During the US recession of the early 2000s, South Florida’s real estate market crashed harder than the rest of the country. Naples, located in Collier County, had one of the highest foreclosure rates in the country.
But times have changed, prices have recovered, and the South Florida market is stronger than ever.
Why South Florida real estate?
Florida is legendary for its tropical climate. But the weather in most of the state is more moderate than the Central and Southern parts of the State.
Miami is home to world-class nightlife and luxurious accommodations. Athletes and celebrities are willing to pay big money for property in the area, and many opt to rent on a short-term basis rather than buy.
But the money’s not just in luxury properties. Retirees flock to senior living developments, and many of the working class choose to rent instead of buying. This influx of retirees ensures steady economic growth because of the need for healthcare facilities and convenience.
What kind of properties should I invest in?
According to real estate expert Ingo Winzer, the best investments are:
- Single-family rentals in Broward
- Apartments in Miami-Dade
- Retail/restaurants in Palm Beach
- Medical Office Space in Palm Beach
With a recent decline in sales prices and increase in inventory, now’s the time to buy a single-family rental in the Miami area. The luxury market remains strong with rising sales prices.