Norma Mirsky - Top 10 Cities in Florida to Invest in Real Estate

TOP 10 CITIES IN FLORIDA TO INVEST IN REAL ESTATE

BY NORMA MIRSKY

DORAL

A COMBINATION OF RELATIVE AFFORDABILITY, LOW UNEMPLOYMENT RATES AND A STRONG POPULATION GROWTH MAKE DORAL A GREAT PLACE TO INVEST. LOCATED IN THE GREATER MIAMI AREA, THIS CITY WELCOMED ALMOST 6,000 NEW RESIDENTS BETWEEN 2010 AND 2013, EQUALING A GAIN OF MORE THAN 14%.

BAL HARBOUR

WITH AN AVERAGE SALES PRICE OF $340 PER SQUARE FOOT, TINY BAL HARBOUR IS DEFINITELY ON THE MORE EXPENSIVE SIDE OF THINGS. YET THERE’S A GOOD REASON FOR THIS, AND THERE ARE STILL PLENTY OF BUYERS. ON ZILLOW’S 0-10 SCALE FOR SPEED OF SALE, BAL HARBOUR SCORED AN IMPRESSIVE 8.66.

HOMESTEAD

GROWTH IS A MAJOR FACTOR HERE; MORE THAN HALF (56%) OF ITS HOMES HAVE INCREASED IN VALUE OVER THE PAST 10 YEARS, ALTHOUGH HOUSING REMAINS RELATIVELY AFFORDABLE IN THIS SMALL CITY OF 61,714. OVER THE PAST TWO YEARS, SALES PRICES HAVE AVERAGED JUST $79.42 PER SQUARE FOOT, AMONG THE MOST AFFORDABLE ON THIS LIST.

MIAMI LAKES

WHILE IT MAY NOT BOAST OCEANFRONT PROPERTY, A FULL 57% OF THE HOUSING STOCK OUT HERE HAS INCREASED IN VALUE OVER THE PAST 10 YEARS, AND VACANCIES HAVE DROPPED 3.6%. THIS IS A GREAT SIGN FOR INVESTORS WHO MAY HAVE TO PAY A PREMIUM IN THIS MIAMI SUBURB, WHERE BUYERS PAY AN AVERAGE OF $152 PER SQUARE FOOT FOR A HOUSE.

MARIANNA

THERE ARE PLENTY OF BARGAINS IN MARIANNA, AS EVIDENCED BY AN AVERAGE $61 PER SQUARE FOOT. AND WITH A 28% INCREASE IN THE POPULATION FROM 2010 TO 2013, IT SEEMS TO BE ATTRACTING NEW RESIDENTS AS WELL.

HIALEAH GARDENS

BUYERS WHO ARE LOOKING FOR A QUICK TURNAROUND ON THEIR INVESTMENT WILL FIND PLENTY OF OPTIONS TO FLIP HOUSING IN HIALEAH GARDENS, WHICH BOASTS AN EXCEPTIONALLY HIGH OVERALL MARKET HEALTH SCORE.

AVENTURA

THIS DIVERSE AND GROWING COMMUNITY OUTSIDE OF MIAMI IS KNOWN FOR A HIGH PERCENTAGE OF NORTHEAST TRANSPLANTS, AS WELL AS MANY HIGH-RISE CONDOS. WHILE IT’S RELATIVELY EXPENSIVE AT $227 PER SQUARE FOOT, THERE ARE PLENTY OF OPTIONS FOR INTRACOASTAL WATERWAY AND ATLANTIC OCEAN VIEWS.

PINECREST

THIS SMALL MIAMI-REGION VILLAGE IS PRETTY EXPENSIVE AT $269 PER SQUARE FOOT, BUT IT’S WELL WORTH IT THANKS TO THE REGION’S HIGH-QUALITY HOMES AND VIEWS. ITS POPULATION HAS GROWN A MODEST 1.54% IN RECENT YEARS, ALTHOUGH VILLAGE LEADERS HAVE BEEN TALKING ABOUT EXPANSION.

CAPE CORAL

LOCATED ON THE GULF COAST NEAR FORT MYERS, CAPE CORAL IS THE LARGEST CITY ON THIS LIST (158,415), AND HAS AN AVERAGE SALES PRICE OF $96 PER SQUARE FOOT. CAPE CORAL RESIDENTS ARE THINKING ABOUT DEVELOPMENT, WHICH CAN HAVE A MAJOR EFFECT ON REAL ESTATE VALUES, AND RECENT NEWS REPORTS HAVE FOCUSED ON PLANS TO DEVELOP BIMINI BASIN AS A COMMUNITY GATHERING PLACE, WITH SOME IDEAS CALLING FOR A MIX OF COMMERCIAL AND OPEN SPACE.

WINTER GARDEN

LOCATED NEAR ORLANDO, WINTER GARDEN HAS A LOT TO OFFER ANYBODY DIVING INTO THE REAL ESTATE MARKET; AS ITS VACANCY RATE DECLINED, ITS POPULATION GREW OVER 13%, SUGGESTING A STRONG DEMAND FOR HOUSING. POSSIBLY DUE TO ITS PROXIMITY TO VARIOUS AMUSEMENT PARKS, IT HAS A PARTICULARLY STRONG JOB MARKET (ONLY 3.8% UNEMPLOYMENT, COMPARED TO FLORIDA’S OVERALL AVERAGE OF 5.6%), WHICH IN TURN SUPPORTS A GROWING HOUSING MARKET.