Studio apartments in Florida have advantages and disadvantages and studying these features will help you understand if such an apartment is a good choice for a particular buyer.
Content:
Pros
Florida is the most popular US state for tourists and Americans often move here from other parts of the country. One in four foreigners buying property in the US chooses Florida. Below we will consider all the details of acquiring small-sized housing in this resort region.
1. Profitable investment
Foreigners buy property in Florida for a number of reasons, with the first being that it is profitable. Every year the value of local real estate increases. Buyers make a profit on their investment even if they decide to resell the property just a couple of years after the purchase.
The figures from the US National Association of Realtors show incredible numbers. Over the past year, prices in the region have risen by 30%. Demand for housing in the region outstrips supply, which causes an upward turn in prices. Earlier real estate in Florida was considered relatively cheap, but in August 2022 the average price for a single-family home in the state exceeded that for the country as a whole (with $407,000 and $398,000, respectively). However, different segments of the Florida real estate market are growing at different rates.
2. Quick sales and purchases
There is a great demand for real estate here, and there are not enough properties for everyone. Because of this, real estate is quickly sold and bought. Therefore, if you wish to sell your real estate unit, it will be easy to do so.
The transfer of ownership in the United States takes 2 to 4 weeks, so you can buy real estate relatively quickly. For example, in Spain, this process takes up to three months.
3. Inexpensive property option
Despite rising real estate prices, studio apartments remain one of the most inexpensive real estate options. At the end of 2022, prices for a small apartment in a good area of Miami start at about $215,000, but cheaper housing can be found in the inland towns, although it will be extremely difficult to make a profit from such investments.
When purchasing property in Florida, one must firstly pay attention to the area in which the house is located. Elite areas with postcard views, which are familiar to everyone due to the films about Miami, are not the only option in Florida. There are also slums in the state, but foreign buyers would not be attracted to the properties here.
4. Fashionable apartments
Although studio apartments became popular at the beginning of the century, this real estate type is still in high demand. If a person doesn’t spend much time at home, an apartment such as this is ideal, offering you a place to relax after a hard day’s work, where you can even have a big party with enough space for everyone. For these reasons, young people are happy to buy such a property. Meanwhile, a studio in Florida will have to be searched for, as these options are quite rare and are quickly sold out. The easiest way to buy a studio apartment is to purchase an off-plan apartment in residential complexes in Florida directly from the developer.
5. Condos
Condos (condominiums), which are often found in Florida real estate sales ads, are the usual apartments we are used to seeing in apartment buildings. In Florida, you can find studio condominium options for young people, in which case, the owner owns a studio with a kitchen and a bathroom and can utilise common amenities together with neighbors, such as a gym, swimming pool, rooftop terrace, barbecue area, and so on.
6. Developed infrastructure
According to the USA National Association of Realtors report, Florida is in the top 5 favourable states for living. Agents list the following cities as the best options for living in Florida:
- Miami;
- Orlando;
- Palm Beach;
- Fort Myers;
- Fort Lauderdale.
All of them, except for Orlando, are located on the coast and feature perfect white-sand beaches. These locations feature well-developed infrastructure, including entertainment facilities, healthcare centres, hospitals, schools, and universities.
7. Favourable climate
Florida is called the Sunshine State because summer temperatures reign here, all year round. The climate in this state is tropical in the south and subtropical in the north. The sun shines 237 days a year here and in some areas of Florida the figure is a further 30 days. The average annual temperature is 21 ° C and in the south of the state, it rarely drops below 20 ° C in winter. The opportunity to swim in the warm ocean year-round, sunbathe on the white sand, and attend concerts and nightclubs attract many tourists to the region.
The only, but significant, problem of the local climate is the so-called "hurricane period", which lasts from June to November. Hurricanes are particularly problematic in September and October.
8. International community
Foreigners buy real estate in Florida, not only for investment, many people stay here to live. According to statistics, only 73% of the state's residents speak English, because there are many visitors in this region, with the second most popular language being Spanish. In such an environment, no one will look askance at you if you are a citizen of another country. The people of Florida are warm and friendly.
Disadvantages of living in Florida
The Sunny State is a great place to live, but it also has its downsides. So, for some, the lack of a developed industry and the fact that jobs in the state are mainly offered in the service sector may be disappointing. Florida is also known as a state for retirees, where Americans move to enjoy their golden years. However, the retirement nature of Florida is hardly noticeable against the backdrop of the huge number of American and foreign youths visiting the state during school and student holidays.
1. Safety issues
In the United States, wealthy neighborhoods often coexist with unsafe districts. This also applies to cities in Florida. When buying a property, a foreigner should bare security issues in mind. In Miami, far from the coast, there are districts where residents are forced to put bars on the first floors of houses, and it is not recommended to leave anything in sight in parked cars. The fact that Florida residents do not need a permit to purchase an unlimited number of firearms does not help foreigners feel safe either. Anyone on the streets of Florida can carry a gun. State laws, with certain exceptions, permit anyone over the age of 21 to carry a concealed weapon. Therefore, in Florida, it is especially important to avoid quarrels with strangers.
2. Storms
Since the state is located on the shores of the Gulf of Mexico on one side and the Atlantic Ocean on the other, in a region where hurricanes form, destructive cataclysms occur here at least once a year. Residents have long been accustomed to them and only in the most extreme cases consider evacuation. As a rule, this applies to residents of small private houses, but high-rises on the coast of Miami are built to withstand a hurricane of the highest rating.