Ever since the 1920s, when the first real estate boom officially arrived at the doorstep of the Sunshine State, the idea that you too could own a sunny slice of Miami or Tampa has taken root within the American dream.
But, as with any investment, the risk of loss is real and timing is everything. Florida housing prices, which hit a peak in December 2006, are slowly recovering after the Great Recession nosedive — the state’s fall was among the harshest in the nation — but recently, the trend is positive, stoking renewed interest in real estate.
Going long? Florida’s housing market seems to make the most sense overall for those looking to invest in the long term.
For instance, the Cape Coral area in Southwest Florida moves in many directions: It is the largest city in our top 10 at 158,415 residents, and it has an average sales price that is the third lowest in our top 10 at $96 per square foot. It’s the only city on our list located in Lee County, which is also home to Fort Myers. Cape Coral residents are thinking about development, which can have a major effect on real estate values. 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.
Florida land is booming again. In 2016, we see builders acquiring land and building at a rapid pace. Now is the time to invest in Florida real estate.