Florida real estate came out well from 2020, all things considered. Sales were brisk as people continued to move to the Sunshine State from abroad and from other parts of the US.
Florida Real Estate in 2020: High sales during pandemic combined with lower than average construction, equaling shortage of inventory.
From the Palm Coast Observer:
“From a real estate perspective, the big story in 2020 was the housing market’s ability to weather the COVID-19 pandemic and lead the nation into a period of economic recovery,” O’Connor says. “Yet at the same time, the rapid pace of sales we’ve seen in recent months has reduced Florida’s inventory of homes for sale to its lowest level in years. …we will take a detailed look at trends in new home construction, which is the only means we have of getting out of this housing shortage situation in the long run.”
5 Trends for 2021, according to Mashvisor:
- Florida population will increase
- Higher demand for real estate
- Property prices will continue to increase
- 2021 will be a sellers market
- There will be high demand for AirBnB
Americans are relocating to the Sunshine State, with favorable weather and low taxes. And, Latin American immigrants choose to live in Florida more than any other American State.
Mashvisor’s 3rd Quarter 2020 Florida Real Estate Market Statistics:
- Median Property Price: $487,033
- Price per Square Foot: $281
- Price to Rent Ratio: 22
- Traditional Rental Income: $1,883
- Traditional Cash on Cash Return: 2.6%
- Airbnb Daily Rate: $187
- Airbnb Rental Income: $2,359
- Airbnb Cash on Cash Return: 2.2%
- Airbnb Occupancy Rate: 54%
One property investment strategy for Florida Real Estate is to buy from what is possible, then rent out.
BAI Capital has just a few luxury condo units available in North Miami, built and ready to rent. Highland Place offers great location and amenities at an affordable price, an ideal turn-key investment for Americans or foreigners.
And, BAI Capital is offering for a limited time pre-built prices on the next development project located in the University town of Gainesville Florida. Archer Place will offer both condos for sale as well as investment as preferred shareholders in the accompanying apartment build. Both buildings are geared towards UF students and medical professionals.
The Florida Real Estate market looks solid for 2021. Feel free discuss your Florida property investment options with us.