South Florida Investment Real Estate Properties Opening Up
Many of you have been emailing me the following question:
“... Mark, you keep mentioning about the Orlando and Las Vegas investment real estate market but you haven’t mentioned much about the South Florida investment market. What are your thoughts on the South Florida investment and preconstruction real estate markets?”
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The problem with this question is that there is no short answer. Although the South Florida real estate properties have been appreciating over the last few years I feel there are better and safer markets to invest in right now. Although, investing in Miami [, as long as it’s preconstruction,] is always a great idea because of the high demand of these properties. When investing in South Florida the fact is that finding preconstruction investment real estate in Miami is much more difficult compared to the markets in Orlando, Ft. Lauderdale, or even Las Vegas. There are several preconstruction developments opening up but many investors like choice. When you tell them that you have eight nice preconstruction properties in Orlando, six in Las Vegas, and only one in South Florida people tend to think that South Florida isn’t growing like the rest of the market. Many investors like to pick a home that reflects their personal style and when there is no selection of inventory this usually turns the investor off; or even worse causes the investor to buy a very risky investment from a new developer. Imagine you walked into a car dealership and asked to see their luxury cars and they pulled out one car and said this is our entire inventory. Chances are you are not going to buy the car no matter how perfect it is. This is most likely because you didn’t have any selection and you felt like you had no choice in the matter. This is very similar to what, at the present time, the South Florida investment market is like. There are some good preconstruction investment properties but because the selection is limited only the educated and experienced investors will purchase them.
I’m not saying that investing in South Florida real estate properties are bad ideas. This market just does not appear at the top of the list for the serious real estate investors. Many people choose to invest in south Florida hot spots like Miami or South Beach but that is because they want to visit the condo or home for vacation. I never discourage investors from investing in South Florida but then again I seldom bring it up unless that is the specific area they want.
The key thing to remember is that south Florida was a great investment market a few years ago but has defiantly cooled down over the last year or two. If you can buy preconstruction in this area you can still make a strong ROI on your opportunity. Although, you may want to look into other markets where there is more of a selection of choice developments.
If you ever have a question about a specific preconstruction project or development in this market, particularly the Florida and Las Vegas markets, feel free to contact YAERD at 1-877-923-7370. I am here to give you my honest advice on any project in this market.
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