South Florida has the attention of real estate investors. There’s opportunity afoot and the savvy know why.
Warm sunny weather, magnificent beaches, a culturally diverse population, an eclectic mix of food and entertainment, tons of eco-wonders and a year-round vacation lifestyle, make South Florida one of the most popular places to live, work and play in the USA. So when it comes to real estate, it should come as no surprise that South Florida ranks high on the list for investors. Here are more reasons why investors love South Florida.
When it comes to finding the right properties, investors have no trouble in South Florida. There’s an abundance of opportunities to pursue and infinite choices when it comes to budget, whether it’s a long-term or short-term investment and whether you’re looking for a waterfront property, a suburban location or something in between. South Florida real estate offers everything from oceanfront high rises and sprawling mansions tucked away in upscale neighborhoods to single family, multifamily, apartment and condo homes. There’s something to suit everyone’s investment preferences.
Low property taxes
Of course it depends on where you buy, but Florida ranks among the top 30 states in the US for the lowest property taxes. In 2015, taxes in the sunshine state averaged around $1,913, placing them in the 29th slot for lowest taxes. And for an investor who’s looking to buy rental properties, lower property taxes equal higher profits.
Although South Florida continues to bounce back well after the mortgage crisis, there are still many properties out there that are priced well. The abundance of foreclosures left many properties vacant for many years, and investors who have the savvy to grab them, fix them up, and flip or rent them out will reap the benefits. There are also some urban neighborhoods that are increasing their appeal, especially among millennials looking to rent.
A renter’s paradise
Tourists, snowbirds, college students and international visitors are among the many people who look to rent in South Florida for extended periods of time. For investors, the opportunity to enjoy a steady flow of income from rental properties is ripe. In 2015, the median rental income for South Florida was nearly $1600 monthly, which could mean a healthy profit when you consider all the great deals that are out there. With the advent of services like AirBnB and Homeaway, there’s additional opportunities for converting your investment into a vacation rental.
Considering that it is one of the most beautiful places in the world and the many financial advantages, investors continue to put their money in South Florida. If you’re interested in learning more about properties in the area, give us a call. We not only have years of experience serving clients looking to invest in real estate, but as South Florida natives, we are intimately familiar with the best deals and those opportunities that will be of the highest value. Get in touch with us today to discuss your investment interests.