What are the best neighborhoods in Florida to invest in?

Question

Hi! I am interested in entering the Florida market as an out of state investor (from California). I've been reading lots of good things about the State and curious to hear other BP members' experiences and thoughts on what particular markets to look into. Would be grateful for any guidance. Also happy to connect with any real estate agents out there!

Thank you!

Russell Holmes · Answer

@Sasha Josephs I feel that there is huge growth potential in the North and Northwest Orlando market, specifically Apopka, Mt. Dora, Eustis, and Umatilla to the Northwest and Longwood, Lake Mary, and parts of Sanford in the North. It's the classic 'if you build it, they will come' type model.

If you look at a map of Orlando area on satellite view, there's a huge 'green patch' North of Orlando just above Apopka/Altamonte Springs. This is the Wekiva State Forest and Rock Springs Run...no development will happen there, it's beautiful natural land with state parks, hiking trails, and springs to enjoy. To the East of this green is already developed along the I-4 Corridor with Lake Mary, Sanford, Deltona. West of this protected state land has been a lot of cows, agriculture, and overall rural areas for decades. The 'Northwest quadrant' of the Greater Orlando area has just been overlaid by hundreds of millions of dollars in highway infrastructure with the Wekiva Parkway (http://www.wekivaparkway.com/) which brings easy commutes and connection to a huge swath of what used to be pretty detached rural areas. The overall project has been 25 years in the making and the Apopka-to-Mt. Dora section of 429 just opened in 2017. The Disney-to-Apopka leg of 429 opened in about 2002 and Maitland-to-Apopka 414 toll road in 2009. Work is underway currently on the East/West leg of 429 from Mt. Dora over to Sanford/Lake Mary which traverses some ecologically fragile lands with very well thought out design (elevated sections for wildlife underpasses, a lengthy span over the Wekiva River to have no pilings in the water at all, etc). When that section is done, travelers coming south on I-95 will save about 45 minutes from the usual slog down I-4 to get off in Sanford onto the 429 where the 417 currently connects from the South and take it out West through Mt. Dora and straight down to Disney. Meanwhile, residents of Apopka, Mt. Dora, Eustis, and Umatilla already have easy commutes into Orlando and Maitland with Lake Mary commutes soon to come. Lake Mary, Maitland, and Orlando are really the three biggest white-collar employment zones with higher prices nearby, so communities within a 20-30min drive are always in demand. There's a western leg of that wekiva parkway called the 453 that will eventually go Northwest from it's current end in Mt. Dora up through Umatilla to connect to I75 in Ocala. These areas are already growing rapidly in development, appreciation, and tenant demand with plenty more to come. ORMC/Orlando Health Hospital just bought 51 acres in North Apopka recently, Advent Health built a $200+ million campus in South Apopka in 2017. There are multi-use zoning overlays covering hundreds of acres while you can get off a brand new toll road onto a two lane road with raw land all around.

It may not be THE BEST market in Florida, I don't pretend to know the entire state.  But it is an area that is definitely worth considering for long term holds.

I'm finding good buy and hold deals in the area currently, and with the way things are growing, they are bound to become phenomenal deals if held for a handful of years as growth surrounds them.

Mya Toohey · Answer

Hi Sasha,

I work in the Tampa area and our market is selling at above asking prices on distressed homes.  You can still find some deals if you have a Realtor that knows what they are doing.  I find good Buy and Hold deals daily.  Flips have gotten a bit harder to find.  You can find off market deals if you can move fast and don't need to have an inspection period.  All in all Tampa is a great place to invest since it has beautiful beaches and plenty of nightlife for every type of buyer/renter.  Tampa includes, Tampa, St Pete, Clearwater, Seminole, Gulfport, Dunedin,Palm Harbor that are HOT areas near the beaches.  Even in North Tampa there is still opportunity to make some money.  Each area has it's own set of rules and regulations as well as dealing with local HOA fees in each neighborhood.  I am happy to help if you have any questions.

Andrew Ashby · Answer

@Sasha Josephs, you're right to be considering Florida. Central and South Florida have very high population density, and so much of the land is protected from development (i.e. Everglades, wetlands, conservation areas, etc). The state of Florida is a net recipient of one out of every four domestic moves in the USA, and the Orlando Metro receives a disproportionate share of intrastate moves within Florida (think price refugees from Miami and elsewhere). PM me.

Doug Smith · Answer

Hi @Sasha Josephs. Florida is about as diverse as California is with dramatically different markets. If you think of how different areas of California are, it's the same here. Miami, Orlando, Tampa, Jacksonville are all different markets, but then you have the Panhandle markets like Pensacola, the really posh and high-end area of Naples, and the Northern part of the state that has more in common with GA than it does Miami. Perhaps you can tell us more of what you seek and we'll be happy to help.

Daniel Brandt · Answer

I'm a Jacksonville native.  I'll say that in much of Florida, there is as much diversity within cities as there is within the state.  For example, in Jacksonville there are areas that are prime markets that can safely be bought and held for long term gains and other areas that no matter how much you invest to make the home nice, they won't cash flow.

Michele Patterson · Answer

@Sasha Josephs Hey Sasha, it's awesome that you are interested in investing in our markets here near and in Tampa. There are so many awesome neighborhoods here that are just ripe for renewal and I am having those conversations. Like anything else, if you are not familiar or if you were not born and/or raised in the area, it's hard to have a 'feel' for what is good and what is not. I would love to show you around so you can get a feel for what is here. Let me know how I can help...just call me.

Stetson Miller · Answer

@Sasha Josephs just for a reference point to start at, the Fort Myers/Naples area has some great areas to invest now for SFR's, but for vacation and destination STR's Kissimmee and Pensacola are a great place to start! Feel free to PM me if you have any questions

What are the best neighborhoods in Florida to invest in?

Most Popular Reply