Florida Hard Money Lenders - Page 11
Here’s a complete list of Florida hard money lenders. Lending information, like rates and qualifications, are regularly updated to make comparing hard money loans in Florida easy. For more info, read our review of the best hard money loans or visit our national hard money directory.
Here are the top 15 insights on Florida real estate market trends for spring 2019, straight from the pros:
1. The South Florida Housing Market is a Buyer’s Market
Selen Arditi, Real Estate Agent, ONE Sotheby’s Realty
The housing market in South Florida is shifting in favor of buyers as a significant percentage of homes on the market are selling for less than their original listing price. Constant growth has not stopped this shift as in the first quarter of 2019, around 75% of homes have sold for at least 2% below the asking price. This will most likely continue into mid-year as buyers continue to take advantage of acquiring good deals in a market that remains strong.
2. Coconut Grove & Brickell Are Attracting Brazilian Buyers
Karen Elmir, CEO, The Elmir Group
Brazilian buyers are making a comeback in the South Florida real estate market. A recent study from the Miami Association of Realtors found that Brazilian buyers were the top foreign buyer group in 2018, making up 17% of buyers in Miami-Dade. These buyers are interested in investment properties in prime areas like Coconut Grove and Brickell that will provide a future return on investment while being in the center of Miami’s best neighborhoods.
3. The Demand For Office, Light Industrial, & Housing Increases
Robert M. Barthelmess, Managing Partner, BGI Capital
Great optimism is thriving in the current economic environment. Investors that were on the sidelines due to concerns about the direction of interest rates or a potential economic slowdown are jumping back in the game. All of the latter bodes well for the real estate market as demand for office, light industrial, and housing increases.
4. Jacksonville Metro Area Sales Prices Are Up
Greg Hiltz, General Manager – Jacksonville, Opendoor
While the Jacksonville metro experienced a somewhat slower start at the beginning of the year, the market is up about 5% YTD relative to last year, and median sales prices are up approximately 2.5%. The median sales price in the market was approximately $230,000 last month. In the Jacksonville metro area, one particularly interesting trend is the up-tick in homes being bought and sold around the area’s two Navy bases (NAS Jacksonville Navy Base and Naval Station Mayport). The down-tick in mortgage rates at the beginning of the year made the market a bit more friendly to buyers. The hottest areas in terms of moving inventory in the Jacksonville metro area are on the southside of the city near Orange Park, Middleburg, Nocatee and Mandarin. This area encompasses a lot of fast-moving, median price point homes as well as an abundance of new construction.
5. Single-Family Homes in Miami Make Great Investments
Raul Bolufe, President, Sell House Now Cash, LLC
Whether it is the nightlife of South Beach, or the high-yielding returns in the suburbs, Miami’s economy is at one of its all-time highs. In the last year, the suburbs – including Opa Locka, Hialeah, Overtown – have experienced up to 80% price increases. This is a product of unemployment going down to 3.9% from 4.80% and weekly wages going up to $1,001 per week. That being said, the really wealthy, glamorous areas have taken the biggest hits. High-end condos and A-tier neighborhoods, such as the sunset islands and La Gorce neighborhoods, have all remained stagnant and even reduced in price.The hottest properties on the market that are lasting under 10 days listed are single-family homes with 3 bedrooms and up, concrete build under $220,000. These particular properties are the safest bet because of the increased rental rates (6% increase with an average rent of $1,724).
6. FL Market is Rife With Investment Opportunities
Than Merrill, CEO, FortuneBuilders
With upwards of 9,259,684 housing units and the fourth highest foreclosure rate of every state in the country, Florida’s real estate market is ripe with investment opportunities. In fact, no other state saw its foreclosure filing rate increase more than Florida in the last year. Up 68% from this time last year, the sheer volume of distressed homes makes Florida a very attractive investor destination this spring. One in every 1,365 housing units in Florida received a foreclosure filing in February 2019, which suggests investors will have an easier time locating motivated sellers as the weather starts to heat up. Meanwhile, the Florida housing market continues to fire on all cylinders. Demand remains intact, despite a 6.3% increase in median home values in as little as one year’s time. More importantly, those investors who are able to secure a discounted foreclosure property should expect prices to continue increasing. It’s hard to believe home values in Florida won’t increase by at least a modest 3.6% in the next twelve months.
7. The South Florida Market Remains Strong
Jay Phillip Parker, Chief Executive Officer, Douglas Elliman Florida
The South Florida market remains strong, although we are seeing a bit of hesitancy with upward price trends, a slight dip in sales and inventory edging a little higher in most of the regions. With mortgage rates lower than they were at this time last year, we can anticipate a tail wind heading into next quarter. The median sales price increased in many of the markets including Miami Beach, Boca Raton, Wellington, Jupiter, and Palm Beach Gardens, with price trend indicators moving higher in Miami Beach, even as the number of sales slipped. Delray Beach showed single-family sales slipping for the first time in six quarters as listing inventory expanded. In Palm Beach, condos sales continued to drive the market, rising year-over-year for the fifth consecutive quarter.
