Posted on January 11, 2009 - by admin
Top cities in Florida for real estate investment?
hakhverdyan27 asked:
Just wondering about what are the top cities in Florida that people want to be and want to live.
Bulgarian Properties
Just wondering about what are the top cities in Florida that people want to be and want to live.
Bulgarian Properties
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January 13, 2009
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This is a good question. People always want to live on the coast. Isn’t that what Florida is all about?
There are problems right now. Trying to get homeowners insurance is difficult and very expensive. Also, property taxes are in a flux right now. There is still no resolution for high property tax. Politicians will meet again next month.
Start on the west coast of florida where the beaches are beautiful. The east coast is very built out but people still flock to miami because of the diverse culture.
Try to be at the beginning of a new trend. Tampa Bay seems to be up and coming.
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January 14, 2009
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The market here in S.FL is REAL slow 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.