Florida remains a popular state for real estate investment with enjoying a slice of the Sunshine State being a part of many Americans' dreams. Florida residential real estate prices peaked in 2006, right before the Great Recession struck. Although Florida's fall was one of the hardest in the United States, the state's real estate market is now growing stronger.
Several areas of Florida are being touted as some of the best areas in which to invest. For instance, Atlantis, Hialeah Gardens and Lauderdale-by-the-Sea are top areas for flipping homes -- which is essentially renovating and selling homes quickly for a profit. Other areas that may be attractive to investors due other to factors, such as affordability, increasing home values and low unemployment rates, include Miami-Dade County, Bal Harbour and Homestead.
Cape Coral is additionally drawing attention because of development possibilities in the area, which are known to have a huge impact on the values of real estate. Fort Lauderdale and Miami are top areas for investing in beachfront properties as well. In addition, Florida in general is known as an ideal place for those interested in long-term real estate investing.
With the residential real estate market in Florida currently making a splash due to its growth in recent years, this year appears to be a promising one for those who wish to explore real estate investment opportunities. However, failure to take the right steps may cause a deal to quickly flounder. Proper legal guidance may help investors in residential real estate to execute their deals in a way that will financially benefit them in the long term.
Source: nerdwallet.com, "Best Places to Invest in Real Estate in Florida", Kamran Rosen, Feb. 23, 2015