Florida Beach Real Estate

Although the beautiful state of Florida, also known as the Sunshine State, has felt the heavy impact of the crushing real estate market, never has the opportunity been so great for making a great deal of money by purchasing Florida real estate homes. Especially the South Florida area has been hard hit by this real estate market crisis. The main reason, in my opinion, is that South Florida, in the Florida real estate homes, has been the most “abused” market in the entire nation. What I mean by “abused” is that thousands of investors and the general public thought this Florida real estate homes market would never end. They all thought it was the right time to purchase Florida real estate homes, either for investment or for personal usage. However, with the economy worsening each day from mid 2007 to the present and subsequent job loss, declining tourism, credit tightening by lenders and business decline in general, more Florida real estate homes were going into floreclosure. This, of course, brought a surplus of inventory in Florida real estate homes in the southern portion of the state. Areas such as Miami, Kendall, Coral Gables, Ft. Lauderdale, Hollywood and many other cities in Dade-Broward counties began to feel the pinch of the dwindling economy. Business were going bankrupt and/or closing. Employees began to lose their jobs and, subsequently, were unable to pay for Florida real estate homes where the mortgages had been obtained at high interest rates or at high prices that were extremely inflated due to the high optimism that was evident in the pre-2007 market decline. The east coast of the state has always been a gold chest for Florida real estate homes. The expensive and aristocratic area of Palm Beach and West Palm Beach is a prime example of Florida real estate homes that have always been at a premium. Mansions ranging from severral millions to the most inexpesive homes were in the midst of a mortgage crisis. Florida real estate homes were depreciating faster than people could sell their properties. Hardest hit in my opinion were those investors who had purchased hundreds or thousands of Florida real estate homes believing the market would continue growing and thus their money would grow as well. It was a real deception for all when the market began to fall in late 2007. Other areas in the east coast, famous for their beautiful beaches and lovely Florida real estate homes, such as Satellite Beach were soon suffering from the same ailment of surplus inventory. The central Florida housing market suffered as well although because for the most part it was not as codiciated as the beaches and coastal areas, the house inventories were not as affected as in the east or west coasts. Home prices have always been a bit lower in central Florida, except those cities and towns closest to attractions, such as Disney’s, Seaworld, Kennedy Space Center and others, especially the Orlando area, where home prices had held steady until just recently when the foreclosure rate began to rise due to the loss of jobs in area businesses. The west coast of Florida, although also offering good real estate opportunities has never been as much in demand as the east coast. The beaches are not composed of white fine sand but are somewhat rocky, which reminds me of the beaches in the Northeaster states, such as Connecticut, Maine and Massachussetts. Beautiful, but nothing as the white, sandy beaches of the east coast of Florida. Cities on the West Coast, such as Clearwater, Naples, Apollo Beach and others have suffered their marketing crisis as well and the foreclosure toll has been felt throughout the estate. Again, not as much in the northern part as in the southern section. However, there is always a bright side to everything. And this is why I titled this article “Now is the time to buy Florida real estate homes”. For those individuals who have the cash, or the ability to obtain credit from any of the lenders that are still out there willing to grant it, now is a great time to purchase homes on either the east or west coast of the Sunshine State. Markets always rebound. We have had major market crises like the ones in 1934 during the great depression, 1948, 2000, 2004 and others not quite to hardly felt, but we have always come back, stronger than before. This is the reason why, NOW is the time for investing. Buy several homes if you are able to. Take your time (if you can buy the homes one must assume you can carry multiple mortgages for a period of maybe two years). Upgrade the properties, maintain them well kept and make sure that they will be in prime condition once the market begins to rebound. Banks will want to lend money and people, once again, will be looking to purchase their home, to fulfill the American dream, as we have done in the past. And you will make millions because you have been able to purchase property in Florida like never before. My advice is: If you can afford it, buy, buy and buy. Hope this article has been of help to someone. It is definitely a buyers market…. if you can afford it. Foreclosed homes are abundant in all areas of Florida and, once again, hopefully soon, the Sunshine State will be the greatest place in the world to live in.