Gulf Coast Luxury Real Estate Market
The Southwest Florida Gulf Coast real estate market is hot! It is well ahead of the rest of the country as people flock to Florida. Florida has always been a destination for all walks of life. The great weather, fun things, no income tax to do and the freedom Florida residents have to live the life they want has all been fueling demand that is crushing the supply available for home buyers.
Gulf Coast Real Estate Market Overview
The Gulf Coast home market is large and it encompasses the different counties that make up the Gulf Coast and its surrounding counties, like Lee, Collier, Charlotte, Hendry, Glades, Hardee, Sarasota, Manatee, Lee and Charlotte. The Gulf Coast is a big area covering almost half of the state of Florida. Over 60% of the Florida population calls the Gulf Coast home. The estimated 80 million residents make up 30% of Florida’s state population. The estimated 53 million coastal residents pay 14% of Florida’s state income taxes, which has caused the desire for residents to live here. The Lee County Land Report: 2016 Edition showed that Lee County’s population has grown from 275,642 people to 319,848 people over the past five years, with an average growth rate of 4.1% per year.
Bidding wars are happening all the time and they are getting more and more expensive
A current news story that is on the front page of every major publication is that someone bought a home in Collier County for $100,000 over the asking price. Florida residents aren’t taking their money and their credit cards elsewhere Florida has been a very popular place to settle since the 1960’s and there is no sign that demand will be slowing down anytime soon. Just this year in 2017 Florida sales totaled $284.2 billion in sales, which is a 1.4% increase compared to the same period last year. What’s even more incredible is the fact that Florida’s population has only grown by 2% over the last decade. The number of job growth in Florida has been a lot more dramatic, with over 20% of the jobs added in Florida over the last decade. The unemployment rate in Florida is at 4.
Gulf coast homes are becoming more and more desirable
When you get up in the morning there is a certain glow to the sky that allows you to know it is the right time to begin a new day. It is the same feeling that runs through our veins when we think about what the future holds for our future life. It is safe to say that those feeling are comparable to that of love. It is the feeling you feel when you think of your best friend, your lover or when you have that love for your children. For those of us that have loved ones, we know that that feeling is the same, only different. For those of us that have a very vivid imagination, we can easily picture those you have loved ones. When the wheels in your head spin around and around we can almost hear their voices, we can almost feel them next to us, we can almost see their smiling faces.
The Gulf Coast is more affordable than the rest of the country, but some areas are more expensive than others
Waterfront and oceanfront properties are a hot commodity in Southwest Florida. The Emerald Coast also has a high demand for waterfront real estate Golden Gate City in Naples, Florida is known as the art colony for the world and also has the highest home prices in Southwest Florida at $1,075,000. The heart of the Gulf Coast is Fort Myers, Florida. Fort Myers is one of the most affordable and convenient places to live. Fort Myers is closer to Tampa, but the beaches in Southwest Florida are perfect for boating and water sports There is still a shortage of new luxury real estate inventory The new construction luxury housing units in Southwest Florida are still scarce.
Conclusion
The Florida economy is a high-growth one. Both sales and prices are rising at a faster rate than the national average. Florida has a stable, growing economy. The boom in real estate sales have exceeded expectations, and we expect to see prices continue to rise in the short term. The Florida market will get hotter as prices climb.
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