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Here in the
Summer of 2005, median
prices for Florida real estate are still
climbing, although the Florida Association
of Realtors cautions that sales may be
starting to slow down. Statewide, the median
price for an existing single-family home was
$248,700 in June 2005. This is a 31%
increase over sales prices in June 2004!
The continuing
frenzy over Florida real estate is fueled at
least in part by low mortgage rates.
Freddie Mac announced that the average rate
for a 30-year mortgage in June was 5.58%,
down from 6.29% in June 2004.
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In cities and
suburban areas throughout the state, buyers
are rushing to purchase homes, condos and
lofts as fast as Florida real estate
developers can build them. With demand
outpacing the supply of Florida real estate,
initial offerings and
pre-construction prices are luring
bargain-hunting hopefuls. Waiting lists and
waiting lines have become part of the South
Florida real estate scene in Miami-Dade and
Palm Beach counties.
Waterfront and
beachfront property have long been drivers
of Florida real estate,
especially in south Florida communities.
Recently, the quest for properties on the
water has brought double-digit appreciation
north to the Florida panhandle region.
A younger
population is further helping to spur
development. As the South Florida
Sun-Sentinel reported in July 2005, many
young people aren't waiting until they are
married to purchase their first home
anymore. These first-time home buyers are
being lured into the Florida real estate
market because they are keenly aware of the
disadvantages of throwing their money away
on rent, when they could be building up
equity in a home.
A fast-growing
young population is making its mark on the
cities and towns of South Florida, where
condominiums and loft developments are hot
trends. Miami, for one, is bringing
residents downtown in increasing numbers, to
live where they work and play.
In many markets
from Boca Raton to Miami to Fort
Lauderdale, teardowns are changing
the face of Florida. Increasingly, buyers
are purchasing the land and replacing
existing dwellings with larger luxury homes.
Master planned
communities, such as the Century Grand at
Doral or Coral Lakes in Cape Coral, are also
big here in the summer of 2005. Master
planned communities strive to create a
complete community for their residents,
including beautiful homes, great schools,
golf courses, shopping, and parks or
recreation areas.
Truly, the
choices are endless when you're searching
for Florida real estate.
Whether you're looking for a trendy Miami
condo or a luxury home in Naples or a simple
vacation home on the beach, you're sure to
find what you're looking for right here in
the Sunshine State.
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- Florida has the
4th largest Gross State Product, making it the
8th largest economy in the western hemisphere,
and the 15th largest economy in the world. (BEA,
2001)
- The State ranks
5th in total employment in high-tech industries.
(Cyberstates, 2001)
- Florida’s
economy grew the fastest among the ten largest
states. Based on 2001 data, the most current
data available, Florida’s annual growth of real
gross state product (GSP) was 1.8%. Trailing
behind Florida is Texas, New York, Pennsylvania
and California. (U.S. Dept. of Commerce, Bureau
of Economic Analysis, June/2003)
- Florida is the
9th top job-creating state. The 8th annual jobs
survey compiled the top three manufacturing and
non-manufacturing job-creating projects from all
state-level economic development organizations.
The South-Atlantic region, which includes
Florida, Georgia, North Carolina, South Carolina
and Virgina, reported the largest number of jobs
to be created. (Area Development, June/2003)
- Florida is the
only state in the nation to have positive job
market growth for the past 13 months. For the
year ending in March 2003, the latest month for
which comparable data from other states is
available, Florida continued to create the most
new jobs among all states and expanded at the
fastest growth rate as compared to the 10 most
populous states. (Florida Agency for Workforce
Innovation, May/2003)
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Florida has no personal income tax,
no gift tax, no inheritance or inventory tax and no corporate
franchise or property tax. Florida also offers a homestead
exemption, a $25,000 tax deduction from real estate value and sales
tax exemptions, including a 12 month exemption on qualified
manufacturing equipment, motion pictures, television, recording
activities, launch vehicles, fuels and payloads.
Corporate
income tax - 5.5%
No corporate income taxes on limited partnerships or subchapter
S-corporations.
Sales tax - 6%
Miami Beachis an island
connected by several causeways to the city of Miami on the mainland.
It is home to the trendy South Beach area. The Miami Beach real
estate market is among the most active anywhere in the United
States.
As with other traditional retirement
sites Florida, the average age of the population is moving down and
Miami Beach real estate development of loft and condo
dwellings is up. Today, the average age of a Miami Beach resident is
42; in 1980 the average age was over 65.
Lofts are coming to the trendy South Beach area. One hot new
new condo conversion is Industry, Lofts at Lincoln. This
Miami Beach real estate project is a conversion
of a commercial building into residential lofts with 845 to
1620 square feet of living space.
The Canyon Ranch spa is moving onto the Miami Beach
real estate scene with a condominium development called
Canyon Ranch Living. Unit prices will range from $400,000
for a 720-square foot one-bedroom unit to more than $3
million for a three-bedroom penthouse with ocean view.
Residents have access to fitness classes, massages and
medical services on a daily basis.
Buyers seeking more traditional Miami Beach real
estate can find art deco houses, beach cottages,
bungalows, Mediterranean-style homes or 1950s ranch style
houses in a range of prices. Depending on the area, buyers
can expect to pay $225,000 to over $500,000 for three or
four bedrooms. Miami real estate listings for three to
four-bedroom homes in such communities as Haynesworth Beach
start around $250,000. These properties typically offer
yards, gardens and porches.
