Florida Housing Forecast 2018 2019 | Real Estate Trends in Miami Orlando Tampa

Florida Housing Report 2018 and Beyond

A perfect storm of demand, supply and economic factors are making Florida one of the better performing housing markets with no signs of a crash.

The housing markets from Miami to Jacksonville to Panama City to Tampa and Orlando are promising. Florida Realtors reports rising prices and more listings. It’s not a buyer’s market but it’s better.

Forida Housing Stats for 1st Quarter 2018

Screen Capture Courtesy of FloridaRealtors.org

Average Prices in Florida continue their relentless rise even as sales have dropped. It’ seems unlikely that buyers can hold out for lower prices particularly in south Florida.

Median time to contract is down 10% which reflect fewers all cash buyers and longer closing times due to mortgage financing. New pending sales are 1% less than 1st quarter 2017.

The situation for condos is better. Closes sales of condos and townhomes rose 2.8% and average selling prices rose 10.4% which approaches levels seen in the 2017 boom.

Should You Buy in the Next 5 Years?

The doomsday people are always calling for housing crashes and stock market crashes. We will see higher oil and gasoline prices and housing should continue upward for 5 years.

The housing market in Miami, Tampa, Orlando, Panama City, Sarasota, Naples, Fort Launderdale, and even Boca Raton are compelling real estate investment value propositions for snowbirds and other buyers in North America. As you’ll see, sunny and warm Florida home prices are quite reasonable.

Interest in buying Florida properties is persistent and given the strength of the Florida economy, and tax situaton in the sunshine state, and an aging population, we should see strong prices for many years.   The recent tax changes may discourage speculative investment but speculators may consider Florida cities some of the best in the nation.




Florida Housing Market History

The Florida housing market in 2017 was characterized by a lack of new construction, big price reductions on new condos, a disappearance of South American property buyers, softened house and condo prices, and of course, low taxation rates. If the glut of condo building in Miami is now complete, then we may see upward pressure on condo prices.

Choosing Your Florida Home Style

The variety of homes in Florida is astonishing.  From modern 3 bedroom bungalows to condos in towering buildings to quaint beach houses to spacious multi-million dollar mansions, you can have your dream life, walk the beaches, shop for hours, and never have to shovel snow.  For a lot of buyers, that’s a compelling value proposition.

With more babyboomers hoping to retire somewhere nice, and who have been holding onto their old home because they have nowhere to go, they will find Florida a solid asset as a home or real estate investment.

The Houston real estate market, San Diego Real Estate market, Seattle real estate market, Vancouver real estate market and even the Costa Rica Real Estate market are also preferred destinations for retirees and those looking for luxury homes.

PWC in its new major US housing report names Miami/Fort Lauderdale/West Palm Beach as the 3rd highest target destination from migrating people from other cities in the US.

The luxury real estate market was hit hard in Florida, and there is an oversupply of luxury homes. However, interest and sales are expected to rebound (From US and soon Canadian buyers as the CAD falls), and homes for sale in Fort Lauderdale, Naples, and Miami are expected to rise.

Should You Buy a House/Condo in Florida? 8 Things to Consider

Whether you’re buying a second home/vacation home or you’re considering moving to warm, sunny Florida, look at a few matters beforehand:

  1. can you afford to live in the region or neighborhoods you have targeted?
  2. which cities and neighborhoods are safe and pleasant to live in?
  3. summers are hot and humid. Can you take the heat and the indoor life?
  4. do you like golf, fishing, walking the beach, boating, and water sports?
  5. how well can you run your business from Florida and how much back and forth travel will you need to do?
  6. what is the actual cost of living?
  7. how much will your mortgage payments be for the next 10 years?
  8. is there a true demand for your area of work/profession?

A lot of people love Florida and some don’t like it at all. If you could live here during the winter only, as many snowbirds from New York, Toronto, Montreal, Boston, Philadelphia, Chicago, and Washington do,  buying a home/condo might be a no brainer. All you’d have to focus on is finding a home at a bearable price.




Florida’s $1 Trillion Dollar Economy

Florida’s economic performance was outstanding again in 2017 which is why it was attracting so many new residents and home buyers. Orlando’s population growth was 18% over the last and disposable income growth over the last 5 years was an amazing 12.8%.

South Florida’s population hit 6 million for the first time, and Miami Dade hit 2.7 million residents. Tampa Sarasota region was in the top 10 nationally for population growth and Orlando saw 48,000 new residents arrive.

