Residential property prices have rebounded well since crashing in the wake of the 2008 financial crisis. Furthermore, houses and apartments in Florida have once again become attractive propositions for both American and foreign investors. While values are also soaring in cities like Tampa, Orlando and Jacksonville, Miami is seen by many experts as being the best place in the Sunshine State to buy real estate.
Most investors know that location is a key consideration when buying a house or condominium, and residential real estate experts recommend already good rather than borderline neighborhoods for those seeking a secure investment and steady returns. When choosing a city, industry analysts recommend areas where the economy is thriving and unemployment is low. Selling at a profit is far easier when demand is high, and buyers hoping to cash in quickly are advised to focus on areas with stable or growing populations.
Miami is a global commercial hub and has one of the healthiest job markets in the country. Broward and Dade Counties are also home to a burgeoning technology sector, and the area witnessed explosive growth in small business startups as the nation's economy crawled out of recession. While southern Florida has been a popular retirement destination for decades, an influx of investors from Europe and Central and South America have buoyed property prices in recent years and paved the way for robust growth in the years ahead.
Many residential real estate investors purchase properties in resort areas like Miami, Fort Lauderdale or Orlando with the vacation rental market in mind. However, the short-term rental business can be frustrating for those who act hastily or skimp on research. Attorneys with experience in the property market could check the credentials of management companies and leasing agencies. Lawyers may also draft rental agreements that are designed to be attractive to vacationers while protecting the rights of property owners.