Florida Real Estate for Beginners
Many a famous New York real estate developer has taken an interest in Florida real estate. They are no newcomers to the business, either. Thus, their insights into the market, commercial or residential, are invaluable to the layman and even useful for fellow professionals. And when it comes to Florida real estate, with its legendary reputation for scams, frauds, and outright thievery, professional advice is imperative not just for amateurs but even the experts, who would do well to be reminded of some basic fundamentals.
Of course, many states have experienced real estate bubbles and bubble-bursts, but those of Florida tend to be far more intense, notes these gurus. The first such shock in Florida history occurred in 1925, foreshadowing the national and soon international stock market collapse a few years later. Floridian swampland first became synonymous with real estate fraud in the popular lexicon during this period. And still today Florida real estate operates on the principle of growth for growth’s sake: between 2002 and 2006 a good twenty percent of private industry expanded through real estate and construction, mainly in the form of speculative development; in Orlando the figure was almost thirty-three percent. Overbuilding ensued because property was developed not for actual tenants so much as fellow speculators down the proverbial pipeline!
Real estate investment is often similar to playing the stock market. One of the main factors determining your success is the relationship between supply and oversupply. The differences are important, too. The industry experts acknowledge that while it’s true that the country is in hard economic times, it’s also a near-certainty that commercial real estate market in Florida will always be profitable. Of course, due diligence in the form of research and the like will still need to be carefully applied to any prospect before purchase or lease. But when it comes to commercial real estate in Florida, shopping centers are a near guarantee of profits. And a useful way of looking at profitability with respect to Floridian shopping centers is to question whether they host any movie theaters. For movie theaters, even more so than food courts, are the great anchors of a sprawling shopping complex.
These experts also note that going where everyone else goes can sometimes be beneficial. In terms of Florida, this means heading over to Miami, Fort Lauderdale, West Palm Beach, or South Beach. Now anytime a rule of thumb is offered a list of exceptions immediately appears, so it’s advisable to keep an eye out towards the north and west and keep Orlando, Daytona Beach, and even Tampa in mind.
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