourists for vacations or business reasons. It has more buyers than active homes on the market.
Currently, its medium list price is at $237,000, while its median sold price is at $222,500.
Hiring a Professional Real Estate Agent
Knowing the best markets for real estate investments lets you mitigate the risks and secure a good return on investment. It also helps to have a professional realtor on your side who has an established network of contacts and invaluable knowledge of the market.
No one knows South Florida real estate better than Tammy Hernandez Real Estate. Whether you’re looking to sell or buy property in the area, her extensive experience and market knowledge can ensure a fast, hassle-free process for you.
Get in touch with Tammy Hernandez Real Estate to find out more.