Yahoo Finance Florida Housing Scorecard: 4 Cities Ranked for the Best Real Estate Investments
The Sunshine State provides a wealth of opportunities for real estate investors wanting to grow their financial portfolios. However, as with any acquisition, maximizing the return on your real estate investments requires careful research and insight from professionals who know the market.
While Florida is home to picturesque scenery and a leisurely lifestyle, not all urban areas are headed for economic growth. That’s why GOBankingRates spoke to Florida real estate investors, developers and experts who have their eyes on the market day in and day out, and they’re filling you in on Florida cities ranked as the best real estate investments.
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Boca Raton
With the opening of new restaurants and growing walkability, Boca Raton is experiencing a heavy migration from the Northeast post-COVID-19. Consequently, developers are building new properties to support the demand.
“A lot of properties that have been in Boca historically have been older properties that are aging,” said Integra Investments principal Victor Ballestas. “We’re seeing the demand from people [who] want to buy quality.”
“That’s why we had such a strong [desire] in a property we did on Boca Lake and why we see demand in a project that we’re building with newer townhouses,” he explained.
Ballestas said investing in Boca Raton is as safe of an investment in a Florida market as it can be, because it’s an established coastal community, very well known and still growing. “From an investment standpoint, it’s a safe bet when you’re looking at Florida.”
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North Miami
The scarcity of land and the barrier to entry in Miami and South Beach has made North Miami very attractive.
“The SoLe Mia Project has been a game changer for the entire area,” said Edgardo Defortuna, CEO of Fortune International Group. The project, developed by Turnberry and the LeFrak organization, converted 196 acres of land on Biscayne Boulevard into mixed-use properties, including:
Residential units with a parking garage
Office space
Retail venues
Hotel rooms
UHealth Miami Medical Center
A charter school
“Everything has been pointing to the fact that this will be an up-and-coming area that will increase in value,” said Defortuna. “It’s attracting young, upcoming people that see the value of these types of properties, as well as other areas [being developed] surrounding that project.”
Bonita Springs
Bonita Springs is a quaint city on the southwest coast of Florida with access to nature, water and abundant golfing. It’s currently experiencing a big migration from the Northeast and the Midwest, especially in high-tax and high-crime states, making it a low-tax, low-crime, beautiful place to live that is extremely safe, said Mark Wilson, CEO of London Bay Development Group.
This small gem with beautiful landscaping is also home to Ostero Bay, the first aquatic preserve in Florida, Wilson said.
Because of the population growth and migration, it creates value in the market for investment. “Prices [in Bonita Springs] aren’t as high as Naples or Sarasota, so I think it’s still very good appreciation in the marketplace; the demand is outstripping supply, and I think it will be for some time.”
Orlando
When you hear its name, your mind likely gravitates to an image of theme parks. But outside of Disney and Orlando’s parks and resorts exist plentiful opportunities for real estate investors.
“Orlando is one of Florida’s most under-rated cities for investment, ” said Robert Thorne, CEO and founder of Urban Network Capital Group. “The city is experiencing a land rush as developers capitalize on the city’s thriving tourism industry and booming job market.”
And you might be able to get in for a good deal.
“In comparison to other areas of the state, prices in Orlando are more attainable, and home values are projected to continue to soar, making the city appealing,” said Thorne.
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This article originally appeared on GOBankingRates.com: Florida Housing Scorecard: 4 Cities Ranked for the Best Real Estate Investments
