Florida may have one of the worst foreclosure rates in the country, but let's be honest, it's largely due to the popularity of living in the sunshine state. With the thought of millions of baby boomers flocking to every corner of our state, every home buyer was making an investment that was sure to go up in value, ultimately luring many to pay more than the market could actually support. Now we see the aftereffects.
Florida has a History of Real Estate Bubbles
Back in the 1920's, Florida went through an equally painful bubble. As word quickly spread throughout the US, people looking to make a quick profit poured into Florida as many contracts were flipped sometimes up to 5, 6, and 7 times as the price continued to escalate with each paper flip. Sound familiar? You can read about the 1920's Florida Real Estate Bubble here.
Don't count out Florida!
We may have a history of booms and busts with real estate but one thing remains constant, Florida is surrounded by water, beaches, and drenched in sun year round. That's attractive for anyone!
The proof is here: Forbes: Where America's Money is Moving. The article profiles the top 20 counties where high income earners are moving. 8 of the 20 counties are in Florida alone! Nassau County which is Amelia Island, Fernandina beach, Yulee area is #3 on the list!!!
Future growth is inevitable. Florida is an attractive relocation for anyone, anywhere, and it continues to grow in size with relocating workers and retirees. Recently, a study ranked Florida as #5 in the Country for Economic Outlook. The study ranked states based on the public policies that have proven impact on growth. It's a recipe for continued good times in Florida as people naturally want to move here and the local economy is poised for growth.
As we finish out the end of the most recent housing bust, the phone calls and emails keep coming in. More calls and more emails from relocating buyers looking for specific types of property in Jacksonville and the surrounding areas. With the prices back down to more realistic numbers, it's providing a great time to buy property in the Sunshine State!
Thank you in advance for Sharing!
Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.
Leave a Comment
Listing information last updated on October 21st, 2019 at 3:53pm EDT.