The Florida real estate market has bared witness to quite the tumultuous climate over the past nine years– and we aren’t talking about hurricane season. Driven by heavy interest thanks to beautiful weather in the late 90’s and early 2000’s, the southwest Florida residential construction boom set four sheets to the wind. But as we all now know, this was destined to be a short voyage.
The housing bubble popping in 2007-8 was a rude awakening for Florida real estate investors, especially those concerned with property-flipping. As prices plummeted, investors and home dwellers alike abandoned housing to the extreme Florida elements. As frequent heavy rains beat down on housing stock and the hot, tropical sun baked roofs and driveways, front lawns grew into jungles taller than the typical one-story southeastern residences.
With the Florida wilderness reclaiming some neighborhoods entirely, save for the sporadic well-manicured plot in a sea of unkempt, decaying residences, time stood still and the glut grew. Forced to cut their losses, thousands of investors simply walked away from their mortgage. But the numerous investors’ losses were eventually realized as others’ gain.
Thanks to investors having begun buying up the unwanted, underbrush-bound housing in 2010, the glut is slowly evolving. After the crash, when the excess housing was perceived as a massive hurdle and an increasingly painful eyesore, hope was all but lost. Fast-forward a few short years, and young families have come to realize the affordable housing prices as a great opportunity to live in paradise and raise a family.
Regardless of the ups and downs experienced in Florida real estate, people from all over the world are drawn to the regional lifestyle. The weather, the proximity to pristine beaches and the year-round fun in the sun throughout the region will forever draw permanent migrants and tourists alike to keep one the country’s most populous states growing strong.