8. Short-Term Rentals Are Very Attractive
Daniela Andreevska, Marketing Director, Mashvisor
The Sunshine State has been and remains one of the best locations for investing in an AirBnB rental, not only in the US but also globally. Not only is Florida a hot tourist destination, but it also features a short-term rentals-friendly legal and regulatory environment, unlike many other top US housing markets. The most profitable places for investing in an AirBnB rental property in Florida are Panama City, Key West, and Daytona Beach with average cap rates of 10.7%, 8.8%, and 8.3%, respectively.
9. There’s a Demand for New, Minimalist Design
Ines Hegedus-Garcia, Co-Founder, Miamism Sales Team
In the last couple of years, we have seen an evident shift from the sought out “Mediterranean Revival” style homes to a modern trend. Buyers are looking for clean, contemporary lines and those homes are not just selling for more money, but faster as well. True historic homes will always have a specific audience and will never go out of style, but the current market is all about mid-century modern and open floor plans. We are seeing a demand for new and minimalist design that ultimately compliments our Florida lifestyle.
10. SFRs in South Florida Are Increasing in Value
Pascal Nicolai, CEO, Sabal Development
The single family home market in South Florida is experiencing a trend towards increasing values and sales prices. This is most apparent in new construction luxury homes due to a lack of inventory. These new modern homes are being designed with lavish features, high-end finishes and unique outdoor living spaces on valuable land which is becoming increasingly rare. The shortage of land and supply to meet demand is fueling the rising values. The luxury condo market however, is experiencing the exact opposite as oversupply is causing a decrease in values.
11. Enjoy the Benefits of Sarasota & Manatee Counties
Matthew Day, Managing Broker, Coldwell Banker Residential Real Estate
Median sales prices increased in Manatee County but decreased slightly in Sarasota County. Single-family home prices in Manatee increased by 9.5% to $312,000, while condo prices increased by 1% to $203,450. In Sarasota County, single-family home prices decreased by 0.7% to $285,000 and condo prices decreased by 5.1% to $227,825. In Sarasota/Manatee, rental rates have remained flat month-to-month or have seen slight monthly increases. In particular, downtown Sarasota and Lakewood Ranch have introduced several new mid-rise rental buildings. As new product, the rental prices typically are higher than comparable mature product. Overall, Sarasota and Manatee Counties are solid investments. As the population grows, there is a need for both residential and commercial product, both new and old.
12. It Has Been a Balanced Buyer-&-Seller’s Market
Jill Hussar, Broker & Owner, Hussar Real Estate
The landscape of the market has seen a change over the last few months. More listings are coming to the market for sale, creating a more equal buyer and seller market. The absorption rate of an equal buyers and sellers market is about 5.5 months. When there is more than 5.5 months of inventory, this indicates a buyer’s market, when there is less than that amount, that indicates a seller’s market. Locally, the market has changed from a one-sided seller’s market over the last few years, to a healthy and more stabilized buyer-and-seller market. The time it takes to sell a home has increased slightly, due to the rise in inventory and in some neighborhoods prices have been adjusted to account for the fact that there are more housing choices for buyers. Interest rates are still at historical lows making housing more affordable for everyone. Prices are still appreciating steadily year over year.
13. Invest in Swimming Pools for Vacation Rentals
Larry Chatt, Broker & Owner, Island Real Estate
Coastal areas that take advantage of snowbirds have hot summers and most visitors need a pool to cool off in. A pool along with lush landscaping, appropriate outdoor seating, and pool lounges will normally add 30% to 50% more rental income. If you want to invest in a short-term rental property in Florida, consider investing in a swimming pool.
14. Expect a High Migration Rate in Florida
Kathy Fettke, Co-CEO & Co-Founder, Real Wealth Network
The migration pattern in Florida is likely due to the warm climate, affordability and low state income tax. While some Florida markets are on the pricier side, like Sarasota, there are still plenty of metro areas that are within the countries median price range. For example, you can still buy a home in Cape Corral for under $250,000 and live like you’re on vacation – which is quite attractive to retiring Baby Boomers. In Jacksonville, you can buy a home for under $150,000 which is highly attractive to families with young children.
15. High-Income Areas are Best for Commercial Real Estate Investment
Beth Azor, Commercial Real Estate Owner & Founder, Azor Advisory Services
The best places to invest in commercial real estate are high-income areas with strong daytime population and high disposable income, such Doral, Weston, Aventura and east Fort Lauderdale. Restaurants are the tenant of choice in retail shopping centers and are increasing the investor interest, as the restaurants drive significant traffic thus helping all neighboring tenants sales.
Known as the “sunshine state”, Florida is one of the most attractive and in-demand real estate markets in the country. Being one of the most attractive tourist destinations, vacation rentals are among the best investment opportunities in Florida. Use the above expert insights about the Florida real estate market to help you make the right investment decision.
Hard Money Calculator
Hard money lenders offer short term loans to real estate investors. They can be a perfect partner for those undertaking fix and flip projects, rehabs and renovations. But, as any experienced investor will tell you, hard money loans can get pricey. To avoid paying surprises, use our calculator to estimate how much you’ll be able to borrow and the total costs of the hard money loan.
Read our complete article for more detailed information about our hard money loan calculator.