In this video, Felicia talks about the changes in the real estate market in Florida, focusing on land. Spoiler alert – the market is HOT!
From the video:
Hey there, I’m Felicia from Compass Land USA your go to resource for great deals on rural and vacant land.
So in this video, I kind of wanted to share my take on the real estate land market analysis in Florida.
I was doing my own research for our company and I noticed that prices were really stacking up compared to previous years.
It does feel like everything is jumping up. Not as much as they did during COVID but still increases. So I found it interesting. I thought you guys might find it interesting as well.
Florida Land Prices 2023
So we have our list for the top five cheapest counties to get land in Florida. We’ve maintained it for the last few years and, and that’s kind of how I’m making this comparison. So we have three counties that show up for each year, each of the three years.
- Highlands County
- Putnam County
- Levy County
And it’s interesting, you’ll see in 2021 you could still get property for less than 15 grand per quarter acre lots. And now jumping to 2023 it’s almost tripled.
So you can see from 2023 to 2022. Highlands and Putnam have like a 50% increase. Levy was a bit less, it was around 17% increase. But even so a 50% increase year over year is quite a bit. That’s not really normal.
I don’t know if it’s because Florida is just such a hot state for immigration right now. A lot of people are trying to move there, invest there,
get a piece of the action. So maybe that’s why it’s so hot. I don’t know if it maybe has something to do with people trying to hedge against a bank, a bank failure. We’ve had a few customers say they wanted to park money in land to mitigate their risk from a bank failure. So maybe that’s a contributor as well.
So you might be thinking, well, is this a good time to buy if prices are increasing? Yeah, the bottom line is you need to be buying valuable property. Don’t go buy a piece of swamp lamb at an inflated price of 50% compared to last year. That doesn’t make sense. Even if the price decreased from last year.
We’re still buying land. I still have tons of customers buying land from us in Florida. I’m not worried.
So it is a bit more expensive. Yes. And if you’re worried about coming up with the cash, my company owner finances all of the properties in our inventory. We do three different owner financing plans. So that’s a, that’s a good way for you to still get into the market without breaking the bank.
Do these types of increases year over year mean we’re in some sort of bubble, some sort of real estate bubble, maybe I’m not sure. The best thing we can do to protect ourselves on that front is focus on buying really good properties. We have a checklist that we use as part of our due diligence and I’ll share it in the description of this video.
Using the checklist, we really try to get the best of the best properties. Close to town cities, road access, often with utilities. At least that way I know if we are in a bubble and it pops. I have good properties that hold value and will be worth something when all the dust settles from that. So I’m interested to see what the rest of 2023 holds in store for us and for real estate prices.
If you enjoyed this video, please give it a thumbs up. Don’t be shy to leave a comment in the description below and we can have a chat about the current real estate market. Maybe you’ve noticed something interesting that I missed.
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I’ll talk to you soon.
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