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Two Florida cities named as ones to watch for investment property sales
Date:-17-Jun-2011
Two Florida cities named as ones to watch for investment property sales
Those interested in investment property sales may wish to consider buying property in Florida, after Gainesville and Tallahassee were listed in property analyst Inman News’ ‘10 Best Markets for Real Estate Investors’ report. The report takes into account such factors as the median sales price, loan data, foreclosure sales and discount statistics, population, and unemployment data.
With ultra-low prices from distressed sales and other properties available, property investors are currently filling their boots and consequently account for a large share of all property transactions in the USA
In fact, investment property sales are expected to outnumber traditional sales from homebuyers by a factor of three to one in the next two years, according to a study by Move Inc.
The report says that Gainesville, a city located in Alachua County, Florida, enjoys employment stability unknown to most major Florida markets. While the state's non-seasonally adjusted unemployment rate was 10.6% in March, Gainesville had a rate of 7.5%.
The area's average property sales price was $140,000 (€100,000/£88,000) in the fourth quarter of 2010, down 7% year-over-year.
“We have good security blankets for the real estate market that other areas don't have,” said Christine Bohn, a broker associate at Re/Max Professionals Inc. in Gainesville. “One is the huge University of Florida, whether it be students, faculty or administration personnel. The second is three large hospital networks: Shands Hospital, North Florida Regional [Medical Center] and VA Medical Center.”
Tallahassee is a regional center for trade and agriculture in the Florida Panhandle, one of the fastest growing manufacturing and high tech economies in Florida. The metro area saw the biggest year-over-year drop in average property sales price among the 10 markets: down 28% to $144,000 (€100,000/£88,000).
Indianapolis-Carmel, Ind., was named as the number one property investment destination, followed by Winchester, Va.-W.Va., Gainesville, Fla., Tuscon, Ariz. and
Tallahassee, Fla.
Other cities rounding out the top 10: Hagerstown-Martinsburg, Md.-W.Va.; Salt Lake City; Richmond, Va.; Gainesville, Ga.; and Winston-Salem, N.C.
Andrea V. Brambila of Inman News said: “Buyers keen on investment property sales are finding opportunity in depressed home prices, sluggish sales and the expanding pool of renters.”