That’s generated strong demand for housing and rental units in South Florida.

As reported in Tampabay.com, the Florida economy will reach $1 Trillion this year and $1.074 trillion in 2019. Florida is an important state having 5% of the US economy but 10% of new jobs. Tourism and housing were the key industries.

Hurricane Irma and the destruction of the citrus crop have suppressed the Florida economy and the state has difficulty attracting skilled workers. Wages do lag, yet real estate in Florida overall is very reasonably priced. Only Texas is a better bargain.

With the Florida economy rolling along nicely, there’s no reason to believe there is a downside to buying property in the Sunshine State. And sunshine is a key benefit for most buyers here.

Interest in Orlando and Tampa real estate has been particularly strong and that’s likely due to the lower prices. Even homes in Boca Raton and Fort Lauderdale are half the price as those in Miami.

However the economies in Tampa and Orlando are holding their own and drawing in new residents due to lower than expected prices on condos and homes.

Tax Cuts and Jobs Act Effects

The experts are still struggling with the affects of the Feds tax bill, amidst a housing slowdown and slightly rising interest rates.

What the Tax Cuts and Jobs Act does mean:

  1. sales of homes between $750,000 to $1 million will slow because loan interest isn’t tax deductible any longer
    purchases from New York buyers seems to be growing
  2. income tax cuts for almost everyone means people will have more money to buy real estate and pay mortgages
  3. the reform retains sellers’ capital gains exemption, which excludes the first $500,000 in profits for couples and the first $250,000 for single filers

Let’s not forget Florida’s benefit of no state tax. Combine that with the reduced federal tax cuts, and companies that are bringing their manufacturing and head offices back to the US should find Florida an ideal place to come home to.

Florida Home Prices

According to Zillow, home prices in Florida average $216,000 which is up 7.3% from last year. They’re expected to rise more slowly in 2018 at 2.5%. By the end of 2018, the average home price will be $221,000. That has to look good to home sellers in Boston and New York, as well as Canadian buyers in Toronto, who have home values that rival the highest in Miami.

Chart courtesy of Zillow.com. Comparison of home prices with California, Texas, New York and Nevada 2018

Florida Home Prices and Predictions

City Zillow Home Price
Zillow Price End of 2018
Miami $295,400 302000
Hialeah $200,700 247000
Fort Myers $193,100 209000
Saint Petersburg $163,500 197000
Tampa $163,000 204000
Tallahassee $161,600 172000
Orlando $155,400 184000
Jacksonville $140,300 168000
Pensacola $121,000 143000
Fort Lauderdale $293,200 292000
Boca Raton $328,500 326000
Naples $330,800 330000
Sarasota $273,200 273000
Miami Beach $381,100 365,000
Kissimmee $174,600 183000
Port St Lucie $204,000 211000
Cape Coral 220200 226000
Pembroke Pines 288900 289000
Clearwater 213800 220000

When is the best time to buy real estate?  Find out more about the best investments in 2018 including investing in real estate in 2018.

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Houses for Sale in Miami Florida | Fort Lauderdale Miami Beach Homes

Houses for Sale Miami

Looking for a home in the Miami , Boca Raton or elsewhere in Florida? Perfect, because the houses for sale widget from Zillow below will lead you to a selection of nearly 1000 detached properties.  Whether to live in or invest in, houses in the Miami area are in high demand.

From Coral Gable, to West Miami up to Boca Raton to Miami Shores, you’ll discover a wealth of extremely beautiful Florida homes, the kind everyone dreams about. Prices range from $239,000 to $8 million or more. It’s not quite correct to say you can’t find a home comparable in quality to Los Angeles, San Francisco, Phoenix or Denver. Search hard with a good home search system, and you might find a gem.

Realtor.com has an incredible 7,000 homes for sale on its site, about a quarter of all property listings. Zillow has about 1000 detached home listings. Currently, the average home listing price is just over $400,000.




Typical beautiful House For Sale in Miami

Spectacular Waterfront home in beautiful Miami Beach

Real Estate Investment Opportunities

Are you looking at houses for sale as a rental income opportunity? The ROI is tremendous in a number of cities including Miami. You may want to look north to Canada as well. The Toronto real estate market and Vancouver real estate market are ripe with income potential. The condo market in Toronto, Vancouver and Mississauga is very promising.  Take a look at pre-construction condominiums too.

