South West Florida and areas like Cape Coral or Fort Myers are the new hot spot for real estate investment due to its versatile opportunities.
South West Florida homes are selling fast and news of inventory drops despite pandemic were all over the media a few weeks ago. "SWFL is trending in real estate" says Ferdinand Ruano, CEO of Private equity Solutions. "Covid-19 numbers are not affecting the local market".
There are different reasons why Florida's real estate is doing so well during this situation. But SWFL represents a particular case.
$1.5 billion dollars have been infused into South West Florida through PPP programs, stimulus checks and other helps. The drop in mortgage rates has also helped. But these are things affecting other areas of the country as well.
The key to SWFL becoming the new real estate hot spot is economy and lifestyle. With more people working remote due to covid-19 and technology advancements, families are being able to decide where they want to live regardless of who they work for. This opens the opportunity to look for lifestyle quality. Also, with the pandemic spreading through the country, individuals from all parts of the US are fleeing the cities and moving to more suburban areas. SWFL and areas like Fort Myers and Cape Coral represent the 'perfect lifestyle'. With quality homes at affordable pricing, outdoors activities and the ocean, these towns provide buyers the balance they look for.
"Homes in areas like Cape Coral have an accessible price point and can be used as main home, can also provide great returns on long-term rentals as investment homes, and even work as vacation homes for private use or rental due to it's geographic position near the ocean and lifestyle" confirmed Ferdinand Ruano. "We found that this area is sought not only by US citizens but also by investors from Europe and Latin America which is why we are increasing our developments in the area and towns around Fort Myers".
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