South Florida investments soar in popularity in Q3 of 2021
Image from Pixabay
By Stephanie Mojica
South Florida is rapidly becoming one of the most-desired places in the United States for real estate investors, according to Redfin. In the last quarter of 2021, investors bought nearly $2.2 billion of real estate in Miami alone.
Four of the top 10 cities in the United States for real estate investments are in Florida and three are in the southern part of the country. The complete list, in numerical order, is:
1. Atlanta
2. Charlotte
3. Jacksonville
4. Las Vegas
5. Phoenix
6. Miami
7. Orlando
8. Tampa
9. Nashville
10. Fort Lauderdale
At the national level, about 18% more real estate properties were purchased as investments in 2021 compared to 2020.
Image from Pixabay
One of the advantages of investing in South Florida is “lucrative tax breaks,” Carolina Gerdts, executive vice president at RelatedISG Realty in Florida, said during an interview with Go Banking Rates.
“…cities such as Miami and Fort Lauderdale are being transformed into house-flipping hotspots where everyone is trying to grab their own piece of paradise through the existing inventory,” Gerdts added. “Given the current prices of existing inventory, those who are willing to put in the extra effort to remodel properties are more likely to snag deals and prime locations within South Florida’s hot real estate sphere.”
Image from Pixabay
While the Sun Belt in general has become more popular due to lower prices than the West Coast and Northeast, cities such as Los Angeles, Anaheim, and New York are still popular, according to the report.
While practices such as buying low and selling high at a later date and flipping houses are still popular, some investors are purchasing higher end properties to rent, according to Redfin economist Sheharyar Bokhari. Part of this shift is the lack of new construction in recent years, a lack of low-priced housing in an increasingly competitive market, and rental housing shortages.
Image from Pixabay
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