The Sunshine State offers a wealth of opportunities for real estate investors looking to expand their financial portfolio, but like any acquisition, maximizing your real estate investment return requires careful research and insight from experts who know the market.
Florida is home to picturesque scenery and a laid-back lifestyle, but not all urban areas are poised for economic growth. That’s why GOBankingRates spoke to Florida real estate investors, developers, and experts who follow the market every day to bring you a ranking of the best Florida cities for real estate investment.
Boca Raton
Boca Raton has seen a surge in people from the Northeast moving there since the pandemic began, thanks to new restaurant openings and expanded pedestrian malls. As a result, developers are building new properties to meet demand.
“A lot of the properties in Boca are older properties that are historically dilapidated,” said Victor Ballestas, president of Integra Investments Inc. “We’re seeing demand from people. [who] I want to buy quality products.”
“That’s why we’re so strong. [desire] “I’ll share my experience with properties along Boca Lake and why there’s demand for projects building new townhouses,” he explained.
Ballestas said investing in Boca Raton is the safest investment in the Florida market because it’s an established coastal community, very well known and still growing. “From an investment standpoint, it’s a safe bet if you’re looking at Florida.”
North Miami
Land scarcity and barriers to entry in Miami and South Beach make North Miami a very attractive location.
“The SoLe Mia project has revolutionized the entire region,” said Edgardo Defaultuna, CEO of Fortune International Group. Developed by Turnberry and the LeFrak organization, the project transformed 196 acres of land on Biscayne Boulevard into a mixed-use property that includes:
- House with parking space
- Office Space
- retail store
- Hotel Rooms
- UHealth Miami Medical Center
- Charter Schools
“Everything points to this being an up-and-coming area that will appreciate in value,” Defaultuna said. “The area, like other areas, is attracting young, up-and-coming people who understand the value of these types of properties. [being developed] the circumstances surrounding the project.”
Bonita Springs
Bonita Springs is a quaint town on the southwest Florida coast blessed with nature, water and plenty of golf courses. It’s currently experiencing a large influx of people from the Northeast and Midwest, especially states with higher taxes and crime, making it a very safe and beautiful place to live, with lower taxes and crime rates, according to Mark Wilson, CEO of London Bay Development Group.
Wilson said this beautiful little gem of an island is also home to Ostero Bay, Florida’s first aquatic sanctuary.
Population growth and migration creates value in the investment market. [in Bonita Springs] “It’s not as expensive as Naples or Sarasota, so I think it’s still a very good price increase in the market. Demand is outstripping supply, and I think it’s going to continue that way for a while.”
Orlando
Hear the name and images of theme parks probably come to mind, but opportunities for real estate investors abound beyond Disney and Orlando’s parks and resorts.
“Orlando is one of the most undervalued cities in Florida 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 get a good deal.
“Compared to other parts of the state, Orlando’s home prices are more affordable and home prices are expected to continue to rise in the future, making the city attractive,” Thorne said.
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