Most of you all reading this know that Florida is known as "The Sunshine State," but did you know that the 2010 state population was almost 19 million? In 2009, there were somewhere around 9 million housing units in the state.
Let's just talk about a few major metro areas. We discuss Miami, Fort Lauderdale, and Orlando. I know there are several other large cities in this sunny state, but I don't want to be writing for 3 days on this post. :-)
Miami, FL Real Estate
It seems as though Miami was one of the areas hit the hardest by the housing market crash. The decline from the all-time high real estate prices is at around 40%. This is not what Miami home owners want to hear, especially if they were counting on a home equity loan to help them through some financial struggle. The good news is that it seems like the real estate market is going to bottom out very soon in Miami. The worst year seems to be 2008 with the home depreciation rate at a whopping 27%. In 2010 the rate of depreciation was around 5%.
It seems as though this year the Miami housing market will get better. Foreign real estate investments are helping the city bounce back from the housing nightmare there. Housing sales are up around 50% this year and Condo sales are up by around 80% according to an article on Fox News in March of 2011. Who is buying in Miami? It seems quite a bit of the buyers entering the Miami market are wealthy Mexicans, Brazilians, Canadians, Romanians, and clients from France.
This is good news for this large Florida city!
Fort Lauderdale, FL Real Estate
It seems as though Fort Lauderdale home prices are declining this year by quite a bit. The price per square foot in this Florida city has declined about 15% when you compare home prices to the second quarter of last year. The median home sales price decreased about 8% when one compares it to the exact same time last year. It is a great time for buyers to enter the market, but a bad time to sell your home in Fort Lauderdale. Why do people choose to move to Fort Lauderdale? The popular tourist destination is great for people in that business or for those who are looking for a more laid back atmosphere. People who get jobs in marine commerce might end up in this beautiful city known as the Venice of America. Marine commerce accounts for over 130,000 jobs in Fort Lauderdale.
Orlando, FL Real Estate
When I think Orlando, I think family. This Florida city is great for families with young children because there is so much for kids to do there. Universal Studios, Islands of Adventure, Sea World, Discovery Cove and Wet-N-Wild theme parks are nearby. And who could forget the world famous Disney World? There are also many museums and other attractions to bring the kids to. This is why so many families travel to Orlando each year for vacation.
So what about real estate? The average price per square foot is around $72 in this family-oriented area. This is a decrease of about 7% from the same time last year. This isn't good news for those wanting to sell their homes in Orlando. This is good news if you are looking to buy in Orlando, FL. The most popular neighborhoods are Meadow Woods, Pine Hills, Metro West, Lake Nona, and College Park. The home prices in these subdivisions range from about $60,000 to about $300,000. This makes the popular neighborhoods in this city more affordable than many other cities in the United States that are good for families.
So there you have it! I hope this is useful information for someone out there looking to buy a home or sell their home in the Sunshine State!
Great info; do you have any statistics on things like crime, schools, or taxes for Florida?
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