Looking at real estate in Florida

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Hi, I am in St Augustine this week looking at real estate to buy in about 2 yrs. I have driven down the east coast as far as Palm Bay/ Melbourne and tomorrow I will drive to the gulf side to see Inverness and the surrounding areas. I have heard these will soon be the next areas of growth. Right now I live in the suburbs of Chicago and am looking to move down here in 2/3 yrs to buy a home and a rental property as a start of my real estate investing. Does anyone have comments on these areas or on my plan? I'd love to hear advice, comments or suggestions.
Thanks!

[Ryan B.]

I think that your plan is great! Keep in mind though that residential real estate is a highly cyclical market. Like most investments, you make most of your profit by buying a good value at a good time. In 2-3 years Florida will be a much better value than it is right now as the speculators there now sell out. Before you buy, make sure that you watch the rent/cost ratios, rent/income ratios, inventory levels, foreclosure rates, etc to get an idea of where the market is headed. Good luck!

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I spent the week here looking at real estate on both coasts. Wasn't impressed with Inverness but Ocola seemed ok. The area that impressed me the most was the Melbourne/ Palm Bay area. Good growth and reasonable priced real estate. I will continue my search but that is what I found on this trip. That will also give me more time to learn and join a RE club.
I welcome Any advice?

[Michael Kenny]

Florida real estate right now is slowing down. Prices have to some extent doubled in the last few years. I am in the Tampa area though on the west coast. The big thing if you are looking to move here is the cost of insurance. Good Luck!

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That would be the cost of hurricane insurance, right?

Also, look at the statistics for population growth versus number of new homes built -- simple supply and demand if you know such figures is always the best predictive.

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and studying your area is the key to success
many people thinks they need to go better cities or states
however, the best place can be your back door!

please study your area...ask realtors about comps and what they think...
and you will be okay...
thanks

sunsmicro

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Inverness real estate is colder than Chicago's weather right now. Brrrr :protest: