Can You Be Cash Flow Positive Space Coast Condo Renting Current State of the Florida Real Estate Market

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Current State of the Florida Real Estate Market

For years, Florida real estate was at the top of the list of real estate investors wanted to acquire. The Sunshine State is considered one of the top tourist destinations in the world and investors often buy homes and apartments for short-term rental.

The prospect of making a fortune investing in real estate in Florida was a very real possibility until the economy collapsed. Now much of the country is littered with foreclosed properties created by reverse mortgages and massive mortgage fraud.

Thousands of oceanfront condos and beach houses are empty. Investors who have bought holiday properties are finding it difficult to get tenants, as people can no longer afford seaside holidays. Those lucky enough to rent out their properties are competing with hundreds of other hungry investors and are often forced to lower rents to generate a certain level of cash flow.

Florida used to be a state that people flocked to in droves, but today the number of people moving out of the Sunshine State exceeds the number of people moving into it. The U.S. Census Bureau reports that more than 200 Floridians move out of the state every day.

Much of the mass emigration stems from chronic unemployment. Other factors include increases in property taxes and insurance and decreases in property values. In addition, a significant number of residents are retirees living on fixed incomes. The cost of coastal living prevents many ‘snowbirds’ from returning to the state during the winter months, forcing many to sell their home well below market value.

According to Foreclosure Data Online, Miami-Dade County has the highest rate of foreclosures, followed by Orange County. Broward County is slated to join because of the end of NASA’s rocket program.

While things may seem bleak and doom for the Florida real estate market, there are positives. Due to falling property values, buying a property is much more affordable. Whether you’re looking for a vacation home or an investment property, homes are selling for almost half of what they were 5 years ago.

Beach houses and oceanfront condos that were once valued at over a million dollars can often be purchased for $500,000 to $600,000. Many of the homes for sale are located in gated communities that offer an abundance of amenities, including airstrips and airplane hangars. Condos at the top of the building with panoramic ocean views sell for pennies on the dollar. The prices of houses located in the interior of the country are from 30 to 60 percent lower than the market value.

Much of the real estate available for sale in Florida is bank foreclosures or short sale properties. Due to the high rate of foreclosures in the country, many banks have been forced to offer short sale contracts to liquidate too many homes.

Short-term housing can be an affordable option for individual buyers or investors. Banks typically require property owners to have a buyer before allowing them to sell their home “below” the mortgage loan amount. This type of transaction requires buyers to negotiate with lenders and can take several months. However, the overall savings can be worth the effort.

While no one knows for sure when the Florida real estate market will pick up again, prices are near rock bottom. Those who have been considering this market may want to assess the situation to see if now is the right time to invest.

There is no doubt that Florida will thrive again. Individuals and investors who buy houses now could reap significant gains in the future. It can be beneficial to work with real estate professionals who are knowledgeable in this area. By doing this, you can reduce the time spent on searching for properties and reduce the risks involved in presenting offers for bank-owned apartments.

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