Fort lauderdale and tampa top florida property wish list

Looking to invest in Florida property? Fort Lauderdale, Tampa and Miami should be top of your wish list, according to experts.

Most countries in Europe are at least 2-3 years behind the Sunshine State in terms of their property cycle, argues Loxley McKenzie, Managing Director of Colordarcy. But some real estate in Florida remains at the bottom, she warns, while others are ripe for investment.

So what's top of the company's wish list and why?

The city that has attracted the most attention in Florida this year is Miami. The median list price of Miami property has risen 11.6% year on year according to the latest data, a slowing of the pace that saw prices rising at a rate of 19.4% at one stage (Source: Miami Association of Realtors).

McKenzie adds: "The big draw in Miami is sunshine and beaches and there have been plenty of cash-buying sun seekers from countries including Canada and Brazil who have moved in to take advantage of prices that are still well below their peak.

It is now possible to find downtown apartments in Miami for around $210,000 at a 50% discount, combine this with a market that is growing at a rate of more than 10% a year and Miami is an ideal option for cash investors."

For those seeking even lower prices, Tampa is another location that has seen growth of 7.1% year-on- year, which is respectable and offers investors a very good return on property that is roughly half the price of downtown Miami. Tenanted property in Tampa is on the market for as little as $64,000 - less than the price of Porsche Boxster.

Colordarcy advise those investors who wish to avoid the budget-end of the Florida property market, to consider Fort Lauderdale, where investors can invest in an apartment in a luxury resort for less than half the original asking price and get some Change out of $130,000.

There are few mature markets in the world that offer such a strong combination of low prices and high growth that is being witnessed in Florida this year according to Colordarcy analysts. With housing stock still low, the indications are that this pattern will continue into 2013.