Waterfront Miami Beach real estate can range from $400,000
to over $3 million for a single-family home with three or more
bedrooms. Luxury oceanfront properties that boast community pools
and spas - will run as high as $8 million-plus.
The City of Miami in located in the
southeastern corner of Florida. Several causeways connect Miami to
Miami Beach and the trendy South Beach area. Miami real estate
fuels the local economy to a greater degree than other markets
across the U.S. In Miami, housing accounting for 96% of the city's
local economic growth.
Currently, it's downtown Miami that is
driving the growth. A condo explosion is leading a strong Miami
real estate market and creating a new urban lifestyle. Miami's
Brickell Avenue financial district is being transformed by Miami
real estate with the addition of some 12,000 residential units
added since the late 1980s. Condos on Brickell, south of downtown
are showing up with starting prices of around $700,000.
Biscayne Boulevard is a focus of
residential Miami real estate development that
builds on the area's revitalization with the construction of
the Performing Arts Center and offers residents the chance
to live in "The Heart of the Arts." Condo units in this area
will run buyers $150,000 to $750,000.
At the same time, the Miami real estate market is
turning away from rental apartments. Long periods of low
interest rates is turning more renters into buyers and
shifting Miami real estate toward a condominium
market. Miami real estate figures show a 6.6% vacancy
rate for apartments in Miami - Dade County in the first
quarter of 2003, a percentage that is expected to top 7.5%
by year end.
And all the condominiums being built are
not modern high rises. The newest trend in Miami real estate
is loft living patterned after SoHo in New York City. Looking to
attract the young hip kids, older professionals, empty nesters, and
couples who want to be in the middle of the action, Miami real
estate developers are building lofts that mimic the bare,
converted warehouse styles more commonly found in New York, but with
less space and such amenities as fitness clubs.
Fort Lauderdale is located along the
southern part of Florida's Gold Coast just north of Miami. The city
is known for its wide beaches and miles of canals and navigable
waterways. Growth has been the operative word in Fort Lauderdale
real estate, both in housing prices and in new housing
development.
The median price for the sale of an existing home in
Fort Lauderdale reportedly rose more than 21% in
August 2003 to $251,000, compared with August 2002.
Newcomers have long been attracted to the variety of
on-the-water living opportunities Fort Lauderdale real
estate affords, from oceanfront property to homes on
the Intercoastal Waterway and canals that feed into the
Intercoastal
Fort Lauderdale real estate developers are now moving
fast to meet increasing housing demand, expanding the
Fort Lauderdale real estate market with a variety of
different housing choices and price ranges.
By 2004, Fort Lauderdale real estate options will
include industrial loft condominiums downtown, luxury
waterfront and in-town condominiums with price tags over $1
million, and new developments west of the city.
Teardowns are changing the face of single-family Fort
Lauderdale real estate in older neighborhoods. Larger
luxury homes in waterfront neighborhoods are valued at
anywhere from $1 million to over $10 million. New
3,000-square ft homes built near the beach are priced at
$400,000 to over $600,000. And buyers seeking older homes
built in the 1950s and 60s can look north of downtown and
expect prices of around $600,000.
Townhouse development in older in-town eastern neighborhoods
is a well-established trend in
Fort Lauderdale real
estate. In recent years, the townhomes have gotten
bigger and more luxurious. Some three-story models have
garages and deepwater dockage with prices ranging from under
$250,000 to over $1 million.
The best housing values in Fort Lauderdale real estate
may be in new developments in the western suburbs. A number
of these are gated communities offering golf, swimming and
recreation, and priced around $200,000.
Boca Raton, one of
South Florida's most upscale cities, is located on Florida's old
Coast about 40 miles north of Miami. Being location savvy is the key
to finding a Boca Raton real estate value. Waterfront property is
very much in demand, and, of course in short supply. While Boca
Raton real estate listings show oceanfront condominiums at around
$200,000, they can range all the way up to $5 or $6million.
The median value of a home in
Boca Raton is put at $247,157.00, with home appreciation
currently over 11% per year. Boca Raton real estate
professionals point out that Intracoastal and ocean front properties
are experiencing the greatest increases, in some cases as much as
100%. Teardown is very much a factor in
waterfront Boca Raton real estate. Buyers are
paying high prices for the land and tearing down to build bigger.
There really is no bad area in the current
Boca
Raton real estate market, experts say, but many
agree the east side is currently very hot. Bocan Raton real
estate professionals cite more current movement from west to
east, reversing the trend to move west. Boca Raton real
estate prices in areas such as Boca Villas behind Mizner
Park have nearly tripled in a few years as buyers willingly
pay more to acquire the land. Property purchased for under
$100,00 is now going $250,000.
Basic 60s vintage ranch-style homes in areas such as Lake
Rogers have tripled in value in less than 10 years. This
kind of Boca Raton real estate is selling
for up to $1 million.
Fairly modest Boca Raton real
estate purchased in the mid-90s is now selling for 60% or
even double the initial purchase price. A three-bedroom, two-bath
home near the water sold for $260,000 in the mid-90s may now command
upwards of $500,00.
