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Stretching hundreds of miles along the Atlantic Ocean and Gulf of Mexico, Florida's world-famous beaches attract more than 140 million tourists annually, and residents and retirees flock to the southern state to put down roots. will gather as well.
Florida is a desirable place to live due to its sunny climate, endless activities, and lack of state taxes, but according to CNBC's Yawar Charlie, who is also the star of “Listing Impossible,” warns: Please think carefully before purchasing a property. “When it comes to real estate, not every sunny spot in the Sunshine State is a wise investment,” he told us.
“Investing in real estate is about more than just sunshine and palm trees. It's important to look at economic stability, growth potential and environmental risks.”Charlie explained: . “Before you fall in love with Florida's warm climate, be sure to consider your financial projections as well. With enough information and strategy, you can find real gems on the market.”
This luxury real estate agent is based in Los Angeles, but with a significant client base spanning California and Florida, they are familiar with both markets.
He said he would refrain from buying real estate in five cities in Florida over the next five years, and also explained why.
miami beach
Known for its pristine beaches, vibrant nightlife, and world-class dining, Miami Beach may be a great vacation and spring break hotspot, but according to Charlie, this is where you should avoid buying real estate. One of the.
“Yes, Miami Beach is attractive, but rising sea levels and increasing frequency of hurricanes pose significant risks,” he said. “Property insurance costs are rising, and the potential for long-term declines in value is real. It's like buying a beautiful beach house with a ticking time bomb in the basement.”
daytona beach
Another popular spot in Florida is Daytona Beach, with 37 miles of white sand beach perfect for surfing, swimming, windsurfing, and kayaking. Plus, it's affordable, but don't let its beauty and low cost of living tempt you to invest.
thank you!
“Daytona Beach may be known for its speedway, but it suffers from a sluggish economy and high crime rates,” Charlie explained. According to Neighborhood Scout, 1 in 28 people will be the victim of a violent or legal crime.
“The real estate market is depressed, and absent significant economic development, real estate values will remain flat,” Charlie said. “Investing here can feel like you're stuck at a pit stop.”
fort myers
While Fort Myers is also a beautiful place to enjoy the beach and relax, Charlie advised against investing there.
“Despite its appeal to retirees, Fort Myers faces overdevelopment and environmental issues, particularly regarding water quality,” he said. “The housing market is volatile and long-term growth prospects are uncertain. It's like buying a fancy car that's about to run out of gas.”
pensacola
Pensacola's picture-perfect turquoise and sparkling white sand beaches are the ultimate getaway, but Charlie warned homebuyers to stay away.
“The city is facing economic challenges and limited job growth, which is impacting the housing market,” he said. “High crime rates and a lack of new development projects make it less attractive to investors.”
According to Neighborhood Scout, crime is 86% higher than other cities in the state, with 1 in 33 people likely to be the victim of a violent or property crime.
“Investing here can feel like trying to catch a wave in a kiddie pool,” Charlie said.
Ocala
Ocala is a beautiful, clean, and budget-friendly city, but watch your wallet. According to Neighborhood Scout, “Ocala has one of the highest crime rates in America compared to communities of all sizes, from the smallest towns to the very largest cities.”
And Charlie says there's other reason to be concerned.
“Ocala's real estate market, while affordable, is hampered by slow economic growth and limited amenities,” he said. “The region relies heavily on agriculture, which can be unstable. It is a quiet town, but its quietness can come at the expense of investment growth. Think of it like putting money into a time capsule that doesn't exist.
