Florida will be the leading indicator in 2014 for the recovering Real Estate Market.
Real Estate is local, however most economists and real estate pundits see the Florida market exceeding anyone’s expectations in 2014. It has started its road to record levels of success in 2013 with the Miami condo mark new construction buildings selling every phase with in record time. In our locla market of Parkland Florida 4 new construction projects being built are selling out every time they do a release. In some cases thenew releases are having lotteries for home sites. This brings back the memories of old days of the Real Estate boom in Florida 2001- 2005.
Most of Florida saw an increase of around 18 % in 2013. At present most areas especially popular cities like Boca Raton, Parkland FL, Coral Springs, Miami, Fort Lauderdale inventory level is low, and sellers are stitting pretty.
The last boom- bust cycle was started by the Florida Real Estate market. Florida will be the leading indicator for this next upswing. Investors love buying properties for cash in Florida and renting them out because there is good value and little to repair. There are some pitfalls for the small investor, beware of something that is too good to be true and do your inspections.
The State of Florida and in particular South Florida propertiess are relatively inexpensive compared to other popular areas in much colder climates, and around the world. Baby boomers wish to make Florida their retirement home, and younger families want to get away from the cold and take advantage of Florida’s schools and expanding job markets and avoid state taxes.
For all of the reasons above Florida will be the lead the country ino a healthy recovery we will see in 2014