Reasonable residential properties in Florida
First off, I’m not in real state nor have I ever been. The only things I know about the space are what I occasionally find in daily news highlight. I’m curious what markets in Florida are still make sense after the big migration we saw in the last 1-2 years. Miami sounds great but I’ve read js now just as expensive as other major cities. Tampa seems to be up and coming but not sure how prices have moved there. Orlando… we’ll Orlando is in the middle of nowhere and I’m not a huge theme park person.
Where are the attractive residential real estate markets left in Florida?
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Obviously a lot of personal variables that go into that answer, but I'm a native Florida/real estate finance guy, and I'd buy in any of the below markets. Florida single family construction starts historically peaked between April '21 - April '22 and remain high. It typically takes the big master plan guys 18 to 24 months to get their projects delivered, so new deliveries are strong/getting stronger right now. The bulk of that residential development is happening in Orange, Osceola, Hillsborough, and Lee county. There is no place for Miami metro to grow geographically--it is wedged in between the everglades and the ocean. It's submarkets are constantly redeveloped with certain pockets becoming relatively more valuable compared to others. It also has nationally high crime rates for like literally every subtype of crime, and for good hard working people looking to eventually raise a family, think that makes it a non-starter. Plus the affordability component. The growth in Tampa you're talking about is happening all along the west coast from Bayonet Point down to Osprey. If you're interested in discussing more feel free to PM.
Budget under $800,000: St. Petersburg/Tampa/Clearwater, Jacksonville Beach, Lake Mary (inland), Lakewood Ranch (inland), Lake Nona (inland), Fort Pierce
Budget $800,000 - $1.5MM: Fort Lauderdale/Boca Raton/West Palm Beach, Jupiter, Naples, Winter Park (inland), Windermere (inland)
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