The South Florida real estate market is blossoming. Prices are on the rise, and rents are at a record high. Foreign investors are getting involved in unprecedented numbers.
South Florida is blessed with a strong rental market. Because the area has many universities and a sizeable population, the demand for rental property is exceptionally high in South Florida. Coupled with high rents – Miami was 8th on the list of cities with the priciest rent in the U.S. in April 2016 – investing in real estate in South Florida can be very lucrative.
Here are three of the benefits that you will experience when you invest in the South Florida real estate market:
1. Relative Affordability
Zillow estimates the median home value in Florida to be $186,000, which represents a 9.1% increase from last year’s statistics. Despite the increase, this figure is still quite affordable compared to many other states. For example, according to the same site, the median home value in California comes in at $462,100.
2. Great Location
You will discover a great number of exquisite real estate investment opportunities in South Florida. Whether you are looking to invest in beach property, luxury high rise apartments with the latest amenities and gadgets, mansions, or tropical hideaways, you will find the most exotic investments in South Florida. With a wide variety of attractive locations dotting the South Florida landscape and skyline, you are sure to come across a property that will suit anyone’s taste for the exquisite.
3. Fantastic Bargains
If you can take the time to carry out sufficient research, you can get great deals in the South Florida real estate market. Scouring through real estate listings will certainly uncover some properties listed at prices that are less than their market value. If you are not afraid to undertake renovations and fix up a property, you can invest in the numerous bargains that are priced to sell in South Florida.
Choosing to invest in South Florida real estate can turn out to be a wise choice because of the various benefits you can get when you decide to put your money into this area. Making the right investment decisions will certainly increase your chances of success in the South Florida real estate market. That is why it is very important for you to have a trustworthy realtor who understands the local real estate investment market as a partner in your quest to invest in South Florida real estate.