Investors are having a ball in Florida at the moment as property sales and prices continue to skyrocket. Real estate values in Florida are rising faster than the national average, attracting investors and buyers from all over the USA and abroad.
Property and real estate is improving across the boards in the USA and according to the National Association of Realtors, there has been an overall increase of 11.5 % in the median sales price of single-family homes. In Florida, sales have soared 17.6%, according to the Florida Association of Realtors and at the same time, the state wide median sale price jumped up 15.9%.
Florida’s property market is clearly leading the country making property investment in the sunshine state a particularly attractive prospect for prospective investors. Generally prices are still below 2007 levels whilst growth is back on track leaving promising potential for strong return on investments.
Along with the upward trend in house price values, a recent report by BMO Economics stated that Florida’s GDP is expected to increase by 3% in 2014. The job market is also on the up and Florida is expected to add around 176,000 new jobs to the market in 2014.
It isn’t just American investors taking advantage of this price growth. Foreign investors now account for 23% of sales, according to the National Association of Realtors. This is the largest share of foreign real estate investment in 2013 of any other state. Foreign investors appear particularly attracted to Orlando, where the city saw house price increases of 24% last year. Non-resident foreigners now account for $6.4 billion worth of investments in Florida and this only looks to improve.
There are several options available to investors looking at the market in Florida; purchasing foreclosure property in the rebounding market, buy-to-let properties or a second home that can be used for vacation rentals. Land values in some areas make the option of purchasing a plot of land in Florida’s most undersupplied property markets a lucrative option. To find out more about investing in Floridian property, contact BRIC today to discuss your options for your Florida investment.
Source: The Move Chanel