One should always consider his or her options in buying a home, especially in the case of Florida real estate. However, if you're of a mind to end up with a successful investment then you might want to consider the opportunities available in Boca Raton real estate.
Lately, Boca Raton have been seeing an influx of interested investors -- homebuyers looking for a quality home or investors aiming to make a profitable purchase in the city. Here are some of the reasons why.
Affordable Prices of Quality Properties
Boca Raton is considered to be a high-end social community. According to realtors, its land value is practically high, similar to what you would expect from South Beach, Key Biscayne, and Sunny Isles. Though it is somewhat laid back in terms of architecture and facilities; we can never deny the fact that its location in South Florida makes it one of the best living environment in this side of the country.
Despite its high-income demographics, Boca Raton real estate currently offers its luxurious properties at a very affordable price. A 1.8 percent price drop is seen among its previously-owned properties that closed the market price at an average of $320,000. Despite the fact that foreclosure and bank-owned homes increased its overall value by 10.2 percent, the median price of $217,000 is still affordable to any buyers looking for a cost-effective investment in this part of the country.
If you look at these figures, we can safely say that Boca Raton real estate is recovering from the market decline that hit the nation a couple of years back. It is far from being stable, but the growth on prices indicates a stabilizing market that is a boon for property owners in the city.
Property Selections Made Easy
Now that you have an idea why Boca Raton real estate is worth consideration for a property investment in Florida, let's not delve into property selections to guarantee a successful purchase.
According to statistics, there are roughly around 7,000 residential properties for sale in Boca Raton. 80% of these properties fall under previous-owned homes or Homes for Sale; Foreclosures numbers around 17% while the remaining goes into new developments. Despite the recovery of the market, real estate and construction firms are still withholding their plans for new housing developments due to the high number of homes for sale in the city.
Picking out a property among the selections offered in Boca Raton real estate requires you to determine two important factors: 1) what type of property and the purpose of investment; and 2) your budget for the purchase. One you define the specifics on these factors, it would be more than easy to pick out a home in Boca Raton.
William W. Teho, Jr.
Boca Raton Real Estate
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