Florida Real Estate Investment

Hilton Head is a hot spot. One problem though...there is a shortage of homes in the $500,000-1,000,000 range and less expensive homes do not sell as well or often require a lot of work.
 
Isn't it booming pretty much everywhere in the U.S.?



Lot of old Spanish & English Tudor style homes I looked at a year and a half ago in Glendale California which were selling for around 750 are now 1.3 to 1.5 Million.



Corona & Chino Hills are the current "hot" areas in So Cal right now in terms of booming growth. Previous to that it was Valencia, CA. The next hot areas in So Cal are already being developed.. Too bad interest rates will soon be headed up. It'll be interesting to see what happens.



The funny thing is, despite these ghost towns being turned into very nice, developed communities, real estate values went up even higher in cities closer to downtown Los Angeles.



In fact, in Downtown LA, there have been thousands of new luxury loft condominiums built in the past few years and the wait list for these is ridiculous.
 
Next door to me....in Florida, good area, older houses (1950's) sold for $100,000 3 years ago, 2 months ago it sold for $225,000.



My house I bought for the pay-off of the mortgage. The guy was in a divorce and looking for a quick sale. I only paid 75,000, and it's now worth $195,000 according to the last apprasial. Needless to say our area is a gold-mine.



The prices are unbelieveable here locally. Our area is nice, well kept houses, updated, etc. The houses in the ghetto several miles away are clearing $100-$120k. Granted I got a hell of a deal on my house but for anything in a good area--older house (1950's) is well over $200,000. Older homes are worth BIG bucks, they're built 500x better than the newer houses they slap together now.



I am simply amazed at the price jump lately.
 
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