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If you’re thinking about moving to Florida—for retirement or work—you’re probably bookmarking cities where it will be profitable to purchase real estate in the near future.
Which hidden wonders in Florida are worth discovering? In order to learn more, GOBankingRates met with real estate brokers Julio Ybanez and Raul Gastesi, a Florida-based lawyer at Gastesi Lopez & Mestre who has spent the last 30 years practicing real estate law. The best part is that moving to any of the three Florida communities they suggested is much less expensive than moving to Miami.
Find out which three Florida cities they suggest for real estate purchases by reading on.
Pompano Beach
If purchasers want a beach town lifestyle without an unreasonably high cost of living, they should give Pompano Beach, a city 40 miles north of Miami, top priority.
“Pompano Beach prices continue to be significantly less than those of its wealthy neighbors, Boca Raton and Fort Lauderdale,” Ybanez stated.
Pompano Beach is changing right now, enabling it to shake off its previous image as a sleepy community. Prestigious companies like Waldorf Astoria and Ritz Carlton, according to Ybanez, are already developing oceanfront condominiums in the pre-construction phase.
Thanks to the Community Redevelopment Agency (CRE) of the city, a similar transition is taking place throughout the downtown and historic areas. Potential homeowners need to keep an eye on these developments and assess how they fit into their plans before making a purchase, according to Ybanez.
Living in Pompano Beach also offers people the general benefit of no income taxes, which is enjoyed by all Floridians, as well as easy access to hospitals, airports, metropolitan conveniences, and top-notch charter schools.
Fort Myers
Although Gastesi gave GOBankingRates recommendations for a number of Florida locations, he stated that Fort Myers is among the best places for Florida residents to buy real estate in the upcoming five years.
Fort Myers was known for being a retirement community not too long ago. To draw in a younger crowd, the city has changed its offerings to include a wider range of activities, such as dining, sightseeing, and outdoor recreation. Fort Myers residents are 45 years old on average, according to U.S. News & World Report.
According to Gastesi, there is still a lot of land available in Fort Myers for residential construction, especially when compared to cities like Miami. Furthermore, he said that it is a less costly option than Southwest Florida cities like Naples or Marco Island, especially in the absence of a state income tax.
North Bay Village
North Bay Village, a settlement comprising three islands to the north of Miami Beach, was relatively unknown until recently, according to Ybanez. Ybanez advises looking into purchasing real estate here for those who desire the Miami lifestyle at a substantial discount (imagine 30 percent to 40 percent less than what you’d pay in Miami).
“North Bay Village presents a remarkable opportunity for home investment because of its prime position on Biscayne Bay and the recent zoning revisions that permit higher construction heights and densities,” Ybanez stated.
While single-family homes are available for purchase, North Bay Village presents outstanding condo options for both individuals and families looking to purchase a home. Ybanez claims that elite developers from Florida and New York were drawn to work on projects aimed at completely changing the city because of the new zoning. These projects, which will also be less expensive than Miami real estate, are expected to be completed within the next two to four years.
“When compared to well-known Miami neighborhoods like Miami Beach, Brickell, and Coconut Grove, these new houses offer huge discounts,” Ybanez stated.
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Born and raised in South Florida, Krystal is a recent graduate from the University of Miami with professional writing experience at the collegiate and national news outlet levels. She’s a foodie who loves all things travel, the beach, & visiting new places throughout Florida.