The market for luxury homes in Florida is experiencing difficulties attracting buyers. According to a recent Redfin report, the price of high-end homes in the U.S. surged by 8.8 percent in the second quarter compared to the same period in 2023. This increase has driven the typical sale price of a luxury home to a record $1,180,000 between April and June, marking the most significant rise in nearly two years and deterring many potential buyers, especially in Florida【Source: Newsweek】.
Housing Scarcity Amid Florida’s Population Growth
Florida’s population has now reached 23 million, making it increasingly challenging for some residents to find housing. Despite this, Florida State University economist Tarik Dogru remains positive about the population growth, citing its benefits for the state’s economy. “Overall, I think this growth is very good,” Dogru said. “Companies are also coming to Florida. Their headquarters are maybe moving here. They want to be in a state where they can operate more freely.” However, the surge in population has made it harder for many to secure housing【Source: WCJB】.
Westlake: A Flourishing Community in Florida
In December, Minto Communities USA celebrated its 2,000th sale as part of its 4,500-home development in Westlake, a city established in 2016 in Palm Beach County. The 3,800-acre Westlake project frequently features on John Burns Real Estate Consulting’s list of the top-selling master-planned communities in the country. Prices for single-family homes in this development start in the $400,000s, while Minto has also introduced a townhouse option beginning at $359,990, with sales starting in February【Source: Florida Trend】.
Top Florida Cities for Real Estate Investment
For those looking to invest in Florida property over the next five years, several hidden gems are worth considering. According to Southeast Florida-based real estate agents Julio Ybanez and Raul Gastesi, a Florida-based attorney with three decades of real estate law experience, three Florida cities are significantly more affordable than Miami and hold great potential for property investment【Source: Yahoo Finance】.
Decline of South Florida’s Mobile Home Parks
Mobile home parks have become increasingly rare in South Florida over the last decade. As land prices have soared to unprecedented levels, investors have targeted these areas for development. This trend reflects a broader lament over the disappearance of trailer parks in the region, as highlighted by a recent exhibit focusing on this issue【Source: WLRN】