Los Angeles, San Francisco and San Diego California are excellent rental markets, however the cost of the property might make you think twice.  See this video from a real estate investment advisor on properties with a high return potential.

Of course real estate investment is always speculative so ensure you have a professional advisor to weigh in on your choice.  Don’t limit yourself to your own location.  Most often, the best returns are in another city or perhaps another country.

 




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Boca Raton Homes for Sale – Waterfront Condos & Luxury Homes

Boca Raton Real Estate

The name Boca Raton conjures up a lot of luxurious images for home buyers across the US and abroad. The town with the exotic name is famous for luxury and the ultimate in lifestyle.  In fact, opulence might better describe the lifestyle here. But it’s also a life of meaning and purpose.

The whole God’s waiting room reputation has left this area, with many buyers now being younger and career minded. It’s attracted a youthful, vibrant and entrepreneurial new home buyer to Palm Beach County. With the market flattening, you’ve got a better price point for your Florida dream home.

Photo courtesy of downtownreporting.com

If you’re looking for a better life, you may find this community in South Florida gives you better access to every kind of advantage possible. And the weather and climate here are unbelievable. You’ll be enjoying the beach, your swimming pool, playing golf a fantastic local clubs where you’ll meet some accomplished and interesting residents.

The strange thing is this same image of immaculate luxury homes and modern beachfront condos, rolls royces, and private gated communities scares a lot of buyers and investors away.

They assume this land of millionaires and 8,000 square foot, 8 bedroom estates is priced out of reach and they wouldn’t be welcome. Yet Boca Raton Florida offers a lot for those with a more modest budget.




There’s a good reason why Boca Raton FL has this reputation for fine living, American culture, and topical living. It has these in spades. For buyers looking for economic and career possibilities, along with the best schools for their kids, and a home that does more to relax than a years worth of massages. Just being here takes the edge off of life. It puts you into a more productive and optimistic frame of mind.

And considering how the South Florida economy is booming, with population rising fast, a lot of people seem to be of similar opinion. Florida is the place to be right now.

If you’re thinking of investing here, or taking the plunge to a better life with a home purchase, I think you’ll be enthralled with these pics of the best of Boca Raton. Waterfront or inland Ranch homes, luxury estate or beachfront condo, let your mind drink in the beauty of Boca Raton Florida. All of the photos below are owned by Beaches MLS© in Palm Beach County. I am not a Palm Beach Realtor, however my client is. If you need a Realtor in Boca Raton, please contact Homes of South Florida and find your Palm Beach dream home.




This 4,000 square foot, 4 bedroom, 4 bathroom luxury home below located in Boca Raton looks like a millionaire’s abode.  Picture yourself languishing by the pool, or pampering your guests at the bar, or just feeling free and unfettered in the 20 foot ceiling space living area. This astonishing golf course home is available at this time of writing at $699,000.

Luxury Home for Sale, Bocaire Golf Club, Boca Raton Area: $699,000

Photo Courtesy of Beaches MLS© – Wow, a stunningly beautiful stately home on a golf course next to a pond. Can you beat this for curb appeal?
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©

Find out more about this home and other properties at Homes of South Florida and find out what’s happening in the US housing market and the local real estate market in Palm Beach. If there was ever a time to move to Florida, this is it.




4173 Bocaire Blvd in Boca Raton FL – SOLD

This spacious 4,000 square foot detached home for sale in Boca Raton on the Bocaire Golf Club. Only a golfer can truly appreciate this amazing view and opportunity. And everyone else will just love it.

Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©

Waterfront Home – Boca Raton

This waterfront home sle in Boca Raton offers 3 bedrooms in 3000 square foot living space with a beautiful inground swimming pool. The master bedroom is spacious and amazing and there is no shortage of windows to let that warming Florida sunshine in!

Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©

Waterfront Luxury Homes – 21144 Ormond Court, Boca Raton

This spacious 4400 square foot waterfront home is designed for contemporary tastes. You’ll appreciate the views, open concept, beautiful master bath, and wonderful kitchen. Get the details and ask about more homes for sale in Boca Raton at Homes of South Florida.

Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS©
Photo Courtesy of Beaches MLS

These are just a sampling of the luxury homes for sale in Boca Raton.  And there are homes that are much better than this. If Florida might be in your future, make sure you do some searches at Homes of South Florida, then inquire about how to buy a home in Florida. You’ll enjoy the fact there is no state tax here.

Contact Realtor Michael Goldberg of United Realty in Boca Raton: 561 231-0021.

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