Top cities in Florida to invest in Real Estate?
Answers:
blue5349: Flipping properties in S. Florida is difficult right now.
1) depressed market for all except reasonably priced waterfront or waterfacing
2) high taxes
3) hign insurance rates
We S.Floridians are praying that our state gov't will pass some tax-break legistlation soon, but until then, properties are moving very slowly. Some property prices have gone down by 15 to 20% in order to sell, while others have not gone down as much.
Sample: 3 bedroom, 2 bath ranch in NC is selling for 180K, $1400 tax bill/year.
Similar house in FtLaud/Miami is selling for average of 300K+, with a $5600+ tax bill/year (and 5K+ total insurance cost.)
The bottom line? A house with PITI payments of $1200 in NC cost you about $3000 in S.FL right now, so flipping is difficult for that reason.
Prices in N.Florida (Jacksonville, for example) are a bit more reasonable, but all FL cities are dealing with high tax and insurance rates right now.
If you're willing to buy depressed properties/fixer-uppers,your profit might be a bit higher ,but sales, even in "iffy" neighborhoods are still slow.
Well, anything on the water is your best bet to flip houses. We've had quite the market correction like most places but it's especially bad here in South Florida. Real estate is still appreciating in the cheaper parts of the state or the more rural towns. A lot of people are escaping to those areas from the high priced cities. I would look at Port St. Lucie, Tampa, suburbs of Orlando, Jacksonville, Melbourne, Daytona Beach.
Stay away from Miami, Sarasota, Ft. Myers, Fort Lauderdale, West Palm Beach, Pensacola.
FYI, a lot of the real estate speculators I know are looking outside the state.
I AM GOING TO GIVE YOU 5 PLACES IN FLORIDA WHERE I HAVE PROPERTY THAT ARE HOT AND WILL GIVE YOU A STARTING POINT.THEY ARE FISHER ISLAND, PALM BEACH,INDIAN RIVER SHORES,SOUTH BEACH AND PELICAN BAY.STUDY THESE AREAS AND YOU WILL HAVE A STARTING POINT.
This is not a time to flip houses. You are a year too late. Lots of people all over Florida bought houses to flip, there were too many of them, they are stuck with the houses and the market is depressed. Prices in Naples dropped by 25%. If you go on craigslist, there are people trying to rent the condos they flipped.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...