What a great source of information this website…thank you to all. I am in the learning stage of RE. I have been doing so much reading that my head is spinning. There is so much to learn. I just went to my first REIA meeting, got alot of information and now I can’t wait to start putting all that information into motion. I am very excited.
Now my question would be to anyone who is familiar with Florida real estate. I am not from Florida…I am from the Northeast, but my husband and I will be there in a couple of weeks for a few days. I have heard many good things about Florida real estate. Now I’m sure many might have something bad to say about Florida real estate to anything good I might say. And I would like to hear that. When we are there we would like to spend a few days just looking at different areas and different options. What I would like to know is what area would be a good area to look into to make a purchase for rental? Is there a specific real estate company that someone could recommend? Also I heard about purchasing a new construction house and by the time the house is finished it has gone up in value and you then sell…anyone familiar with that concept? We are not going with the intent to foolishly purchase, but would like to do some serious looking while we are there and I would like to have some places and sources lined up before we go so we can spend our time constructively.
Sorry for the long post…thank you in advance for all your help.
I thought I would have gotten alot of suggestions thrown my way. Looking for someone to recommend what part of Florida is a good spot to look at for a potential purchase. Any suggestions on who to contact?
I would have to disagree if the masses are saying SWFLA is on a downward trend, quite the opposite really. Lee County is the 5th fastest growing county in the US and FL is now the 3rd most populated state. FL, paticularly waterfront is booming, it is all supply and demand. Cape Coral is a booming market, but be careful when looking at gulf access lots as some say gulf access but you have to go through 14 canals, one dike, a boat lift and then you are scott free to have it hauled from the marina on the canal over to the gulf (being a little over the top, but you get my meaning). I would stay away from areas like Lehigh Acres, as there is no draw here it is to far inland. Anything from the waterline Naples to Tampa is a hot pick right now. I have been investing is Clearwater and just had an opening in Sarasota i am re-considering after some new events of transpired. Hope this helps in some way?
Thanks for the info. Does anyone know of any websites or contacts to help us out if we were to spend some time in Florida? Clearwater is what we are considering right now. How is the Orlando area…too expensive? How about Ocala or Polk county? Any feedbacks on these areas? Thank you
I am not that familiar with St. Augustine, but i was in Jacksonville and unless you are roght on the water dont waste your time. Jacksonville is so spread out, and not one of the nicest places i have been. Water yes, inland absolutley not…
Florida is very hot right now but be sure you are educated in the areas that have moved. Some parts of Florida have seen huge growth in a short period of time and you could be jumping in on the tail end of a move. I am purchasing in Orlando, mainly condo conversions as Orlando is extremely hot right now. 800 people a day are moving in and condos are at 98% capacity, they cannot get them built fast enough to accomodate the growth. If you would like some developer contacts in that area you must email me so I can get you in touch with them.
South Florida is an area I would be cautious with. Condos in Miami are hitting the $1000/sq ft mark in some areas. Though this SF market is driven by European and South American investors and I don’t expect a down trend anytime soon it is just too expensive to buy for rental puposes.
I am hot on the trail of a new area in Central Florida that I have been told by some extremely successful RE people that I am looking in to but won’t have def answers for another week, then I will be able to post my reasons on that area.
The coastal areas have made some very big moves and you should be a bit cautious of some of those areas. However word has that Daytona is still undervalued and I know of some very large developers who have moved into the Titusville area.
My wife and i are looking at securing a couple of properties in the ORlando area just as you have. However, some of the properties we have looked at have some pretyy strong restrictions, such as rental clauses (>12 only), must hold the property for 12 months, etc. Thanks!
I live in Tampa and new construction is almost impossible to get your grubby hands on. There are so many waiting lists. Most builders have it in the contract that it must be owner occupied for at least a year.
But you also need to check out the supply of homes that are for rent in the newspaper. In my part of town, there are lots! New 3/2 renting for $1100 to $1300 a month. So unless you are putting some cash down you will be upside down. Taxes in hillsborough county are about $3600 a year. Then slap on another $900 to $1200 a year for CDD fees, and then HO insurance. If you are in the NE, I doubt you can manage the property, so slap on more for the property management fee.
Back to that Insurance thing in Hurricane country!
It is kinda mesed up we have a property in Gulf Shores Alabama that suffered damage from Ivan last year I was a six month battle trying to get the insurance to pay They covered flood and water but not wind they tried to say that it was all the wind that caused the damage not the water and flood! So make sure that you are insured for wind just some food for thought!
“Bradenton Florida was the fastest appreciating market over the 12
months ending March 31. The average home there went up 45.6 percent. Other hot Florida locations included Sarasota (36 percent), West Palm Beach (35.9 percent), and Ft. Lauderdale (31.8 percent).”
I just got involved in a project (preconstruction) going on in Bradenton that is partnering with IMG. They are a exclusive training facility for the top atheletes. Looks like this is going to be an excellent investment oppurtunity, with potential for long term leases.
I am located in Hernando County, Florida , north of Tampa (WeekiWachi area) and property is selling as quick as they come on the market. Just when you think the price can’t get any higher they do. People from the north atlantic states still think the prices are a bargain.