If people are looking for potentially rewarding real estate deals, Florida remains a top choice, according to recent data. Specifically, Southwest Florida’s residential real estate market has been heating up this year. A major indicator of the state’s high status in the industry is the fact that two major markets have a supply of finished new homes that aren’t expected to last two weeks.
These two markets include Sarasota-Bradenton and Naples-Fort Myers. The fact that Sarasota-Bradenton, in particular, has a shortage of buildable lots makes it a hotspot, as the area appears highly desirable compared with other parts of the United States, where lots aren’t in high demand. This also means that the housing recovery of this past year in Florida may soon slow down.
However, the state’s residential market is expected to get even hotter in the coming years as more retirees choose to relocate there. The challenge builders face today is being able to strike a balance between their home prices and the pace of their construction. Some developers are actually converting old golf courses to lots that can hold new houses in Florida’s prime areas.
Time is of the essence when it comes to embarking on a residential real estate deal. With Florida drawing significant activity these days, this year appears to be an attractive time to purchase property, sell property or pursue real estate development opportunities. Understanding related laws will put all parties in a position to achieve their unique goals in today’s thriving housing market.
Source: heraldtribune.com, "Southwest Florida has slim inventory of finished new houses", Harold Bubil, June 13, 2014