Southwest Florida cities continue to take up many of the top spots on hot property lists. Supposedly, as real estate investing destinations they are out performing most of the country but what’s the real deal?
SW Florida is a classic example of needing to get your feet on the ground to see what is going on behind the hype of other real estate investing companies. You should never ignore the numbers but as we have seen in the last couple of weeks stats can easily be fumbled even be the top experts in the industry. So is investing in real estate here a sure thing or will you discover quite a different picture when you land to see what you have purchased?
In the South Naples seems to continue to struggle according to the latest figures from Trulia. Sales volume, price per square foot and listing prices are up but the median sales price is down. However, it shouldn’t be overlooked that Naples remains one of the richest cities in the U.S. Much of the old money here isn’t affected like other areas and if anything these snow birds will give up their northern residences to relocate here full time.
Moving up the coast Bonita Springs and Estero is actually probably one of the best kept real estate investing secret hot spots. Property prices remain reasonable, the stores and restaurants are busier than ever and no one seems to blink at paying $6 for a bottle of water at the movie theatre. What makes it really great for real estate investing is the obscene rents that are being charged during season. These are often triple off season rents meaning you only really need a tenant for 6 months to be making a profit.
Fort Myers and Lehigh Acres have been creeping back into the spotlight due to ridiculously low prices on like new single family homes. However, despite the pretty pictures of these real estate investing ‘deals’ in listings and the promise of high income returns as rentals, driving through much of this area may have you thinking twice. There are many vacant homes, old wooden properties stand next brand new builder models and these homes seem to fall in a wasteland with a long drive to jobs and shopping.
Deal or no deal, it is up to you to decide but more than anything the point is it pays to get a real feel for an area in person before loading up your real estate investing business with acquisitions there.