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Photo by Latara Dragoo
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Photo by Latara Dragoo
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"Florida is so diverse that it can cater to primary and vacation-home buyers of every lifestyle and whim," says one Florida real estate expert, who adds, with a chuckle, "except for mountaineers." The real estate market in the state, which has a total population of 15,982,378, continues to boom for numerous reasons. First and foremost, of course, is the delightful climate and foliage that foster a more laid-back ambience compared to other American states. One of the jewels in the crown of Florida's multifaceted economy is the presence of numerous Fortune 500 companies' Latin and South American business divisions, particular in the Miami-Dade and Coral Gables area.
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Florida still attracts the traditional "snowbirds" from the north,
who live in the state during the winter (and many of whom eventually
make their vacation home in Florida their primary home). A new emerging
market is the Baby Boom generation, the oldest of whom are on the
cusp of retirement. There's been a surge of adult communities that
cater to their active lifestyles with amenities such as golf courses,
tennis, and multi-million-dollar fitness and recreation centers.
Florida is also a world-class destination for boaters—both
sail and power. Full-service marinas dot the waterfronts from coast
to coast and support a thriving marine industry.
The state also attracts international buyers in search of vacation homes. These buyers come to enjoy the sunshine, the balmy weather, the recreational activities, and the proximity to Florida's major theme parks—Disney World, Universal Studios, and Busch Gardens.
All Florida buyers have come to appreciate the fact that there is no state income tax and very favorable estate tax regulations as well as a generous homestead exemption toward the payment of property taxes. They are often surprised, too, by the relatively low property taxes in comparison to those in most of the areas from which they've relocated.
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Photo by Latara Dragoo
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Photo by Visit Florida
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Photo by Bob Thompson
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You would think that in regard to real estate, Florida could simply be divided in four: The Panhandle, Central Florida, Atlantic Coast/East Coast, and Gulf of Mexico Coast/West Coast. It's not that simple, though. Each of the coasts has sections that, through the years, have earned nicknames for either the area's major attraction, lifestyle, or ambience. For example, the Space Coast, home of the Kennedy Space Center, runs along the Atlantic from Cape Canaveral to Vero Beach. A Gulf Coast example is the Cultural Coast, named so because Sarasota, its center, is so rich in the cultural arts. Don't worry, though. You'll learn more about Florida real estate in upcoming Dream Location features. In September 2005, the median price for a single-family home in the state was $247,800, a 28 percent increase over the same month in 2004. If you peruse the ads on this website, however, you will find that your dream home in this dream location is worth much, much more!
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Located on Florida's west coast, Sarasota boasts clean air, sparkling beaches, and a balmy, sunny climate. The city itself has a population of about 54,000 while Sarasota County as a whole is home to 349,400. The city prides itself on its thriving business climate because its top-rated schools, motivated workforce, and affordable cost of living attract some of the most successful and productive companies in the U.S. The median price for a single-family luxury home is about $1,100,000.
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Photo by Visit Florida
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Photo by Latara Dragoo
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In the Florida Panhandle, lovely Panama City has a population of 36,417. Originally named Harrison, George W. West, who developed the town, renamed it Panama City in 1905. He hoped to do business with a Panama City, Panama company, and the Florida city is in a direct line between Chicago and its South American namesake. Much of Panama City is surrounded by St. Andrews Bay, providing a protected harbor for the port. The median price for a single-family luxury home is about $750,000.
Nearby St. George Island is a 28-mile barrier island that boasts some of the state's most tranquil beaches on the Gulf Coast. It features miles of uncrowded beaches for sunning and shelling, clear Gulf waters for swimming and topnotch fishing, and pristine marshes for wildlife viewing. The median price for a single-family luxury home is about $2,999,450.
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The vibrant, cosmopolitan, and culturally diverse Greater Miami area is known as the "Gateway to Latin America." One of its premier real estate areas is the Brickell/Biscayne Bay area, which separates 12-mile-long Miami Beach from the city of Miami. "Millionaires' Row" was once the winter hideaway for wealthy people from all over the world and still is, and many internationals and jetsetters call this area home year-round. Currently of interest is the "hotel-condo" rage and the concierge, amenity-laden condominiums that line the bay.
Currently, the median price in the Brickell/Bay area of Miami is about $1,250,000.
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Photo by Visit Florida |
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Photo by Bob Thompson
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Feature story by Jacqueline Shannon
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