Is It Worth Living in South Florida?

by Florida's #1 Mortgage Planner on March 15, 2008

There is plenty of bad things to say about Florida these days, but there are also good things as well.  After all, Florida leads the nation, or at least ranks high, on a wide variety of lists.

In recent news, there has been plenty of bad news for Floridians, particularly those in South Florida.  We were informed that we once again led the nation in mortgage fraud.  Not so coincidentally, we also were informed that we were among the top 3 in foreclosures.  The latest news bucks the trend of the nation.

While inflation was reported flat yesterday, South Florida was informed it again topped a list.   In the Ft. Lauderdale – Miami area, we led the nation in inflation.  Broward County and Miami-Dade County came in with an annual inflation rate of 5.3%, beating out Chicago (4.4%), New York (3.6%), Los Angeles (3.1%), and the nation for that matter.

So, we have rapidly falling home prices, unemployment rising, and inflation running rampant.  In other words, stagflation is alive and well and sunning itself on the beaches of South Florida.  It also goes to note that while Palm Beach County was not included in the data, they are experiencing similar economic characteristics.

So, why would anyone want to live here?  There are several reasons.  Despite the faltering economy, which is merely a cycle which will correct itself, South Florida has plenty of good things to offer.  I will merely focus on the housing market just for fun.

South Florida real estate has gone through a beating sending prices drastically lower, probably hitting bottom this year before flattening out.  That means, if you want that beach home, vacation home, or even your future retirement home, now is probably the best time to buy.  Besides the great weather, this market is providing some great investment potential as well.

This is especially true for foreigners these days.  With the dollar’s value at record lows against currencies like the euro and pound, not too mention the Canadian dollar, the “risk” involved in purchasing a property in South Florida is drastically reduced.  The reality is that purchasing a home in South Florida, while prices are low and exchange rates are beneficial, you can almost guarantee a great rate of return on your investment.  If you want more details, contact me and I can explain why.

Other real estate benefits South Florida is realizing is that there have been some improvements in the areas of insurance and taxes, though many homeowners may not see much benefit.  Personally, I saw my insurance drop to under $2,000 this year and “hope” to see lower taxes as well, though not likely.  Tax portability is a new benefit, but its potential remains somewhat unseen.

If you look around South Florida, you can find plenty of reasons to live down here, despite its current issues.  We have great weather, beaches, cultural diversity, and plenty of things to do, all within a relatively short distance from our homes. 

So, if you have even contemplated buying a property, residential or commercial, in South Florida, now may be the best time ever.  Just make sure to contact me to make sure that the mortgage you get enhances your overall financial and investment plans.

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