Ah Florida, the lovely sunshine state! Everyone loves Florida! From its warm, breezy summers to spectacular sunsets and white sandy beaches, everybody wants to be a part of this beautiful city! Amidst all this popularity, it is not a surprise to know that the Florida Real estate market is on the rise. The latest addition to the American dream is to own an envious piece of property in this stunning state.
As per one of the most reliable home price indices in the U.S, S&P/Case-Shiller Index, since November 2011, the residential real estate has been on an increasing rise in the Miami area.
Nerdwallet, in its study of 227 places in Florida, has revealed some surprising real estate trends. Here are the some of the standout points of their study:
Sales Matter in Real Estate
The top three areas that have the highest number of sales are – Lauderdale-by-the-sea, Hialeah Gardens and Atlantis. Hialeah Gardens rules the chart with a score of 9.55 out of 10! The numbers suggest how quickly the properties in these areas get sold.
Beachfront Properties are Everybody’s Favorite
The Miami-Fort Lauderdale area surfaced as the unparalleled beachfront property winner.
A Long Term Investment Approach
The study of the investment trends suggests a long-term intent of investors behind putting their dollars in Florida properties.
To help you out in finding your next paradise home, I have compiled a list of the top ten most sought after real estate locations in Florida:
Doral
Doral rules our list of top ten locations in Florida to invest in real estate. A probable reason behind its popularity could be the relatively affordable property costs in the area, followed by a comparatively lower unemployment rate(4.4%) and a consistent population growth.
A Quick fact- This beautiful north-central Miami-Dade County area (from the year 2010 to 2013), had welcomed around 6000 new residents.
Bal Harbour
You know what they say- good things come in small packages! Do not let the small size of Bal Harbour let you underestimate its potential. With the tiny population of around 2,569, Bal Harbour is, undoubtedly, one of the priciest real estate havens in Florida. The average sales price is estimated to be around $340 per square foot.
Homestead
Homestead’s motto seems to be growth! Statistics shows an extraordinary 56% increase in the value of its residential houses in the past ten years. Irrespective of this feature, this city of around 61,714 residents remains fairly affordable. The average sales price in the past two years stands at $79.42 per square foot approximately.
Miami Lakes
With an average sales price of $152 per square foot, the Miami Lakes area, too, looks promising as a real estate wonder. The city boasts of an increase in the value of its 57% of residential property over the last ten years.
Marianna
Marianna has seen an increase of 28% in its population from the year 2010 to 2013. Without a doubt, it is attracting newer investors! The area is also one of the most affordable in the state.
Hialeah Gardens
This spectacular area shows off the healthiest overall market score of 9.55. With a population of around 22,136, the number of residents is quickly increasing as more and more investors try to grab a slice of the area’s delectable real estate opportunities.
Aventura
Aventura, a growing community in the northeastern Miami-Dade County, is most popular for its high-rise condos that are always up for sale! Aventura has an average sales price of around $227 per square foot.
Pinecrest
One of the most expensive suburban areas in the Miami-Dade County, the average sales price, stands at an approximate of $269 per square foot.
Cape Coral
Cape Coral is a fast developing city. With a high population of approximately 158,415 residents and an average sales price of $96 per square foot, the real estate scenario seems all set to take to newer heights.
Winter Garden
Thanks to Disney world, Winter Garden enjoys a growing strong job market. The recent population rise (13%) of the city suggest a rising demand for real estate.
I completely understand that like any other major financial investments in life, real estate, too, comes with its fair share of risks and probable losses. Therefore, you should employ the services of an established real estate agent before taking any major decisions.